Document:

Exhibit 4.4

 

 

 

 

THE ROYAL BANK OF SCOTLAND GROUP PLC

 

as Company

 

and

 

THE BANK OF NEW YORK MELLON,

acting through its London Branch

 

as Trustee

 

 

FIFTH SUPPLEMENTAL INDENTURE

 

dated as of November 1,
2019

 

to the

 

SUBORDINATED DEBT SECURITIES INDENTURE

 

dated as of December 4, 2012

 

and the

 

FIRST SUPPLEMENTAL INDENTURE

 

dated as of December 4, 2012

 

and the

 

FOURTH SUPPLEMENTAL INDENTURE

 

dated as of May 28, 2014

 

$750,000,000
FIXED-TO-FIXED RESET RATE SUBORDINATED TIER 2 NOTES DUE 2029

 

 

     

     

    

This FIFTH SUPPLEMENTAL INDENTURE dated as of November 1, 2019,
among THE ROYAL BANK OF SCOTLAND GROUP PLC, a corporation incorporated in Scotland with registered number SC045551, as issuer (the
“Company”), and THE BANK OF NEW YORK MELLON, acting through its London Branch, a banking corporation duly organized
and existing under the laws of the State of New York, as trustee (the “Trustee”) having its Corporate Trust
Office at One Canada Square, London E14 5AL.

 

WITNESSETH:

 

WHEREAS, the Company and the Trustee have
executed and delivered a Subordinated Debt Securities Indenture dated as of December 4, 2012, as amended and supplemented by the
First Supplemental Indenture dated as of December 4, 2012 and the Fourth Supplemental Indenture dated as of May 28, 2014 (collectively,
the “Base Indenture”) to provide for the issuance of the Company’s Subordinated Debt Securities from time
to time;

 

WHEREAS, Section 9.01(f) of the Base Indenture
provides that the Company and the Trustee may enter into a supplemental indenture to establish the forms or terms of the Subordinated
Debt Securities of any series without the consent of Holders as permitted under Sections 2.01 and 3.01 of the Base Indenture;

 

WHEREAS, the Company desires to issue, as
a further series of Subordinated Debt Securities under the Base Indenture, $750,000,000 Fixed-to-Fixed Reset Rate Subordinated
Tier 2 Notes due 2029 (the “Notes”) to be issued pursuant to this Fifth Supplemental Indenture dated as of November
1, 2019 (the “Fifth Supplemental Indenture” and, together with the Base Indenture, the “Indenture”);

 

WHEREAS, where indicated, this Fifth Supplemental
Indenture shall amend and supplement the Base Indenture, but only with respect to the Notes; to the extent that the terms of the
Base Indenture are inconsistent with the provisions of this Fifth Supplemental Indenture, the terms of this Fifth Supplemental
Indenture shall govern;

 

WHEREAS, there are no debt securities outstanding
of any series created prior to the execution of this Fifth Supplemental Indenture which are entitled to the benefit of the provisions
set forth herein or would be adversely affected by such provisions;

 

WHEREAS, the entry into of this Fifth Supplemental
Indenture has been authorized pursuant to a Board Resolution as required by Section 9.01 of the Base Indenture;

 

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WHEREAS, the Company has requested that
the Trustee execute and deliver this Fifth Supplemental Indenture, and whereas all actions required by it to be taken in order
to make this Fifth Supplemental Indenture a valid, binding and enforceable instrument in accordance with its terms, have been taken
and performed, and the execution and delivery of this Fifth Supplemental Indenture has been duly authorized in all respects; and

 

NOW, THEREFORE, the Company and the Trustee
mutually covenant and agree as follows:

 

Article
1

DEFINITIONS

 

Section 1.01.Definition of Terms.
For all purposes of this Fifth Supplemental Indenture:

 

(a)   a
term defined anywhere in this Fifth Supplemental Indenture has the same meaning throughout;

 

(b)   capitalized
terms used but not otherwise herein defined shall have the meanings assigned to them in the Base Indenture;

 

(c)   the
singular includes the plural and vice versa;

 

(d)   headings
are for convenience of reference only and do not affect interpretation; and

 

(e)   for
purposes of this Fifth Supplemental Indenture and the Base Indenture, the term “series” shall mean the series
of securities designated as the Notes.

 

Article
2

THE NOTES

 

Section 2.01.Terms of the Notes.
The following terms relating to the Notes are hereby established pursuant to Section 3.01 of the Base Indenture:

 

(a)   The
title of the Notes shall be “Fixed-to-Fixed Reset Rate Subordinated Tier 2 Notes due 2029”;

 

(b)   The
aggregate principal amount of the Notes that may be authenticated and delivered under the Indenture shall not initially exceed
$750,000,000 (except as otherwise provided in the Indenture);

 

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(c)   Principal
on the Notes shall be payable on November 1, 2029 (the “Maturity Date”), unless earlier redeemed in accordance
with the provisions set forth in Article 11 of the Indenture;

 

(d)   The
Notes shall be issued in global registered form on or about November 1, 2019;

 

(e)   The
Notes shall bear interest from (and including) November 1, 2019 to (but excluding) November 1, 2024 (the “Reset Date”),
at a rate of 3.754% per annum, and from (and including) the Reset Date to (but excluding) the Maturity Date (the “Reset
Period”), at a rate per annum equal to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation
Agent on the Reset Determination Date (as defined below), plus 2.100%. Interest on the Notes will be paid semi-annually in arrear
on May 1 and November 1 of each year (each, an “Interest Payment Date”), beginning on May 1, 2020, to (and including)
the Maturity Date.

 

The “Reset Determination Date”
will be the second business day immediately preceding the Reset Date.

 

A “business day” means
any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised
or required by law or regulation to close in the City of New York or in the City of London.

 

Interest on the Notes will be calculated
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number
of days elapsed in such period.

 

The “Regular Record Dates”
for the Notes will be the 15th day of each April and October of each year, whether or not a business day, immediately preceding
the relevant Interest Payment Date.

 

If any scheduled Interest Payment Date
is not a business day, the Company will pay interest on the next day that is a business day, but interest on such payment will
not accrue during the period from and after such scheduled Interest Payment Date.

 

If the scheduled Maturity Date or date
of redemption or repurchase or repayment of the Notes is not a business day, the Company may pay interest and principal on the
next succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity
date or date of redemption, repurchase or repayment;

 

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(f)   The
Calculation Agent for the Notes is National Westminster Bank plc or its successor appointed by the Company, pursuant to a calculation
agent agreement entered into on November 1, 2019;

 

(g)   The
U.S. Treasury Rate shall be determined by the Calculation Agent in accordance with the following provisions:

 

“U.S. Treasury Rate” means,
with respect to the Reset Date, the rate per annum equal to: (1) the average of the yields on actively traded U.S. Treasury securities
adjusted to constant maturity, for five-year maturities, for the five business days immediately prior to the Reset Determination
Date and appearing under the caption “Treasury constant maturities” at 5:00 p.m. (New York City time) on the Reset
Determination Date in the applicable most recently published statistical release designated “H.15 Daily Update”, or
any successor publication that is published by the Board of Governors of the Federal Reserve System that establishes yields on
actively traded U.S. Treasury securities adjusted to constant maturity, under the caption “Treasury Constant Maturities”,
for the maturity of five years; or (2) if such release (or any successor release) is not published during the week immediately
prior to the Reset Determination Date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage
of its principal amount) equal to the Comparable Treasury Price for the Reset Date.

 

If the U.S. Treasury Rate cannot be determined,
for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate” means the rate in percentage per annum
as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity of five years
as set forth in the most recently published statistical release designated “H.15 Daily Update” under the caption “Treasury
constant maturities” (or any successor publication that is published weekly by the Board of Governors of the Federal Reserve
System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury constant maturities” for the maturity of five years) at 5:00 p.m. (New York City time) on the Reset Determination
Date on which such rate was set forth in such release (or any successor release).

 

“Comparable Treasury Issue”
means, with respect to the Reset Period, the U.S. Treasury security or securities selected by the Issuer with a maturity date on
or about the last day of the Reset Period and that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of five
years.

 

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“Comparable Treasury Price”
means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date
(calculated on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of
all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury
Dealer Quotation as quoted in writing to the Calculation Agent by a Reference Treasury Dealer.

 

“Reference Treasury Dealer”
means each of up to five banks selected by the Company (following, where practicable, consultation with the Calculation Agent),
or the affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii)
market makers in pricing corporate bond issues denominated in U.S. dollars.

 

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic average, as determined by the Calculation
Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its
principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

All percentages resulting from any calculation
of any interest rate on the Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with
five one-millionths of a percentage point rounded upward, and all dollar amounts would be rounded to the nearest cent, with one-half
cent being rounded upward;

 

(h)   No
premium, upon redemption or otherwise, shall be payable by the Company on the Notes;

 

(i)   Principal
of and any interest on the Notes shall be paid to the Holder through The Bank of New York Mellon, as paying agent of the Company
having offices in London, United Kingdom;

 

(j)   The
Notes shall not be redeemable except as provided in Article 11 of the Indenture. The Notes shall not be redeemable at the option
of the Holders at any time. In connection with any redemption of Notes pursuant to Section 11.08 of the Indenture, the date referenced
therein shall be November 1, 2019;

 

(k)   The
Company shall have no obligation to redeem or purchase the Notes pursuant to any sinking fund or analogous provision;

 

    6 

     

    

(l)   The
Notes shall be issued only in denominations of $200,000 and integral multiples of $1,000 in excess thereof;

 

(m)   The
principal amount of, and any accrued interest on, the Notes shall be payable upon the declaration of acceleration thereof pursuant
to Section 5.02 of the Indenture;

 

(n)   Additional
Amounts shall only be payable on the Notes pursuant to Section 10.04 of the Indenture;

 

(o)   The
Notes shall not be converted into or exchanged at the option of the Company for stock or other securities of the Company;

 

(p)   The
Notes shall be denominated in U.S. Dollars;

 

(q)   The
payment of principal of and interest, if any, on the Notes shall be payable in U.S. Dollars;

 

(r)   The
payment of principal of and interest, if any, on the Notes shall be payable only in the coin or currency in which the Notes are
denominated which, pursuant to (‎(p) above, shall be U.S. Dollars;

 

(s)   The
Notes will be issued in the form of one or more global securities in registered form, without coupons attached, and the initial
Holder with respect to each such global security shall be Cede & Co., as nominee of The Depository Trust Company;

 

(t)   Except
in limited circumstances, the Notes will not be issued in definitive form;

 

(u)   The
Events of Default on the Notes are as set forth in Section 5.01 of the Indenture and Defaults are set forth in Section 5.03 of
the Indenture;

 

(v)   The
subordination terms of the Notes are as set forth in Article 12 of the Indenture; and

 

(w)   The
form of the Notes shall be evidenced by one or more global notes in registered form (each, a “Global Note”)
substantially in the form of Exhibit A attached to this Fifth Supplemental Indenture and made part thereof.

 

Article
3

SUPPLEMENTAL TERMS APPLICABLE TO THE NOTES ONLY

 

Section 3.01.Definitions. With
respect to the Notes only, Section 1.01 of the Base Indenture is amended to include the following definitions (which shall be deemed
to arise in Section 1.01 in their proper alphabetical order):

 

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“Bail-in
Legislation” means Part I of the U.K. Banking Act 2009 and any other law, regulation, rule or requirement applicable
from time to time in the U.K. relating to the resolution of unsound or failing banks, investment firms or other financial institutions
or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

 

“Bail-in
Powers” means any Write-down and Conversion Powers.

 

“Banking
Act” has the meaning set forth in the definition of U.K. bail-in power.

 

“Banking
Reform Act 2013” has the meaning set forth in the definition of U.K. bail-in power.

 

“Beneficial
Owners” shall mean (a) if the Subordinated Debt Securities are in global form, the beneficial owners of the Subordinated
Debt Securities (and any interest therein) and (b) if the Subordinated Debt Securities are held in definitive form, the holders
in whose names the Subordinated Debt Securities are registered in the Subordinated Debt Security Register and any beneficial owners
holding an interest in such Subordinated Debt Securities held in definitive form.

 

“BRRD”
means Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment firms,
as the same may be amended or replaced from time to time.

 

“BRRD
Liability” has the same meaning as in such laws, regulations, rules or requirements implementing the BRRD under the applicable
Bail-in Legislation.

 

“business
day” means any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions
are authorised or required by law or regulation to close in the City of New York or in the City of London.

 

“Calculation
Agent” shall mean National Westminster Bank Plc or its successor appointed by the Company, pursuant to a calculation
agent agreement entered into on November 1, 2019.

 

“Capital
Disqualification Event” shall be deemed to have occurred if at any time the Company determines that, as a result of

 

    8 

     

    

any amendment to,
or change in the regulatory classification of the Notes under, the Capital Regulations (or official interpretation thereof), in
any such case becoming effective on or after the Issue Date of the Notes, the whole or any part of the Notes are, or are likely
to be, excluded from Tier 2 Capital of the Company and/or the Regulatory Group.

 

“Capital
Regulations” means, at any time, the laws, regulations, requirements, guidelines and policies relating to capital adequacy
of the PRA and/or of the European Parliament or of the Council of the European Union (including, without limitation, as to leverage)
then in effect in the United Kingdom including, without limitation to the generality of the foregoing, any delegated or implementing
acts (such as regulatory technical standards) adopted by the European Commission and any regulations, requirements, guidelines
and policies relating to capital adequacy adopted by the PRA from time to time (whether or not such requirements, guidelines or
policies are applied generally or specifically to the Company or to the Regulatory Group) including, at the date hereof, CRD IV.

 

“Comparable Treasury
Issue” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Comparable
Treasury Price” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“CRD IV”
means, taken together, (i) the CRD IV Directive and (ii) the CRD IV Regulation.

 

“CRD IV
Directive” means Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the
activity of credit institutions and the prudential supervision of credit institutions and investment firms amending Directive 2002/87/EC
and repealing Directives 2006/48/EC and 2006/49/EC, and any successor directive (including Directive (EU) No. 2019/878 of the European
Parliament and of the Council of 20 May 2019).

 

“CRD IV
Regulation” means Regulation (EU) No. 575/2013 of the European Parliament and of the Council of 26 June 2013 on prudential
requirements for credit institutions and investment firms amending Regulation (EU) No. 648/2012, and any successor regulation (including
Regulation (EU) No. 2019/876 of the European Parliament and of the Council of 20 May 2019).

 

    9 

     

    

“FATCA”
means (i) sections 1471 to 1474 of the U.S. Internal Revenue Code of 1986, as amended, any U.S. Treasury regulations promulgated
thereunder, or any official guidance with respect thereto; (ii) any intergovernmental agreement between the United States and any
other jurisdiction which facilitates the implementation of clause (i), or any law, regulation or other official guidance enacted
or issued in any jurisdiction to implement such intergovernmental agreement; or (iii) any agreement entered into with the U.S.
Internal Revenue Service, the U.S. Treasury or any governmental or taxation authority in any other jurisdiction for the implementation
of clauses (i) or (ii).

 

“FATCA
Withholding” means any amount required to be deducted or withheld from any payment under the Subordinated Debt Securities
or this Subordinated Debt Securities Indenture pursuant to FATCA.

 

“Fifth
Supplemental Indenture” means this Fifth Supplemental Indenture under the Subordinated Debt Securities Indenture, dated
as of November 1, 2019, among the Company and the Trustee.

 

“Global
Note” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Interest
Payment Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Issue
Date” means November 1, 2019, being the date of the initial issue of the Notes.

 

“Junior
Creditors” means creditors of the Company who are holders of any additional Tier 1 capital (within the meaning of the
Capital Regulations) issued by the Company, and in each case any other obligations of the Company which rank or are expressed to
rank pari passu with any of such obligations.

 

“Maturity
Date” means November 1, 2029.

 

“Notes”
has the meaning set forth in the recitals to the Fifth Supplemental Indenture.

 

“Order”
means Banks and Building Societies (Priorities on Insolvency) Order 2018.

 

    10 

     

    

“Parity
Creditors” means creditors of the Company who are holders of any Tier 2 Capital issued by the Company, and in each case
any other obligations of the Company which rank or are expressed to rank pari passu with any of such obligations.

 

“PRA”
means the Prudential Regulation Authority or such other governmental authority in the United Kingdom (or, if the Company becomes
domiciled in a jurisdiction other than the United Kingdom, in such other jurisdiction) having primary supervisory authority with
respect to the Company’s business.

 

“Ranking
Legislation” means the Order and any other law or regulation applicable to the Company which is amended by the Order.

 

“Reference
Treasury Dealer” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Reference
Treasury Dealer Quotations” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Regulatory
Group” means the Company, the Company’s subsidiary undertakings, participations, participating interests and any
subsidiary undertakings, participations or participating interests held (directly or indirectly) by any of the Company’s
subsidiary undertakings from time to time and any other undertakings from time to time consolidated with the Company for regulatory
purposes, in each case in accordance with the rules and guidance of the PRA then in effect.

 

“Relevant
Resolution Authority” means the resolution authority with the ability to exercise any Bail-in Powers in relation to the
Company.

 

“relevant
U.K. authority” means any authority with the ability to exercise a U.K. bail-in power.

 

“Reset
Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Reset
Determination Date” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Reset
Period” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

    11 

     

    

“secondary
non-preferential debts” shall have the meaning given to it in the Ranking Legislation, as amended from time to time.
Currently, the Ranking Legislation states that “secondary non-preferential debts” means non-preferential debts issued
by a relevant financial institution under an instrument where (i) the original contractual maturity of the instrument is of at
least one year, (ii) the instrument is not a derivative and contains no embedded derivative, and (iii) the relevant contractual
documentation and where applicable the prospectus related to the issue of the debts explain the priority of the debts under the
Insolvency Act 1986.

 

“Senior
Creditors” means, in respect of the Company, the creditors of the Company whose claims are admitted to proof in the winding
up, administration or other insolvency procedure of the Company and (i) who are unsubordinated creditors of the Company or (ii)
who are subordinated creditors of the Company (whether in the event of a winding up or administration of the Company or otherwise)
other than (x) those whose claims by law rank, or by their terms are expressed to rank, pari passu with or junior to the
claims of the holders of the Notes, or (y) those who are Parity Creditors or Junior Creditors or (iii) who are creditors in respect
of any secondary non-preferential debts.

 

“Tier
2 Capital” means Tier 2 capital for the purposes of the Capital Regulations.

 

“Trustee”
means the Person named as the “Trustee” in the first paragraph of this instrument until a successor trustee
shall have become such pursuant to the applicable provisions of this Subordinated Debt Securities Indenture, and thereafter “Trustee”
shall mean the Person who is then the Trustee hereunder, and if at any time there is more than one such Person, “Trustee”
shall mean and include each such Person; and “Trustee” as used with respect to the Subordinated Debt Securities
of any series shall mean the Trustee with respect to the Subordinated Debt Securities of such series. For purposes of Section 6.07
herein, the term Trustee shall also include the Trustee acting in all other capacities.

 

“U.K.
bail-in power” means any write-down, conversion, transfer, modification or suspension power existing from time to time
under any laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions
and/or investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other
members of the Group, including but not limited

 

    12 

     

    

to
any such laws, regulations, rules or requirements which are implemented, adopted or enacted within the context of a European Union
directive or regulation of the European Parliament and of the Council establishing a framework for the recovery and resolution
of credit institutions and investment firms (whether or not the U.K. is a member of the European Union) and/or within the context
of a U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended from time to time (whether pursuant
to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform Act 2013”), secondary legislation
or otherwise, the “Banking Act”), pursuant to which any obligations of a bank, banking group company, credit
institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred and/or converted into
shares or other securities or obligations of the obligor or any other person (or suspended for a temporary period) or pursuant
to which any right in a contract governing such obligations may be deemed to have been exercised.

 

“U.K.
Taxing Jurisdiction” has the meaning set forth in Section 10.04.

 

“U.S.
Treasury Rate” has the meaning set forth in Section 2.01 of the Fifth Supplemental Indenture.

 

“Write-down
and Conversion Powers” means the powers under the Bail-In Legislation to cancel, transfer or dilute shares issued by
a person that is a bank or investment firm or affiliate of a bank or investment firm, to cancel, reduce, modify or change the form
of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that
liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument
is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability.

 

Section 3.02.Deletion
of Definitions. With respect to the Notes only, the following definitions shall be deleted in their entirety in Section
1.01 of the Base Indenture:

 

“ADR Custodian”
means the custodian under the ADR Deposit Agreement.

 

“ADR Deposit
Agreement” means the Deposit Agreement dated as of August 17, 1992, amended and restated as of

 

    13 

     

    

February 8,
1999, as further amended and restated as of November 2, 2001, and as may be further amended from time to time between the
Company and The Bank of New York Mellon (previously named The Bank of New York) and the holders from time to time of American Depositary
Receipts issued thereunder.

 

“ADR Depositary”
means the depositary under the ADR Deposit Agreement.

 

“Clearstream
Luxembourg” means, Clearstream Banking, société anonyme, or its nominee or its or their successor.

 

“Deferred
Interest” has the meaning specified in Section 3.07.

 

“Deferred
Payment Date” has the
meaning specified in Section 3.07.

 

“Deferred
Record Date”, when used
for the interest payable on any Deferred Payment Date on Subordinated Debt Securities of any series, means the date specified for
the purpose pursuant to Section 3.01.

 

“Dollar
Preference Shares” means a designated series of non-cumulative dollar preference shares, nominal value of $.01 each,
of the Company for which, if applicable to a particular series of Subordinated Debt
Securities, the Company may exchange or convert any series of Subordinated Debt Securities.

 

“Exchange
Date”, when used with respect to any applicable series of Subordinated Debt Securities, has the meaning specified in
Section 13.03.

 

“Exchange
Securities” has the meaning specified in Section 3.01(l).

 

“Foreign
Currency” means the euro or any currency issued by the government of any country (or a group of countries or participating
member states) other than the United States which as at the time of payment is legal tender for the payment of public and private
debts

 

“Foreign
Government Securities” means with respect to Subordinated Debt Securities of any series that are denominated in a Foreign
Currency, non-callable (i) direct obligations of the participating member state or government that issued such Foreign 

 

    14 

     

    

Currency
for the payment of which obligations its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised
by and acting as an agency or instrumentality of such participating member state or government, the payment of which obligations
is unconditionally guaranteed as a full faith and credit obligation of such participating member state or government. For the avoidance
of doubt, for all purposes hereof, euro shall be deemed to have been issued by each participating member state from time to time.

 

“Taxing
Jurisdiction” has the meaning specified in Section 10.04.

 

Section 3.03.Notices,
Etc. to Trustee and Company. With respect to the Notes only, Section 1.05 of the Base Indenture is amended and restated in
its entirety and shall read as follows:

 

Section 1.05.Notices,
Etc. to Trustee and Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Subordinated Debt Securities Indenture to be made upon, given or furnished to, or filed
with,

 

(a)   the
Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if made, given, furnished or filed in writing (which may be via facsimile or email delivery of a copy of such document) to the
Trustee at its Corporate Trust Office with a copy to The Bank of New York Mellon, Merck House, Seldown, Poole, Dorset BH15 1PX,
United Kingdom (Facsimile : +44 207 964 2536; email : corpsov4@bnymellon.com), and the Trustee agrees to accept and act upon facsimile
or email transmission of written instructions pursuant to this Subordinated Debt Securities Indenture; provided, however,
that (x) 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 (y) such originally executed instructions
or directions shall be signed by an authorized representative of the party providing such instructions or directions; or

 

(b)   the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise herein expressly provided)
if in writing and mailed, first-class air mail postage prepaid, to the Company, to RBS Gogarburn, P.O. Box 1000, Edinburgh EH12
1HQ (Attention: Group Secretariat) or at any other address previously furnished in writing to the Trustee by the Company.

 

    15 

     

    

If the Company
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 a conflict or inconsistency between such instructions and a subsequent
written instruction. The Company 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 3.04.Notice
to Holders; Waiver. With respect to the Notes only, Section 1.06 of the Base Indenture is amended in part to delete the last
paragraph therein and to amend and restate the second paragraph therein, which shall read as follows:

 

For so long
as the Subordinated Debt Securities of any series are represented by Global Securities, the Company will deliver a copy of all
notices with respect to such series to the Holder through the Depositary, in accordance with its applicable procedures from time
to time. Otherwise, notices to the Holders will be provided to the addresses that appear on the Subordinated Debt Security Register.

 

Section 3.05.Appointment of Agent
for Service. With respect to the Notes only, Section 1.14 of the Base Indenture is amended and restated in its entirety and
shall read as follows:

 

Section 1.14. Appointment
of Agent for Service. The Company has designated and appointed CT Corporation System, 28 Liberty Street New York, NY 10005,
United States, as its authorized agent upon which process may be served in any suit or proceeding in any Federal or State court
in the Borough of Manhattan, The City of New York arising out of or relating to the Subordinated Debt Securities or this Subordinated
Debt Securities Indenture, but for that purpose only, and agrees that service of process upon said CT Corporation System shall
be deemed in every respect effective service of process upon it in any such suit or proceeding in any Federal or State court in
the Borough of Manhattan, The City of New York, New York. Such appointment shall be irrevocable so long as any of the Notes remain
Outstanding until the appointment of a successor by the Company and such successor’s acceptance of such appointment. Upon
such acceptance, the Company shall notify the Trustee of the name and address of such successor. The Company further agrees to
take any and all action, including the execution and filing of any and all such documents and instruments, as may be necessary
to continue such designation and appointment of

 

    16 

     

    

said CT Corporation
System in full force and effect so long as any of the Notes shall be Outstanding. The Trustee shall not be obligated and shall
have no responsibility with respect to any failure by the Company to take any such action. The Company hereby submits (for the
purposes of any such suit or proceeding) to the jurisdiction of any such court in which any such suit or proceeding is so instituted,
and waives, to the extent it may effectively do so, any objection it may have now or hereafter to the laying of the venue of any
such suit or proceeding.

 

Section 3.06.Execution,
Authentication, Delivery and Dating. With respect to the Notes only, the first paragraph of Section 3.03 of the Base Indenture
is amended and restated in its entirety and shall read as follows:

 

In authenticating such
Subordinated Debt Securities and accepting the additional responsibilities under this Subordinated Debt Securities Indenture in
relation to such Subordinated Debt Securities, the Trustee shall be entitled to receive (in the case of subparagraph 3.03(b) below
only at or before the time of the first request of the Company to the Trustee to authenticate the first Subordinated Debt Security
of the series), and (subject to ‎Section 6.01) shall be fully protected in relying upon:

 

(a)   the
Company Order (x) requesting such authentication and setting forth delivery instructions, and (y) attaching the form of Subordinated
Debt Securities setting forth the terms thereof established pursuant to ‎Section 3.01 of this Subordinated Debt Securities
Indenture and stating the recitals contained in ‎Section 1.02 of this Subordinated Debt Securities Indenture, including that
all conditions precedent for the authentication of such Subordinated Debt Securities have been complied with; and

 

(b)   an
Opinion of Counsel stating that (x) the form and terms thereof have been established in conformity with the provisions of this
Subordinated Debt Securities Indenture and (y) that such Subordinated Debt Securities, when authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
valid and binding obligations of the Company enforceable in accordance with their terms, except as the enforceability thereof may
be limited by bankruptcy, insolvency, reorganization, moratorium or other laws relating to or affecting creditor’s rights
and by general principles of equity.

 

Section 3.07.Deletion
of Deferred Payment Provisions. With respect to the Notes only, the following Sections of the Base Indenture are amended and
restated in their entirety and shall read as follows:

 

    17 

     

    

Section 3.01 Amount
Unlimited, Issuable in Series.

 

...

 

(d)   the
rate or rates, if any, at which the Subordinated Debt Securities of the series shall accrue interest or the manner of calculation
of such rate or rates, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such
interest shall be payable or the manner of determination of such Interest Payment Dates, if other than as specified in Section
3.07, and, in the case of registered Subordinated Debt Securities, the Regular Record Date for the interest payable on any Interest
Payment Date, and any dates required to be established pursuant to Section 7.01;

 

...

 

Section 3.07. Payment;
Interest Rights Preserved. Except as otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated
Debt Securities, interest, if any, on any Subordinated Debt Securities which is payable, and is paid or duly provided for, on any
Interest Payment Date shall be paid, in the case of registered Subordinated Debt Securities, to the Person in whose name that Subordinated
Debt Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest or, in the case of Global Securities held by any Holder, to the Holder including through a Paying Agent of the Company
designated pursuant to Section 3.01 outside the United Kingdom for collection by the Holder.

 

In the case of
registered Subordinated Debt Securities where payment is to be made in Dollars, payment at any Paying Agent’s office outside
The City of New York will be made in Dollars by check drawn on, or, at the request of the Holder, by transfer to a Dollar account
maintained by the payee with, a bank in The City of New York.

 

...

 

Section 11.06.
Subordinated Debt Securities Payable on Redemption Date. Notice of redemption having been given as aforesaid, the Subordinated
Debt Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified,
and from and after such date

 

    18 

     

    

(unless the Company
shall default in the payment of the Redemption Price and accrued interest, if any) such Subordinated Debt Securities shall cease
to accrue interest. Upon surrender of any such Subordinated Debt Security for redemption in accordance with said notice, such Subordinated
Debt Security shall be paid by the Company at the Redemption Price, together with accrued but unpaid interest to (but excluding)
the Redemption Date; provided, however, that with respect to any Subordinated Debt Securities in registered form,
unless otherwise specified as contemplated by Section 3.01, a payment of interest which is payable on an Interest Payment Date
which is the Redemption Date, shall be payable to the Holders of such Subordinated Debt Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Regular Record Date according to the terms of the Subordinated
Debt Securities and the provisions of Section 3.07. Subordinated Debt Securities in definitive form shall be presented for redemption
to the Paying Agent.

 

If any Subordinated
Debt Security called for redemption shall not be so paid upon surrender thereof for redemption, the Subordinated Debt Security
shall, until paid, continue to accrue interest from and after the Redemption Date in accordance with its terms and the provisions
of Section 3.07.

 

Section 3.08.Deletion
of Exchange Provisions. With respect to the Notes only, (i) Section 1.13 of the Base Indenture is amended by deleting the reference
to “Exchange Date” therein, (ii) Section 3.01(l) of the Base Indenture is amended and restated in its entirety and
shall read as follows:

 

(l) [Reserved];

 

and (iii)
Section 3.05 of the Base Indenture is amended by deleting the following paragraph:

 

In the event that
a Global Security is surrendered for redemption or exchange for Dollar Preference Shares or Exchange Securities in part pursuant
to Section 11.07 or Section 13.05, the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such
Global Security, without service charge, a new Global Security in a denomination equal to and in exchange for the unredeemed or
unexchanged portion of the principal of the Global Security so surrendered.

 

    19 

     

    

Section 3.09.Correction
of Minor Defects in or Amendment of Subordinated Debt Securities.
With respect to the Notes only, Article 3 of the Base Indenture is amended by adding Section 3.13, which shall read as follows:

 

Section
3.13.Correction of Minor Defects in or Amendment of Subordinated Debt
Securities. If, after issuance of any Subordinated
Debt Security (including any Global Security), the Company or the Trustee shall become aware of any ambiguity, defect or inconsistency
in any term thereof, the Company and the Trustee agree to amend such Subordinated Debt Security (including any Global Security)
as contemplated by ‎Section 9.01(h) and the parties hereto shall provide for the execution, authentication, delivery and dating
of one or more replacement Subordinated Debt Securities or Global Securities, as the case may be, pursuant to ‎Section 3.03
hereto, provided, however, that such amendment is not materially adverse to Holders of any Outstanding Subordinated
Debt Securities. 

 

Section 3.10.Satisfaction and Discharge
of Subordinated Debt Securities Indenture. With respect to the Notes only, Article 4 of the Base Indenture is amended by amending
and restating Section 4.01 in its entirety, which shall read as follows:

 

Section 4.01.Satisfaction
and Discharge of Subordinated Debt Securities Indenture. This Subordinated Debt Securities Indenture shall upon Company Request
(subject to Section 4.04) cease to be of further effect with respect to Subordinated Debt Securities of any series (except as to
any surviving rights of registration of transfer or exchange of Subordinated Debt Securities of such series herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge
of this Subordinated Debt Securities Indenture with respect to the Subordinated Debt Securities of such series when:

 

(a)   all
Subordinated Debt Securities of such series theretofore authenticated and delivered (other than (i) Subordinated Debt Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Subordinated
Debt Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee
for cancellation; or

 

    20 

     

    

(b)   the
Company has paid or caused to be paid all other sums payable hereunder by the Company with respect to the Subordinated Debt Securities
of such series; and

 

(c)   the
Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Subordinated Debt Securities Indenture with respect
to the Subordinated Debt Securities of such series have been complied with.

 

Notwithstanding any satisfaction
and discharge of this Subordinated Debt Securities Indenture, the obligations of the Company to the Trustee under Section 6.07,
the obligations of the Trustee to any Authenticating Agent under Section 6.14 and the last paragraph of Section 10.03 shall survive
such satisfaction and discharge, including any termination under any bankruptcy law.

 

Section 3.11.Application of Trust
Money. With respect to the Notes only, Article 4 of the Base Indenture is amended by
amending and restating Section 4.02 in its entirety, which shall read as follows:

 

Section
4.02.[Reserved].

 

Section 3.12.Repayment to Company.
With respect to the Notes only, Article 4 of the Base Indenture is amended by amending
and restating Section 4.03 in its entirety, which shall read as follows:

 

Section 4.03. Repayment to
Company. The Trustee, the Calculation Agent and any Paying Agent promptly shall pay to the Company upon Company Request any
excess money and/or U.S. Government Obligations held by them at any time with respect to any series of Subordinated Debt Securities.

 

Section 3.13.PRA. With respect
to the Notes only, Article 4 of the Base Indenture is amended by adding Section 4.04, which
shall read as follows:

 

Section 4.04.PRA.
The Company may only make a Company Request as provided under Article 4 of this Subordinated Debt Securities Indenture provided
that (a) such right shall only apply to the extent not prohibited by CRD IV and (b) the Company (except to the extent that the
Capital Regulations do not so require) has notified the PRA of its intention to do so before the Company makes such Company Request,
the PRA has granted permission

 

    21 

     

    

and
the Company has complied with any other requirement of the Capital Regulations and/or PRA applicable at the time.

 

Section 3.14.Events of Default.
With respect to the Notes only, Section 5.01 of the Base Indenture is amended and restated in its entirety and shall read as follows:

 

Section
5.01.Events of Default. “Event of Default”, wherever used herein with respect to the Subordinated
Debt Securities, means the making of an order by a court of competent jurisdiction which is not successfully appealed within 30
days of the making of such order, or valid adoption by the shareholders of the Company of an effective resolution, for the winding-up
of the Company (in each case, other than under or in connection with a scheme of amalgamation or reconstruction not involving a
bankruptcy or insolvency). The exercise of any U.K. bail-in power by the relevant U.K. authority shall not constitute a default
or an Event of Default under this Section 5.01 or a Default under Section 5.03.

 

Section 3.15.Acceleration of Maturity;
Rescission and Annulment. With respect to the Notes only, Section 5.02 of the Base Indenture is amended by adding the following
paragraph at the end of the section:

 

If the Subordinated
Debt Securities become due and payable and the Company fails to pay such amounts (or any damages awarded for breach of any obligations
in respect of the Subordinated Debt Securities or this Subordinated Debt Securities Indenture) forthwith upon demand, notwithstanding
the continuing right of any Holder to receive payment of the principal of and interest on the Subordinated Debt Securities, or
to institute suit for the enforcement of any such payment, each as provided for under Section 316(b) (Directions and Waivers
by Bondholders; Prohibition of Impairment of Holders’ Right to Repayment) of the Trust Indenture Act, the Trustee, in
its own name and as trustee of an express trust, may institute proceedings for the winding up of the Company, and/or prove in a
winding up of the Company for all such due and payable amounts (including any damages awarded for breach of any obligations in
respect of the Subordinated Debt Securities or this Subordinated Debt Securities Indenture) but no other remedy shall be available
to the Trustee or the Holders.

 

Section 3.16.Defaults; Collection
of Indebtedness and Suits for Enforcement by Trustee. With respect to the Notes only, Section 5.03 of the Base Indenture is
amended and restated in its entirety and shall read as follows:

 

Section 5.03.Defaults;
Collection of Indebtedness and Suits for Enforcement by Trustee. “Default” wherever used herein with respect
to

 

    22 

     

    

the
Subordinated Debt Securities of a particular series, means any one of the following events (subject as provided below, whatever
the reason for such Default and whether it shall be voluntary or involuntary or be effected by operation of law pursuant to any
judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

 

		(a)	the Company fails to pay any installment of interest in respect of the Subordinated Debt Securities of such series on or before
the relevant Interest Payment Date and such failure continues for 14 days; or

 

		(b)	the Company fails to pay all or any part of the principal amount of the Subordinated Debt Securities of such series when it
otherwise becomes due and payable, whether upon redemption or otherwise, and such failure continues for 7 days.

 

If a Default occurs and is continuing,
the Trustee may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal
amount of any Outstanding Subordinated Debt Securities of any series to be due and payable.

 

Subject to applicable law, the
Trustee (acting on behalf of the Holders) and the Holders of the Subordinated Debt Securities by their acceptance thereof will
be deemed to have waived to the fullest extent permitted by law any right of set-off, counterclaim or combination of accounts with
respect to the Subordinated Debt Securities, the Fifth Supplemental Indenture or this Subordinated Debt Securities Indenture (or
between the Company’s obligations under or in respect of any Subordinated Debt Security and any liability owed by a Holder
to the Company) that they (or the Trustee acting on their behalf) might otherwise have against the Company, whether before or during
any winding-up, liquidation or administration of the Company. Notwithstanding the above, if any of such rights and claims of any
such Holder (or the Trustee acting on behalf of such Holders) against the Company are discharged by set-off, such Holder (or the
Trustee acting on behalf of such Holders) will immediately pay an amount equal to the amount of such discharge to the Company or,
in the event of any winding-up, liquidation or administration of the Company, the liquidator or administrator (or other relevant
insolvency official), as the case may be, to be held on trust for the Senior Creditors and until such time as payment is made will
hold a sum equal to such amount on trust for the Senior Creditors and accordingly such discharge shall be deemed not to have taken
place.

 

    23 

     

    

Notwithstanding the foregoing
and any other provisions, a failure to make any payment on the Subordinated Debt Securities of any series shall not be a Default
if it is withheld or refused, upon independent counsel’s advice addressed and delivered to the Trustee, (i) in order to comply
with any applicable fiscal or other law or regulation or order of any court of competent jurisdiction or (ii) as a result of the
exercise of any U.K. bail-in power by the relevant U.K. authority, provided, however, that the Trustee may require the Company
to take any action which, upon independent counsel’s advice delivered to the Trustee, is appropriate and reasonable in the
circumstances (including proceedings for a court declaration), in which case the Company shall immediately take and expeditiously
proceed with the action and shall be bound by any final resolution resulting therefrom. If any such action results in a determination
that the relevant payment can be made without violating any applicable law, regulation or order then the payment shall become due
and payable on the expiration of the applicable 14-day or seven-day period after the Trustee gives written notice to the Company
informing it of such determination.

 

Upon the occurrence of any Event
of Default or Default, the Company shall give prompt written notice to the Trustee. Except as otherwise provided in this Article
5, the Trustee may proceed to protect and enforce its rights and the rights of the Holders of the Subordinated Debt Securities
whether in connection with any breach by the Company of its obligations under the Subordinated Debt Securities, this Subordinated
Debt Securities Indenture or otherwise, including by judicial proceedings, provided that the Company shall not, as a result of
any such action by the Trustee, be required to pay any amount representing or measured by reference to principal or interest on
the Subordinated Debt Securities of any series prior to any date on which the principal of, or any interest on, the Subordinated
Debt Securities of any such series would have otherwise been payable.

 

No recourse for the payment of
the principal of (or premium, if any) or interest, if any, on any Subordinated Debt Security, or for any claim based thereon and
no recourse under or upon any obligation, covenant or agreement of the Company in this Subordinated Debt Securities Indenture,
or in any Subordinated Debt Security, or because of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, past, present or future, of the Company or of any successor corporation of
the Company, either directly or through the Company or any successor corporation whether by virtue of any constitution, statute
or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that to the extent
lawful all such liability is hereby expressly waived and released

 

    24 

     

    

as a condition of, and as a consideration
for, the execution of this Subordinated Debt Securities Indenture and the issue of the Subordinated Debt Securities.

 

No remedy against the Company,
other than as referred to in this Article 5 of this Subordinated Debt Securities Indenture, shall be available to the Trustee or
the Holders of the Subordinated Debt Securities whether for the recovery of amounts owing in respect of such Subordinated Debt
Securities or under this Subordinated Debt Securities Indenture or in respect of any breach by the Company of its obligations under
this Subordinated Debt Securities Indenture or in respect of the Subordinated Debt Securities, except that the Trustee and the
Holders shall have such rights and powers as they are entitled to have under the Trust Indenture Act, including the Trustee’s
prior lien on any amounts collected following a Default or Event of Default for payment of the Trustee’s fees and expenses,
and provided that any payments on the Subordinated Debt Securities are subject to the subordination provisions set forth in this
Subordinated Debt Securities Indenture.

 

Notwithstanding
any contrary provisions, nothing shall impair the right of a Holder, absent the Holder’s consent, to sue for any payments
due but unpaid with respect to the Subordinated Debt Securities.

 

Section 3.17.Unconditional
Right of Holders to Receive Principal, Premium and Interest, if any. With respect to the Notes only, Section 5.08 of the Base
Indenture is amended and restated in its entirety, which shall read as follows:

 

Section 5.08. Unconditional
Right of Holders to Receive Principal, Premium and Interest, if any. Subject to Article 12 in relation to subordination of
Subordinated Debt Securities, and notwithstanding any other provision in this Subordinated Debt Securities Indenture, the Holder
of any Subordinated Debt Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of (and premium, if any) and (subject to Section 3.07) interest, if any, on such Subordinated Debt Security on the respective Stated
Maturities as expressed in such Subordinated Debt Security (or, in the case of redemption, on the Redemption Date) and, subject
to Section 5.07, to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent
of such Holder or holder.

 

Section 3.18.Control
by Holders. With respect to the Notes only, Section 5.12 of the Base Indenture is amended in part to amend and restate paragraph
(c) in its entirety and add a paragraph (d), which shall read as follows:

 

    25 

     

    

(c)   the
Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and

 

(d)   no
provision herein shall be deemed to require the Trustee to take any action or forebear from any action directed by Holders unless
the Trustee has received security and/or indemnity satisfactory to it in its sole discretion and if the Trustee does act in accordance
with a Holders’ direction given under this ‎Section 5.12 it shall not be liable for such action.

 

Section 3.19.Waiver
of Past Defaults. With respect to the Notes only, the first paragraph of Section 5.13 of the Base Indenture is amended and
restated in its entirety, which shall read as follows:

 

The Trustee
may without prejudice to its rights in respect of any subsequent Event of Default or Default from time to time and at any time
waive any Event of Default or Default or authorize any proposed Event of Default or Default by the Company, provided that in its
opinion the interests of the Holders shall not be materially prejudiced thereby and, provided further, that the Trustee shall not
exercise any powers conferred on it by this clause in contravention of any notice in writing to the Company and the Trustee made
pursuant to Section 5.02 hereof but so that no such notice shall affect any waiver or authorization previously given or made. The
Holders of not less than a majority in aggregate principal amount of the Outstanding Subordinated Debt Securities of any series
may on behalf of the Holders of all the Subordinated Debt Securities of such series waive any past Event of Default or Default
hereunder with respect to such series and its consequences, except an Event of Default or Default:

 

Section 3.20.Undertaking
for Costs. With respect to the Notes only, Section 5.14 of the Base Indenture is amended and restated in its entirety, which
shall read as follows:

 

Section 5.14. Undertaking
for Costs. All parties to this Subordinated Debt Securities Indenture agree, and each Holder of any Subordinated Debt Security
by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement
of any right or remedy under this Subordinated Debt Securities Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, the filing by any party litigant to such suit of an undertaking to pay the costs of such
suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section shall not apply to

 

    26 

     

    

any suit instituted
by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount
of the Outstanding Subordinated Debt Securities of any series, or to any suit instituted by any Holder for the enforcement of the
payment of the principal of (or premium, if any) or interest, if any, on any Subordinated Debt Security on or after the respective
Stated Maturities expressed in such Subordinated Debt Security (or, in the case of redemption, on or after the Redemption Date).

 

Section 3.21.Compensation
and Reimbursement. With respect to the Notes only, Section 6.07 of the Base Indenture is amended in part to add the following
paragraphs after the last paragraph of Section 6.07:

 

The Trustee’s
right to reimbursement and indemnity under this ‎Section 6.07 shall survive the payment in full of the Subordinated Debt Securities,
the discharge of this Subordinated Debt Securities Indenture, the resignation or removal of the Trustee and any termination of
the Subordinated Debt Securities Indenture, including any termination under any bankruptcy law and (without prejudice to ‎Section
4.02 of the Fifth Supplemental Indenture if, and to the extent applicable, as set out therein) any exercise of the U.K. bail-in
power by the relevant U.K. authority with respect to the obligations owed or owing to Holders pursuant to or in connection with
the Subordinated Debt Securities.

 

To the extent
the Company’s obligations to reimburse and indemnify the Trustee pursuant to this ‎Section 6.07 are excluded liabilities
under the Banking Act or otherwise excluded from any exercise of the U.K. bail-in power by the relevant U.K. authority by legislation,
rule, regulation or regulatory technical standard, such liabilities shall survive the application of such U.K. bail-in power.

 

Section 3.22.Reports
by the Company. With respect to the Notes only, Section 7.04 of the Base Indenture is amended in part to add the following
sentence at the end of sub-section (a):

 

The Company
will be deemed to have delivered such reports or information referred to in this Section to the Trustee if the Company has filed
such reports or information with the Commission via the EDGAR filing system (or any successor thereto) and such reports or information
are publicly available;

 

Section 3.23.Reports
by the Company. With respect to the Notes only, Section 7.04 of the Base Indenture is amended in part to add the following
paragraph at the end of Section 7.04:

 

    27 

     

    

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 knowledge or notice of any information contained therein.

 

Section 3.24.Assumption
of Obligations. With respect to the Notes only, Section 8.03 of the Base Indenture is amended in part by amending and restating
sub-sections 8.03(a) and 8.03(b), which shall read as follows:

 

(a)   the
successor entity shall expressly assume such obligations by an amendment to the Subordinated Debt Securities Indenture, executed
by the Company and such successor entity, if applicable, and delivered to the Trustee, in form satisfactory to the Trustee, and
the Company shall, by amendment to the Subordinated Debt Securities Indenture, unconditionally guarantee (such guarantee shall
be given on a subordinated basis consistent with Article 12 hereof) all of the obligations of such successor entity under the Subordinated
Debt Securities of such series and the Subordinated Debt Securities Indenture as so modified by such amendment (provided, however,
that, for the purposes of the Company’s obligation to pay Additional Amounts, if any, payable pursuant to Section 10.04 in
respect of the Subordinated Debt Securities, references to such successor entity’s country of organization and tax residence
will be added to references to the United Kingdom in the definition of “U.K. Taxing Jurisdiction”);

 

(b)   such
successor entity shall confirm in writing in such amendment to the Subordinated Debt Securities Indenture that such successor entity
will pay all Additional Amounts, if any, payable pursuant to Section 10.04 in respect of all the Subordinated Debt Securities (provided,
however, that for these purposes such successor entity’s country of organization and tax residence will be substituted for
the references to the United Kingdom in the definition of “U.K. Taxing Jurisdiction”);

 

Section 3.25.Notification
of Assumption or Substitution to the PRA. With respect to the Notes only, Article 8 of the Base Indenture is amended by adding
Section 8.04, which shall read as follows:

 

Section
8.04.Notification of Assumption or Substitution to the PRA. No such assumption or substitution as is referred to in
Sections 8.01, 8.02 and 8.03 shall be effected in relation to any series of Subordinated Debt Securities, unless (except to the
extent that the Capital Regulations do not so require) the Company has notified the PRA of its intention to do so before the date
scheduled therefor and the PRA has granted consent thereto.

 

    28 

     

    

Section 3.26.Notification
of Modification or Supplemental Indenture. With respect to the Notes only, Article 9 of the Base Indenture is amended by adding
Section 9.07, which shall read as follows:

 

Section
9.07.Notification of Modification or Supplemental Indenture. No such modification shall be effected in relation to any
series of Subordinated Debt Securities or the Fifth Supplemental Indenture pursuant to this Article 9 or Section 3.13 herein, unless
(except to the extent that the Capital Regulations do not so require) the Company has notified the PRA of its intention to do so
before the proposed modification and the PRA has granted permission thereto.

 

Section 3.27.Additional Amounts.
With respect to the Notes only, Section 10.04 of the Base Indenture is amended and restated in its entirety, which shall read as
follows:

 

Section 10.04.Additional
Amounts. All amounts of principal, premium, if any, and interest, if any, on any series of Subordinated Debt Securities will
be paid by the Company without deduction or withholding for, or on account of, any and all present and future income, stamp and
other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed, levied, collected, withheld
or assessed by or on behalf of the United Kingdom or any political subdivision or any authority thereof or therein having the power
to tax (the “U.K. Taxing Jurisdiction”), unless such deduction or withholding is required by law.

 

Unless otherwise specified in
any Board Resolution, or an Officer’s Certificate, establishing the terms of Subordinated Debt Securities of a series in
accordance with ‎Section 3.01, if deduction or withholding of any such taxes, levies, imposts, duties, charges, fees, deductions
or withholdings shall at any time be required by the U.K. Taxing Jurisdiction, the Company will pay such additional amounts with
respect to interest and any redemption premium, if any, on any series of Subordinated Debt Securities (“Additional Amounts”)
as may be necessary in order that the net amounts paid to the Holders of Subordinated Debt Securities of the particular series,
after such deduction or withholding, shall equal the amounts of such payments which would have been payable in respect of such
Subordinated Debt Securities had no such deduction or withholding been required; provided, however, that the foregoing will not
apply to any such tax, levy, impost, duty, charge, fee, deduction or withholding that would not have been payable or due but for
the fact that:

 

    29 

     

    

(i)   the
Holder or the beneficial owner of the Subordinated Debt Security is a domiciliary, national or resident of, or engaging in business
or maintaining a permanent establishment or physically present in, the U.K. Taxing Jurisdiction or otherwise has some connection
with the U.K. Taxing Jurisdiction other than the mere holding or ownership of a Subordinated Debt Security, or the collection of
the payment on any Subordinated Debt Security of the relevant series,

 

(ii)   except
in the case of a winding-up of the Company in the United Kingdom, the relevant Subordinated Debt Security is presented (where presentation
is required) for payment in the United Kingdom,

 

(iii)   the
relevant Subordinated Debt Security is presented (where presentation is required) for payment more than 30 days after the date
payment became due or was provided for, whichever is later, except to the extent that the Holder would have been entitled to such
Additional Amount on presenting (where presentation is required) the Subordinated Debt Security for payment at the close of such
30 day period,

 

(iv)   the
Holder or the beneficial owner of the relevant Subordinated Debt Security or the payment on such Subordinated Debt Security failed
to comply with a request by the Company or its liquidator or other authorized person addressed to the Holder (x) to provide information
concerning the nationality, residence or identity of the Holder or such beneficial owner or (y) to make any declaration or other
similar claim to satisfy any requirement, which in the case of (x) or (y), is required or imposed by a statute, treaty, regulation
or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption or relief from all or part of such deduction
or withholding,

 

(v)   the
withholding or deduction is required to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income
or any Directive amending, supplementing or replacing such Directive, or any law implementing or complying with, or introduced
in order to conform to, such Directive or Directives,

 

(vi)   the
withholding or deduction is required to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986,
as amended, any agreement with the U.S. Treasury entered into with respect thereto, any U.S. Treasury regulation issued thereunder
or any other official interpretations or guidance issued with respect thereto; any intergovernmental agreement entered into with
respect thereto, or any law, regulation, or other official interpretation or guidance promulgated pursuant to such an intergovernmental
agreement,

 

    30 

     

    

(vii)   the
relevant Subordinated Debt Security is presented (where presentation is required) for payment by or on behalf of a Holder who would
have been able to avoid such withholding or deduction by presenting (where presentation is required) the relevant Subordinated
Debt Security to another paying agent in a Member State of the European Union, or

 

(viii)   any
combination of subclauses ‎(i) through ‎(vii) above,

 

nor shall Additional Amounts
be paid with respect to a payment on the Subordinated Debt Securities to any Holder who is a fiduciary or partnership or person
other than the sole beneficial owner of such payment to the extent such payment would be required by the laws of the U.K. Taxing
Jurisdiction to be included in the income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member
of such partnership or a beneficial owner who would not have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever in this Subordinated
Debt Securities Indenture there is mentioned, in the context of any Subordinated Debt Security, the payment of the principal, premium,
if any, or interest, if any, on, or in respect of, any Subordinated Debt Security, such mention shall be deemed to include mention
of the payment of Additional Amounts provided for in this Section to the extent that, in such context, Additional Amounts are,
were or would be payable in respect thereof pursuant to the provisions of this Section and as if express mention of the payment
of Additional Amounts (if applicable) were made in any provisions hereof where such express mention is not made.

 

Section 3.28.FATCA. With respect
to the Notes only, Article 10 of the Base Indenture is amended by adding Section 10.08, which shall read as follows:

 

Section
10.08.FATCA. The Paying Agent shall be entitled to make any FATCA Withholding, and neither the Company nor the Paying
Agent shall have any obligation to gross-up any payment hereunder or under the Subordinated Debt Securities as a result of any
such FATCA Withholding. Each of the Company and the Paying Agent shall provide to the other party, upon request, such forms and
documentation as may be reasonably necessary for the other party to determine whether it has any withholding or reporting obligations
pursuant to FATCA in relation to the Subordinated Debt Securities, provided that the requested information is within the first
party’s possession and such party is legally entitled to provide such information.

 

    31 

     

    

Section 3.29.Redemption and Repurchases
of Subordinated Debt Securities. With respect to the Notes only, Article 11 of the Base Indenture is amended by amending and
restating Sections 11.01, 11.04, 11.08 and 11.09 in their entirety, and by adding Sections 11.10, 11.11 and 11.12, which shall
read as follows:

 

Section
11.01.Applicability of Article. Subordinated Debt Securities of any series shall be redeemable in accordance with their
terms and (except as otherwise specified pursuant to Section 3.01 for Subordinated Debt Securities of any series) in accordance
with this Article 11. Subordinated Debt Securities of any series may not be redeemed except in accordance with provisions of applicable
law, applicable provisions of the Capital Regulations and Section 11.12 below. The Subordinated Debt Securities of any series may
not be redeemed in whole or in part at the option of the Holder thereof.

 

...

 

Section 11.04.Notice
of Redemption. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated Debt Securities,
notice of redemption shall be given (i) not less than 30 calendar days nor more than 60 calendar days prior to the Redemption Date
to each Holder of Subordinated Debt Securities to be redeemed and (ii) to Trustee at least 5 business days prior to such date,
unless a shorter notice period shall be satisfactory to the Trustee in the manner and to the extent provided in Section 1.06. Except
as otherwise provided herein, such notice should be irrevocable but may be conditioned on the occurrence of any event or circumstance.

 

Any redemption notice will state:

 

		a)	the Redemption Date;

 

		b)	the Redemption Price;

 

		c)	that, and subject to what conditions, the Redemption Price will become due and payable on the Redemption Date and that payments
will cease to accrue on such date;

 

		d)	the place or places at which each Holder may obtain payment of the Redemption Price; and

 

		e)	the CUSIP, Common Code and/or ISIN number or numbers, if any, with respect to such series of Subordinated Debt Securities.

 

    32 

     

    

Notice
of redemption of Subordinated Debt Securities to be redeemed at the selection of the Company shall be given by the Company or,
at the Company’s request, by the Trustee in the name and at the expense of the Company.

 

If
the Company has elected to redeem Subordinated Debt Securities but prior to the payment of the redemption amount with respect to
such redemption the relevant UK authority exercises its U.K. bail-in power in respect of the Subordinated Debt Securities, the
relevant redemption notice shall be automatically rescinded and shall be of no force and effect, and no payment of the redemption
amount will be due and payable.

 

...

 

Section
11.08.Optional Redemption Due to Changes in Tax Treatment. Unless otherwise provided as contemplated by Section 3.01
with respect to any series of Subordinated Debt Securities and subject to the conditions set out in Section 11.12 below, the Company
will have the option to redeem Subordinated Debt Securities of any series at its sole discretion, in whole but not in part, on
not less than 30 calendar days nor more than 60 calendar days’ notice, at any time, at a Redemption Price equal to 100% of
the principal amount, together with accrued but unpaid interest, if any, in respect of any such series of Subordinated Debt Securities
to (but excluding) the Redemption Date, if, at any time, the Company shall determine that as a result of a change in or amendment
to the laws or regulations of the U.K. Taxing Jurisdiction (including any treaty to which a U.K. Taxing Jurisdiction is a party),
or any change in the official application or interpretation of such laws or regulations (including a decision of any court or tribunal)
which change or amendment becomes effective or applicable on or after a date included in the terms of such series of Subordinated
Debt Securities pursuant to Section 3.01:

 

(a)   in
making any payment under the Subordinated Debt Securities, including any payment in respect of principal or premium, if any, or
interest, the Company has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

(b)   the
payment of interest on the next Interest Payment Date in respect of any of the Subordinated Debt Securities would be treated as
a “distribution” within the meaning of Section 1000 of the

 

    33 

     

    

Corporation
Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment thereof for the time being);

 

(c)   on
the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest in
computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced);

 

(d)   the
Company would not, as a result of the Subordinated Debt Securities being in issue, be able, to any material extent, to have losses
or deductions set against the profits or gains, or profits or gains offset by the losses or deductions, of companies with which
the Company is or would otherwise be grouped for applicable United Kingdom tax purposes (whether under the group relief system
current as at the Issue Date or any similar system or systems having like effect as may from time to time exist); or

 

(e)   a
future conversion into equity or write-down of the principal amount of the Subordinated Debt Securities would result in (A) a United
Kingdom tax liability, or the receipt of income or profit which would be subject to United Kingdom tax, or (B) the Subordinated
Debt Securities or any part thereof being treated as a derivative or an embedded derivative for United Kingdom tax purposes.

 

In
any case where the Company shall determine that as a result of any change in the official application or interpretation of any
laws or regulations it is entitled to redeem the Subordinated Debt Securities of any series, the Company shall be required to deliver
to the Trustee prior to the giving of any notice of redemption a written legal opinion of independent United Kingdom counsel of
recognized standing (selected by the Company) in a form satisfactory to the Trustee confirming that the relevant change in the
official application or interpretation of such laws or regulations has occurred and that the Company is entitled to exercise its
right of redemption.

 

Section
11.09.Optional Redemption Due to a Capital Disqualification Event. Unless otherwise provided as contemplated by Section
3.01 with respect to any series of Subordinated Debt Securities and subject to the conditions set out in Section 11.12 below, the
Company will have the option to redeem Subordinated Debt Securities of any series at its sole discretion, in whole but not in part,
on not less than 30 calendar days nor more than 60 calendar

 

    34 

     

    

days’
notice, at a Redemption Price equal to 100% of the principal amount, together with accrued but unpaid interest, if any, in respect
of such series of Subordinated Debt Securities to (but excluding) the Redemption Date if, at any time immediately prior to the
giving of the notice referred to above, a Capital Disqualification Event has occurred and is continuing.

 

Section 11.10.Optional
Redemption. Unless otherwise provided as contemplated by Section 3.01 with respect to any series of Subordinated Debt Securities
and subject to the conditions set out in Section 11.12 below, the Company may, at the Company’s option and in its sole discretion
on not less than 30 calendar days nor more than 60 calendar days’ notice, redeem Subordinated Debt Securities of any series,
in whole but not in part, on November 1, 2024, at a Redemption Price equal to 100% of the principal amount of the Subordinated
Debt Securities of any series together with any accrued but unpaid interest to, but excluding, the Redemption Date.

 

Section
11.11.Repurchases. Subject to the conditions set out in Section 11.12 below, the Company may from time to time purchase
Subordinated Debt Securities in the open market or by tender or by private agreement, in any manner and at any price or at differing
prices. Subordinated Debt Securities purchased or otherwise acquired by the Company may be (i) held, (ii) resold or (iii) at the
Company’s sole discretion, surrendered to the Trustee for cancellation (in which case all Subordinated Debt Securities so
surrendered will forthwith be cancelled in accordance with applicable law and thereafter may not be re-issued or resold).

 

Section
11.12.Early Redemption or Repurchases – PRA. Subordinated Debt Securities may only be redeemed (and notice thereof
given to the Holders of the Subordinated Debt Securities) or purchased by the Company prior to the Maturity Date pursuant to this
Article 11, provided that (except to the extent that the Capital Regulations does not so require):

 

(a) the Company has given such
notice to the PRA as the PRA may then require before the Company becomes committed to the proposed redemption or repurchase; and

 

(b) the PRA has granted permission
for the Company to make such redemption or repurchase and the Company has complied with any other requirements of the Capital Regulations
and/or the PRA applicable to such redemptions or repurchases at the time; and

 

    35 

     

    

(c) with respect to Sections
11.08 and 11.09 only, and except to the extent that the Capital Regulations does not so require, the Company may only redeem the
Subordinated Debt Securities before five years after the date of issuance of the Subordinated Debt Securities if, in addition to
the conditions set out in (a) and (b) above, the following conditions are met:

 

		(i)	in the case of an optional redemption due to changes in tax treatment pursuant to Section 11.08, the Company demonstrates to
the satisfaction of the PRA that the change in the applicable tax treatment relating to the Subordinated Debt Securities is material
and was not reasonably foreseeable at the time of issuance of the Subordinated Debt Securities; or

 

		(ii)	in the case of an optional redemption due to the occurrence of a Capital Disqualification Event pursuant to Section 11.09,
(i) the PRA considers such change in the regulatory classification of such Subordinated Debt Securities to be sufficiently certain
and (ii) the Company demonstrates to the satisfaction of the PRA that the Capital Disqualification Event was not reasonably foreseeable
at the time of the issuance of the Subordinated Debt Securities.

 

Section 3.30.Exchanges Not Deemed
Payment. With respect to the Notes only, Section 12.10 of the Base Indenture is deleted in its entirety.

 

Section 3.31.Exchange of Subordinated
Debt Securities. With respect to the Notes only, Article 13 of the Base Indenture is deleted in its entirety.

 

Article
4

 

Section 4.01.Agreement with Respect
to Exercise of U.K. Bail-In Power

 

(a)   Notwithstanding
any other term of any Notes, the Indenture, or any other agreements, arrangements, or understandings between the Company and any
Holder or Beneficial Owner, by its acquisition of Notes, each Holder (including each Beneficial Owner) of the Notes acknowledges,
accepts, agrees to be bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority which may
result in (i) the reduction or cancellation of all, or a portion, of the principal amount of, or interest on, the Notes; (ii) the
conversion of all, or a portion, of the principal amount of, or interest on, the Notes into ordinary shares or other securities
or other obligations of the Company or another person; and/or (iii) the amendment or alteration of the Maturity of the Notes, or
amendment of the amount of interest due on the Notes, or the Interest Payment Dates, including by suspending payment for a temporary
period; which U.K. bail-in power may be exercised by means of variation of the terms of the Notes solely to give effect to

 

    36 

     

    

the exercise by the relevant U.K. authority
of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Notes further acknowledges and agrees that the
rights of the Holders and Beneficial Owners under the Notes are subject to, and will be varied, if necessary, solely to give effect
to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

(b)   By
its acquisition of Notes each Holder and Beneficial Owner:

 

(i)   acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. authority it shall not give rise to a Default
or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in
Case of Default) of the Trust Indenture Act;

 

(ii)   to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. authority with respect
to the Notes;

 

(iii)   acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. authority, (a) the Trustee shall not be required
to take any further directions from Holders of the Notes under Section 5.12 of the Indenture, and (b) neither the Base Indenture
nor this Fifth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of any U.K.
bail-in power by the relevant U.K. authority;

 

Notwithstanding paragraph (b),
if, following the completion of the exercise of the U.K. bail-in power by the relevant U.K. authority, the Notes remain outstanding
(for example, if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Notes), then
the Trustee’s duties under the Indenture shall remain applicable with respect to the Notes following such completion to the
extent that the Company and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental
Indenture; and

 

(iv) (a) consented to the exercise
of any U.K. bail-in power which may be imposed without any prior notice by the relevant U.K. authority of its decision to exercise
such power with respect to the Notes; and

 

       (b)
authorized, directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Notes
to take any and all necessary action, if required, to implement the

 

    37 

     

    

exercise of any U.K. bail-in power
with respect to the Notes as it may be imposed, without any further action or direction on the part of such Holder or Beneficial
Owner.

 

(c)   Upon
the exercise of the U.K. bail-in power by the relevant U.K. authority with respect to the Notes, the Company shall provide a written
notice to DTC as soon as practicable regarding such exercise of the U.K. bail-in power for purposes of notifying Holders of such
occurrence. The Company shall also deliver a copy of such notice to the Trustee for information purposes.

 

(d)   No
repayment of the principal amount of the Notes or payment of interest on the Notes shall become due and payable after the exercise
of any U.K. bail-in power by the relevant U.K. authority unless, at the time that such repayment or payment, respectively, is scheduled
to become due, such repayment or payment would be permitted to be made by the Company under the laws and regulations of the United
Kingdom and the European Union applicable to the Company and the Group.

 

(e)   If
the Company has elected to redeem Notes of this series but prior to the payment of the redemption amount with respect to such redemption
the relevant U.K. authority exercises its U.K. bail-in power with respect to any Notes, the relevant redemption notices shall be
automatically rescinded and shall be of no force and effect, and no payment of the redemption amount will be due and payable.

 

(f)   Any
Holder (including each Beneficial Owner) that acquires Notes in the secondary market shall be deemed to acknowledge and agree to
be bound by and consent to the same provisions specified in the Indenture to the same extent as the Holders and Beneficial Owners
of the Notes that acquire the Notes upon their initial issuance, including, without limitation, with respect to the acknowledgement
and agreement to be bound by and consent to the terms of the Notes related to the U.K. bail-in power.

 

Section 4.02.Concerning BRRD Liability.
Notwithstanding and to the exclusion of any other term of the Indenture or any other agreements, arrangements, or understanding
between the Company and the Trustee, the Trustee acknowledges and accepts that a BRRD Liability arising under the Indenture with
respect to the Notes may be subject to the exercise of Bail-in Powers by the Relevant Resolution Authority, and acknowledges, accepts
and agrees to be bound by:

 

(a)   the
effect of the exercise of Bail-in Powers by the Relevant Resolution Authority in relation to any BRRD Liability of the Company
to the Trustee under the Indenture, that (without limitation) may include and result in any of the following, or some combination
thereof:

 

    38 

     

    

(i)the reduction of all, or a portion,
of the BRRD Liability or outstanding amounts due thereon;

 

(ii)the conversion of all, or a
portion, of the BRRD Liability into shares, other securities or other obligations of the Company or another person (and the issue
to or conferral on the Trustee of such shares, securities or obligations);

 

(iii)the cancellation of the BRRD
Liability; and/or

 

(iv)the amendment or alteration
of any interest, if applicable, thereon, the maturity or the dates on which any payments are due, including by suspending payment
for a temporary period; and

 

(b)   the
variation of the terms of this the Indenture, as deemed necessary by the Relevant Resolution Authority, to give effect to the exercise
of Bail-in Powers by the Relevant Resolution Authority.

 

Article
5

MISCELLANEOUS

 

Section 5.01.Effect of Supplemental
Indenture. Upon the execution and delivery of this Fifth Supplemental Indenture by the Company and the Trustee, and the delivery
of the documents referred to in ‎Section 5.02 herein, the Base Indenture shall be amended and supplemented in accordance herewith,
and this Fifth Supplemental Indenture shall form a part of the Base Indenture for all purposes in respect of the Notes.

 

Section 5.02.Other Documents to Be
Given to the Trustee. As specified in Section 9.03 of the Indenture and subject to the provisions of Section 6.03 of the Indenture,
the Trustee shall be entitled to receive an Officer’s Certificate and an Opinion of Counsel stating the recitals contained
in Section 1.02 of the Indenture, and in the case of such Opinion of Counsel, that this Fifth Supplemental Indenture is authorized
or permitted by the Indenture, conforms to the requirements of the Trust Indenture Act, and (subject to Section 1.03 of the Indenture)
constitutes valid and binding obligations of the Company enforceable in accordance with their terms, subject to applicable bankruptcy,
insolvency and similar laws affecting creditors’ rights generally, concepts of reasonableness and equitable principles of
general applicability and may be subject to possible judicial or regulatory actions giving effect to governmental actions or foreign
laws affecting creditors’ rights, as conclusive evidence that this Fifth Supplemental Indenture complies with the applicable
provisions of the Base Indenture.

 

    39 

     

    

Section 5.03.Confirmation of Indenture.
The Base Indenture and this Fifth Supplemental Indenture with respect to the Notes, is in all respects ratified and confirmed,
and the Base Indenture, this Fifth Supplemental Indenture and all indentures supplemental thereto shall, in respect of the Notes,
be read, taken and construed as one and the same instrument. This Fifth Supplemental Indenture constitutes an integral part of
the Base Indenture with respect to the Notes. In the event of a conflict between the terms and conditions of the Base Indenture
and the terms and conditions of this Fifth Supplemental Indenture, the terms and conditions of this Fifth Supplemental Indenture
shall prevail with respect to the Notes.

 

Section 5.04.Concerning the Trustee.
The Trustee does not make any representations as to the validity or sufficiency of this Fifth Supplemental Indenture. The recitals
and statements herein are deemed to be those of the Company and not the Trustee. In entering into this Fifth Supplemental Indenture,
the Trustee shall be entitled to the benefit of every provision of the Base Indenture relating to the conduct of or affecting the
liability of or affording protection to the Trustee.

 

Section 5.05.Governing Law. This
Fifth Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York,
irrespective of conflicts of laws principles, except as stated in Section 1.12 of the Indenture, and except that the authorization
and execution by the Company of this Fifth Supplemental Indenture and the Notes shall be governed by (in addition to the laws of
the State of New York relevant to execution) the respective jurisdictions of the Company and the Trustee, as the case may be.

 

Section 5.06.Reparability. In
case any provision contained in this Fifth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 

Section 5.07.Counterparts. This
Fifth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts
shall together constitute but one and the same instrument.

 

[Signature Page Follows] 

 

    40 

     

    

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

 

	 	THE ROYAL BANK OF SCOTLAND GROUP PLC, as Company
	 	 
	 	 
	 	 
	 	By:	/s/ Donal Quaid
	 	 	Name:	Donal Quaid
	 	 	Title: 	Head of Treasury Markets

 

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH, as Trustee
	 	 
	 	 
	 	 
	 	By:	/s/ Thomas Vanson
	 	 	Name:	Thomas Vanson
	 	 	Title: 	Authorised Signatory

 

[Signature Page to Fifth Supplemental
Indenture] 

 

    41 

     

    

EXHIBIT A

 

FORM OF GLOBAL NOTE

 

THIS NOTE IS A GLOBAL
SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN
PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE.

 

THE RIGHTS OF THE HOLDER
OF THIS NOTE ARE, TO THE EXTENT AND IN THE MANNER SET FORTH IN SECTION 12.01 OF THE INDENTURE, SUBORDINATED TO THE CLAIMS OF OTHER
CREDITORS OF THE COMPANY, AND THIS NOTE IS ISSUED SUBJECT TO THE PROVISIONS OF THAT SECTION 12.01, AND THE HOLDER OF THIS NOTE,
BY ACCEPTING THE SAME, AGREES TO AND SHALL BE BOUND BY SUCH PROVISIONS. THE PROVISIONS OF SECTION 12.01 OF THE INDENTURE AND THE
TERMS OF THIS PARAGRAPH ARE GOVERNED BY, AND SHALL BE CONSTRUED IN ACCORDANCE WITH, THE LAWS OF SCOTLAND.

 

CUSIP No. 780097BM2

ISIN No. US780097BM20

 

THE ROYAL
BANK OF SCOTLAND GROUP plc

 

$750,000,000
FIXED-TO-FIXED RESET RATE SUBORDINATED TIER 2 NOTES DUE 2029 (THE “NOTES”)

 

	No. [•]	$[•]

THE ROYAL BANK OF SCOTLAND GROUP plc (herein
called the “Company,” which term includes any successor person under the Indenture (as defined on the reverse
hereof)), for value received, hereby promises to pay to CEDE & CO., or registered assignees, the principal sum of $[•]
([•] million dollars) on November 1, 2029 (the “Maturity Date”) or on such earlier date as the principal
hereof may become due in accordance with the terms hereof and to pay interest thereon in accordance with the terms set out below.

 

    A-1

     

    

The Notes shall bear interest from (and
including) November 1, 2019 to (but excluding) November 1, 2024 (the “Reset Date”), at a rate of 3.754% per
annum, and from (and including) the Reset Date to (but excluding) the Maturity Date (the “Reset Period”), at
a rate per annum equal to the applicable U.S. Treasury Rate (as defined below) as determined by the Calculation Agent on the Reset
Determination Date (as defined below), plus 2.100%. Interest on the Notes will be paid semi-annually in arrear on May 1 and November
1 of each year (each, an “Interest Payment Date”), beginning on May 1, 2020, to (and including) the Maturity
Date. The Company’s obligation to pay the principal of and any interest on the Notes shall not be deferrable.

 

The “Reset Determination Date”
will be the second business day immediately preceding the Reset Date.

 

A “business day” means
any day, other than Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorised
or required by law or regulation to close in the City of New York or in the City of London.

 

The “Calculation Agent”
for the Notes is National Westminster Bank plc or its successor appointed by the Company, pursuant to a calculation agent agreement
entered into on November 1, 2019. The Calculation Agent shall determine the U.S. Treasury Rate in accordance with the following
provisions:

 

(i)   “U.S.
Treasury Rate” means, with respect to the Reset Date, the rate per annum equal to: (1) the average of the yields on actively
traded U.S. Treasury securities adjusted to constant maturity, for five-year maturities, for the five business days immediately
prior to the Reset Determination Date and appearing under the caption “Treasury constant maturities” at 5:00 p.m. (New
York City time) on the Reset Determination Date in the applicable most recently published statistical release designated “H.15
Daily Update”, or any successor publication that is published by the Board of Governors of the Federal Reserve System that
establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity, under the caption “Treasury
Constant Maturities”, for the maturity of five years; or (2) if such release (or any successor release) is not published
during the week immediately prior to the Reset Determination Date or does not contain such yields, the rate per annum equal to
the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for the Reset Date.

 

(ii)If the U.S. Treasury Rate cannot
be determined, for whatever reason, as described under (1) or (2) above, “U.S. Treasury Rate” means the rate in percentage
per annum as notified by the Calculation Agent to the Company equal to the yield on U.S. Treasury securities having a maturity
of five years as

 

    A-2

     

    

set
forth in the most recently published statistical release designated “H.15 Daily Update” under the caption “Treasury
constant maturities” (or any successor publication that is published weekly by the Board of Governors of the Federal Reserve
System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption
“Treasury constant maturities” for the maturity of five years) at 5:00 p.m. (New York City time) on the Reset Determination
Date on which such rate was set forth in such release (or any successor release).

 

“Comparable Treasury Issue”
means, with respect to the Reset Period, the U.S. Treasury security or securities selected by the Issuer with a maturity date on
or about the last day of the Reset Period and that would be utilized, at the time of selection and in accordance with customary
financial practice, in pricing new issues of corporate debt securities denominated in U.S. dollars and having a maturity of five
years.

 

“Comparable Treasury Price”
means, with respect to the Reset Date, (i) the arithmetic average of the Reference Treasury Dealer Quotations for the Reset Date
(calculated on the Reset Determination Date preceding the Reset Date), after excluding the highest and lowest such Reference Treasury
Dealer Quotations, or (ii) if fewer than five such Reference Treasury Dealer Quotations are received, the arithmetic average of
all such quotations, or (iii) if fewer than two such Reference Treasury Dealer Quotations are received, then such Reference Treasury
Dealer Quotation as quoted in writing to the Calculation Agent by a Reference Treasury Dealer.

 

“Reference Treasury Dealer”
means each of up to five banks selected by the Company (following, where practicable, consultation with the Calculation Agent),
or the affiliates of such banks, which are (i) primary U.S. Treasury securities dealers, and their respective successors, or (ii)
market makers in pricing corporate bond issues denominated in U.S. dollars.

 

“Reference Treasury Dealer Quotations”
means with respect to each Reference Treasury Dealer and the Reset Date, the arithmetic average, as determined by the Calculation
Agent, of the bid and offered prices for the applicable Comparable Treasury Issue, expressed in each case as a percentage of its
principal amount, at 11:00 a.m. (New York City time), on the Reset Determination Date.

 

All percentages resulting from any calculation
of any interest rate on the Notes will be rounded, if necessary, to the nearest one hundred thousandth of a percentage point, with
five one-millionths of a percentage point rounded upward, and all dollar amounts would be rounded to the nearest cent, with one-half
cent being rounded upward.

 

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Interest on the Notes will be calculated
on the basis of a 360-day year divided into twelve months of 30 days each and, in the case of an incomplete month, the actual number
of days elapsed in such period.

 

The “Regular Record Dates”
for the Notes will be the 15th day of each April and October of each year, whether or not a business day, immediately preceding
the relevant Interest Payment Date.

 

If any scheduled Interest Payment Date
is not a business day, the Company will pay interest on the next day that is a business day, but interest on such payment will
not accrue during the period from and after such scheduled Interest Payment Date.

 

If the scheduled Maturity Date or date of
redemption or repurchase or repayment of the Notes is not a business day, the Company may pay interest and principal on the next
succeeding business day, but interest on that payment will not accrue during the period from and after the scheduled maturity date
or date of redemption, repurchase or repayment

 

If (i) the Company fails to pay any installment
of interest in respect of this Note on or before the relevant Interest Payment Date and such failure continues for 14 days, or
(ii) the Company fails to pay all or any part of the principal amount of this Note when it otherwise becomes due and payable, whether
upon redemption or otherwise, and such failure continues for 7 days (each of (i) and (ii), a “Default”), the Trustee
may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal amount of
any Outstanding Notes to be due and payable.

 

Payment of the principal amount of, and
any interest on, this Note will be made in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. Such payment shall be made to the Holder including through a Paying Agent of the
Company outside the United Kingdom for collection by the Holder.

 

Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
this Note is registered as the owner of such Note for the purpose of receiving payment of principal and interest, if any, on such
Note and for all other purposes whatsoever, whether or not such Note be overdue, and neither the Company, the Trustee nor any agent
of the Company or the Trustee shall be affected by notice to the contrary.

 

Reference is hereby made to the further
provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

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Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

Notwithstanding any other term of any Notes,
the Indenture, or any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner,
by its acquisition of this Note, each Holder (including each Beneficial Owner) of this Note acknowledges, accepts, agrees to be
bound by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority that may result in (i) the reduction
or cancellation of all, or a portion, of the principal amount of, or interest on, this Note; (ii) the conversion of all, or a portion,
of the principal amount of, or interest on, this Note into ordinary shares or other securities or other obligations of the Company
or another person; and (iii) the amendment or alteration of the maturity of this Note, or amendment of the amount of interest due
on this Note, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K.
bail-in power may be exercised by means of variation of the terms of this Note solely to give effect to the exercise by the relevant
U.K. authority of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of this Note further acknowledges and
agrees that the rights of the Holders and/or Beneficial Owners under this Note are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

For these purposes, a “U.K. bail-in power”
is any write-down, conversion, transfer, modification or suspension power existing from time to time under any laws, regulations,
rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or investment firms
incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other members of the Group,
including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or enacted within
the context of a European Union directive or regulation of the European Parliament and of the Council establishing a framework
for the recovery and resolution of credit institutions and investment firms (whether or not the U.K. is a member of the European
Union) and/or within the context of a U.K. resolution regime under the Banking Act 2009, as the same has been or may be amended
from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking Reform Act
2013”), secondary legislation or otherwise, the “Banking Act”), pursuant to which any obligations
of a bank, banking group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified,
transferred and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for
a temporary period) or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised
(and a

 

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reference to the “relevant U.K. authority”
is to any authority with the ability to exercise a U.K. bail-in power).

 

    A-6

     

    

IN WITNESS WHEREOF, the Company has caused
this Note to be duly executed.

 

Dated: November 1, 2019

 

 

	 	THE ROYAL BANK OF SCOTLAND
GROUP PLC
	 	 
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title: 	 

 

    A-7

     

    

CERTIFICATE
OF AUTHENTICATION

 

This is one
of the Notes of the series designated herein referred to in the within-mentioned Indenture.

 

Dated: November 1, 2019

 

	 	THE BANK OF NEW YORK MELLON, LONDON BRANCH,

                                                                        

                                                                       as Trustee

	 	 
	 	 
	 	 
	 	By:	 
	 	 	 	Authorized Signatory

 

 

    A-8

     

    

[Reverse of Note]

 

This
note is one of a duly authorized issue of securities of the Company
(herein called the “Notes”) issued and to be issued in one or more series under a Subordinated Debt Securities
Indenture dated as of December 4, 2012, as amended and supplemented by the First Supplemental Indenture dated as of December 4,
2012 and the Fourth Supplemental Indenture dated as of May 28, 2014 (collectively, the “Base Indenture”) and
the Fifth Supplemental Indenture dated as of November 1, 2019 (the “Fifth
Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), in each case among
the Company, as issuer, and The Bank of New York Mellon, acting through its London Branch, as trustee (herein called the “Trustee”
which term includes any successor trustee under the Indenture). Reference is hereby made to the Indenture and all indentures supplemental
thereto for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee
and the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered.

 

This
Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $750,000,000.

 

The Company may, from time to time, without
the consent of the Holders of the Notes, issue Additional Subordinated Debt Securities having the same ranking and same interest
rate, Maturity, redemption terms and other terms as the Notes of this series, except for the price to the public and issue date
and first Interest Payment Date, of the Notes of this series. Any such Additional Subordinated Debt Securities, together with the
Notes of this series, may constitute a single series of Notes under the Indenture and shall be included in the definition of “Subordinated
Debt Securities” in the Indenture where the context requires; provided, however, that if the original Notes
of this series are determined by the Company to be debt for U.S. federal income tax purposes and the Additional Subordinated Debt
Securities are not fungible with the Outstanding Notes of this series for U.S. federal income tax purposes, the Additional Subordinated
Debt Securities must have a CUSIP, ISIN and/or other identifying number different from those used for the Outstanding Notes of
this series.

 

The Notes will initially be issued in the
form of one or more global Notes (each, a “Global Note”). Except as provided in the Indenture, a Global Note
shall not be exchangeable for one or more definitive Notes.

 

The Notes of this series will constitute
direct unconditional, unsecured and subordinated obligations of the Company, as described herein, and will rank pari passu
without any preference among themselves and junior in right of payment to the claims of any existing and future unsecured and unsubordinated
indebtedness of the Company.

 

    A-1

     

    

The rights of the Holders of the Notes of
this series are, to the extent and in the manner set forth in Section 12.01 of the Indenture, subordinated to the claims of all
Senior Creditors of the Company, and this series of Notes is issued subject to the provisions of that Section 12.01, and the holders
of this series of Notes, by accepting the same, agree to and shall be bound by such provisions. The provisions of Section 12.01
of the Indenture and the terms of this paragraph are governed by, and shall be construed in accordance with, the laws of Scotland.

 

If
an Event of Default with respect to the Notes of this series shall have occurred and be continuing, then in every such case the
Trustee or the Holder or Holders of not less than 25% in aggregate principal amount of the Outstanding Notes of this series may
declare the principal amount of, and any accrued but unpaid interest on, all the Notes of this series to be due and payable immediately,
in the manner, with the effect and subject to the conditions provided in the Indenture.

 

Except as otherwise provided in Article
5 of the Indenture, the Trustee may proceed to protect and enforce its rights and the rights of the Holders of the Notes whether
in connection with any breach by the Company of its obligations under the Notes, the Indenture or otherwise, including by judicial
proceedings, provided that the Company shall not, as a result of any such action by the Trustee, be required to pay any amount
representing or measured by reference to principal or interest on the Notes prior to any date on which the principal of, or any
interest on, the Notes would have otherwise been payable.

 

If a Default occurs and is continuing, the
Trustee may commence a proceeding for the winding up of the Company, provided that the Trustee may not declare the principal amount
of any Outstanding Notes to be due and payable.

 

Notwithstanding any other provisions of
the Indenture, failure to make any payment on the Notes shall not be a Default if it is withheld or refused, upon independent counsel’s
advice delivered to the Trustee, in order to comply with any applicable fiscal or other law or regulation or order of any court
of competent jurisdiction, provided, however, that the Trustee may require the Company to take any action which, upon independent
counsel’s advice delivered to the Trustee, is appropriate and reasonable in the circumstances (including proceedings for
a court declaration), in which case the Company shall immediately take and expeditiously proceed with the action and shall be bound
by any final resolution resulting therefrom. If any such action results in a determination that the relevant payment can be made
without violating any applicable law, regulation or order then the payment shall become due and payable on the expiration of the
applicable 14-day or seven-day period after the Trustee gives written notice to the Company informing it of such determination.

 

    A-2

     

    

Subject to applicable law, the Trustee (acting
on behalf of the Holders) and the Holders of the Notes by their acceptance thereof will be deemed to have waived to the fullest
extent permitted by law any right of set-off, counterclaim or combination of accounts with respect to the Notes, the Fifth Supplemental
Indenture or the Base Indenture (or between the Company’s obligations under or in respect of the Notes and any liability
owed by a Holder to the Company) that they (or the Trustee acting on their behalf) might otherwise have against the Company, whether
before or during any winding-up, liquidation or administration of the Company. Notwithstanding the above, if any of such rights
and claims of any such Holder (or the Trustee acting on behalf of such Holders) against the Company are discharged by set-off,
such Holder (or the Trustee acting on behalf of such Holders) will immediately pay an amount equal to the amount of such discharge
to the Company or, in the event of any winding-up, liquidation or administration of the Company, the liquidator or administrator
(or other relevant insolvency official), as the case may be, to be held on trust for the Senior Creditors and until such time as
payment is made will hold a sum equal to such amount on trust for the Senior Creditors and accordingly such discharge shall be
deemed not to have taken place. The terms of this paragraph are governed
by, and shall be construed in accordance with, the laws of Scotland.

 

No remedy against the Company, other than
as referred to in Article 5 of the Indenture, shall be available to the Trustee or the Holders of the Notes whether for the recovery
of amounts owing in respect of such Notes or under the Indenture or in respect of any breach by the Company of its obligations
under the Indenture or in respect of the Notes, except that the Trustee and the Holders shall have such rights and powers as they
are entitled to have under the Trust Indenture Act, including the Trustee’s prior lien on any amounts collected following
a Default or Event of Default for payment of the Trustee’s fees and expenses, and provided that any payments on the Notes
are subject to the subordination provisions set forth in the Indenture.

 

All amounts of principal, premium, if any,
and interest on the Notes will be paid by the Company without deduction or withholding for, or on account of, any and all present
and future income, stamp and other taxes, levies, imposts, duties, charges, fees, deductions or withholdings now or hereafter imposed,
levied, collected, withheld or assessed by or on behalf of the United Kingdom or any political subdivision or any authority thereof
or therein having the power to tax (the “U.K. Taxing Jurisdiction”), unless such deduction or withholding is
required by law.

 

If deduction or withholding of any such
taxes, levies, imposts, duties, charges, fees, deductions or withholdings shall at any time be required by the U.K. Taxing Jurisdiction,
the Company will pay such additional amounts with respect to interest and any redemption premium on the Notes (“Additional
Amounts”) as may be necessary in order that the net amounts paid to the Holders of the Notes,

 

    A-3

     

    

after
such deduction or withholding, shall equal the amounts of such payments which would have been payable in respect of such Notes
had no such deduction or withholding been required; provided, however, that the foregoing will not apply to any such tax, levy,
impost, duty, charge, fee, deduction or withholding that would not have been payable or due but for the fact that:

 

(i) the Holder or the beneficial owner of
the Note is a domiciliary, national or resident of, or engaging in business or maintaining a permanent establishment or physically
present in, the U.K. Taxing Jurisdiction or otherwise has some connection with the U.K. Taxing Jurisdiction other than the mere
holding or ownership of a Note, or the collection of the payment on any Note,

 

(ii) except in the case of a winding-up
of the Company in the United Kingdom, the Note is presented (where presentation is required) for payment in the United Kingdom,

 

(iii) the Note is presented (where presentation
is required) for payment more than 30 days after the date payment became due or was provided for, whichever is later, except to
the extent that the Holder would have been entitled to such Additional Amount on presenting (where presentation is required) the
Note for payment at the close of such 30 day period,

 

(iv) the Holder or the beneficial owner
of the Note or the payment on such Note failed to comply with a request by the Company or its liquidator or other authorized person
addressed to the Holder (x) to provide information concerning the nationality, residence or identity of the Holder or such beneficial
owner or (y) to make any declaration or other similar claim to satisfy any requirement, which in the case of (x) or (y), is required
or imposed by a statute, treaty, regulation or administrative practice of the U.K. Taxing Jurisdiction as a precondition to exemption
or relief from all or part of such deduction or withholding,

 

(v) the withholding or deduction is required
to be made pursuant to European Council Directive 2003/48/EC on the taxation of savings income or any Directive amending, supplementing
or replacing such Directive, or any law implementing or complying with, or introduced in order to conform to, such Directive or
Directives,

 

(vi) the withholding or deduction is required
to be made pursuant to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended, any agreement with the
U.S. Treasury entered into with respect thereto, any U.S. Treasury regulation issued thereunder or any other official interpretations
or guidance issued with respect thereto; any intergovernmental agreement entered into with respect thereto, or any law, regulation,
or other official interpretation or guidance promulgated pursuant to such an intergovernmental agreement,

 

    A-4

     

    

(vii) the Note is presented (where presentation
is required) for payment by or on behalf of a Holder who would have been able to avoid such withholding or deduction by presenting
(where presentation is required) the Note to another paying agent in a Member State of the European Union, or

 

(viii) any combination of subclauses (i)
through (vii) above,

 

nor shall Additional Amounts be paid with
respect to a payment on the Notes to any Holder who is a fiduciary or partnership or person other than the sole beneficial owner
of such payment to the extent such payment would be required by the laws of the U.K. Taxing Jurisdiction to be included in the
income for tax purposes of a beneficiary or settlor with respect to such fiduciary or a member of such partnership or a beneficial
owner who would not have been entitled to such Additional Amounts, had it been the Holder.

 

Whenever in the Indenture there is mentioned,
in the context of Notes, the payment of the principal, premium, if any, or interest on, or in respect of, any Notes, such mention
shall be deemed to include mention of the payment of Additional Amounts provided for herein to the extent that, in such context,
Additional Amounts are, were or would be payable in respect thereof pursuant to the provisions of the foregoing paragraph and as
if express mention of the payment of Additional Amounts (if applicable) were made in any provisions hereof where such express mention
is not made.

 

The Notes of this series may not be redeemed
by the Company except as provided in the Indenture. The Notes of this series may not be redeemed in whole or in part at the option
of the Holder thereof.

 

Subject to the conditions set forth below,
the Company will have the option to redeem Notes of this series at its sole discretion, in whole but not in part, on not less than
30 calendar days nor more than 60 calendar days’ notice, at any time, at a Redemption Price equal to 100% of the principal
amount, together with accrued but unpaid interest, if any, in respect of the Notes to (but excluding) the Redemption Date, if,
at any time, the Company shall determine that as a result of a change in or amendment to the laws or regulations of the U.K. Taxing
Jurisdiction (including any treaty to which a U.K. Taxing Jurisdiction is a party), or any change in the official application or
interpretation of such laws or regulations (including a decision of any court or tribunal) which change or amendment becomes effective
on or after November 1, 2019:

 

		(a)	in making any payment under the Notes, including any payment in respect of principal or premium, if any, or interest, the Company
has or will or would on the next Interest Payment Date become obligated to pay Additional Amounts;

 

    A-5

     

    

		(b)	payment of interest on the next Interest Payment Date in respect of any of the Notes would be treated as a “distribution”
within the meaning of Section 1000 of the Corporation Tax Act 2010 of the United Kingdom (or any statutory modification or re-enactment
thereof for the time being);

 

		(c)	on the next Interest Payment Date the Company would not be entitled to claim a deduction in respect of such payment of interest
in computing its United Kingdom taxation liabilities (or the value of such deduction to the Company would be materially reduced);

 

		(d)	the Company would not, as a result of the Notes being in issue, be able, to any material extent, to have losses or deductions
set against the profits or gains, or profits or gains offset by the losses or deductions, of companies with which the Company is
or would otherwise be grouped for applicable United Kingdom tax purposes (whether under the group relief system current as at November
1, 2019, or any similar system or systems having like effect as may from time to time exist); or

 

		(e)	a future conversion into equity or write-down of the principal amount of the Notes would result in (A) a United Kingdom tax
liability, or the receipt of income or profit which would be subject to United Kingdom tax, or (B) the Notes or any part thereof
being treated as a derivative or an embedded derivative for United Kingdom tax purposes.

 

In any case where the Company shall determine
that as a result of any change in the official application or interpretation of any laws or regulations it is entitled to redeem
Notes of this series, the Company shall be required to deliver to the Trustee prior to the giving of any notice of redemption a
written legal opinion of independent United Kingdom counsel of recognized standing (selected by the Company) in a form satisfactory
to the Trustee confirming that the relevant change in the official application or interpretation of such laws or regulations has
occurred and that the Company is entitled to exercise its right of redemption.

 

Subject to the conditions set forth below,
the Company will have the option to redeem Notes of this series at its sole discretion, in whole but not in part, on not less than
30 calendar days nor more than 60 calendar days’ notice, at any time, at a Redemption Price equal to 100% of the principal
amount, together with accrued but unpaid interest, if any, in respect of the Notes to (but excluding) the Redemption Date, if,
at any time immediately prior to the giving of the notice referred to above, a Capital Disqualification Event has occurred and
is continuing.

 

Subject to the conditions set forth below,
the Company may, at the Company’s option and in its sole discretion, redeem Notes of this series, in whole

 

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but not in part, on November 1, 2024, at
a Redemption Price equal to 100% of the principal amount of the Notes of this series together with any accrued but unpaid interest
to, but excluding, the Redemption Date.

 

Subject to the conditions set forth below,
the Company may also from time to time purchase Notes in the open market or by tender or by private agreement, in any manner and
at any price or at differing prices. Notes purchased or otherwise acquired by the Company may be (i) held, (ii) resold or (iii)
at the Company’s sole discretion, surrendered to the Trustee for cancellation (in which case all Notes so surrendered will
forthwith be cancelled in accordance with applicable law and thereafter may not be re-issued or resold).

 

Notwithstanding any other provision, the
Notes may only be redeemed (and notice thereof given to the Holders of the Notes) or purchased by the Company prior to the Maturity
Date as set forth in the foregoing paragraphs provided that (except to the extent that the Capital Regulations does not so require):

 

(a)   the
Company has given such notice to the PRA as the PRA may then require before the Company becomes committed to the proposed redemption
or repurchase; and

 

(b)   the
PRA has granted permission for the Company to make such redemption or repurchase and the Company has complied with any other requirements
of the Capital Regulations and/or the PRA applicable to such redemptions or repurchases at the time; and

 

(c)   with
respect to redemption of the Notes only, and except to the extent the Capital Regulations does not so require, the Company may
only redeem the Notes before five years after the date of issuance of the Notes if, in addition to the conditions set out in (a)
and (b) above, the following conditions are met:

 

		(i)	in the case of an optional redemption due to changes in tax treatment, the Company demonstrates to the satisfaction of the
PRA that the change in the applicable tax treatment relating to the Notes is material and was not reasonably foreseeable at the
time of issuance of the Notes; or

 

		(ii)	in the case of an optional redemption due to the occurrence of a Capital Disqualification Event, (i) the PRA considers the
change in the regulatory classification of the Notes to be sufficiently certain and (ii) the Company demonstrates to the satisfaction
of the PRA that the Capital Disqualification Event was not reasonably foreseeable at the time of the issuance of the Notes; and

 

    A-7

     

    

(d)   the
Company has complied with any alternative or additional preconditions set out in the relevant Capital Regulations and/or required
by the PRA as a prerequisite to its consent to such redemptions or repurchases at the time.

 

If the Company elects to redeem the Notes
of this series, the Notes will cease to accrue interest from the Redemption Date, provided the Redemption Price has been
paid in accordance with the Indenture.

 

Upon
payment of (i) the amount of principal so declared due and payable
and (ii) accrued and unpaid interest, all of the Company’s obligations in respect of the payment of the principal of, and
accrued and unpaid interest on, the Notes of this series shall terminate.

 

The
Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of the Company and the rights of the Holders of the Notes of each series to be affected thereby by the Company and the Trustee
with the consent of the Holders of not less than 662⁄3% in principal amount of the Notes at the time Outstanding of each such
series provided, however, that no such amendment or modification shall be effected in relation to any Note, unless (except to the
extent that the Capital Regulations do not so require) the Company
has notified the PRA of its intention to do so before the proposed modification and the PRA has granted its permission thereto.
The Indenture also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Notes
of each series, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions
of the Indenture and certain past Events of Default and Defaults under the Indenture and their consequences. Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and
of any Note issued in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 

No reference herein to the Indenture and
no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay, if and when due and payable, the principal of, and interest on, this Note at the times, place and rate, and in the coin
or currency, herein prescribed.

 

As set forth in, and subject to, the provisions
of the Indenture, no Holder of any Note of this series will have the right to institute any proceeding with respect to the Indenture,
this Note or any remedy thereunder; provided, however, that such limitations do not apply to a suit instituted by the Holder
hereof for the enforcement of payment of the principal or interest as and when the same shall

 

    A-8

     

    

have
become due and payable in accordance with the terms hereof and the Indenture.

 

Subject to the subordination provisions
herein, no provision of this Note or of the Indenture shall alter or impair the right of the Holder of this Note, which is absolute
and unconditional, to receive payment of the principal of, and interest on, this Note when due and payable in accordance with the
provisions of this Note and the Indenture and to institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

 

Notwithstanding any other term of any Notes,
the Indenture, or any other agreements, arrangements, or understandings between the Company and any Holder or Beneficial Owner,
by its acquisition of Notes, each Holder (including each Beneficial Owner) of the Notes acknowledges, accepts, agrees to be bound
by and consents to the exercise of any U.K. bail-in power by the relevant U.K. authority that may result in (i) the reduction or
cancellation of all, or a portion, of the principal amount of, or interest on, the Notes; (ii) the conversion of all, or a portion,
of the principal amount of, or interest on, the Notes into ordinary shares or other securities or other obligations of the Company
or another person; and (iii) the amendment or alteration of the maturity of the Notes, or amendment of the amount of interest due
on the Notes, or the dates on which interest becomes payable, including by suspending payment for a temporary period; which U.K.
bail-in power may be exercised by means of variation of the terms of the Notes solely to give effect to the exercise by the relevant
U.K. authority of such U.K. bail-in power. Each Holder (including each Beneficial Owner) of the Notes further acknowledges and
agrees that the rights of the Holders and/or Beneficial Owners under the Notes are subject to, and will be varied, if necessary,
solely to give effect to, the exercise of any U.K. bail-in power by the relevant U.K. authority.

 

For these purposes, a “U.K. bail-in
power” is any write-down, conversion, transfer, modification or suspension power existing from time to time under any
laws, regulations, rules or requirements relating to the resolution of banks, banking group companies, credit institutions and/or
investment firms incorporated in the United Kingdom in effect and applicable in the United Kingdom to the Company or other members
of the Group, including but not limited to any such laws, regulations, rules or requirements which are implemented, adopted or
enacted within the context of a European Union directive or regulation of the European Parliament and of the Council establishing
a framework for the recovery and resolution of credit institutions and investment firms (whether or not the U.K. is a member of
the European Union) and/or within the context of a U.K. resolution regime under the Banking Act 2009, as the same has been or may
be amended from time to time (whether pursuant to the U.K. Financial Services (Banking Reform) Act 2013 (the “Banking
Reform Act 2013”), secondary legislation or otherwise, the “Banking Act”), pursuant to

 

    A-9

     

    

which any obligations of a bank, banking
group company, credit institution or investment firm or any of its affiliates can be reduced, cancelled, modified, transferred
and/or converted into shares or other securities or obligations of the obligor or any other person (or suspended for a temporary
period) or pursuant to which any right in a contract governing such obligations may be deemed to have been exercised (and a reference
to the “relevant U.K. authority” is to any authority with the ability to exercise a U.K. bail-in power).

 

By its acquisition of Notes each Holder
(including each Beneficial Owner) of the Notes:

 

(a)   acknowledges
and agrees that upon the exercise of the U.K. bail-in power by the relevant U.K. authority it shall not give rise to a Default
or an Event of Default for purposes of Section 315(b) (Notice of Default) and Section 315(c) (Duties of the Trustee in Case of
Default) of the Trust Indenture Act;

 

(b)   to
the extent permitted by the Trust Indenture Act, waives any and all claims against the Trustee for, agrees not to initiate a suit
against the Trustee in respect of, and agrees that the Trustee shall not be liable for, any action that the Trustee takes, or abstains
from taking, in either case in accordance with the exercise of the U.K. bail-in power by the relevant U.K. authority with respect
to the Notes; and

 

(c)   acknowledges
and agrees that, upon the exercise of any U.K. bail-in power by the relevant U.K. authority, (a) the Trustee shall not be required
to take any further directions from Holders of the Notes under Section 5.12 of the Indenture, and (b) neither the Base Indenture
nor this Fifth Supplemental Indenture shall impose any duties upon the Trustee whatsoever with respect to the exercise of any U.K.
bail-in power by the relevant U.K. authority.

 

Notwithstanding the foregoing, if, following
the completion of the exercise of the U.K. bail-in power by the relevant U.K. authority, the Notes remain outstanding (for example,
if the exercise of the U.K. bail-in power results in only a partial write-down of the principal of the Notes), then the Trustee’s
duties under the Indenture shall remain applicable with respect to the Notes following such completion to the extent that the Company
and the Trustee shall agree pursuant to a supplemental indenture or an amendment to the Fifth Supplemental Indenture.

 

The exercise of any U.K. bail-in power by
the relevant U.K. authority shall not constitute a default or an Event of Default under Section 5.01 of the Indenture.

 

By its acquisition of Notes, each Holder
and Beneficial Owner shall be deemed to have:

 

    A-10

     

    

(i)   consented
to the exercise of any U.K. bail-in power as it may be imposed without any prior notice by the relevant U.K. authority of its decision
to exercise such power with respect to the Notes; and

 

(ii)   authorized,
directed and requested DTC and any direct participant in DTC or other intermediary through which it holds such Notes to take any
and all necessary action, if required, to implement the exercise of any U.K. bail-in power with respect to the Notes as it may
be imposed, without any further action or direction on the part of such Holder or Beneficial Owner.

 

No repayment of the principal amount of
the Notes or payment of interest on the Notes shall become due and payable after the exercise of any U.K. bail-in power by the
relevant U.K. authority unless, at the time that such repayment or payment, respectively, is scheduled to become due, such repayment
or payment would be permitted to be made by the Company under the laws and regulations of the United Kingdom and the European Union
applicable to the Company and the Group.

 

Upon the exercise of the U.K. bail-in power
by the relevant U.K. authority with respect to the Notes, the Company shall provide a written notice to DTC as soon as practicable
regarding such exercise of the U.K. bail-in power for purposes of notifying Holders of such occurrence. The Company shall also
deliver a copy of such notice to the Trustee for information purposes.

 

If the Company has elected to redeem Notes
of this series but prior to the payment of the redemption amount with respect to such redemption the relevant U.K. authority exercises
its U.K. bail-in power with respect to any Notes, the relevant redemption notices shall be automatically rescinded and shall be
of no force and effect, and no payment of the redemption amount will be due and payable.

 

Any Holder (including each Beneficial Owner)
that acquires Notes in the secondary market shall be deemed to acknowledge and agree to be bound by and consent to the same provisions
specified in the Indenture to the same extent as the Holders and Beneficial Owners of the Notes that acquire the Notes upon their
initial issuance, including, without limitation, with respect to the acknowledgement and agreement to be bound by and consent to
the terms of the Notes related to the U.K. bail-in power.

 

This Note will be governed by the laws of
the State of New York except that the subordination provisions and the waiver of the right to set-off by the Holders and by the
Trustee acting on behalf of Holders contained herein will be governed by the laws of Scotland.

 

    A-11

     

    

Unless otherwise defined herein, all terms
used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

 

 

 

 

    A-12EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

AMENDED AND RESTATED 
 CREDIT
AGREEMENT 
 by and among 
 FIRST
HUNTINGDON FINANCE CORP., 
 TOLL BROTHERS, INC., 

and 
 THE LENDERS PARTY HERETO 

and 
 CITIBANK, N.A., 

as Administrative Agent 
 and 

BANK OF AMERICA, N.A., 
 GOLDMAN
SACHS BANK USA, 
 MIZUHO BANK, LTD., 

PNC BANK, NATIONAL ASSOCIATION, 

SUMITOMO MITSUI BANKING CORPORATION, 

SUNTRUST BANK, 
 and 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Syndication Agents 
 and 

CAPITAL ONE, NATIONAL ASSOCIATION, 

and 
 U.S. BANK NATIONAL ASSOCIATION

 as Documentation Agents 
  

 
 Dated as of
October 31, 2019 
  
  

CITIBANK, N.A., 
 BOFA SECURITIES,
INC., 
 GOLDMAN SACHS BANK USA, 

MIZUHO BANK, LTD., 
 PNC CAPITAL
MARKETS LLC, 
 SUMITOMO MITSUI BANKING CORPORATION. 

SUNTRUST ROBINSON HUMPHREY, INC., 

and 
 WELLS FARGO SECURITIES LLC

 Joint Lead Arrangers and Joint Bookrunners 

									
	ARTICLE I	  

	DEFINITIONS	  

			
	 1.1
	 	 Definitions
	  	 	1	 
	 1.2
	 	 Other Definitional Provisions, etc.
	  	 	32	 
	 1.3
	 	 Effect of this Agreement on the Existing Credit Agreement and the Existing Loan
Documents
	  	 	32	 
	
	ARTICLE II	  

	THE CREDITS	  

			
	 2.1
	 	 The Revolving Credit Facility
	  	 	33	 
		 	 2.1.1
	 	 Revolving Credit Facility
	  	 	33	 
		 	 2.1.2
	 	 [Reserved]
	  	 	34	 
		 	 2.1.3
	 	 Payment
	  	 	34	 
	 2.2
	 	 Revolving Credit Ratable Advances
	  	 	34	 
		 	 2.2.1
	 	 Revolving Credit Ratable Advances
	  	 	34	 
		 	 2.2.2
	 	 Ratable Advance Rate Options
	  	 	34	 
		 	 2.2.3
	 	 Method of Selecting Rate Options and Interest Periods for Revolving Credit Ratable
Advances
	  	 	34	 
		 	 2.2.4
	 	 Conversion and Continuation of Outstanding Revolving Credit Ratable Advances
	  	 	35	 
		 	 2.2.5
	 	 Limitations
	  	 	35	 
		 	 2.2.6
	 	 Interest Period
	  	 	36	 
	 2.3
	 	 [Reserved]
	  	 	36	 
	 2.4
	 	 Undrawn Fee; Reductions in Aggregate Revolving Credit Commitment
	  	 	36	 
	 2.5
	 	 Minimum Amount of Each Revolving Credit Advance; Maximum Number of Revolving Credit
Advances
	  	 	36	 
	 2.6
	 	 Optional Principal Payments
	  	 	36	 
	 2.7
	 	 Funding
	  	 	37	 
	 2.8
	 	 Changes in Interest Rate, Etc
	  	 	37	 
	 2.9
	 	 Rates Applicable After Default, Past Due Amounts
	  	 	37	 
	 2.10
	 	 Method and Allocation of Payments
	  	 	38	 
	 2.11
	 	 Noteless Agreement; Evidence of Indebtedness
	  	 	38	 
	 2.12
	 	 [Reserved]
	  	 	39	 
	 2.13
	 	 Interest Payment Dates: Interest and Fee Basis
	  	 	39	 
	 2.14
	 	 Notification of Revolving Credit Advances, Interest Rates, Prepayments and Revolving
Credit Commitment Reductions
	  	 	39	 
	 2.15
	 	 Lending Installations
	  	 	40	 
	 2.16
	 	 Non-Receipt of Funds by the Administrative
Agent
	  	 	40	 
	 2.17
	 	 Extension of Revolving Credit Facility Termination Dates
	  	 	40	 
	 2.18
	 	 Facility Increase
	  	 	41	 
	 2.19
	 	 [Reserved]
	  	 	43	 
	 2.20
	 	 Replacement of a Lender
	  	 	43	 
	 2.21
	 	 Termination of Revolving Credit Commitment of Revolving Credit Declining Lender or Non-Consenting Lender
	  	 	44	 
	 2.22
	 	 Defaulting Lenders
	  	 	45	 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 Page
	 
	ARTICLE III	  

	INCREASED COSTS; TAXES	  

			
	 3.1
	 	Increased Costs	  	 	48	 
	 3.2
	 	Capital Adequacy	  	 	48	 
	 3.3
	 	Availability of Certain Revolving Credit Advances; Illegality	  	 	49	 
	 3.4
	 	Funding Indemnification	  	 	50	 
	 3.5
	 	Taxes	  	 	51	 
	 3.6
	 	Lender Statements: Survival of Indemnity	  	 	54	 
	
	ARTICLE IV	  

	THE LETTER OF CREDIT FACILITY	  

			
	 4.1
	 	Facility Letters of Credit	  	 	54	 
	 4.2
	 	Limitations	  	 	55	 
	 4.3
	 	Conditions	  	 	56	 
	 4.4
	 	Procedure for Issuance of Facility Letters of Credit	  	 	56	 
	 4.5
	 	Duties of Issuing Bank	  	 	57	 
	 4.6
	 	Participation	  	 	57	 
	 4.7
	 	Compensation for Facility Letters of Credit	  	 	60	 
	 4.8
	 	Issuing Bank Reporting Requirements	  	 	61	 
	 4.9
	 	Indemnification; Nature of Issuing Bank’s Duties	  	 	61	 
	 4.10
	 	Cash Collateralization	  	 	62	 
	 4.11
	 	No Obligation	  	 	63	 
	 4.12
	 	Alternative Letters of Credit	  	 	63	 
	 4.13
	 	Governing Rules	  	 	63	 
	
	ARTICLE V	  

	CONDITIONS PRECEDENT	  

			
	 5.1
	 	Effective Date Conditions	  	 	64	 
	 5.2
	 	Each Revolving Credit Advance, Issuance, Amendment or Extension of a Facility Letter of Credit	  	 	66	 
	
	ARTICLE VI	  

	REPRESENTATIONS AND WARRANTIES	  

			
	 6.1
	 	Existence and Standing	  	 	66	 
	 6.2
	 	Authorization and Validity	  	 	67	 
	 6.3
	 	No Conflict; Consent	  	 	67	 
	 6.4
	 	Financial Statements	  	 	68	 
	 6.5
	 	Material Adverse Change	  	 	68	 
	 6.6
	 	Taxes	  	 	68	 
	 6.7
	 	Litigation and Contingent Obligations	  	 	68	 
	 6.8
	 	Subsidiaries	  	 	68	 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	 Page
	 
	 6.9
	 	 Accuracy of Information
	  	 	69	 
	 6.10
	 	 Regulation U
	  	 	69	 
	 6.11
	 	 Material Agreements
	  	 	69	 
	 6.12
	 	 Compliance with Laws
	  	 	69	 
	 6.13
	 	 Ownership of Properties
	  	 	69	 
	 6.14
	 	 ERISA
	  	 	69	 
		 	 6.14.1 Plan Assets; Prohibited Transactions
	  	 	69	 
		 	 6.14.2 Liabilities
	  	 	69	 
		 	 6.14.3 Plans and Benefit Arrangements
	  	 	70	 
	 6.15
	 	 Investment Company Act
	  	 	70	 
	 6.16
	 	 Intentionally Omitted
	  	 	70	 
	 6.17
	 	 Employment Matters
	  	 	71	 
	 6.18
	 	 Environmental Matters
	  	 	71	 
	 6.19
	 	 Senior Debt Status
	  	 	72	 
	 6.20
	 	 Designated Guarantors
	  	 	72	 
	 6.21
	 	 Anti-Corruption Laws and Sanctions
	  	 	72	 
	 6.22
	 	 EEA Financial Institution
	  	 	73	 
	 6.23
	 	 FATCA
	  	 	73	 
	
	ARTICLE VII	  

	COVENANTS	  

			
	 7.1
	 	 Financial Reporting
	  	 	73	 
	 7.2
	 	 Use of Proceeds
	  	 	76	 
	 7.3
	 	 Notice of Default
	  	 	76	 
	 7.4
	 	 Conduct of Business
	  	 	77	 
	 7.5
	 	 Taxes
	  	 	77	 
	 7.6
	 	 Insurance
	  	 	77	 
	 7.7
	 	 Compliance with Laws
	  	 	77	 
	 7.8
	 	 Maintenance of Properties
	  	 	77	 
	 7.9
	 	 Inspection
	  	 	77	 
	 7.10
	 	 Mergers; Consolidations; Dissolutions
	  	 	78	 
	 7.11
	 	 Distributions of Securities
	  	 	78	 
	 7.12
	 	 Disposition of Assets
	  	 	78	 
	 7.13
	 	 Borrower a Wholly-Owned Subsidiary
	  	 	79	 
	 7.14
	 	 Investments and Acquisitions
	  	 	79	 
	 7.15
	 	 Liens
	  	 	79	 
	 7.16
	 	 Additional Designated Guarantors
	  	 	79	 
	 7.17
	 	 Subordinated Indebtedness
	  	 	79	 
	 7.18
	 	 Intercompany Loans, Loans from Non-Loan Parties
	  	 	80	 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	 Page
	 
	 7.19
	 	Appraisals	  	 	80	 
		 	 7.19.1
	 	Procedures	  	 	80	 
		 	 7.19.2
	 	Costs	  	 	80	 
		 	 7.19.3
	 	Appraisers	  	 	81	 
	 7.20
	 	Mortgage Subsidiaries	  	 	81	 
	 7.21
	 	[Reserved]	  	 	82	 
	 7.22
	 	[Reserved]	  	 	82	 
	 7.23
	 	Plans and Benefit Arrangements	  	 	82	 
	 7.24
	 	Employment Matters	  	 	83	 
	 7.25
	 	Environmental Matters	  	 	83	 
	 7.26
	 	Environmental Certificates	  	 	84	 
	 7.27
	 	Senior Debt Status	  	 	85	 
	 7.28
	 	Financial Covenants	  	 	85	 
		 	 7.28.1
	 	Leverage Ratio	  	 	85	 
		 	 7.28.2
	 	Borrowing Base	  	 	85	 
		 	 7.28.3
	 	Tangible Net Worth	  	 	85	 
	 7.29
	 	Financial Contracts	  	 	86	 
	
	ARTICLE VIII	  

	DEFAULTS	  

	
	ARTICLE IX	  

	ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES	  

			
	 9.1
	 	Acceleration	  	 	89	 
	 9.2
	 	Amendments	  	 	89	 
	 9.3
	 	Preservation of Rights	  	 	90	 
	
	ARTICLE X	  

	GENERAL PROVISIONS	  

			
	 10.1
	 	Survival of Representations	  	 	91	 
	 10.2
	 	Governmental Regulation	  	 	91	 
	 10.3
	 	Headings	  	 	91	 
	 10.4
	 	Entire Agreement	  	 	91	 
	 10.5
	 	Several Obligations Benefits of This Agreement	  	 	91	 
	 10.6
	 	Expenses; Indemnification	  	 	91	 
	 10.7
	 	Numbers of Documents	  	 	92	 
	 10.8
	 	Accounting	  	 	93	 
	 10.9
	 	Severability of Provisions	  	 	93	 
	 10.10
	 	Nonliability of Lenders	  	 	93	 
	 10.11
	 	Confidentiality	  	 	94	 
	 10.12
	 	Nonreliance	  	 	95	 
	 10.13
	 	Conversion and Non-Designation of Designated Guarantors	  	 	95	 
	 10.14
	 	USA PATRIOT ACT	  	 	97	 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	 10.15
	 	Acknowledgement and Consent to Bail-in of EEA Financial Institutions	  	 	98	 
	 10.16
	 	Acknowledgement Regarding any Supported QFCs	  	 	98	 
	
	ARTICLE XI	  

	THE ADMINISTRATIVE AGENT	  

			
	 11.1
	 	Appointment and Authority	  	 	99	 
	 11.2
	 	Administrative Agent Individually	  	 	99	 
	 11.3
	 	Exculpatory Provisions	  	 	100	 
	 11.4
	 	Reliance by Administrative Agent	  	 	101	 
	 11.5
	 	Delegation of Duties	  	 	102	 
	 11.6
	 	Resignation of Successor Administrative Agent	  	 	102	 
	 11.7
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	103	 
	 11.8
	 	No Other Duties, Etc.	  	 	104	 
	 11.9
	 	Appointment of Supplemental Administrative Agents	  	 	104	 
	 11.10
	 	Administrative Agent’s Reimbursement and Indemnification	  	 	105	 
	 11.11
	 	Notice of Default	  	 	105	 
	 11.12
	 	Administrative Agent’s Fee	  	 	105	 
	 11.13
	 	Delegation to Affiliates	  	 	105	 
	 11.14
	 	Agent’s Responsibilities and Duties	  	 	105	 
	 11.15
	 	Withholding Taxes	  	 	106	 
	
	ARTICLE XII	  

	SETOFF; RATABLE PAYMENTS	  

			
	 12.1
	 	Setoff	  	 	107	 
	 12.2
	 	Ratable Payments	  	 	108	 
	
	ARTICLE XIII	  

	BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS	  

			
	 13.1
	 	Successors and Assigns	  	 	108	 
	 13.2
	 	Participations	  	 	108	 
		 	 13.2.1
	 	Permitted Participants; Effect	  	 	108	 
		 	 13.2.2
	 	Voting Rights	  	 	109	 
		 	 13.2.3
	 	Benefit of Setoff	  	 	110	 
	 13.3
	 	Assignments	  	 	110	 
		 	 13.3.1
	 	Permitted Assignments	  	 	110	 
		 	 13.3.2
	 	Effect, Effective Date	  	 	111	 
	 13.4
	 	Dissemination of Information	  	 	111	 
	 13.5
	 	Defaulting Lenders	  	 	111	 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE XIV	  

	NOTICES	  

			
	 14.1
	 	Notices	  	 	112	 
	 14.2
	 	Change of Address	  	 	114	 
	
	ARTICLE XV	  

	COUNTERPARTS	  

	
	ARTICLE XVI	  

	CHOICE OF LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL	  

			
	 16.1
	 	CHOICE OF LAW	  	 	114	 
	 16.2
	 	CONSENT TO JURISDICTION	  	 	114	 
	 16.3
	 	WAIVER OF JURY TRIAL	  	 	115	 

 EXHIBITS AND SCHEDULES 
 Pricing
Schedule 
  

			
	Exhibit A	  	Form of Revolving Credit Note
	Exhibit B	  	Form of Commitment and Acceptance
	Exhibit C	  	Form of Opinion of Company’s General Counsel
	Exhibit D	  	Form of Opinion of Ballard Spahr LLP
	Exhibit E	  	Form of Amended and Restated Guaranty
	Exhibit F	  	Form of Compliance Certificate
	Exhibit G	  	Form of Environmental Certificate
	Exhibit H	  	Form of Assignment and Assumption
	Exhibit I-1	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-2	  	Form of U.S. Tax Certificate (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-3	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	Exhibit I-4	  	Form of U.S. Tax Certificate (For Non-U.S. Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	Schedule 1	  	Lenders and Commitments
	Schedule 2	  	Existing Letters of Credit
	Schedule 3	  	Permitted Liens
	Schedule 4	  	Existing Subordinated Indebtedness
	Schedule 5	  	Intentionally Omitted
	Schedule 6	  	Litigation and Contingent Obligations
	Schedule 7	  	Subsidiaries
	Schedule 8	  	Other Liens

 TABLE OF CONTENTS 

 

			
	 	  	 Page

	Schedule 9	  	ERISA Matters
	Schedule 10	  	Environmental Matters

  

 CREDIT AGREEMENT 

This Amended and Restated Credit Agreement, dated as of October 31, 2019, is among First Huntingdon Finance Corp. (the
“Borrower”), Toll Brothers, Inc. (the “Company”), the Lenders party hereto and Citibank, N.A., as Administrative Agent (the “Administrative Agent”). 

WHEREAS, the Borrower, the Company, the Administrative Agent and the lenders party thereto are party to a credit agreement dated as of
May 19, 2016 (as amended, restated, extended, supplemented or otherwise modified prior to the date hereof, the “Original Credit Agreement”); and 

WHEREAS, the parties hereto have agreed to amend and restate the Original Credit Agreement in its entirety as follows: 

AGREEMENT 
 NOW THEREFORE,
in consideration of the mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby covenant and agree, as follows: 

ARTICLE I 
 DEFINITIONS

 1.1 Definitions. As used in this Agreement: 

“ABR Advance” means a Revolving Credit Advance that bears interest at the Alternate Base Rate. 

“ABR Loan” means a Loan that bears interest at the Alternate Base Rate. 

“Additional Borrowing Base Selected Assets” is defined in Section 7.19.2. 

“Additional Lender” means a Qualified Bank (approved by the Administrative Agent, which approval shall not be unreasonably withheld
or delayed) or an existing Lender that elects, upon request by the Borrower, to issue a Revolving Credit Commitment, or to increase its existing Revolving Credit Commitment, pursuant to Section 2.18. 

“Adjusted LIBO Rate” means, with respect to any Eurodollar Ratable Advance for the relevant Interest Period or, with respect to the
determination of clause (b) of the definition of the Federal Funds/Euro Rate or clause (iii) of the definition of Alternate Base Rate, for an Interest Period of one month, an interest rate per annum (rounded upwards, if necessary, to the
next 1/100th of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate. 

“Administrative Agent” means Citibank, N.A., in its capacity as contractual representative of the Lenders pursuant to Article XI,
and not in its individual capacity as a Lender, and any successor Administrative Agent appointed pursuant to Article XI. 

  
 1 

 “Affected Lender” is defined in Section 2.20. 

“Affiliate” of any Person means any other Person directly or indirectly controlling, controlled by or under common control with such
Person. A Person shall be deemed to control another Person if the controlling Person owns 10% or more of any class of voting securities (or other ownership interests) of the controlled Person or possesses, directly or indirectly, the power to direct
or cause the direction of the management or policies of the controlled Person, whether through ownership of stock, by contract or otherwise. 

“Agents” means any Lender under this Agreement designated, and in its capacity, as a
co-agent, documentation agent, managing agent or syndication agent (but not the Administrative Agent). 

“Aggregate Available Revolving Credit” means at any time the amount by which (a) the Aggregate Revolving Credit Commitment
exceeds (b) the sum of (i) the principal amount of all outstanding Revolving Credit Advances, plus (ii) the Facility Letter of Credit Obligations. 

“Aggregate Revolving Credit Commitment” means the aggregate of the Revolving Credit Commitments of all the Revolving Credit Lenders,
as increased or reduced from time to time pursuant to the terms hereof. As of the Amendment and Restatement Effective Date, the Aggregate Revolving Credit Commitment is $1,905,000,000. 

“Aggregate Revolving Credit Facility Limit” means $2,500,000,000. 

“Agreement” means this amended and restated credit agreement, as it may be further amended or modified and in effect from time to
time. 
 “Agreement of Sale” means a fully-executed written agreement (substantially in a form approved by the Administrative
Agent, which approval shall not be unreasonably withheld or delayed) between a Loan Party and a purchaser that is not an Affiliate of the Company or any other member of Toll Group, providing for the sale of a residential unit to such purchaser,
which agreement (i) shall include no contingency for the purchaser selling another residence or any such contingency shall have expired or otherwise been terminated, (ii) be accompanied by a
non-refundable (except on terms set forth in such agreement or as may be prevented by applicable Law) deposit at least equal to the lesser of (x) ten percent (10%) of the purchase price of the unit sold
(at least one-half of which deposit shall have been paid in cash), (y) the difference between the purchase price set forth in such agreement and the amount of the mortgage contingency set forth in such
agreement (at least one-half of which deposit shall have been paid in cash) and (z) the maximum amount of deposit which applicable Law permits the seller of such unit to retain as liquidated damages if
the closing of the sale of such unit does not occur, and (iii) shall provide that the purchase price shall be paid in cash or by title company check or by attorney check or by certified or bank check at or before the closing of the sale (such
cash or check may be obtained by the purchaser from a loan provided by the seller or an Affiliate of the seller). For the purpose of clause (z) above, applicable Law shall be deemed to prohibit the seller from retaining a deposit if it creates
a presumption that the amount of such deposit is unreasonable and as such may not be retained by the seller. 

  
 2 

 “Alternate Base Rate” means, for any day, a rate of interest per annum equal to
the sum of (a) the greatest of (i) the Prime Rate in effect on such day, (ii) the Federal Funds Effective Rate in effect on such day plus 1⁄2 of 1%
per annum and (iii) the Adjusted LIBO Rate applicable for an interest period of one month as offered by the principal London office of Citibank, N.A. in immediately available funds in the London interbank market at approximately 11:00 a.m.
(London Time) on such day, plus 1.00% and (b) the Applicable Base Rate Margin. 
 “Alternative Letter of Credit” means any
Facility Letter of Credit that is cash collateralized in accordance with Section 4.12. 
 “Amendment and Restatement Effective
Date” means the Business Day on which the conditions set forth in Section 5.1 are satisfied or waived. 
 “Anti-Corruption
Laws” means, at any time, all laws, rules, and regulations of any governmental authority to whose jurisdiction a Loan Party is subject at such time concerning or relating to bribery or corruption. 

“Applicable Base Rate Margin” means with respect to an ABR Advance under the Revolving Credit Facility, the percentage rate per
annum applicable to such Revolving Credit Advance, as determined with respect to the Revolving Credit Facility pursuant to the Pricing Schedule. 

“Applicable Fee Rate” means, at any time the percentage rate per annum at which Undrawn Fees are accruing at such time as determined
pursuant to the Pricing Schedule. 
 “Applicable Letter of Credit Rate” means, at any time, the percentage rate per annum at which
Facility Letter of Credit Fees are accruing on outstanding Facility Letters of Credit, which percentage rate shall be a rate per annum equal to (i) with respect to Standard Letters of Credit, the Applicable Ratable Advance Margin under the
Revolving Credit Facility at such time as determined pursuant to the Pricing Schedule and (ii) with respect to Alternative Letters of Credit, 0.25% per annum. 

“Applicable Margins” means with respect to the Revolving Credit Facility, the Applicable Ratable Advance Margin for the Revolving
Credit Facility, the Applicable Base Rate Margin for the Revolving Credit Facility and the Applicable Fee Rate, as applicable. 

“Applicable Ratable Advance Margin” means, with respect to a Eurodollar Ratable Advance or a Federal Funds/Euro-Rate Advance under
the Revolving Credit Facility, the percentage rate per annum applicable to such Revolving Credit Advance, as determined with respect to the Revolving Credit Facility pursuant to the Pricing Schedule. 

“Application” means, with respect to a Facility Letter of Credit, such form of application therefor and other documents related
thereto (whether in a single or several documents, taken together) as an Issuing Bank may employ in the ordinary course of business for its own account, with such modifications thereto as may be agreed upon by such Issuing Bank and the Borrower and
as are not materially adverse (in the reasonable judgment of such Issuing Bank and the Administrative Agent) to the interests of the Revolving Credit Lenders; provided, however, in the event of any conflict between the terms of any
Application and this Agreement, the terms of this Agreement shall control. 

  
 3 

 “Arrangers” means Citibank, N.A., BofA Securities, Inc., Goldman Sachs Bank USA,
Mizuho Bank, Ltd., PNC Capital Markets LLC, Sumitomo Mitsui Banking Corporation, SunTrust Robinson Humphrey, Inc., and Wells Fargo Securities LLC and their respective successors. 

“Article” means an article of this Agreement unless another document is specifically referenced. 

“Assignment and Assumption” is defined in Section 13.3.1. 

“Assumed Purchase Money Loans” means at any time (a) the outstanding principal amount of all loans secured by assets
(i) purchased by the Designated Guarantors and assumed or entered into by the applicable Designated Guarantor on or within 90 days after the date of purchase or (ii) owned by a Person whose capital stock or assets are purchased by a
Designated Guarantor and such assets were purchased by such Person and assumed or entered into by such Person on or within 90 days after the date of purchase of such assets by such Person, provided that (x) the principal amount of any such loan
does not exceed the purchase price of the applicable asset and (y) such loan may only be secured by a security interest or other lien on such asset and improvements and construction thereon and other assets related to such purchased assets
which are customarily subject to liens and security interests in connection with transactions of this nature in the normal course of the Designated Guarantors’ business and (b) any amendment, modification, extension or refinancing of such
loans, provided that with respect to the loans, as amended, modified, extended, or refinanced (i) the aggregate amount thereof shall not exceed the purchase price of the applicable asset and (ii) such loans and refinancings shall
not be secured by any assets of any Loan Party other than those initially purchased by the applicable Designated Guarantor and improvements and construction thereon and other assets related to such purchased assets which are customarily subject to
liens and security interests in connection with transactions of this nature in the normal course of the Loan Parties’ homebuilding business. 

“Authorized Officers” means those Persons designated by written notice to the Administrative Agent from the applicable Loan Party,
authorized to execute notices, reports and other documents required hereunder. The Loan Parties may amend such list of Persons from time to time by giving written notice of such amendment to the Administrative Agent. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the
applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership as required by the
Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. § 1010.230. 

  
 4 

 “Benefit Arrangement” means at any time an “employee benefit plan,”
within the meaning of Section 3(3) of ERISA, which is neither a Plan nor a Multiemployer Plan and which is maintained, sponsored or otherwise contributed to by any member of the Controlled Group. 

“Benefit Plan” means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA,
(b) a “plan” as defined in and subject to Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the
Code) the assets of any such “employee benefit plan” or “plan”. 
 “BHC Act Affiliate” of a party means an
“affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party. 

“Board” means The Board of Governors of the Federal Reserve System of the United States of America (or any successor). 

“Borrower” means First Huntingdon Finance Corp., a Delaware corporation, and its successors and assigns. 

“Borrowing Base” means at any time the sum (without duplication) of (i) 100% of unrestricted cash, Cash Equivalents or Marketable
Securities of the Loan Parties (excluding cash, Cash Equivalents and Marketable Securities that cash collateralize Alternative Letters of Credit and other outstanding letters of credit or similar arrangements) in excess of $10,000,000; (ii) 90% of
Category 1 Borrowing Base Assets (except as otherwise hereinafter provided); (iii) 80% of Category 2 Borrowing Base Assets (except as otherwise hereinafter provided); (iv) 65% of Category 3 Borrowing Base Assets; and (v) 50% of Category 4 Borrowing
Base Assets. Notwithstanding the foregoing, the Borrower may elect to combine the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets into one category, in which event, in place of items (ii) and (iii) above, 85% of the sum
(without duplication) of the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets shall be included in the Borrowing Base, provided that the Borrower shall represent and warrant in the applicable Borrowing Base Certificate
that (A) 85% of the sum (without duplication) of the Category 1 Borrowing Base Assets and Category 2 Borrowing Base Assets is less than (B) the sum (without duplication) of items (ii) and (iii) above. All Borrowing Base Assets must be
assets owned by the Loan Parties subject only to Permitted Liens (other than clauses (vi), (xii)(A), (xxvi) and (xxvii) of such definition) and (except as otherwise provided in Section 7.19) shall be valued at book value, reduced (without
duplication) by the Remediation Adjustment (if any) applicable to such Borrowing Base Assets. Notwithstanding anything to the contrary herein, assets owned by a Loan Party which secure Permitted Purchase Money Loans, Permitted Nonrecourse
Indebtedness or Permitted Recourse Indebtedness (and thus constitute Excluded Assets) shall not be included in the Borrowing Base. 

“Borrowing Base Assets” means the Category 1 Borrowing Base Assets, Category 2 Borrowing Base Assets, Category 3 Borrowing Base
Assets and Category 4 Borrowing Base Assets. 

  
 5 

 “Borrowing Base Certificate” means a certificate, in a form satisfactory to the
Administrative Agent, calculating the Borrowing Base as of the last day of a fiscal quarter, and delivered pursuant to Section 7.1 (viii). 

“Borrowing Base Selected Assets” is defined in Section 7.19.2. 

“Borrowing Date” means a date on which a Revolving Credit Advance is made hereunder. 

“Business Day” means (i) with respect to any borrowing, payment or rate selection of Eurodollar Advances, a day (other than a
Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities and on which dealings in United States dollars are carried on in the London interbank market and
(ii) for all other purposes, a day (other than a Saturday or Sunday) on which banks generally are open in New York, New York for the conduct of substantially all of their commercial lending activities. 

“Capitalized Lease” of a Person means any lease of Property by such Person as lessee which would be capitalized on a balance sheet
of such Person prepared in accordance with GAAP. 
 “Capitalized Lease Obligations” of a Person means the amount of the
obligations of such Person under Capitalized Leases which would be shown as a liability on a balance sheet of such Person prepared in accordance with GAAP. 

“Captive Insurance Company” means a Subsidiary of the Company that is subject to regulation as an insurance company. 

“cash collateralize” is defined in Section 4.10. 

“Cash Equivalents” means (i) securities with maturities of 180 days or less issued or fully guaranteed or insured by the United
States or any agency or instrumentality thereof, (ii) dollar denominated time and demand deposits and certificates of deposit with maturities of 180 days or less and overnight bank deposits of any commercial bank having capital, surplus and
undivided profits aggregating at least $500,000,000, (iii) repurchase obligations of any bank satisfying the requirements of clause (ii) of this definition, (iv) commercial paper and variable or fixed rate notes of a domestic issuer rated
at least A-2 or better by S&P or P-2 or better by Moody’s and in either case maturing within 180 days, (v) securities with maturities of 180 days or less
issued or fully guaranteed by any state, commonwealth or territory of the United States or by any political subdivision or taxing authority of any such state, commonwealth or territory, and such securities of such state, commonwealth, territory,
political subdivision or taxing authority, as the case may be, are rated at least A by S&P or A by Moody’s, (vi) securities with maturities of 180 days or less backed by standby letters of credit issued by any commercial bank
satisfying the requirements of clause (ii) of this definition, or (vii) shares of “money market funds” that comply with the criteria set forth in Rule 2a-7 of the Investment Company Act of
1940, as amended. 
 “Category 1 Borrowing Base Assets” means at any time the following assets owned by the Loan Parties (except
any such assets that are Excluded Assets): (1) residential units and buildings under construction subject to an Agreement of Sale; (2) completed residential units and buildings subject to an Agreement of Sale; (3) land (and related site
improvements and development costs) related to the assets described in items (1) and (2); and (4) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to the assets described in items (1), (2) and (3).

  
 6 

 “Category 2 Borrowing Base Assets” means at any time the following assets owned by
the Loan Parties (except any such assets that are Excluded Assets): (1) residential units and buildings under construction not under Agreement of Sale; (2) completed residential units and buildings not under Agreement of Sale; (3) land
(and related site improvements and development costs) related to the assets described in items (1) and (2); and (4) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to the assets described in items
(1), (2) and (3). 
 “Category 3 Borrowing Base Assets” means at any time the following assets owned by the Loan Parties (except
any such assets that are Excluded Assets): (1) site improvements on land owned by a Loan Party that is not subject to an Agreement of Sale; and (2) interest, overhead, taxes and other costs (to the extent capitalized under GAAP) related to the
assets described in item (1). 
 “Category 4 Borrowing Base Assets” means at any time the following assets owned by the Loan
Parties (except any such assets that are Excluded Assets): (1) acquisition and development costs (excluding site improvement costs) of land owned by a Loan Party that is not subject to an Agreement of Sale; and (2) interest, overhead, taxes and
other costs (to the extent capitalized under GAAP) related to the assets described in item (1). 
 “Change in Law” means the
occurrence, after the Amendment and Restatement Effective Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request, rule, guideline or directive (whether or not having the force of law) by any Official Body; provided
that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith and (y) all requests,
rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant
to Basel III, shall in each case be deemed to be a “Change in Law,” regardless of the date enacted, adopted or issued. 

“Change of Control” means the occurrence of any one or more of the following events: 

(a) The acquisition by any Person, or two or more Persons acting in concert (in each case, other than the Company or any other
Loan Party), of beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934) of 50% or more of the outstanding shares of voting
stock of a Loan Party; or 
 (b) There shall be consummated any consolidation or merger to which the Company is a party
except a merger or consolidation where the holders of voting stock of the Company prior to such merger or consolidation own more than 50% of the voting stock of the continuing or surviving corporation outstanding after such merger or consolidation
(whether or not the Company is such continuing or surviving corporation). 

  
 7 

 “Citibank” means Citibank, N.A., in its individual capacity, and its successors.

 “Citigroup” means Citigroup Global Markets Inc. 

“Closing Date” means May 19, 2016. 

“Code” means the Internal Revenue Code of 1986, as amended. 

“Commitment and Acceptance” is defined in Section 2.18(b). 

“Communications” is defined in Section 14.1(b). 

“Company” means Toll Brothers, Inc., a Delaware corporation. 

“Compliance Certificate” means a compliance certificate in substantially the form of Exhibit F or such other form as the Borrower
and the Administrative Agent may agree. 
 “Consolidated Net Income” means, with reference to any period, the net income (or loss)
of the Company and its Subsidiaries calculated on a consolidated basis for such period in accordance with GAAP. 
 “Consolidated Net
Worth” means at any time the consolidated stockholders’ equity of the Company and its Subsidiaries calculated on a consolidated basis as of such time in accordance with GAAP. 

“Contingent Obligation” of a Person means any agreement, undertaking or arrangement by which such Person guarantees or in effect
guarantees any Indebtedness of any other Person in any manner, whether directly or indirectly. 
 “Controlled Group” means all
members of a controlled group of corporations or other business entities and all trades or businesses (whether or not incorporated) under common control which, together with the Company or any of its Subsidiaries, are treated as a single employer
under Section 414 of the Code. 
 “Conversion” is defined in Section 10.13. 

“Covered Entity” means any of the following: (i) a “covered entity” as that term is defined in, and interpreted in
accordance with, 12 C.F.R. § 252.82(b); (ii) a “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a “covered FSI” as that term is defined in, and
interpreted in accordance with, 12 C.F.R. § 382.2(b). 
 “Covered Party” is defined in Section 10.16. 

“Customary Recourse Exceptions” means exclusions from the exculpation provisions for fraud, waste, misapplication of cash,
environmental claims, breach of representations or warranties, failure to pay taxes and insurance, bankruptcy and insolvency events, and other circumstances customarily excluded by institutional lenders from exculpation provisions and/or included in
separate indemnification agreements in non-recourse financings of real estate and other matters customarily covered by a “carve out” guaranty in respect of transactions of the nature contemplated by
Permitted Nonrecourse Indebtedness. 

  
 8 

 “Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other
liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to
time in effect and affecting the rights of creditors generally. 
 “Default” means an event described in Article VIII. 

“Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§
252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Lender” means at any time, as reasonably determined by the Administrative
Agent, a Lender as to which the Administrative Agent has notified the Borrower that (i) such Lender and/or its Parent Company has failed for two or more Business Days to comply with its obligations under this Agreement to make a loan and/or
make a payment to an Issuing Bank in respect of a Facility Letter of Credit (each a “Lender Funding Obligation”) (unless, in the case of any Loan, such Lender notifies the Borrower and the Administrative Agent in writing that such failure
to make a Loan is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing) has not
been satisfied), (ii) such Lender and/or its Parent Company has notified the Administrative Agent, or has stated publicly, that it will not comply with any such Lender Funding Obligation hereunder (unless such writing or public statement relates to
such Lender’s obligation to fund a Loan under the Credit Agreement and states that such position is based on such Lender’s determination that a condition precedent to funding (which condition precedent, together with any applicable
default, shall be specifically identified in such writing or public statement) cannot be satisfied), or has defaulted on its Lender Funding Obligations generally under other loan agreements or credit agreements or other similar agreements (unless
the subject of a good faith dispute), (iii) such Lender and/or its Parent Company has, for three or more Business Days, failed to confirm in writing to the Administrative Agent or an Issuing Bank, as the case may be, in response to a written request
of the Administrative Agent or an Issuing Bank, as the case may be, that it will comply with its Lender Funding Obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (iii) upon
receipt of such written confirmation by the Administrative Agent or the Issuing Bank, as the case may be), (iv) a Lender Insolvency Event has occurred and is continuing with respect to such Lender and/or its Parent Company or (v) such Lender
and/or its Parent Company becomes the subject of a Bail-In Action (provided that neither the reallocation of Lender Funding Obligations as a result of a Lender’s being a Defaulting Lender nor the
performance by Non-Defaulting Lenders of such reallocated Lender Funding Obligations will by themselves cause the relevant Defaulting Lender to become a Non-Defaulting
Lender). The Administrative Agent will promptly send to all parties hereto a copy of any notice to the Borrower provided for in this definition. 

  
 9 

 “Designated Guarantors” means any Subsidiary of the Company that at any time has
executed and delivered a Guaranty Agreement (or a Supplemental Guaranty) and that has not been released from liability in accordance with the provisions of Section 10.13. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is
subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution
established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority” means any public administrative authority or any person entrusted with public administrative authority of
any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 
 “Eligible
Assignee” is defined in Section 13.1. 
 “Environment” means ambient air, indoor air, surface water, groundwater,
drinking water, soil, land surface and subsurface strata, and natural resources such as wetlands, flora and fauna. 
 “Environmental
Certificate” is defined in Section 7.26. 
 “Environmental Complaint” means any written complaint setting forth a cause
of action for personal or property damage or equitable relief, order, notice of violation, citation, request for information issued pursuant to any Environmental Laws by an Official Body, subpoena or other written notice of any type relating to,
arising out of, or issued pursuant to any of the Environmental Laws or any Environmental Conditions, as the case may be. 

“Environmental Conditions” means any conditions of the environment, including, without limitation, the work place, the ocean,
natural resources (including flora or fauna), soil, surface water, ground water, any actual or potential drinking water supply sources, substrata or the ambient air, relating to or arising out of, or caused by the use, handling, storage, treatment,
recycling, generation, transportation, Release or threatened Release or other management or mismanagement of Regulated Substances resulting from the use of, or operations on, the Property. 

“Environmental Laws” means any Laws relating to (i) the protection of the environment, (ii) the effect of the environment
on human health, (iii) emissions, discharges or Releases of Regulated Substances into surface water, ground water or land, or (iv) the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of
Regulated Substances or the clean-up or other remediation thereof. 

  
 10 

 “Environmentally Approved Land” means land owned by a Loan Party as to which there
has been delivered to such Loan Party and, to the extent required under Section 7.26, the Administrative Agent an Environmental Certificate that either (a) contains no exceptions on Exhibit A thereto except for Permitted
Environmental Exceptions, or (b) if it contains any exceptions other than Permitted Environmental Exceptions, such exceptions shall have been (i) approved by the Administrative Agent, which approval has not been reversed by the Required
Lenders under Section 7.26, which approval shall not be unreasonably withheld or delayed or (ii) approved by the Required Lenders if the Administrative Agent initially does not approve such exceptions, which approval shall not be
unreasonably withheld or delayed. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and any rule or regulation issued thereunder. 
 “Escrow Agreement” means an agreement or other similar arrangement with a
municipality or any other Official Body, including without limitation any utility, water or sewer authority, or other similar entity, for the purpose of assuring such municipality or other Official Body that the Company or an Affiliate of the
Company will properly and timely complete work it has agreed to perform for the benefit of such municipality or other Official Body, under the terms of which a bank (including a Lender hereunder) or other Person agrees to set aside or otherwise make
available a specified amount of funds which will be paid to such municipality or other Official Body upon request by such municipality or other Official Body in accordance with the terms of such agreement in the event the Company or such Affiliate
fails to perform such work. 
 “EU Bail-In Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person), as in effect from time to time. 

“Eurodollar Ratable Advance” means a Revolving Credit Advance (other than a Federal Funds/Euro-Rate Advance) which bears interest at
a Eurodollar Rate requested by the Borrower pursuant to Section 2.2. 
 “Eurodollar Ratable Loan” means a Loan (other than a
Federal Funds/Euro-Rate Loan) which bears interest at a Eurodollar Rate requested by the Borrower pursuant to Section 2.2. 

“Eurodollar Rate” means, with respect to a Eurodollar Ratable Advance under the Revolving Credit Facility for the relevant Interest
Period or, with respect to the determination of clause (b) of the definition of the Federal Funds/Euro-Rate, for an Interest Period of one month, a rate per annum (rounded upwards, if necessary, to the next 1/100th of 1%) equal to the sum of
(i) the Adjusted LIBO Rate applicable to such Interest Period, plus (ii) the Applicable Ratable Advance Margin in effect two Business Days prior to such Revolving Credit Advance. 

“Excess Investments” means at any time the amount (if any) by which Special Investments exceeds 50% of Consolidated Net Worth. 

“Excluded Assets” means at any time any of the following assets of the Loan Parties: (1) assets subject to any Lien securing
Indebtedness (including, for the avoidance of doubt, Permitted Purchase Money Loans, Permitted Nonrecourse Indebtedness and Permitted Recourse Indebtedness); (2) land, site improvements, development costs and units or buildings constructed or under
construction on such land if the applicable Loan Party has not received Preliminary Approval with respect to such land or if such land is not Environmentally Approved Land; and (3) payments for options. 

  
 11 

 “Excluded Taxes” means, in the case of each Lender and any Agent, (i) Taxes
imposed on or measured by its overall net income, branch profits or franchise Taxes (imposed in lieu of net income Taxes) to the extent any such Tax is imposed as a result of (a) such Lender or Agent being organized under the laws of, or having
its principal office or, in the case of any Lender, its applicable Lending Installation located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (b) a present or former connection between such Lender or Agent (as
the case may be) and the taxing jurisdiction (other than as a result of this Agreement or any transaction pursuant to this Agreement), (ii) in the case of a Lender, any U.S. federal withholding Taxes to the extent imposed pursuant to a law in effect
on the date such Lender becomes a party to this Agreement (other than by assignment pursuant to a request by the Administrative Agent or the Borrower under Section 2.20) (or designates a new Lending Installation), except to the extent that such
Lender (or its assignor, if any) was entitled, immediately prior to the time of the designation of a new Lending Installation (or assignment), to receive additional amounts from the Borrower with respect to such withholding Taxes pursuant to
Section 3.5, (iii) withholding Taxes attributable to a Lender’s failure to comply with Section 3.5(d), and (iv) any U.S. federal withholding Taxes imposed under FATCA. 

“Exhibit” refers to an exhibit to this Agreement, unless another document is specifically referenced. 

“Existing Credit Agreement” means the Credit Agreement dated as of May 19, 2016, among the Borrower, the Company, the lenders
party thereto and Citibank, N.A., as Administrative Agent, as amended, amended and restated, supplemented or waived from time to time prior to the Amendment and Restatement Effective Date. 

“Existing Letters of Credit” means those Letters of Credit identified in Schedule 2 hereto heretofore issued, pursuant to the
Existing Credit Agreement, by the Revolving Credit Lenders identified in Schedule 2 and outstanding as of the Amendment and Restatement Effective Date. 

“Existing Revolving Credit Loans” means all Revolving Credit Loans outstanding under the Existing Credit Agreement immediately prior
to the Amendment and Restatement Effective Date. 
 “Extension Date” is defined in Section 2.17. 

“Extension Effective Date” is defined in Section 2.17. 

“Extension Period” is defined in Section 2.17. 

“Extension Request” is defined in Section 2.17. 

“Existing Revolving Credit Lender” is defined in Section 4.6(g). 

“Facility Increase” is defined in Section 2.18. 

“Facility Letter of Credit” means (i) any Existing Letter of Credit and (ii) any Letter of Credit (which, in the case of a
Performance Letter of Credit, may be an Escrow Agreement) hereafter issued by an Issuing Bank for the account of the Borrower or another Loan Party in accordance with Article IV. Each Facility Letter of Credit shall be either a Standard Letter of
Credit or an Alternative Letter of Credit. 

  
 12 

 “Facility Letter of Credit Exposure” means, with respect to a Revolving Credit
Lender, the Revolving Credit Ratable Share of such Revolving Credit Lender of all outstanding Facility Letter of Credit Obligations. 

“Facility Letter of Credit Fee” means, for any period, a fee, payable with respect to each Facility Letter of Credit issued by an
Issuing Bank outstanding in such period, in an amount per annum equal to the product of (i) the daily average Applicable Letter of Credit Rate during such period and (ii) the daily average undrawn face amount of such Facility Letter of
Credit, computed on the basis of the actual number of days such Facility Letter of Credit is outstanding in such period. Notwithstanding the preceding sentence, if any Letter of Credit is an Alternative Letter of Credit for any portion of such
period, the Applicable Letter of Credit Rate for such Alternative Letter of Credit shall apply for the portion of such period during which such Letter of Credit is an Alternative Letter of Credit. 

“Facility Letter of Credit Notice” is defined in Section 4.4(b). 

“Facility Letter of Credit Obligations” means at any time the sum of (i) the aggregate undrawn face amount of all outstanding
Facility Letters of Credit, and (ii) the aggregate amount paid by an Issuing Bank on any Facility Letters of Credit to the extent (if any) not reimbursed by the Borrower or the Revolving Credit Lenders under Section 4.6. 

“FATCA” means (i) Sections 1471 through 1474 of the Code, as of the Amendment and Restatement Effective Date (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with), (ii) any current or future regulations or other official interpretations thereof, (iii) any agreements entered into pursuant to
Section 1471(b)(1) of the Code as of the Amendment and Restatement Effective Date (or any amended or successor version described above) and (iv) any intergovernmental agreement, or any fiscal or regulatory legislation, rules or practices
adopted pursuant to any intergovernmental agreement implementing the foregoing. 
 “Federal Funds Effective Rate” means, for any
day, the weighted average (rounded upwards, if necessary, to the next 1/100th of 1%) of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published on the next succeeding Business Day by the Federal
Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100th of 1%) of the quotations for such day for such transactions received by the
Administrative Agent from three federal funds brokers of recognized standing selected by it; provided that if the Federal Funds Effective Rate is less than 0%, such rate shall be deemed to be 0%. 

“Federal Funds/Euro-Rate” means, for any day, an interest rate per annum equal to the greater of (a) the sum of (i) the
Federal Funds Effective Rate for the Business Day immediately preceding such day, plus (ii) the Applicable Ratable Advance Margin under the Revolving Credit Facility, plus (iii) 0.25% per annum, and (b) a rate equal to the
Eurodollar Rate for an Interest Period of one month commencing on the second Business Day after such day. The Federal Funds/Euro-Rate shall be recomputed each day. 

  
 13 

 “Federal Funds/Euro-Rate Advance” means a Revolving Credit Advance that bears
interest at the Federal Funds/Euro-Rate. 
 “Federal Funds/Euro-Rate Loan” means a Loan that bears interest at the Federal
Funds/Euro-Rate. 
 “Fee Letters” means (i) that certain letter agreement, dated September 23, 2019, among the Borrower,
the Company and Citigroup, as the same may be modified or amended from time to time and (ii) that certain letter agreement, dated October 21, 2019, among the Borrower, the Company and the Arrangers (other than Citibank), as the same may be
modified or amended from time to time. 
 “Financial Contract” of a Person means (i) any exchange-traded or over-the-counter futures, forward, swap or option contract or other financial instrument with similar characteristics, and (ii) any agreements, devices or arrangements
providing for payments related to fluctuations of interest rates, exchange rates or forward rates, including, but not limited to, interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection
agreements, forward rate currency or interest rate options. 
 “Financial Letter of Credit” means any Letter of Credit issued on
behalf of a Loan Party that is not a Performance Letter of Credit and that is issued to a Person to ensure payment by a Loan Party or other Affiliate of the Company of a financial obligation or satisfaction by a Loan Party or other Affiliate of any
other obligation of a Loan Party or other Affiliate. 
 “Fitch” means Fitch, Inc. or any successor thereto. 

“Floating Rate” means the Alternate Base Rate or the Federal Funds/Euro-Rate. 

“Floating Rate Advance” means a Revolving Credit Advance that bears interest at a Floating Rate. 

“Floating Rate Loan” means a Loan that bears interest at a Floating Rate. 

“GAAP” is defined in Section 10.8. 

“Guarantors” means the Company and the Designated Guarantors. 

“Guaranty Agreement” means the amended and restated guaranty agreement of even date herewith, executed and delivered by the Company
and the Designated Guarantors to the Administrative Agent for the benefit of the Lenders, as such guaranty agreement may be amended or modified (including, without limitation, by delivery of a Supplemental Guaranty) and in effect from time to time.

 “ICC” is defined in Section 4.13. 

  
 14 

 “Increase Date” is defined in Section 2.18(c). 

“Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for borrowed money,
(ii) obligations representing the deferred purchase price of Property or services which would appear as a liability on the consolidated balance sheet of such Person (other than accounts payable arising in the ordinary course of such
Person’s business and any obligation to pay a contingent purchase price as long as such obligation remains contingent or is paid within 10 days after it becomes due and payable), (iii) Indebtedness of other Persons, whether or not assumed,
secured by Liens on any property or asset of such Person (but only to the extent of the value of such Property or asset if such obligations have not been assumed by such Person), (iv) obligations which are evidenced by notes, acceptances, or other
similar instruments, (v) obligations of such Person to purchase securities or other property arising out of or in connection with the sale of the same or substantially similar securities or property, (vi) Capitalized Lease Obligations,
(vii) Contingent Obligations, (viii) the amount of Facility Letter of Credit Obligations in respect of Financial Letters of Credit, (ix) unpaid reimbursement obligations (i.e., drawn but not reimbursed) under Performance Letters of
Credit, and (x) any other obligation for borrowed money which in accordance with GAAP would be shown as a liability on the consolidated balance sheet of such Person. In no event shall Indebtedness include (a) Indebtedness owed by one Loan
Party to another Loan Party or to a Captive Insurance Company that is wholly-owned, directly or indirectly, by the Company or (b) any obligation of a Loan Party to reimburse the issuer of a performance bond issued in the ordinary course of
business. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made
by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in (a), Other Taxes. 

“Intercompany Agreement” is defined in Section 7.18. 

“Intercompany Loans” means the loans from the Borrower to the applicable Loan Party using the proceeds of Loans hereunder. 

“Intercompany Notes” is defined in Section 7.18. 

“Interest Period” means, with respect to a Eurodollar Ratable Advance, a period of one week or one, two, three or six months (or,
subject to approval by all Lenders under the Revolving Credit Facility, twelve months), commencing on a Business Day selected by the Borrower pursuant to this Agreement or, with respect to the determination of clause (b) of the definition of
the Federal Funds/Euro Rate, a period of one month. Such Interest Period shall end on the day which corresponds numerically to such date one week or one, two, three, six or twelve months thereafter, provided, however, that if there is
no such numerically corresponding day in such next week or such next, second, third, sixth or twelfth succeeding month, such Interest Period shall end on the last Business Day of such next week or such next, second, third, sixth or twelfth
succeeding month. If an Interest Period would otherwise end on a day which is not a Business Day, such Interest Period shall end on the next succeeding Business Day, provided, however, that if said next succeeding Business Day falls in
a new calendar month, such Interest Period shall end on the immediately preceding Business Day. 

  
 15 

 “Investment” of a Person means any loan, advance (other than commission, travel
and similar advances to officers and employees made in the ordinary course of business), extension of credit (other than accounts receivable arising in the ordinary course of business) or contribution of capital by such Person; stocks, bonds, mutual
funds, partnership interests, notes, debentures or other securities owned by such Person; any deposit accounts and certificate of deposit owned by such Person; and structured notes, derivative financial instruments and other similar instruments or
contracts owned by such Person. 
 “Investment Grade Rating” means a rating of
(i) BBB- or higher by S&P, (ii) Baa3 or higher by Moody’s or (iii) BBB- or higher by Fitch. 

“Investments in Mortgage Subsidiaries” means, without duplication, at any time the sum of the following: (i) all Investments by
any Loan Party directly or indirectly in the capital stock of or other payments (except in connection with transactions for fair value in the ordinary course of business) to any of the Mortgage Subsidiaries, (ii) all loans by any Loan Party
directly or indirectly to any of the Mortgage Subsidiaries, (iii) all Contingent Obligations of any Loan Party directly or indirectly in respect of the obligations of any of the Mortgage Subsidiaries, and (iv) all other obligations,
contingent or otherwise, of the Loan Parties to or for the benefit of any of the Mortgage Subsidiaries; provided that, Investments in Mortgage Subsidiaries shall not include any amounts that a Mortgage Subsidiary owes to a Loan Party to
reimburse such Loan Party for any taxes paid or payable by such Loan Party on account of such Mortgage Subsidiary. 
 “IRS” means
the U.S. Internal Revenue Service. 
 “Issuance Date” means the date on which a Facility Letter of Credit is issued, amended or
extended (as applicable). 
 “Issuing Bank” means each Revolving Credit Lender that has issued an Existing Letter of Credit or may
from time to time issue a Facility Letter of Credit in accordance with the provisions of Article IV; provided that, for the avoidance of doubt, each Revolving Credit Lender shall be an Issuing Bank. 

“Issuing Bank’s L/C Limit” means, with respect to a Revolving Credit Lender at any time, an amount equal to fifty percent (50%)
of its Revolving Credit Commitment at such time, or such higher or lower amount as shall be agreed by such Revolving Credit Lender at the request of the Borrower. Such Revolving Credit Lender or the Borrower shall notify the Administrative Agent of
any such change in the Revolving Credit Lender’s Issuing Bank’s L/C Limit. 
 “Labor Contracts” means all employee
benefit plans, employment agreements, collective bargaining agreements and labor contracts to which any Loan Party is a party. 

“Law” means any and all applicable federal, state, local and foreign statutes, laws, judicial decisions, regulations, ordinances,
rules, judgments, orders, decrees, plans, injunctions, permits, concessions, grants, franchises, licenses and other governmental restrictions, in each case of any Official Body. 

“Lender” means a Revolving Credit Lender. 

  
 16 

 “Lender Funding Obligation” shall have the meaning ascribed to such term in the
definition of Defaulting Lender. 
 “Lender Insolvency Event” means that (i) a Lender or its Parent Company is insolvent, or
is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, or (ii) such Lender or its Parent Company is the
subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding or a takeover by a regulatory authority, or a receiver, trustee, conservator, intervenor or sequestrator or the like has been appointed for such Lender or its
Parent Company, or such Lender or its Parent Company has taken any action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment; provided that a Lender Insolvency Event shall not be deemed to
have occurred solely by virtue of the ownership or acquisition of any Equity Interest in any Lender or its Parent Company by a governmental authority or an instrumentality thereof, so long as such ownership interest does not result in or provide
such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such governmental authority) to reject, repudiate,
disavow or disaffirm any contracts or agreements made with such Lender. 
 “Lending Installation” means, with respect to a Lender
or the Administrative Agent, the office, branch, subsidiary or affiliate of such Lender or the Administrative Agent listed on the signature pages hereof or on a Schedule or otherwise selected by such Lender or the Administrative Agent pursuant to
Section 2.15. 
 “Letter of Credit” of a Person means a letter of credit or similar instrument (such as an Escrow Agreement)
which is issued upon the application of such Person or upon which such Person is an account party or for which such Person is in any way liable. 

“Leverage Ratio” means at any time the ratio of (a) Total Indebtedness (including Permitted Recourse Indebtedness, Permitted
Nonrecourse Indebtedness and Permitted Purchase Money Loans but excluding Alternative Letters of Credit and outstanding Letters of Credit or similar arrangements included in Total Indebtedness and not issued under this Agreement to the extent
collateralized by cash, Marketable Securities or Cash Equivalents), less the sum of (i) up to $500,000,000 of Permitted Nonrecourse Indebtedness and (ii) unrestricted cash, Cash Equivalents and Marketable Securities (excluding cash, Cash
Equivalents and Marketable Securities that cash collateralize Alternative Letters of Credit and other outstanding letters of credit or similar arrangements) in excess of $10,000,000 in the aggregate held by the Toll Group; provided that, no
more than $500,000,000 of unrestricted cash, Cash Equivalents and Marketable Securities (excluding cash, Cash Equivalents and Marketable Securities that cash collateralize Alternative Letters of Credit and other outstanding letters of credit or
similar arrangements) held by entities that are not Loan Parties may be netted from Total Indebtedness pursuant to this clause (a), to (b) the sum of (i) Tangible Net Worth and (ii) fifty percent (50%) of Subordinated Indebtedness
that has a maturity that is more than 90 days after the Revolving Credit Facility Termination Date (provided that the amount in this clause (b)(ii) shall not exceed 66-2/3% of Consolidated Net Worth).

  
 17 

 “LIBO Rate” means, with respect to any Eurodollar Ratable Advance for any Interest
Period, or with respect to the determination of the Federal Funds/Euro-Rate, the ICE Benchmark Administration Limited LIBOR Rate (“ICE LIBOR”) as published by Bloomberg (or such other commercially available source providing quotations of
ICE LIBOR as may be designated by the Administrative Agent from time to time), at approximately 11:00 a.m., London time, two Business Days prior to the commencement of the Interest Period for such Eurodollar Ratable Advance, or, in the case of
determination of the Federal Funds/Euro-Rate, an Interest Period of one month, as the rate for dollar deposits with a maturity comparable to such Interest Period; provided that, if the LIBO Rate is less than 0%, such rate shall be deemed to
be 0%. 
 “LIBOR Successor Rate” is defined in Section 3.3(b). 

“LIBOR Successor Rate Conforming Changes” means, with respect to any proposed LIBOR Successor Rate, any conforming changes to the
definition of Alternate Base Rate, Eurodollar Rate, Federal Funds/Euro Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other administrative matters as may be appropriate, in the discretion of the
Administrative Agent (in consultation with the Borrower), to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the
Administrative Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of administration as
the Administrative Agent determines in consultation with the Borrower). 
 “Lien” means any lien (statutory or other), mortgage,
pledge, hypothecation, assignment, deposit arrangement, encumbrance or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including, without limitation, the interest of a vendor or lessor
under any conditional sale, Capitalized Lease or other title retention agreement). 
 “Loan” means, with respect to a Lender, a
Revolving Credit Loan made by such Lender (or any conversion or continuation thereof). 
 “Loan Documents” means this Agreement,
the Guaranty Agreements and any Notes issued pursuant to Section 2.11. 
 “Loan Parties” means the Company, the Borrower and
(subject to the provisions of Section 10.13) the Designated Guarantors. 
 “Losses” is defined in Section 10.6(b). 

“Marketable Securities” means (i) securities with maturities of two years or less issued or fully guaranteed or insured by the
United States or any agency or instrumentality thereof, (ii) dollar denominated time and demand deposits and certificates of deposit with maturities of two years or less and overnight bank deposits of any commercial bank having either capital,
surplus and undivided profits aggregating at least $500,000,000, total Tier 1 capital as most recently reported by Bloomberg L.P. of at least $500,000,000 or long-term debt or deposit ratings of at least A- by
S&P or A3 by Moody’s, (iii) repurchase obligations of any bank satisfying the requirements of 

  
 18 

 
clause (ii) of this definition, (iv) commercial paper and variable or fixed rate notes of a domestic issuer rated at least A-2 or better by
S&P or P2 or better by Moody’s and in either case maturing within two years, (v) securities with maturities of two years or less issued or fully guaranteed by any state, commonwealth or territory of the United States or by any
political subdivision or taxing authority of any such state, commonwealth or territory, and such securities of such state, commonwealth, territory, political subdivision or taxing authority, as the case may be, are rated at least A- by S&P or A3 by Moody’s, (vi) securities with maturities of two years or less issued or fully guaranteed by any member country of the OECD that are rated at least
A- by S&P or A3 by Moody’s, (vii) securities with maturities of two years or less backed by standby letters of credit issued by any commercial bank satisfying the requirements of clause
(ii) of this definition, (viii) shares of “money market funds” that comply with the criteria set forth in Rule 2a-7 of the Investment Company Act of 1940, as amended, or (ix) bonds
that mature within two years and that have an Investment Grade Rating. 
 “Material Adverse Effect” means a material adverse
effect on (i) the business, Property, financial condition or results of operations of the Loan Parties taken as a whole, (ii) the ability of the Loan Parties taken as a whole to perform their obligations under the Loan Documents, or
(iii) the validity or enforceability of any of the Loan Documents against any Loan Party or the rights or remedies of the Administrative Agent or the Lenders thereunder. 

“Material Indebtedness” is defined in Section 8.4. 

“Maximum Deductible Amount” is defined in Section 7.28.3. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor thereto. 

“Mortgage Banking Business” means the business of issuing mortgage loans on residential properties (whether for purchase of homes or
refinancing of existing mortgages), purchasing and selling mortgage loans, issuing securities backed by mortgage loans, acting as a broker of mortgage loans and other activities customarily associated with mortgage banking and related businesses.

 “Mortgage Subsidiary” means any corporation, limited partnership, limited liability company or business trust that is
(a) organized on or after the Closing Date as a Mortgage Subsidiary or designated by the Company as a Mortgage Subsidiary on or after the Closing Date, (b) a Subsidiary of the Company and (c) engaged in the Mortgage Banking Business.

 “Multiemployer Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which
the Company or any member of the Controlled Group is a party and to which more than one employer is obligated to make contributions. 

“Multiple Employer Plan” means a Plan which has two or more contributing sponsors (including the Company or any member of the
Controlled Group) at least two of whom are not under common control, as such a plan is described in Sections 4063 and 4064 of ERISA. 

“New Revolving Credit Lender” means an Additional Lender that, immediately prior to its purchase of the Revolving Credit Commitment
of a Revolving Credit Lender pursuant to Section 2.20 or its issuance of a Revolving Credit Commitment pursuant to Section 2.18, was not a Revolving Credit Lender hereunder. 

  
 19 

 “Non-Cash Collateralized Letters of
Credit” is defined in Section 4.10. 
 “Non-Consenting Lender” means any Lender
that does not approve any consent, waiver or amendment that (i) requires the approval of all Lenders or all affected Lenders in accordance with the terms of Section 9.2 and (ii) has been approved by the Required Lenders. 

“Non-Defaulting Lender” means at any time, a Lender that is not a Defaulting Lender. 

“Non-Designation” is defined in Section 10.13. 

“Non-Loan Parties” means members of the Toll Group or any Affiliate thereof, excluding the
Company, the Borrower and the Designated Guarantors. 
 “Non-U.S. Lender” means a Lender
that is not a “United States person” as defined in Section 7701(a)(30) of the Code. 
 “Notes” means the Revolving
Credit Notes; and “Note” means any one of the Revolving Credit Notes. 
 “Notice” is defined in Section 14.1(c).

 “Obligations” means all unpaid principal of and accrued and unpaid interest on the Loans, the Facility Letter of Credit
Obligations, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Lenders or to any Lender, the Administrative Agent or any indemnified party arising under the Loan Documents,
including without limitation, the Revolving Credit Obligations. 
 “OECD” means the Organisation for Economic Co-operation and Development. 
 “Official Body” means any national, federal, state, local or
other government or political subdivision or any agency, authority, bureau, central bank, commission, department or instrumentality of any of the foregoing, or any court, tribunal, grand jury or arbitrator, in each case whether foreign or domestic.

 “Other Taxes” is defined in Section 3.5(b). 

“Parent Company” means, with respect to a Lender, the bank holding company (as defined in Federal Reserve Board Regulation Y), if
any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the economic or voting Equity Interests of such Lender. 

“Participant” is defined in Section 13.2.1. 

“Participant Register” is defined in Section 13.2.1. 

“PATRIOT Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into Law October 26, 2001)). 

  
 20 

 “PBGC” means the Pension Benefit Guaranty Corporation, or any successor thereto.

 “Performance Letter of Credit” means (a) any Letter of Credit issued on behalf of a Loan Party in favor of a municipality
or any other Official Body, including without limitation, any utility, water or sewer authority, or other similar entity for the purpose of assuring such municipality, other Official Body, utility, water or sewer authority or similar entity that an
Affiliate of the Company will properly and timely complete work it has agreed to perform for the benefit of such municipality, other Official Body, utility, water or sewer authority or similar entity or (b) an Escrow Agreement. 

“Permitted Environmental Exception” means an exception set forth on an Environmental Certificate that a qualified independent
environmental consultant certifies can, in the judgment of such consultant, be cured by corrective action that would reasonably be expected to cost less than $10,000,000 to complete and that the Borrower certifies to the Lenders that it or another
Loan Party shall timely cure in accordance with applicable Environmental Laws. If the consultant cannot or does not determine and certify as to the cost of such corrective action, the exception shall not be a Permitted Environmental Exception. 

“Permitted Investments” means Investments that are (i) cash or Cash Equivalents, Marketable Securities and similar Investments;
(ii) accounts receivable and trade credit created, acquired or made in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; (iii) Investments in a Guarantor or in a Person that will become
a Guarantor in connection with such Investment; (iv) loans to directors, officers, employees, agents, customers or suppliers in the ordinary course, including the financing to purchasers of homes and other residential properties from a Loan
Party; (v) Investments in Mortgage Subsidiaries; (vi) Investments in joint ventures (whether in partnership, corporate, limited liability company or other form); (vii) Investments in real estate and/or mortgages and/or receivables secured
by real estate including stock or partnership or membership interests in real estate related companies; (viii) loans to employees for the purpose of acquiring the Company’s stock; (ix) Financial Contracts permitted hereunder;
(x) Investments (including Special Investments) outstanding on the Amendment and Restatement Effective Date; (xi) other Investments in the ordinary course of business; and (xii) other Investments not included in clauses (i)-(xi) of this definition which do not, in the aggregate, exceed 30% of Tangible Net Worth. 

“Permitted Liens” means 

(i) Liens for taxes, assessments, or similar charges which are not yet due and payable or due but not yet delinquent and
pledges or deposits made in the ordinary course of business to secure payment of workmen’s compensation, or to participate in any fund in connection with workmen’s compensation, unemployment insurance, pensions or other social security
programs; 
 (ii) Statutory Liens, other Liens imposed by law and Liens of mechanics, workmen, warehousemen, carriers,
landlords and contractors, provided that the Liens permitted by this subsection (ii) have not been filed or, if such Liens have been filed, either (A) a stay of enforcement thereof has been obtained within 60 days, (B) such
Liens have been satisfied of record within 60 days after the date of filing thereof or (C) such Liens are being contested in good faith by appropriate proceedings and adequate reserves have been established therefor in accordance with GAAP;

  
 21 

 (iii) Liens granted or deposits made (A) by the Loan Parties in the
ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money), leases, development obligations, progress payments, government contracts, utility services, developer’s or other
obligations to make on-site or off-site improvements and other obligations of a like nature, or in conjunction with providing earnest money obligations, escrows or
similar purpose undertakings or indemnifications in the ordinary course of business of the Loan Parties; (B) by the Loan Parties in connection with or to secure statutory obligations and surety, appeal, indemnity, return of money, performance,
completion, payment or other similar bonds and letters of credit or other similar instruments, or (C) by third parties in favor of the Loan Parties pursuant to Agreements of Sale; 

(iv) Encumbrances consisting of zoning restrictions, development agreements, declarations, easements, rights of way, matters of
plat, defects or irregularities in title or other restrictions, charges or encumbrances on the use of real property, none of which materially impairs the intended use of such property or the value thereof, and none of which is violated in any
material respect by existing or proposed structures or land use; 
 (v) Liens, security interests and mortgages, if any, in
favor of the Administrative Agent for the benefit of the Lenders and Liens on cash, Cash Equivalents, Marketable Securities, deposit accounts, warehouse receipts and related goods and documents granted to the Administrative Agent or a Lender as
security for the obligations of the Loan Parties under Facility Letters of Credit; 
 (vi) Liens on cash, Cash Equivalents or
Marketable Securities in favor of any Lender or other bank or financial institution (including as agent) as security for the obligations of any Loan Party under Letters of Credit or other similar arrangements issued other than under the Credit
Agreement; provided that the sum of (i) availability under the Revolving Credit Facility and (ii) unrestricted cash, Cash Equivalents and Marketable Securities of the Loan Parties shall not be less than $50.0 million
immediately after giving effect to the granting of such Lien; 
 (vii) Liens over a credit balance on a bank or deposit
account or other funds maintained with a creditor depository institution arising under the general business conditions of the bank or financial institution at which the account is held, including in any event under any credit card, purchasing card
or similar program; 
 (viii) Liens arising by virtue of any statutory, contractual or common law provisions relating to
banker’s liens, rights of setoff or similar rights as to deposit or other accounts; 

  
 22 

 (ix) Any Lien existing on the Amendment and Restatement Effective Date and
described on Schedule 3 hereto and any Lien securing a refinancing of the Indebtedness secured by a Lien described on Schedule 3, provided that the principal amount secured thereby is not hereafter increased (other than by the
amount of any premium and unpaid interest and reasonable fees and expenses relating to such renewal, refinancing or replacement financing) and no additional assets (except for improvements constructed on such assets in the normal course of the Loan
Parties’ business and other assets related to such assets which are customarily subject to liens and security interests in connection with transactions of this nature) become subject to such Lien unless such change would be permitted under
other provisions hereof; 
 (x) The following, (A) if the validity or amount thereof is being contested in good faith by
appropriate and lawful proceedings diligently conducted so long as the property subject to any such Liens is not yet subject to foreclosure or sale or as to which levy and execution thereon have been stayed and continue to be stayed or (B) if a
final judgment is entered and such judgment is discharged, stayed or bonded within thirty (30) days of entry: 
 (1)
Claims or Liens for taxes, assessments or charges due and payable including those subject to interest or penalty, provided that the Loan Parties maintain such reserves and other appropriate provisions as shall be required by GAAP and pay all
such taxes, assessments or charges forthwith upon the commencement of proceedings to foreclose any such Lien; or 
 (2)
Claims, Liens or encumbrances upon, and defects of title to, real or personal property, including any attachment of personal or real property or other legal process prior to adjudication of a dispute on the merits; 

(xi) Purchase money security interests (including Capitalized Leases) in equipment acquired or deemed to be acquired; 

(xii) Liens securing (A) Permitted Purchase Money Loans and (B) Permitted Nonrecourse Indebtedness, in each case, as
described in the definitions of such terms; 
 (xiii) Liens securing additional Senior Indebtedness, provided such
liens are either pari passu or subordinated to Liens in favor of the Administrative Agent for the benefit of the Lenders; 

(xiv) Liens on assets of Non-Loan Parties; 

(xv) Liens on Investments in Non-Loan Parties; 

(xvi) Liens on Investments in Mortgage Subsidiaries; 

(xvii) Liens of a Loan Party which existed prior to such entity becoming a Loan Party (and were not incurred in anticipation of
becoming a Loan Party); 
 (xviii) Liens to which assets were subject prior to the acquisition of such assets by a Loan Party
(and were not incurred in anticipation of the acquisition of such assets); 
 (xix) Judgment liens that would not constitute
a Default under Section 8.8; 

  
 23 

 (xx) Liens securing community development district bonds, municipal utility
district bonds or similar bonds issued by any governmental authority to accomplish similar purposes and Liens incurred in connection with pollution control, industrial revenue, water, sewage or other public improvement bonds or similar bonds or tax
increment financing, in each case incurred in the ordinary course of business of the Loan Parties; 
 (xxi) Liens securing a
Loan Party’s obligations (not constituting Indebtedness) to third parties, in connection with joint development agreements with such third parties, to perform and/or pay for or reimburse the costs of construction and/or development related to
or benefiting the Loan Parties’ property and property belonging to such third parties, in each case incurred in the ordinary course of business of the Loan Parties; 

(xxii) Leases or subleases granted to others not materially interfering with the ordinary business of the Loan Parties taken as
whole; 
 (xxiii) Liens on unearned insurance premiums in connection with insurance premium financing in the ordinary course
of business; 
 (xxiv) Liens solely on any cash earnest money deposits made by any Loan Party in connection with any letter
of intent or purchase agreement with respect to any proposed acquisition by a Loan Party; 
 (xxv) Liens securing
Indebtedness incurred to renew, refinance or replace any Indebtedness secured by a Lien referred to in clauses (ix), (xi), (xvii) or (xviii); provided the amount of Indebtedness secured thereby is not increased (other than by the amount of
any premium and unpaid interest and reasonable fees and expenses relating to such renewal, refinancing or replacement financing) and the Liens do not attach to any additional assets; 

(xxvi) Liens securing other Indebtedness or obligations in an amount not in excess of $20,000,000 individually or $50,000,000
in the aggregate; and 
 (xxvii) Liens securing Permitted Recourse Indebtedness described in the definition of such term.

 “Permitted Nonrecourse Indebtedness” means Indebtedness for money borrowed that is incurred by a Loan Party in a transaction
for purposes of acquiring or improving or financing construction on real estate (or refinancings of such indebtedness) and that is secured solely by such real estate (including improvements thereon and other assets related to such real estate which
are customarily subject to liens and security interests in connection with transactions of this nature), provided that (a) (x) the aggregate principal amount of such Permitted Nonrecourse Indebtedness does not exceed $250,000,000 per
parcel of real estate subject to such acquisition, improvement, construction and/or refinancing, and (y) the aggregate principal amount of all such Permitted Nonrecourse Indebtedness outstanding at any time, together with the aggregate
principal amount of all Permitted Recourse Indebtedness outstanding at such time, does not exceed an amount equal to 20% of Consolidated Net Worth and (b) the liability of the Loan Parties for such Permitted Nonrecourse Indebtedness is limited
solely to the assets of the Loan Parties that secure such Permitted Nonrecourse Indebtedness (other than Customary Recourse Exceptions, completion guaranties, carry guaranties, debt service and operating deficit guaranties and similar obligations or
guaranties). 

  
 24 

 “Permitted Purchase Money Loans” means, collectively, Seller Purchase Money Loans
and Assumed Purchase Money Loans. 
 “Permitted Recourse Indebtedness” means Indebtedness for money borrowed that is incurred by a
Loan Party in a transaction for purposes of acquiring or improving or financing construction on real estate (or refinancings of such indebtedness) and that is secured solely by such real estate (including improvements thereon and other assets
related to such real estate which are customarily subject to liens and security interests in connection with transactions of this nature), provided that (a) the aggregate principal amount of such Permitted Recourse Indebtedness does not
exceed $250,000,000 per parcel of real estate subject to such acquisition, improvement, construction and/or refinancing and (b) the aggregate principal amount of all such Permitted Recourse Indebtedness outstanding at any time, together with
the aggregate principal amount of all Permitted Non-Recourse Indebtedness outstanding at such time, does not exceed an amount equal to 20% of Consolidated Net Worth. 

“Person” means any natural person, corporation, firm, joint venture, partnership, limited liability company, association,
enterprise, trust or other entity or organization, or any government or political subdivision or any agency, department or instrumentality thereof. 

“Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards
under Section 412 of the Code as to which the Company or any member of the Controlled Group may have any liability. 

“Platform” is defined in Section 14.1(b). 

“Preliminary Approval” means preliminary approval from required state and local governmental authorities and agencies of a Loan
Party’s preliminary development plan in accordance with provisions of the Pennsylvania Municipalities Planning Code or its equivalent in any other applicable jurisdiction in which such Loan Party is doing business such that in each instance
there is vested in such Loan Party the right to develop such real estate for residential purposes substantially in accordance with the intentions of such Loan Party, subject only to obtaining such additional approvals which do not impose on such
Loan Party any material burdens that are not usual and customary for a development of such type and with respect to which the applicable Loan Party reasonably expects final approval to be obtained. 

“Pricing Schedule” means the Schedule attached hereto identified as such. 

“Prime Rate” means the rate of interest per annum publicly announced from time to time by the Administrative Agent as its
“prime” rate in effect at its principal office, each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective. 

“Prohibited Transaction” means a “prohibited transaction” within the meaning of Section 406 of ERISA or
Section 4975 of the Code for which neither a statutory exemption, an individual exemption nor a class exemption has been issued by the United States Department of Labor. 

  
 25 

 “Property” means any and all property, whether real, personal, tangible,
intangible, or mixed, of a Loan Party, or other assets owned, leased or operated by a Loan Party. 
 “PTE” means a prohibited
transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time. 

“Purchaser” is defined in Section 13.3.1. 

“QFC” has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with,
12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” is defined in Section 10.16. 

“Qualified Bank” means (a) any Lender or any Affiliate of a Lender, (b) a bank that has, or is a wholly-owned subsidiary
of a corporation that has, (i) an unsecured long-term debt rating of not less than BBB+ from S&P or Baa1 from Moody’s (or not less than BBB+ from S&P and Baa1 from Moody’s if both agencies issue ratings of its unsecured
long-term debt) and (ii) if its unsecured short-term debt is rated, an unsecured short-term debt rating of not less than A2 from S&P or P2 from Moody’s (or not less than A2 from S&P and P2 from Moody’s if both agencies issue
ratings of its unsecured short-term debt) or (c) in connection with the initial syndication of the Revolving Credit Facility or any Facility Increase, any other bank approved by the Borrower and the Administrative Agent, such approval not to be
unreasonably withheld or delayed. For the avoidance of doubt, none of the Borrower, the Company or any of their respective Affiliates or Subsidiaries may be a Qualified Bank for purposes of this Agreement. 

“Quarterly Payment Date” is defined in Section 4.7(a). 

“Ratable Borrowing Notice” is defined in Section 2.2.3. 

“Rate Option” means the Alternate Base Rate, the Eurodollar Rate or the Federal Funds/Euro-Rate. 

“Rate Option Notice” is defined in Section 2.2.4. 

“Rating Agencies” means S&P, Moody’s and Fitch; each a “Rating Agency.” 

“Register” is defined in Section 13.3.2. 

“Regulated Substances” means any pollutant, contaminant, waste, chemical or substance, including without limitation, Solid Waste,
asbestos, asbestos containing material, mold and radon gas, the generation, manufacture, processing, distribution, treatment, storage, Release or threat of Release, transport, recycling, reclamation, use, reuse or other management or mismanagement
of which is regulated by the Environmental Laws. 
 “Regulation D” means Regulation D of the Board of Governors of the Federal
Reserve System as from time to time in effect and any successor thereto or other regulation or official interpretation of said Board of Governors relating to reserve requirements applicable to member banks of the Federal Reserve System. 

  
 26 

 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve
System as from time to time in effect and any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to
member banks of the Federal Reserve System. 
 “Related Parties” means, with respect to any Person, such Person’s Affiliate
and the partners, directors, officers, employees, agents, representatives and advisors of such Person and of such Person’s Affiliates. 

“Release” means any release, spill, emission, discharge, deposit, disposal, leaking, pumping, pouring, dumping, emptying, injecting
or leaching into the Environment, or into, from or through any structure or facility. 
 “Remediation Adjustment” means, with
respect to any Environmentally Approved Land that is subject to a Permitted Environmental Exception, an amount equal to 150% of the estimated remaining costs to complete remediation necessary to cure such exception. 

“Replacement Lender” means a Qualified Bank (approved by the Administrative Agent, which approval shall not be unreasonably withheld
or delayed) or an existing Lender that elects, upon request by the Borrower, to purchase the Revolving Credit Commitment of another Lender pursuant to Section 2.20. 

“Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under such section,
with respect to a Plan, excluding, however, such events as to which the PBGC has by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event. 

“Required Lenders” means (i) subject to the provisions of Section 2.18(d), if there exists no Default or if a Default
exists and is continuing but there are no Loans or Facility Letters of Credit outstanding, Non-Defaulting Lenders whose Revolving Credit Commitments (in the aggregate) equal or exceed a majority of the
Revolving Credit Commitments (in the aggregate) of all of the Non-Defaulting Lenders, or (ii) if a Default exists and is continuing and there are Loans or Facility Letters of Credit outstanding, Non-Defaulting Lenders whose Total Revolving Credit Exposure (in the aggregate) equals or exceeds a majority of the Total Revolving Credit Exposure (in the aggregate) of all of the
Non-Defaulting Lenders. 
 “Revolving Credit Advance” means a borrowing hereunder (or
conversion or continuation thereof) consisting of the aggregate amount of the several Revolving Credit Loans made on the same Borrowing Date (or date of conversion or continuation) by some or all of the Revolving Credit Lenders (as applicable) to
the Borrower of the same Type and, in the case of Eurodollar Ratable Advances, for the same Interest Period. 
 “Revolving Credit
Commitment” means, for each Revolving Credit Lender, the obligation of such Revolving Credit Lender to make Revolving Credit Ratable Loans and to participate in Facility Letters of Credit, not exceeding the amount set forth opposite its name in
Schedule 1, as such amount may be (a) reduced or increased from time to time pursuant to any Assignment and Assumption that has become effective pursuant to Section 13.3.2 or (b) increased pursuant to any Commitment and
Acceptance with respect to the Revolving Credit Facility that has become effective pursuant to Section 2.18, as such amount may be modified from time to time pursuant to the terms hereof. 

  
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 “Revolving Credit Declining Lender” is defined in Section 2.17. 

“Revolving Credit Declining Lender’s Termination Date” is defined in Section 2.17. 

“Revolving Credit Exposure” means, with respect to a Revolving Credit Lender, the sum of (i) the outstanding principal amount
of the Revolving Credit Ratable Loans made by such Revolving Credit Lender and (ii) the Facility Letter of Credit Exposure of such Revolving Credit Lender. 

“Revolving Credit Facility” is defined in Section 2.1.1. 

“Revolving Credit Facility Termination Date” means November 1, 2024 or any later date as may be specified as the Revolving
Credit Facility Termination Date in accordance with Section 2.17 or any earlier date on which the Aggregate Revolving Credit Commitment is reduced to zero or otherwise terminated pursuant to the terms hereof. 

“Revolving Credit Lenders” means the lending institutions identified on Schedule 1 hereto as having a Revolving Credit
Commitment and, from and after the effective date of their respective Commitments and Acceptances or Assignment and Assumption, any New Revolving Credit Lenders, and the respective successors and permitted assigns of any of the foregoing. 

“Revolving Credit Loan” means a Loan made by a Revolving Credit Lender under the Revolving Credit Facility. 

“Revolving Credit Note” means a promissory note, in substantially the form of Exhibit A hereto, duly executed by the Borrower
and payable to a Revolving Credit Lender (or its registered assigns) in the amount of its Revolving Credit Commitment, including any amendment, modification, renewal or replacement of such promissory note. 

“Revolving Credit Obligations” means all unpaid principal of and accrued and unpaid interest on the Revolving Credit Loans, the
Facility Letter of Credit Obligations and all accrued and unpaid fees and expenses, reimbursements, indemnities and other obligations of the Loan Parties to the Revolving Credit Lenders or to any Revolving Credit Lender or to the Administrative
Agent or any indemnified party, in each case arising under the Loan Documents in respect of the Revolving Credit Facility. 

“Revolving Credit Ratable Advance” means a borrowing hereunder consisting of the aggregate amount of the several Revolving Credit
Ratable Loans made by the Revolving Credit Lenders to the Borrower at the same time, and (except as otherwise provided Section 3.3) at the same Rate Option, and (in the case of a Eurodollar Ratable Loans) for the same Interest Period. 

“Revolving Credit Ratable Loan” means a Revolving Credit Loan made by a Revolving Credit Lender pursuant to Section 2.2 hereof.

  
 28 

 “Revolving Credit Ratable Share” means, with respect to any Revolving Credit
Lender on any date, (i) the ratio of (a) the amount of its Revolving Credit Commitment to (b) the amount of the Aggregate Revolving Credit Commitment or (ii) if the Aggregate Revolving Credit Commitment has been terminated, the
ratio of (a) its Total Revolving Credit Exposure to (b) the aggregate Total Revolving Credit Exposure of all Revolving Credit Lenders. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., or any successor thereto. 

“Sanctioned Country” means, at any time, a country or territory which is itself the subject or target of any Sanctions (at the time
of the Amendment and Restatement Effective Date, Cuba, Iran, North Korea, Syria and the Crimean region of the Ukraine). 
 “Sanctioned
Person” means, at any time, (a) any Person listed in any publicly-available Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of
State, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by the U.S.
government, including those administered by the Office of Foreign Assets Control of the U.S. Department of the Treasury or the U.S. Department of State. 

“Schedule” refers to a specific schedule to this Agreement, unless another document is specifically referenced. 

“SEC” means the Securities and Exchange Commission. 

“Section” means a numbered section of this Agreement, unless another document is specifically referenced. 

“Seller Purchase Money Loans” means at any time outstanding, either (a) purchase money loans made to a Loan Party by the seller
of improved or unimproved real estate in a single or separate transactions for the exclusive purpose of acquiring, improving or construction on such real estate and secured by a mortgage or deed of trust Lien on such real estate or (b) any
amendment, modification, extension or refinancing of such loans, provided that with respect to the loans, as amended, modified, extended or refinanced (i) the aggregate principal amount thereof shall not exceed the purchase price of the
real estate purchased, and (ii) such loans and refinancing shall not be secured by any assets of any Loan Party other than those initially purchased by the applicable Loan Party and improvements and construction thereon and other assets related
to such real estate which are customarily subject to liens and security interests in connection with transactions of this nature in the normal course of the Loan Parties’ homebuilding business. 

“Senior Executive” means the Chairman of the Board, President, Executive Vice President, Chief Financial Officer, Chief Accounting
Officer or General Counsel of any Loan Party. 
 “Senior Indebtedness” means at any time, on a consolidated basis for the Loan
Parties, Total Indebtedness, less Subordinated Indebtedness. 

  
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 “Single Employer Plan” means a Plan maintained by the Company or any member of the
Controlled Group for employees of the Company or any member of the Controlled Group and no other employer. 
 “Solid Waste” means
any garbage, refuse or sludge from any waste treatment plant, water supply plant or air pollution control facility generated by activities on the Property, and any unpermitted Release into the environment or the work place of any material as a
result of activities on the Property, including without limitation, scrap and used Regulated Substances. 
 “Special Investments”
means, at any time (but without duplication) all Investments by Loan Parties in Non-Loan Parties (other than Mortgage Subsidiaries), including, after its Conversion, any
Non-Loan Party that was a Designated Guarantor prior to its Conversion. The amount of such Investments shall include, without limitation, the book value of stocks, partnership interests, notes or other
securities, and the amount of loans, guaranties and recourse contingent obligations, and contributions of capital. For the sake of clarity, any Investment by a Loan Party in a Non-Loan Party that subsequently
becomes a Designated Guarantor shall cease to be considered a Special Investment upon such designation, subject to the provisions in the first sentence of this definition relating to the conversion of a Designated Guarantor to a Non-Loan Party. 
 “Standard Letter of Credit” means any Facility Letter of Credit that is not
an Alternative Letter of Credit. 
 “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is
the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Board to
which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those
imposed pursuant to such Regulation D. Eurodollar Ratable Loans and Floating Rate Loans bearing interest at the Federal Funds/Euro Rate shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements. The Statutory
Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
 “Subordinated
Indebtedness” means, with respect to the Loan Parties, the existing subordinated Indebtedness described on Schedule 4 and any other unsecured Indebtedness subordinated under terms as favorable to the Lenders as the terms of the
subordination governing the Indebtedness described on Schedule 4 or otherwise on market terms reasonably acceptable to the Administrative Agent; provided that the Administrative Agent shall have received an officer’s certificate
to such effect by a responsible officer of the Company. 
 “Subordinated Loan Documents” means at any time the agreements and
other documents then governing the Subordinated Indebtedness. 

  
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 “Subsidiary” with respect to a Person means (i) any corporation more than 50%
of the outstanding securities having ordinary voting power of which shall at the time be owned or controlled, directly or indirectly, by such Person or by one or more of its Subsidiaries or by such Person and one or more of its Subsidiaries, or
(ii) any partnership, limited liability company, association, joint venture or similar business organization more than 50% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. Unless
otherwise expressly provided, all references herein to a “Subsidiary” shall mean a Subsidiary of the Company. 
 “Substantial
Portion” means, with respect to the Property of the Company and its Subsidiaries, Property which represents more than 10% of the consolidated assets of the Company and its Subsidiaries as would be shown in the consolidated financial statements
of the Company and its Subsidiaries as at the beginning of the period of four consecutive fiscal quarters ending with the fiscal quarter in which such determination is made. 

“Supplemental Guaranty” means a “Supplemental Guaranty” in the form provided for and as defined in the Guaranty Agreement.

 “Supported QFC” is defined in Section 10.16. 

“Tangible Net Worth” means at any time Consolidated Net Worth less the sum of (a) intangible assets (as determined in
accordance with GAAP), (b) Excess Investments and (c) Investments in Mortgage Subsidiaries. The amount of Investments in Mortgage Subsidiaries shall include, without limitation, the book value of stocks, partnership interests, notes or other
securities and the amount of loans, guaranties and recourse contingent obligations, and contributions of capital. 
 “Taxes” means
any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings (including backup withholdings), assessments, fees or other charges imposed by any governmental authority, and any and all liabilities with respect to
the foregoing, including any interest, additions to tax or penalties applicable thereto. 
 “Toll Group” means the Company, the
Borrower and all other Subsidiaries of the Company. 
 “Total Indebtedness” means at any time all Indebtedness of the Loan Parties
on a consolidated basis. 
 “Total Revolving Credit Exposure” means, at any time with respect to any Revolving Credit Lender, the
sum of (a) its outstanding Revolving Credit Loans and (b) its Revolving Credit Ratable Share of the outstanding Facility Letter of Credit Obligations. 

“Transferee” is defined in Section 13.4. 

“Type” means, with respect to any Revolving Credit Ratable Advance under the Revolving Credit Facility, its nature as an ABR
Advance, Eurodollar Ratable Advance or Federal Funds/Euro-Rate Advance. 
 “U.S. Special Resolution Regimes” is defined in
Section 10.16. 
 “U.S. Tax Compliance Certificate” is defined in Section 3.5(d)(2)(B)(iii). 

  
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 “Undrawn Fee” is defined in Section 2.4. 

“Unfunded Liabilities” means the amount (if any) by which the present value of all vested and unvested accrued benefits under all
Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations.

 “Unmatured Default” means an event that but for the lapse of time or the giving of notice, or both, would constitute a Default.

 “unreallocated portion” is defined in Section 2.22(a)(ii). 

“Wholly-Owned Subsidiary” of a Person means (i) any Subsidiary all of the outstanding voting securities of which shall at the
time be owned or controlled, directly or indirectly, by such Person or one or more Wholly-Owned Subsidiaries of such Person, or by such Person and one or more Wholly-Owned Subsidiaries of such Person, or (ii) any partnership, limited liability
company, association, joint venture or similar business organization 100% of the ownership interests having ordinary voting power of which shall at the time be so owned or controlled. 

“Write-Down and Conversion Powers” means, with respect to any EEA Resolution Authority, the write-down and conversion powers of such
EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU
Bail-In Legislation Schedule. 
 The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms. 
 1.2 Other Definitional Provisions, etc. 

(a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings when used in the other Loan
Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) For all purposes under the Loan
Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right,
obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been
organized on the first date of its existence by the holders of its Equity Interests at such time. 
 1.3 Effect of this Agreement on the
Existing Credit Agreement and the Existing Loan Documents. Upon satisfaction or waiver of the conditions set forth in Section 5.1: 

(a) this Agreement shall become effective and binding on the Borrower, the Company, the Administrative Agent, the Lenders and the other parties
hereto; 

  
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 (b) all Commitments under the Existing Credit Agreement shall be terminated as of the
Amendment and Restatement Effective Date; provided that the Existing Letters of Credit shall be deemed issued under this Agreement for all purposes hereunder; 

(c) this Agreement (including all Exhibits and Schedules) shall amend, restate and replace in its entirety the Existing Credit Agreement
(including all exhibits and schedules attached thereto) on the Amendment and Restatement Effective Date and the Existing Credit Agreement (including all exhibits and schedules attached thereto) shall thereafter be of no further force and effect,
except (i) to evidence the incurrence by the Borrower of the “Obligations” (under and as defined in the Existing Credit Agreement), whether or not such “Obligations” are contingent as of the Amendment and Restatement
Effective Date and (ii) to the extent a specific provision, obligation or agreement is deemed to expressly survive termination of the Existing Credit Agreement; and 

(d) this amendment and restatement shall be limited as written and not be a consent to any other amendment, restatement, supplement,
waiver or other modification, whether or not similar and, except as expressly provided herein or in any other Loan Document, all terms and conditions of the Loan Documents remain in full force and effect (other than any Notes delivered to a Lender
at any time prior to the Amendment and Restatement Effective Date which shall be cancelled and will no longer be in full force and effect on the Amendment and Restatement Effective Date) unless otherwise specifically amended hereby. This amendment
and restatement shall not constitute a novation of the Existing Credit Agreement or of any other Loan Document. 
 ARTICLE II 

THE CREDITS 
 2.1 The
Revolving Credit Facility. 
 2.1.1 Revolving Credit Facility. 

(a) The Revolving Credit Lenders grant to the Borrower a revolving credit facility (the “Revolving Credit Facility”) pursuant to
which, and upon the terms and subject to the conditions herein set forth, each Revolving Credit Lender severally agrees to make Revolving Credit Ratable Loans to the Borrower in accordance with Section 2.2. 

(b) The Revolving Credit Facility shall be subject to the following limitation: in no event shall the sum of (i) the aggregate principal
amount of all outstanding Revolving Credit Advances (including Revolving Credit Ratable Advances) plus (ii) the Facility Letter of Credit Obligations exceed the Aggregate Revolving Credit Commitment. 

(c) Subject to the terms hereof, the Revolving Credit Facility is available from the date hereof to the Revolving Credit Facility Termination
Date and, upon the Revolving Credit Facility Termination Date, the Revolving Credit Commitments to lend hereunder shall expire. The Revolving Credit Commitment of a Revolving Credit Declining Lender shall expire on its Revolving Credit Declining
Lender’s Termination Date unless prior thereto such Revolving Credit Declining Lender elects, with the approval of the Borrower and the Administrative Agent, to extend its Revolving Credit Commitment to the Revolving Credit Facility Termination
Date, which election and approval shall be evidenced by a written instrument in a form reasonably acceptable to and executed by such Revolving Credit Declining Lender, the Borrower, the Company and the Administrative Agent. Upon the execution and
delivery of such written instrument, such Revolving Credit Lender shall cease to be a Revolving Credit Declining Lender. 

  
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 (d) Any outstanding Revolving Credit Advances and all other unpaid Revolving Credit
Obligations shall be paid in full by the Borrower on the Revolving Credit Facility Termination Date (except to the extent that, pursuant to Article IV, Facility Letters of Credit are permitted to have an expiration date later than the Revolving
Credit Facility Termination Date). All outstanding Revolving Credit Loans held by, and all other unpaid Revolving Credit Obligations payable to, a Revolving Credit Declining Lender shall be paid in full by the Borrower on its Revolving Credit
Declining Lender’s Termination Date. 
 2.1.2 [Reserved]. 

2.1.3 Payment. At any time that there exists a breach of the covenant set forth in Section 7.28.2, the Borrower shall immediately
pay to the Administrative Agent, as a payment of the Revolving Credit Advances, such amount (not to exceed the sum of the outstanding Revolving Credit Advances) necessary to cure such breach, which shall be applied against such Revolving Credit
Advances as the Borrower may elect. 
 2.2 Revolving Credit Ratable Advances. 

2.2.1 Revolving Credit Ratable Advances. Each Revolving Credit Ratable Advance hereunder shall consist of borrowings made from the
several Lenders under the Revolving Credit Facility in their respective Revolving Credit Ratable Shares thereof. 
 2.2.2 Ratable Advance
Rate Options. The Revolving Credit Ratable Advances may be ABR Advances, Federal Funds/Euro-Rate Advances or Eurodollar Ratable Advances, or a combination thereof, selected by the Borrower in accordance with Section 2.2.3. No Revolving
Credit Ratable Advance may mature after the Revolving Credit Facility Termination Date. 
 2.2.3 Method of Selecting Rate Options and
Interest Periods for Revolving Credit Ratable Advances. The Borrower shall select the Rate Option and, in the case of each Eurodollar Ratable Advance, the Interest Period applicable thereto, from time to time. The Borrower shall give the
Administrative Agent irrevocable notice (a “Ratable Borrowing Notice”) not later than 11:00 a.m. (New York time), (x) on the Borrowing Date of each Floating Rate Advance and (y) at least three Business Days prior to the Borrowing
Date of each Eurodollar Ratable Advance. The Administrative Agent shall give prompt notice of each Ratable Borrowing Notice to each Lender. A Ratable Borrowing Notice shall specify: 

(i) the Borrowing Date, which shall be a Business Day, of such Revolving Credit Ratable Advance; 

(ii) the aggregate amount of such Revolving Credit Ratable Advance; 

(iii) the Rate Option selected for such Revolving Credit Ratable Advance; and 

  
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 (iv) in the case of each Eurodollar Ratable Advance, the Interest Period
applicable thereto (which shall be subject to the limitations set forth in Section 2.2.6). 
 2.2.4 Conversion and Continuation of
Outstanding Revolving Credit Ratable Advances. Each Floating Rate Advance under the Revolving Credit Facility shall continue as a Floating Rate Advance of that Type unless and until such Floating Rate Advance is either converted into the other
Type of Floating Rate Advance or a Eurodollar Ratable Advance in accordance with this Section 2.2.4 or is prepaid in accordance with Section 2.6. Each Eurodollar Ratable Advance under the Revolving Credit Facility shall continue as a
Eurodollar Ratable Advance of such Type until the end of the then applicable Interest Period therefor, at which time such Eurodollar Ratable Advance shall, subject to Section 3.3(b), be automatically converted into a Federal Funds/Euro-Rate
Advance under the Revolving Credit Facility unless such Eurodollar Ratable Advance shall have been either (a) prepaid in accordance with Section 2.6, (b) continued as a Eurodollar Ratable Advance of the same or a different Type for the
same or another Interest Period in accordance with this Section 2.2.4 or (c) converted into an ABR Advance in accordance with this Section 2.2.4. Subject to the terms of Section 2.5 and 3.3(b), the Borrower may elect from time to
time to convert and/or continue the Rate Option applicable to all or any part of a Revolving Credit Ratable Advance under the Revolving Credit Facility into another Rate Option; provided, that any conversion or continuation of any Eurodollar
Ratable Advance shall be made on, and only on, the last day of the Interest Period applicable thereto. The Borrower shall give the Administrative Agent irrevocable notice (a “Rate Option Notice”) of each conversion of a Floating Rate
Advance under the Revolving Credit Facility into the other Type of Floating Rate Advance or into a Eurodollar Ratable Advance, or continuation of a Eurodollar Ratable Advance or the conversion of a Eurodollar Ratable Advance, not later than
11:00 a.m. (New York time) (x) on the Business Day of the conversion of a Floating Rate Advance into the other Type of Floating Rate Advance or the conversion of a Eurodollar Ratable Advance into an ABR Advance or a Federal Funds/Euro-Rate
Advance or (y) at least three Business Days prior to the date of the requested conversion or continuation of a Revolving Credit Ratable Advance into a Eurodollar Ratable Advance, specifying: 

(i) the requested date, which shall be a Business Day, of such conversion or continuation; 

(ii) the aggregate amount and Rate Option applicable to the Revolving Credit Ratable Advance which is to be converted or
continued; and 
 (iii) the amount and Rate Option(s) of Revolving Credit Ratable Advance(s) into which such Revolving Credit
Ratable Advance is to be converted or continued and, in the case of a conversion into or continuation of a Eurodollar Ratable Advance, the duration of the Interest Period applicable thereto (which shall be subject to the limitations set forth in
Section 2.2.6). 
 2.2.5 Limitations. Revolving Credit Ratable Advances under the Revolving Credit Facility shall be subject to
the applicable limitations set forth in Section 2.5. 

  
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 2.2.6 Interest Period. The Interest Period of a Eurodollar Ratable Advance may not
end later than the Revolving Credit Facility Termination Date nor later than the Revolving Credit Declining Lender’s Termination Date of any Revolving Credit Declining Lender. 

2.3 [Reserved]. 
 2.4
Undrawn Fee; Reductions in Aggregate Revolving Credit Commitment. 
 (a) The Borrower agrees to pay to the Administrative Agent for
the account of each Revolving Credit Lender in accordance with its Revolving Credit Ratable Share an undrawn commitment fee (“Undrawn Fee”) equal to the Applicable Fee Rate multiplied by the average daily Aggregate Available Revolving
Credit from the Amendment and Restatement Effective Date to and including the Revolving Credit Facility Termination Date, payable in arrears on the first day of each calendar quarter hereafter and on the Revolving Credit Facility Termination Date
(or such earlier date as the Revolving Credit Obligations may be accelerated or become due). 
 (b) The Borrower may permanently reduce the
Aggregate Revolving Credit Commitment in whole, or in part ratably among the Revolving Credit Lenders (in their respective Revolving Credit Ratable Shares) in integral multiples of $10,000,000, upon at least five Business Days’ written notice
to the Administrative Agent, which notice shall specify the amount of any such reduction, provided, however, that the amount of the Aggregate Revolving Credit Commitment may not be reduced below the sum of (i) aggregate principal
amount of the outstanding Revolving Credit Advances and (ii) the Facility Letter of Credit Obligations. 
 (c) All accrued Undrawn Fees
shall be payable on the effective date of any termination of the obligations of the Revolving Credit Lenders to make Revolving Credit Loans hereunder. 

2.5 Minimum Amount of Each Revolving Credit Advance; Maximum Number of Revolving Credit Advances. Each Eurodollar Ratable Advance shall
be in the minimum amount of $5,000,000 (and in multiples of $1,000,000 if in excess thereof), and each Floating Rate Advance shall be in the minimum amount of $1,000,000 (and in multiples of $1,000,000 if in excess thereof), provided,
however, that any Floating Rate Advance under the Revolving Credit Facility may be in the amount of the Aggregate Available Revolving Credit. There shall be no more than ten (10) Eurodollar Ratable Advances outstanding under the
Revolving Credit Facility (in the aggregate) at any time. 
 2.6 Optional Principal Payments. The Borrower may from time to time pay,
without penalty or premium, all outstanding Floating Rate Advances under the Revolving Credit Facility, or, in a minimum aggregate amount of $1,000,000 or any integral multiple of $1,000,000 in excess thereof, any portion of the outstanding Floating
Rate Advances under the Revolving Credit Facility upon one Business Day’s prior notice to the Administrative Agent. The Borrower may from time to time pay, upon three Business Days’ prior notice to the Administrative Agent, subject to the
payment of any funding indemnification amounts required by Section 3.4 but without penalty or premium, (i) all of a Eurodollar Ratable Advance under the Revolving Credit Facility, or (ii) in a minimum aggregate amount of $5,000,000 or
an integral multiple of $1,000,000 in excess thereof (and provided such payment would not reduce the outstanding principal amount of such Eurodollar Ratable Advance under the Revolving Credit Facility to less than $5,000,000) any portion of a
Eurodollar Ratable Advance under the Revolving Credit Facility. 

  
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 2.7 Funding. Not later than 2:00 p.m. (New York time) on the Amendment and
Restatement Effective Date, each Lender shall make available its Loans in funds immediately available in New York to the Administration Agent at its address specified pursuant to Article XIV. Not later than 1:00 p.m. (New York time) on any
other Borrowing Date, each Lender shall make available its Loan or Loans in funds immediately available in New York to the Administrative Agent at its address specified pursuant to Article XIV. The Administrative Agent will make the funds so
received from the applicable Lenders available to the Borrower at the Administrative Agent’s aforesaid address. 
 2.8 Changes in
Interest Rate, Etc. Each Floating Rate Advance shall bear interest on the outstanding principal amount thereof, for each day from and including the date such Revolving Credit Advance is made or is automatically converted from a Eurodollar
Ratable Advance into a Floating Rate Advance pursuant to Section 2.2.4, to but excluding the date it is paid or is converted into a Eurodollar Ratable Advance pursuant to Section 2.2.4 or to a Floating Rate Advance of the other Type, at a
rate per annum equal to (i) the Alternate Base Rate for such day (in the case of ABR Advances) or (ii) the Federal Funds/Euro-Rate for such day (in the case of Federal Funds/Euro-Rate Advances). Changes in the rate of interest on that
portion of any Revolving Credit Advance maintained as a Floating Rate Advance will take effect simultaneously with each change in the applicable Floating Rate. Each Eurodollar Ratable Advance shall bear interest on the outstanding principal amount
thereof from and including the first day of the Interest Period applicable thereto to (but not including) the last day of such Interest Period at the interest rate applicable to such Eurodollar Ratable Advance. No Interest Period may end after the
Revolving Credit Facility Termination Date or after the Revolving Credit Declining Lender’s Termination Date of any Revolving Credit Declining Lender. 

2.9 Rates Applicable After Default, Past Due Amounts. Notwithstanding anything to the contrary contained in Section 2.2, during the
continuance of a Default or Unmatured Default (except for (a) Unmatured Defaults that will be cured, and that the Borrower certifies will be cured, by the use of the proceeds of a Revolving Credit Advance that the Borrower has requested
hereunder or by the issuance, amendment or extension of a Facility Letter of Credit that the Borrower has requested hereunder or (b) Unmatured Defaults (other than the failure to pay any Obligation hereunder) that are not reasonably likely to
have a Material Adverse Effect and that the Borrower certifies that it reasonably expects to cure before the date on which the same becomes a Default) the Required Lenders may, at their option, by notice to the Borrower (which notice may be revoked
at the option of the Required Lenders notwithstanding any provision of Section 9.2 requiring unanimous consent of the Lenders under the Revolving Credit Facility to changes in interest rates under the Revolving Credit Facility), declare that no
Revolving Credit Advance may be made as, converted into or continued (after the then applicable Interest Period therefor) as a Eurodollar Ratable Advance. 

If any principal of or interest on any Revolving Credit Advance or any fee or other amount payable by the Borrower hereunder is not paid when
due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, until such amount shall have been paid in full (including default interest under this Section 2.9) at a
rate per annum equal to (i) in the case of overdue principal or interest of any Revolving Credit Advance, 2% plus the rate otherwise applicable to such Revolving Credit Advance as provided herein or (ii) in the case of any other amount, 2%
plus the rate applicable to ABR Advances. 

  
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 2.10 Method and Allocation of Payments. 

(a) All payments of the Obligations hereunder shall be made, without setoff, deduction, or counterclaim, in immediately available funds to the
Administrative Agent at the Administrative Agent’s address specified pursuant to Article XIV, or at any other Lending Installation of the Administrative Agent specified in writing by the Administrative Agent to the Borrower, by 1:00 p.m.
(New York time) on the date when due. Each payment delivered to the Administrative Agent for the account of any Lender shall be delivered promptly by the Administrative Agent to such Lender in the same type of funds that the Administrative Agent
received at its address specified pursuant to Article XIV or at any Lending Installation specified in a notice received by the Administrative Agent from such Lender. The Administrative Agent is hereby authorized to charge the account of the Borrower
maintained with Citibank for each payment of principal, interest and fees as it becomes due hereunder. 
 (b) Payments of principal and
interest on Revolving Credit Ratable Advances received by the Administrative Agent shall be allocated among the Lenders under the Revolving Credit Facility based on their pro rata shares of such Revolving Credit Ratable Advances. Payments made by
the Borrower shall be applied to the Revolving Credit Advances or interest thereon (or both, as applicable) designated by the Borrower. 

(c) [Reserved]. 
 (d) [Reserved].

 (e) If the Administrative Agent receives payments on any Business Day of any amounts payable to any Lender hereunder and fails to pay such
amount to such Lender (i) on or before the close of business on such day if such payment was received by 1:00 p.m. (New York time) on such day or (ii) on or before the next succeeding Business Day if such payment was received after
1:00 p.m. (New York time) on such day of receipt, the Administrative Agent shall pay to such Lender interest on such unpaid amount at the Federal Funds Effective Rate until such amount is so paid to such Lender. 

2.11 Noteless Agreement; Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such
Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(b) The Administrative Agent shall also maintain accounts in which it will record (i) the amount of each Loan made hereunder and the Rate
Option and Interest Period with respect thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Administrative Agent hereunder from the Borrower and each Lender’s share thereof. 

  
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 (c) The entries maintained in the accounts maintained pursuant to Sections 2.11 (a) and
(b) above shall be prima facie evidence of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of the Administrative Agent or any Lender to maintain such accounts or any error therein
shall not in any manner affect the obligation of the Borrower to repay the Obligations in accordance with their terms. 
 (d) Any Lender may
request that its Revolving Credit Ratable Loans be evidenced by a Revolving Credit Note. In such event, the Borrower shall prepare, execute and deliver to such Lender the applicable Note or Notes payable to such Lender (or its registered assigns) in
a form supplied by the Administrative Agent. Thereafter, the Loans evidenced by such Note and interest thereon shall at all times (including after any assignment pursuant to Section 13.3) be represented by one or more Notes payable to the payee
named therein or any assignee pursuant to Section 13.3, except to the extent that any such Lender or assignee subsequently returns any such Note for cancellation and requests that such Loans once again be evidenced as described in Sections
2.11(a) and (b) above. 
 2.12 [Reserved]. 

2.13 Interest Payment Dates: Interest and Fee Basis. Interest accrued on each Floating Rate Advance shall be payable on the first date
of each calendar month, commencing with the first such date to occur after the Amendment and Restatement Effective Date. Interest accrued on each Eurodollar Ratable Advance shall be payable on the last day of its applicable Interest Period, on any
date on which the Eurodollar Ratable Advance is prepaid, whether due to acceleration or otherwise, and at maturity. Interest accrued on each Eurodollar Ratable Advance having an Interest Period longer than three months shall also be payable on the
first day of each calendar quarter during such Interest Period. Interest and fees under this Agreement shall be calculated for actual days elapsed on the basis of a 360-day year except that interest on
Floating Rate Advances shall be calculated for actual days elapsed on the basis of a 365-day (or, if applicable, 366-day) year. Interest shall be payable for the day a
Revolving Credit Advance is made but not for the day of any payment on the amount paid if payment is received prior to 1:00 p.m. (New York time) at the place of payment. If any payment of principal of or interest on a Revolving Credit Advance
shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in computing interest in connection with such
payment. 
 2.14 Notification of Revolving Credit Advances, Interest Rates, Prepayments and Revolving Credit Commitment Reductions.
Promptly after receipt thereof, (a) the Administrative Agent will notify each Revolving Credit Lender of the contents of each Aggregate Revolving Credit Commitment reduction notice, and (b) the Administrative Agent shall notify each
Revolving Credit Lender of each Ratable Borrowing Notice, Rate Option Notice and repayment notice received by the Administrative Agent with respect to the Revolving Credit Facility. The Administrative Agent will notify each Lender under the
Revolving Credit Facility of the interest rate applicable to each Eurodollar Ratable Advance under the Revolving Credit Facility promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the
Alternate Base Rate. 

  
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 2.15 Lending Installations. Each Lender may book its Loans under the Revolving Credit
Facility at any Lending Installation selected by such Lender and may change its Lending Installation from time to time. All terms of this Agreement shall apply to any such Lending Installation and the applicable Loans and Notes issued hereunder
shall be deemed held by each Lender for the benefit of such Lending Installation. Each Lender may, by written notice to the Administrative Agent and the Borrower in accordance with Article XIV, designate replacement or additional Lending
Installations through which Loans under the Revolving Credit Facility will be made by it and for whose account Loan payments under the Revolving Credit Facility are to be made. 

2.16 Non-Receipt of Funds by the Administrative Agent. Unless the Borrower or a Lender, as the
case may be, notifies the Administrative Agent prior to the date, or time of day in the case of same-day borrowings, on which it is scheduled to make payment to the Administrative Agent of (i) in the case
of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Administrative Agent for the account of any of the Lenders, that it does not intend to make such payment, the
Administrative Agent may assume that such payment has been made. The Administrative Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the
Borrower, as the case may be, has not in fact made such payment to the Administrative Agent, the recipient of such payment shall, on demand by the Administrative Agent, repay to the Administrative Agent the amount so made available together with
interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Administrative Agent until the date the Administrative Agent recovers such amount at a rate per annum equal to (x) in the
case of payment by a Lender, the Federal Funds Effective Rate for such day or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan. 

2.17 Extension of Revolving Credit Facility Termination Dates. Notwithstanding anything to the contrary in this Agreement, the Borrower
may request, but not more than once in each fiscal year of the Borrower and on no more than three occasions in the aggregate after the Amendment and Restatement Effective Date, an extension of the Revolving Credit Facility Termination Date by
submitting a request for an extension to the Administrative Agent (an “Extension Request”). The Extension Request must specify the new Revolving Credit Facility Termination Date requested by the Borrower with respect thereto
(“Extension Date”), which shall be not more than five years after the effective date of the amendment to this Agreement establishing such Extension Date (the “Extension Effective Date”). The Extension Request shall be accompanied
by a certificate, signed by the chief financial officer, controller, chief accounting officer or treasurer of the Borrower, stating that on the date of the Extension Request, no Default or Unmatured Default has occurred and is continuing and that
all of the representations and warranties in Article VI are true and correct in all material respects (except (i) to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation
or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all
respects). On the Extension Effective 

  
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Date, the Borrower shall deliver a certificate, signed by the chief financial officer, controller, chief accounting officer or treasurer of the Borrower, stating that on the Extension Effective
Date, no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI are true and correct in all material respects (except (i) to the extent any such representation or warranty is
stated to relate solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier date and (ii) to the extent already qualified by materiality, in which
case said representations and warranties are true and correct in all respects). Promptly upon receipt of an Extension Request, the Administrative Agent shall notify each Lender under the Revolving Credit Facility of the contents thereof and shall
request that each Lender under the Revolving Credit Facility approve the Extension Request (which approval may be given or withheld by each Lender in its sole discretion). If an Extension Request requests an extension of the Revolving Credit
Facility Termination Date, a Lender may, at its election, approve or deny an extension of the Revolving Credit Facility Termination Date (it being understood that no Lender shall be under any obligation to approve an extension of the Revolving
Credit Facility Termination Date). Each Lender approving an Extension Request shall deliver its written approval no later than 25 days following such Extension Request (or such longer or shorter period as shall be agreed by the Borrower and the
Administrative Agent (such period, the “Extension Period”)). If written approval of the Required Lenders is not received by the Administrative Agent within such Extension Period, the Extension Request shall be denied. If such written
approval of the Required Lenders under the Revolving Credit Facility is received by the Administrative Agent within such Extension Period, the Revolving Credit Facility Termination Date shall be extended to the Extension Date but only with respect
to the Revolving Credit Commitments of the Lenders under the Revolving Credit Facility that have given such written approval. Except to the extent that a Lender that did not give its written approval to such Extension Request under the Revolving
Credit Facility (each a “Revolving Credit Declining Lender”) is replaced prior to its Revolving Credit Declining Lender’s Termination Date as provided in Section 2.20 or such Revolving Credit Declining Lender subsequently elects
to extend its Revolving Credit Commitment in accordance with Section 2.1.1(c), (a) the Aggregate Revolving Credit Commitment shall be decreased by the Revolving Credit Commitment of each such Revolving Credit Declining Lender, which Revolving
Credit Declining Lender’s Revolving Credit Commitment shall terminate on (and the Aggregate Revolving Credit Commitment shall decrease effective as of) the Revolving Credit Facility Termination Date, as determined prior to such Extension
Request (the “Revolving Credit Declining Lender’s Termination Date”), or the date that the Revolving Commitment of such Revolving Credit Declining Lender is terminated in accordance with Section 2.21, as the case may be and
(b) the Loans and all interest, fees and other amounts owed to such Revolving Credit Declining Lender under the Revolving Credit Facility with respect to which it is a Revolving Credit Declining Lender shall be paid in full on each such
Revolving Credit Declining Lender’s Termination Date or as otherwise provided in Section 2.21. 
 2.18 Facility Increase.

 (a) The Borrower may, at any time and from time to time after the Amendment and Restatement Effective Date, by notice to the
Administrative Agent, request an increase (“Facility Increase”) in the Aggregate Revolving Credit Commitment (within the limitations herein provided), which notice shall set forth the amount of such requested Facility Increase. The
Aggregate Revolving Credit Commitment may be so increased either by having one or more New 

  
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Revolving Credit Lenders become Lenders under the Revolving Credit Facility and/or by having any one or more of the then existing Lenders under the Revolving Credit Facility (at their respective
election in their sole discretion) that have been approved by the Borrower, the Administrative Agent and the Company (such approval by the Administrative Agent not to be unreasonably withheld or delayed), increase the amount of their Revolving
Credit Commitments, provided that (i) each Facility Increase shall be in an amount not less than $5,000,000, (ii) after giving effect to the Facility Increase, the Aggregate Revolving Credit Commitment shall not exceed the Aggregate
Revolving Credit Facility Limit, (iii) no Unmatured Default or Default exists or would exist after giving effect to the Facility Increase, (iv) all financial covenants set forth in Section 7.28 would be satisfied on a pro forma basis
for the most recent determination period, after giving effect to such Facility Increase as if it occurred on the last day of such determination period (and assuming such Facility Increase is fully borrowed) and (v) any Facility Increase shall
be on the terms and pursuant to the documentation applicable to the Revolving Credit Facility. 
 (b) As a condition to a Facility Increase,
(i) the Borrower and each Additional Lender shall have executed and delivered a commitment and acceptance (the “Commitment and Acceptance”) substantially in the form of Exhibit B hereto and the Administrative Agent shall have
accepted and executed the same (such acceptance and execution by the Administrative Agent not to be unreasonably withheld or delayed); (ii) if requested by an Additional Lender, the Borrower shall have executed and delivered to the Administrative
Agent the applicable Note payable to such Additional Lender (or its registered assigns); (iii) the Guarantors shall have consented in writing to the Facility Increase and shall have agreed that their Guaranty Agreements continue in full force and
effect; (iv) the Borrower and each Additional Lender shall otherwise have executed and delivered such other instruments and documents as the Administrative Agent shall have reasonably requested in connection with such Facility Increase; and
(v) if requested by the Administrative Agent, the Borrower shall have delivered to the Administrative Agent opinions of counsel (substantially similar to the forms of opinions provided for in Section 5.1 (viii), modified to apply to the
Facility Increase and to each Note, Commitment and Acceptance, and other documents executed and delivered in connection with such Facility Increase). The form and substance of the documents required under clauses (i) through (v) above shall be
acceptable to the Administrative Agent in its reasonable discretion. The Administrative Agent shall promptly provide written notice to all of the Lenders hereunder of the Facility Increase. 

(c) Upon the effective date of any Facility Increase pursuant to the provisions hereof (the “Increase Date”), which Increase Date
shall be mutually agreed upon by the Borrower, each applicable Additional Lender and the Administrative Agent, then: (A) such Additional Lender under the Revolving Credit Facility shall be deemed to have irrevocably and unconditionally
purchased and received, without recourse or warranty, from the Revolving Credit Lenders party to this Agreement immediately prior to the Increase Date, an undivided interest and participation in any Facility Letter of Credit then outstanding,
ratably, such that each Revolving Credit Lender (including each Additional Lender under the Revolving Credit Facility) holds a participation interest in each such Facility Letter of Credit in the amount of its then Revolving Credit Ratable Share
thereof; (B) on such Increase Date, the Borrower shall repay all outstanding Floating Rate Advances under the Revolving Credit Facility and reborrow a Floating Rate Advance in a like amount from the Revolving Credit Lenders (including each
Additional Lender under the Revolving Credit Facility); (C) except as provided in clause (D), such Additional Lender under the Revolving Credit Facility shall not participate in any then outstanding Eurodollar Ratable

  
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Advances under the Revolving Credit Facility; (D) if the Borrower shall at any time on or after such Increase Date convert or continue any Eurodollar Ratable Advance that was outstanding
under the Revolving Credit Facility on such Increase Date, the Borrower shall be deemed to repay such Eurodollar Ratable Advance on the date of the conversion or continuation thereof and then to reborrow as a Revolving Credit Ratable Advance a like
amount on such date so that the Additional Lender under the Revolving Credit Facility shall make a Revolving Credit Ratable Loan on such date; and (E) such Additional Lender under the Revolving Credit Facility shall make its Revolving Credit
Ratable Share of all Revolving Credit Ratable Advances made on or after such Increase Date (including those referred to in clauses (B) and (D) above) and shall otherwise have all of the rights and obligations of a Revolving Credit Lender
hereunder on and after such Increase Date. Notwithstanding the foregoing, upon the occurrence of a Default prior to the date on which such Additional Lender is holding Eurodollar Ratable Loans under the Revolving Credit Facility equal to its
Revolving Credit Ratable Share of all Eurodollar Ratable Advances under the Revolving Credit Facility, such Additional Lender shall, upon notice from the Administrative Agent, on or after the date on which the Obligations are accelerated or become
due following such Default, pay to the Administrative Agent (for the account of the other Revolving Credit Lenders, to which the Administrative Agent shall pay their Revolving Credit Ratable Shares thereof upon receipt) a sum equal to such
Additional Lender’s Revolving Credit Ratable Share of each Eurodollar Ratable Advance then outstanding under the Revolving Credit Facility with respect to which such Additional Lender does not then hold a Eurodollar Ratable Loan equal to its
Revolving Credit Ratable Share thereof; such payment by such Additional Lender shall constitute an ABR Loan hereunder. 
 (d) Solely for
purposes of clause (i) of the definition of “Required Lenders,” until such time as an Additional Lender under the Revolving Credit Facility holds Revolving Credit Ratable Loans equaling its Revolving Credit Ratable Share of all
outstanding Revolving Credit Ratable Advances, the amount of such Additional Lender’s new Revolving Credit Commitment or the increased amount of its Revolving Credit Commitment (as applicable) shall be excluded from the amount of the Revolving
Credit Commitments and there shall be included in lieu thereof at any time an amount equal to the sum of the outstanding Revolving Credit Ratable Loans and the participation interests in Facility Letters of Credit held by such Additional Lender with
respect to its new Revolving Credit Commitment or the increased amount of its Revolving Credit Commitment. 
 (e) For the avoidance of doubt,
any Facility Increase pursuant to the provisions of this Section 2.18 shall not require the consent of any Lender other than the applicable Additional Lenders. Nothing contained herein shall constitute, or otherwise be deemed to be, a
commitment or agreement on the part of any Lender to increase its Revolving Credit Commitment hereunder at any time or a commitment or agreement on the part of the Borrower or the Administrative Agent to give or grant any Lender the right to
increase its Revolving Credit Commitment hereunder at any time. 
 2.19 [Reserved]. 

2.20 Replacement of a Lender. If a Lender (“Affected Lender”) (a) sustains or incurs a loss or expense or reduction of income
and requests reimbursement therefor from the Borrower pursuant to Section 3.1, 3.2, 3.4 or 3.5, (b) determines that maintenance of any of its Eurodollar 

  
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Ratable Loans at a suitable Lending Installation would violate any applicable Law or it is otherwise impossible for such Lender (or its Lending Installation) to make, maintain or fund its
Eurodollar Ratable Loans and so notifies the Administrative Agent pursuant to Section 3.3, (c) is a Revolving Credit Declining Lender or a Non-Consenting Lender or (d) is a Defaulting Lender, the
Borrower may on or after the date on which the Borrower receives such request (in the case of clause (a) above) or after the date on which the Administrative Agent gives the Borrower notice of the Administrative Agent’s receipt of the
notice from such Lender under Section 3.3 (in the case of clause (b) above) or at any time prior to such Revolving Credit Declining Lender’s Termination Date (in the case of clause (c) above) or at any time after the date that it
is determined that such Lender is a Non-Consenting Lender (in the case of clause (c) above) or after it is reasonably determined by the Administrative Agent, and the Administrative Agent has notified the
Borrower, that such Lender is a Defaulting Lender (in the case of clause (d) above) (and such Lender has not ceased to be a Defaulting Lender) notify the Administrative Agent and such Affected Lender that a Replacement Lender designated by the
Borrower in the notice has agreed to replace such Lender with respect to its Revolving Credit Commitment and Revolving Credit Loans, provided that (i) any Replacement Lender shall be subject to the approval of the Administrative Agent
(which approval shall not be unreasonably withheld or delayed); (ii) any Replacement Lender shall not constitute a Defaulting Lender at the time of such replacement; (iii) any assignment to a Replacement Lender shall be subject to
Section 13.3; and (iv) the Borrower shall have paid any amounts due pursuant to Section 3.1, 3.2, 3.4 or 3.5 to the Affected Lender to be replaced on or before such replacement. The Affected Lender to be replaced shall assign, as
applicable, its Revolving Credit Commitment, Loans and interests in outstanding Facility Letters of Credit hereunder to the Replacement Lender pursuant to the procedures for assignments contained in Section 13.3 (except as to any minimum amount
requirements set forth therein) and shall receive, concurrently with such assignments, payment from such Replacement Lender of an amount equal to all outstanding amounts payable to such Affected Lender with respect to the Revolving Credit Facility,
including without limitation the aggregate outstanding principal amount of the Loans held by such Affected Lender, all interest thereon to the date of the assignment, all accrued fees to the date of such assignment and any amounts payable under
Section 3.4 with respect to any payment of any Eurodollar Ratable Loan resulting from such assignment. Such Affected Lender shall not be responsible for the payment to the Administrative Agent of the fee provided for in Section 13.3.2,
which fee shall be paid by such Replacement Lender. In the case of an assignment by (i) a Revolving Credit Declining Lender under this Section 2.20, the Replacement Lender that is the assignee of the Revolving Credit Declining Lender shall
agree at the time of such assignment to the extension to the Extension Date of the Revolving Credit Facility Termination Date with respect to the Revolving Credit Facility, which agreement shall be set forth in a written instrument delivered and
satisfactory to the Borrower and (in its reasonable discretion) the Administrative Agent or (ii) a Non-Consenting Lender under this Section 2.20, the Replacement Lender that is the assignee of the Non-Consenting Lender shall agree at the time of such assignment to the amendment, consent or waiver which such Non-Consenting Lender has not consented to, which agreement
shall be set forth in a written instrument delivered and satisfactory to the Borrower and (in its reasonable discretion) the Administrative Agent. 

2.21 Termination of Revolving Credit Commitment of Revolving Credit Declining Lender or
Non-Consenting Lender. At any time prior to the replacement of a Revolving Credit Declining Lender or Non-Consenting Lender pursuant to Section 2.20, the
Borrower may, upon not less than 15 days’ prior notice to the Administrative Agent (or such shorter period as shall be 

  
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agreed by the Administrative Agent) and such Revolving Credit Declining Lender or Non-Consenting Lender, as the case may be, terminate the Revolving Credit
Commitment of such Revolving Credit Declining Lender or Non-Consenting Lender, as of a Business Day (in the case of the termination of the Revolving Credit Commitments of a Revolving Credit Declining Lender,
prior to the Revolving Credit Declining Lender’s Termination Date) set forth in such notice; provided, however, that if such Revolving Credit Declining Lender or Non-Consenting Lender, as
the case may be, is an Issuing Bank with one or more outstanding Facility Letters of Credit, the termination of its Revolving Credit Commitment shall be permitted only upon satisfaction of the requirements set forth in Section 4.10. In the
event of such termination of the Revolving Credit Commitment of a Revolving Credit Declining Lender or a Non-Consenting Lender, as the case may be, the Borrower shall pay to the Administrative Agent on the
date of termination of such Revolving Credit Commitment, for the account of such Revolving Credit Declining Lender or Non-Consenting Lender, as the case may be, all Loans and other sums payable to such
Revolving Credit Declining Lender or Non-Consenting Lender, as the case may be, hereunder under the Revolving Credit Facility and all amounts (if any) payable to such Revolving Credit Declining Lender or Non-Consenting Lender, as the case may be, under Section 3.4 under the Revolving Credit Facility by reason of such payment. Such Revolving Credit Declining Lender or
Non-Consenting Lender, as the case may be, shall continue to be entitled to the benefits of Sections 3.1, 3.2, 3.4, 3.5, 4.6, 4.9 and 10.6(b) to the extent such Revolving Credit Declining Lender’s or Non-Consenting Lender’s, as the case may be, entitlement to such benefit arose out of its position as a Lender under the Revolving Credit Facility prior to the termination of its Revolving Credit Commitment.

 2.22 Defaulting Lenders. 

(a) Reallocation of Defaulting Lender Commitment, Etc. If a Lender becomes, and during the period it remains, a Defaulting Lender, the
following provisions shall apply with respect to any outstanding Facility Letter of Credit Exposure: 
 (i) the Facility
Letter of Credit Exposure of such Defaulting Lender will, subject to the limitation in the first proviso below, automatically be reallocated (effective on the day such Lender becomes a Defaulting Lender) among the
Non-Defaulting Lenders pro rata in accordance with their respective Revolving Credit Commitments; provided that (a) after giving effect to such reallocation, the sum of each Non-Defaulting Lender’s total of the Revolving Credit Exposure may not in any event exceed the Revolving Credit Commitment of such Non-Defaulting Lender as in effect at
the time of such reallocation and (b) subject to Section 10.15, neither such reallocation nor any payment by a Non-Defaulting Lender pursuant thereto will constitute a waiver or release of any claim
the Borrower, the Administrative Agent, the Issuing Banks or any other Lender may have against such Defaulting Lender or cause such Defaulting Lender to be a Non-Defaulting Lender; and 

(ii) to the extent that any portion (the “unreallocated portion”) of the Defaulting Lender’s Facility Letter of
Credit Exposure cannot be so reallocated, whether by reason of the first proviso in clause (i) above or otherwise, the Borrower will, not later than two Business Days after demand by the Administrative Agent (at the direction of any Issuing
Bank), cash collateralize the obligations of the Borrower to such Issuing Bank in respect 

  
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of such Facility Letter of Credit Exposure (other than Facility Letter of Credit Exposure with respect to Alternative Letters of Credit) of such Defaulting Lender, as the case may be, in an
amount at least equal to the aggregate amount of the unreallocated portion of such Facility Letter of Credit Exposure (other than Facility Letter of Credit Exposure with respect to Alternative Letters of Credit). 

Notwithstanding the foregoing, if a Default has occurred and is continuing, then prior to any reallocation pursuant to Section 2.22(a)(i)
above, the Borrower shall be required to cash collateralize the Facility Letter of Credit Exposure (other than Facility Letter of Credit Exposure with respect to Alternative Letters of Credit) of such Defaulting Lender and such reallocation shall
only occur if the Borrower fails to cash collateralize the Facility Letter of Credit Exposure (other than Facility Letter of Credit Exposure with respect to Alternative Letters of Credit) of such Defaulting Lender within five Business Days after
written demand to do so by the Administrative Agent (at the direction of any Issuing Bank). 
 (b) Fees. 

(i) Anything herein to the contrary notwithstanding, during such period as a Lender is a Defaulting Lender, such Defaulting
Lender will not be entitled to any Undrawn Fee accruing during such period pursuant to Section 2.4 and the Borrower shall no longer be required to pay the portion of the Undrawn Fee accruing during such period that would have been payable to
such Defaulting Lender. 
 (ii) Anything herein to the contrary notwithstanding, during such period as a Lender is a
Defaulting Lender, such Defaulting Lender will not be entitled to any Facility Letter of Credit Fees accruing during such period pursuant to Section 4.7(a) (without prejudice to the rights of the
Non-Defaulting Lenders in respect of such fees to the extent provided herein); provided that (x) to the extent that all or a portion of the Facility Letter of Credit Exposure of a Defaulting Lender
is reallocated to the Non-Defaulting Lenders pursuant to Section 2.22(a)(i), such fees that would have accrued for the benefit of such Defaulting Lender on the portion so reallocated will instead accrue
for the benefit of and be payable to such Non-Defaulting Lenders, pro rata in accordance with their respective Revolving Credit Commitments, and (y) to the extent any portion of such Facility Letter of
Credit Exposure cannot be so reallocated, such Facility Letter of Credit Fees will instead accrue for the benefit of and be payable to the Issuing Banks based on their pro rata share of the undrawn face amount of Facility Letters of Credit
outstanding; provided that if at any time and so long as the Borrower shall have cash collateralized the Facility Letter of Credit Exposure of a Defaulting Lender as required pursuant to Section 2.22(a)(ii), then the Borrower shall no
longer be required to pay Facility Letter of Credit Fees in respect of such cash collateralized amounts in respect of the Facility Letter of Credit Exposure of such Defaulting Lender. 

(c) Termination of Defaulting Lender Commitment. So long as no Default or Unmatured Default has occurred and is continuing, the Borrower
may terminate the unused amount of the Revolving Credit Commitment of a Defaulting Lender upon not less than three Business Days’ prior notice to the Administrative Agent (which will promptly notify the Lenders thereof); provided that
(i) prior to any such termination, the Borrower shall have repaid in full all 

  
 46 

 
outstanding Revolving Credit Advances (without any reduction of the Revolving Credit Commitments) and all accrued but unpaid interest and fees hereunder owing to such Defaulting Lender and
(ii) such termination will not be deemed to be a waiver or release of any claim the Borrower, the Administrative Agent, the Issuing Banks or any Lender may have against such Defaulting Lender; provided further that in the case of
the termination of a Defaulting Lender’s Revolving Credit Commitment, if such Defaulting Lender is an Issuing Bank with one or more outstanding Facility Letters of Credit (other than any Alternative Letters of Credit), then the Borrower shall
either (A) be required to fully cash collateralize such Facility Letters of Credit in accordance with the requirements set forth in Section 4.10 or (B) if acceptable to such Defaulting Lender, provide other alternatives acceptable to
such Defaulting Lender in its sole discretion. 
 (d) Reallocation of Payments. If a Lender becomes, and during the period it remains,
a Defaulting Lender, except in connection with a termination of such Defaulting Lender’s Revolving Credit Commitments pursuant to Section 2.22(c) above, any amount paid by the Borrower for the account of such Defaulting Lender (whether on
account of principal, interest, fees, indemnity payments or other amounts) will not be paid or distributed to such Defaulting Lender, but will instead be retained by the Administrative Agent in a segregated
non-interest-bearing account until (subject to Section 2.22(e)) the earlier of (x) termination of the Revolving Credit Commitments and payment in full of all obligations of the Borrower hereunder and
(y) the Revolving Credit Facility Termination Date applicable to such Defaulting Lender and payment in full of all obligations of the Borrower hereunder to all Lenders owing on such Revolving Credit Facility Termination Date and will be applied
by the Administrative Agent, to the fullest extent permitted by law, to the making of payments from time to time in the following order of priority: first to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent
under this Agreement, second to the payment of any amounts owing by such Defaulting Lender to the Issuing Banks (pro rata as to the respective amounts owing to each of them) under this Agreement, and third after the earlier of (x) termination
of the Revolving Credit Commitments and payment in full of all obligations of the Borrower hereunder and (y) the Revolving Credit Facility Termination Date applicable to such Defaulting Lender and payment in full of all obligations of the
Borrower hereunder to all Lenders owing on such Revolving Credit Facility Termination Date, to pay amounts owing under this Agreement to such Defaulting Lender or as a court of competent jurisdiction may otherwise direct. For the sake of clarity, it
is understood and agreed that any payment by the Borrower on account of the obligations of a Defaulting Lender shall be and be deemed to be a payment by the Borrower to such Defaulting Lender (and no interest will thereafter accrue on such amount)
whether or not such payment is paid to such Defaulting Lender or deposited in the above-referenced non-interest bearing account. 

(e) Cure. If the Borrower, the Administrative Agent and the Issuing Banks agree in writing in their discretion that a Lender that is a
Defaulting Lender should no longer be deemed to be a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which
may include arrangements with respect to any amounts then held in the segregated account referred to in Section 2.22(d)), such Lender will, to the extent applicable, purchase such portion of the outstanding Revolving Credit Advances of the
other Lenders and/or make such other adjustments as the Administrative Agent may determine to be necessary to cause the total Revolving Credit Commitments, Revolving Credit Advances and Facility Letter of Credit participation obligations pursuant to
Section 4.6 of the Lenders to be on a pro rata basis in 

  
 47 

 
accordance with their respective Revolving Credit Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Non-Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from such Lender’s having been a Defaulting Lender. 

ARTICLE III 
 INCREASED
COSTS; TAXES 
 3.1 Increased Costs. If any Change in Law shall impose, modify or deem applicable any reserve, special deposit or
similar requirement (including, without limitation, any such requirement imposed by the Board of Governors of the Federal Reserve System but excluding with respect to any Eurodollar Ratable Advance any such requirement included in an applicable
Statutory Reserve Rate) against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Lending Installation) or Issuing Bank, shall impose on any Lender (or its Lending Installation), Issuing Bank or the
Administrative Agent or on the London interbank market any other condition (other than Taxes) affecting its Eurodollar Ratable Advances or its obligation to make Eurodollar Ratable Advances, or shall subject such Lender or Issuing Bank to any Taxes
(other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto, and the result of any of the
foregoing is to increase the cost to such Lender (or its Lending Installation) or Issuing Bank of making or maintaining any Eurodollar Ratable Advance, or to reduce the amount of any sum received or receivable by such Lender (or its Lending
Installation), Issuing Bank or the Administrative Agent under this Agreement or under its Note with respect thereto by an amount deemed by such Lender, Issuing Bank or the Administrative Agent to be material, then, within 30 days after demand by
such Lender or Issuing Bank, the Borrower shall pay to such Lender or Issuing Bank such additional amount or amounts as will compensate such Lender or Issuing Bank for such increased cost or reduction; provided, however, that at such
time such Lender or Issuing Bank shall be generally assessing such amounts on a non-discriminatory basis against borrowers under agreements having provisions similar to this Agreement. 

For the avoidance of doubt, this Section 3.1 shall not apply to Indemnified Taxes or Excluded Taxes. 

3.2 Capital Adequacy. If any Lender or Issuing Bank shall have determined that any Change in Law affecting such Lender or Issuing Bank
or any Lending Installation of such Lender or Issuing Bank regarding capital adequacy or liquidity requirements has or would have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital as a consequence of its
obligations hereunder to a level below that which such Lender or Issuing Bank could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing Bank’s policies with respect to capital adequacy or liquidity,
as applicable) by an amount deemed by such Lender or Issuing Bank to be material, then from time to time, within 30 days after demand by such Lender or Issuing Bank, the Borrower shall pay to such Lender or Issuing Bank such additional amount or
amounts as will compensate such Lender or Issuing Bank for such reduction; provided,  

  
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however, that at such time such Lender or Issuing Bank shall be generally assessing such amounts on a non-discriminatory basis against borrowers
under agreements having provisions similar to this Section. Notwithstanding anything to the contrary, this Section 3.2 shall not apply to Taxes, which shall be governed exclusively by Section 3.1 and Section 3.5. 

3.3 Availability of Certain Revolving Credit Advances; Illegality. 

(a) (i) If the Required Lenders under the Revolving Credit Facility determine that (A) deposits of a type and maturity appropriate to
match fund Eurodollar Ratable Advances are not available or (B) the interest rate applicable to a Rate Option does not accurately reflect the cost of making or maintaining the applicable Revolving Credit Ratable Advance, then the Administrative
Agent shall suspend the availability of the affected Rate Option under the Revolving Credit Facility or (ii) if, after the Amendment and Restatement Effective Date, the adoption of any applicable law, rule or regulation, or any change therein,
or any change in the interpretation or administration thereof by any Official Body charged with the interpretation or administration thereof, or compliance by any Lender (or its Lending Installation) with any request or directive issued after the
Amendment and Restatement Effective Date (whether or not having the force of law) of any such Official Body shall make it unlawful or impossible for any Lender (or its Lending Installation) to make, maintain or fund its Eurodollar Ratable Advances
hereunder such Lender shall so notify the Administrative Agent and the Borrower, whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of
such Lender to make such Eurodollar Ratable Advances shall be suspended. Before giving any notice to the Administrative Agent and the Borrower pursuant to this Section 3.3, such Lender shall designate a different Lending Installation if such
different Lending Installation is available to the applicable Lender, such designation will avoid the need for giving such notice and such designation will not, in the reasonable judgment of such Lender, be otherwise disadvantageous to such Lender.
If such Lender shall determine that it may not lawfully continue to maintain and fund any of its outstanding Eurodollar Ratable Advances to maturity and shall so specify in such notice, each such Eurodollar Ratable Advance will automatically, upon
such demand, be converted into an ABR Advance. 
 (b) Notwithstanding anything to the contrary in this Agreement or any other Loan Documents,
if at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error), the Borrower notifies the Administrative Agent that it has determined, or the Required Lenders notify the
Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined, that (x) adequate and reasonable means do not exist for ascertaining the LIBO Rate (including, without limitation, because the LIBO Rate is not
available or published on a current basis), for U.S. dollars and such Interest Period and such circumstances are unlikely to be temporary, (y) the circumstances set forth in clause (x) have not arisen but the supervisor for the
administrator of the LIBO Rate or an Official Body having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Rate shall no longer be made available, or used for determining the
interest rates of loans, or (z) U.S. dollar-denominated syndicated credit facilities being executed at such time or that include language similar to that contained in this Section are being executed or amended, as applicable, to incorporate or
adopt a new benchmark replacement rate to replace the LIBO Rate, and the Administrative Agent, the Borrower or the Required Lenders, as applicable, have elected to declare that an
“Early-Opt-in Election” has occurred and the provision, as 

  
 49 

 
applicable, by the Administrative Agent of written notice of such election to the Borrower and the Lenders or by the Borrower or the Required Lenders of written notice of such election to the
Administrative Agent, as applicable, then after such determination or receipt by the Administrative Agent of such notice, as applicable, the Administrative Agent and the Borrower shall endeavor to establish an alternative rate of interest and may
amend this Agreement to replace the LIBO Rate with an alternate benchmark rate of interest (including any mathematical or other adjustments to the benchmark (if any) incorporated therein) that has been broadly accepted by the syndicated loan market
in the United States in lieu of the LIBO Rate (including modifications to clause (b) of the definition of “Federal Funds Euro-Rate”) (any such proposed rate, a “LIBOR Successor Rate”), together with such other related
changes to this Agreement as may be applicable, including any proposed LIBOR Successor Rate Conforming Changes. Notwithstanding anything to the contrary in Section 9.2, such amendment shall become effective without any further action or consent
of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date such proposed amendment is provided to the Lenders, a written notice from the Required Lenders stating that such
Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this clause (b) (but, in the case of the circumstances described in clause (x), (y) or (z) of the first sentence of this
3.3(b), only to the extent the LIBO Rate for U.S. dollars and such Interest Period is not available or published at such time on a current basis), (A) any Ratable Borrowing Notice that requests a Eurodollar Ratable Advance or a Federal
Funds/Euro-Rate Advance shall be ineffective and (B) any Rate Option Notice that requests the conversion of any Revolving Credit Advance to, or continuation of any Revolving Credit Advance as, a Eurodollar Ratable Advance or a Federal
Funds/Euro-Rate Advance shall be ineffective and such Revolving Credit Advance shall be automatically converted at such time into an ABR Advance; provided that, if such LIBOR Successor Rate shall be less than zero, such LIBOR Successor Rate shall be
deemed to be zero for the purposes of this Agreement. 
 3.4 Funding Indemnification. If (a) (i) any payment of a Eurodollar
Ratable Advance occurs on a date which is not the last day of the applicable Interest Period, whether because of acceleration, prepayment or otherwise, or (ii) a Eurodollar Ratable Advance is not made on the date specified by the Borrower, or
(iii) any Revolving Credit Advance is not continued as or converted into a Eurodollar Ratable Advance, on the date specified by the Borrower, in each case, for any reason other than default by the Lenders or (b) the assignment of any
Eurodollar Ratable Loan occurs on a date which is not the last day of the applicable Interest Period as a result of a request by the Borrower pursuant to Section 2.20, then the Borrower will indemnify each applicable Lender for any loss or cost
(including any reasonable internal administrative costs but excluding any loss of margin, any lost profits and any loss, cost or expense resulting from the failure of such Lender to make a Loan as a result of a default by such Lender) incurred by it
resulting therefrom, including, without limitation, any loss or cost in liquidating or employing deposits acquired to fund or maintain such Eurodollar Ratable Advance. Determination of amounts payable under this Section 3.4 in connection with a
Eurodollar Ratable Loan shall be calculated as though each Lender funded its Eurodollar Ratable Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the interest rate
applicable to such Loan, whether in fact that is the case or not. 

  
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 3.5 Taxes. 

(a) Unless otherwise required by applicable law, any and all payments by or on account of any obligation of any Loan Party under any Loan
Document shall be made free and clear of and without reduction or withholding for any Taxes, provided that if any applicable withholding agent shall be required by applicable law to deduct any Taxes from such payments, then (i) to the
extent such Tax is an Indemnified Tax, the sum payable by the applicable Loan Party shall be increased as necessary so that after all required deductions of Taxes (including deductions applicable to additional sums payable under this
Section 3.5) have been made, the Administrative Agent, Lender or Issuing Bank, as the case may be, receives an amount equal to the sum it would have received had no such deductions been made, (ii) the applicable withholding agent shall
make such deductions, and (iii) the applicable withholding agent shall timely pay the full amount deducted to the relevant governmental authority in accordance with applicable law. As soon as practicable after any payment of Taxes by a Loan
Party to a governmental authority pursuant to this Section 3.5, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such governmental authority evidencing such payment, a copy of the
return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (b) The Borrower
hereby agrees to pay any present or future stamp, court or documentary Taxes and any other intangible, recording, filing or any similar excise or property Taxes, charges or similar levies which arise from any payment made under any Loan Document or
from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document (“Other Taxes”). 

(c) The Borrower agrees unconditionally to indemnify and save the Administrative Agent and the Lenders harmless from and against any or all
Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 3.5), including any reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes
were correctly or legally asserted by the relevant governmental authority. Such indemnification payments by the Borrower shall be made within 20 days of the date the Administrative Agent or such Lender makes demand therefor pursuant to
Section 3.6. 
 (d) (1) Any Lender that is eligible for an exemption from or reduction of withholding Tax with respect to payments
under any Loan Document shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably requested by the
Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate or withholding. In addition, any Lender, at the time or times reasonably requested by the Borrower or the Administrative Agent,
shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to
backup withholding or information reporting requirements. Each Lender shall, whenever a lapse in time or change in circumstances renders such documentation (including any specific documentation required below in this Section 3.5(d)) obsolete,
expired or inaccurate in any material respect, deliver promptly to the Borrower and the 

  
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Administrative Agent updated or other appropriate documentation (including any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower
and the Administrative Agent in writing of its inability to do so. Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 3.5(d)(2)(A), (B) and (D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially
prejudice the legal or commercial position of such Lender. Notwithstanding any other provision of this Section 3.5, a Lender shall not be required to deliver any form that such Lender is not legally eligible to deliver. Each Lender agrees that
if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability
to do so. 
 (2) Without limiting the generality of the foregoing: 

(A) Each Lender that is not a Non-U.S. Lender shall deliver to the Borrower and the
Administrative Agent on or before the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), two properly completed and duly
executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S. federal backup withholding Tax; 

(B) Each Non-U.S. Lender shall deliver to the Borrower and the Administrative Agent, on
or prior to the date on which such Lender becomes a Lender under this Agreement) (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 

(i) two properly completed and duly executed originals of IRS Form W-8BEN or W-8BEN-E (or any successor forms) claiming eligibility for the benefits of an income tax treaty to which the United States is a party, and such other documentation as required
under the Code; 
 (ii) two properly completed and duly signed originals of IRS Form
W-8ECI (or any successor forms); 
 (iii) in the case of a Non-U.S. Lender claiming the benefits of the exemption for portfolio interest under Section 871(h) or Section 881(c) of the Code, (x) two properly completed and duly signed certificates substantially
in the form of Exhibit I-1 (a “U.S. Tax Compliance Certificate”) and (y) two properly completed and duly signed originals of IRS Form W-8BEN
or W-8BEN-E; or 
 (iv) to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS W-8BEN or W-8BEN-E, a U.S. Tax Compliance 

  
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Certificate substantially in the form of Exhibit I-2 or Exhibit I-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or
indirect partners of such Non-U.S. Lender is a partnership and one or more direct or indirect partners of such Non-U.S. Lender are claiming the portfolio interest
exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit I-4 on behalf of each such direct and
indirect partner; 
 (C) any Non-U.S. Lender shall, to the extent it is legally
eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender
under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction
in U.S. federal withholding Tax, duly completed, together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made;
and 
 (D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the
Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under
FATCA and to determine that such Lender has complied with such Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. For purposes of this clause (D), “FATCA” shall include any amendments
made to FATCA after the date of this agreement. 
 (e) Each Lender hereby authorizes the Administrative Agent to deliver to the Loan Parties
and to any successor Administrative Agent any documentation provided by such Lender to the Administrative Agent pursuant to Section 3.5(d). 

(f) If any party determines, in its sole discretion exercised in good faith, that it has received a refund of any Taxes as to which it has been
indemnified pursuant to this Section 3.5 (including by the payment of additional amounts pursuant to this Section 3.5), it shall pay to the indemnifying party an amount equal to such refund (but only to the extent of indemnity payments
made under this Section 3.5 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party and
without interest (other than any interest paid by the relevant governmental authority with respect to such refund). Such 

  
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indemnifying party, upon the request of such indemnified party incurred in connection with obtaining such refund, shall repay to such indemnified party the amount paid over pursuant to this
Section 3.5 (plus any penalties, interest or other charges imposed by the relevant governmental authority) in the event that such indemnified party is required to repay such refund to such governmental authority. Notwithstanding anything to the
contrary in this Section 3.5(f), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 3.5(f) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the Tax subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes that it deems
confidential) to the indemnifying party or any other Person. 
 3.6 Lender Statements: Survival of Indemnity. To the extent reasonably
possible, each Lender shall designate an alternate Lending Installation with respect to its applicable Eurodollar Ratable Loans to reduce any liability of the Borrower to such Lender under Sections 3.1, 3.2, 3.4 and 3.5 or to avoid the
unavailability of the applicable Eurodollar Ratable Advances under Section 3.3, so long as such designation is not, in the judgment of such Lender, disadvantageous to such Lender. Each Lender shall deliver a written statement of such Lender to
the Borrower (with a copy to the Administrative Agent) as to the amount due, if any, under Section 3.1, 3.2, 3.4 or 3.5. Such written statement shall set forth in reasonable detail the calculations upon which such Lender determined such amount
(which calculations shall be made in good faith) and shall be final, conclusive and binding on the Borrower in the absence of manifest error. Determination of amounts payable under such Sections in connection with a Eurodollar Ratable Loan shall be
calculated as though each Lender funded its Eurodollar Ratable Loan through the purchase of a deposit of the type and maturity corresponding to the deposit used as a reference in determining the interest rate applicable to such Loan, whether in fact
that is the case or not. Unless otherwise provided herein, the amount specified in the written statement of any Lender shall be payable within 30 days after receipt by the Borrower of such written statement. The obligations of the Borrower under
Sections 3.1, 3.2, 3.4 and 3.5 shall survive payment of the Obligations and termination of this Agreement. Notwithstanding anything to the contrary contained herein, the Borrower shall not be required to make any payments to any Lender pursuant to
Section 3.1, 3.2 or 3.4 relating to any period of time which is greater than 90 days prior to such Person’s request for additional payment except for retroactive application of any law, rule or regulation, in which case (a) the
Borrower is required to make such payments so long as such Person makes a request therefor within 90 days after the public announcement of such retroactive application and (b) the 90-day period referred
to above shall be extended to include the period of retroactive effect thereof. 
 ARTICLE IV 

THE LETTER OF CREDIT FACILITY 

4.1 Facility Letters of Credit. At the request of the Borrower, each Issuing Bank shall, within the limits of its Issuing Bank’s
L/C Limit and on the terms and conditions set forth in this Agreement, issue from time to time for the account of the Borrower, through such offices or branches as it and the Borrower may jointly agree, one or more Facility Letters of Credit (which,
in the case of a Performance Letter of Credit, may be an Escrow Agreement) in accordance with this Article IV, during the period commencing on the Amendment and Restatement Effective Date and ending on the Business Day prior to the Revolving Credit
Facility Termination Date. 

  
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 4.2 Limitations. No Issuing Bank shall issue, renew, amend or extend, at any time,
any Facility Letter of Credit (except, solely in the case of clause (vii), extend, renew or amend an Alternative Letter of Credit): 

(i) if, after giving effect to the Facility Letter of Credit or amendment or extension thereof requested hereunder,
(A) the aggregate maximum amount then available for drawing under Letters of Credit issued by such Issuing Bank shall exceed any limit imposed by Law upon such Issuing Bank or (B) the outstanding undrawn face amount of all Facility Letters
of Credit issued by such Issuing Bank shall exceed such Issuing Bank’s L/C Limit; 
 (ii) if, after giving effect to the
Facility Letter of Credit or amendment or extension thereof requested hereunder, the sum of (i) the aggregate principal amount of all outstanding Revolving Credit Advances (including Revolving Credit Ratable Advances) plus (ii) the
Facility Letter of Credit Obligations exceeds the Aggregate Revolving Credit Commitment; 
 (iii) [Reserved]; 

(iv) if such Issuing Bank receives written notice from the Administrative Agent on the proposed Issuance Date of such Facility
Letter of Credit that the conditions precedent contained in Sections 5.1 or 5.2, as applicable, would not on such Issuance Date be satisfied unless such conditions are thereafter satisfied and written notice of such satisfaction is given to such
Issuing Bank by the Administrative Agent; 
 (v) that is in a currency other than U.S. Dollars; 

(vi) that has a stated maturity date later than the earlier of (A) five years after the Issuance Date and (B) one
year after the Revolving Credit Facility Termination Date; provided, however, that, no Revolving Credit Declining Lender that is an Issuing Bank shall issue or extend a Facility Letter of Credit that has a stated maturity date that is
later than its Revolving Credit Declining Lender’s Termination Date. For purposes of this clause (vi), the “stated maturity date” is the expiration date of the Facility Letter of Credit, giving effect to any future extension thereof
under an automatic renewal provision, unless such automatic renewal provision permits the Issuing Bank to elect not to extend by giving written notice of cancellation to the beneficiary of such Facility Letter of Credit; provided
further that notwithstanding the foregoing, only Facility Letters of Credit of up to $500,000,000 in the aggregate at any time outstanding shall be permitted to have actual stated maturities (after giving effect to all automatic renewal
provisions actually extended) beyond the Revolving Credit Facility Termination Date; or 
 (vii) if any Lender is a
Defaulting Lender and after giving effect to the issuance of such Facility Letters of Credit or amendment, renewal or extension thereof, the sum of Revolving Credit Exposures of the Non-Defaulting Lenders
would exceed the sum of the 

  
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Revolving Credit Commitments of the Non-Defaulting Lenders, unless such excess amount in respect of any such Facility Letter of Credit (other than an
Alternative Letter of Credit) and any other outstanding Facility Letters of Credit (other than Alternative Letters of Credit) is cash collateralized by the Borrower in accordance with Section 4.10. 

4.3 Conditions. In addition to being subject to the satisfaction of the conditions contained in Sections 5.1 and 5.2, as applicable, the
issuance of any Facility Letter of Credit is subject to the satisfaction in full of the following conditions: 
 (i) the
Borrower shall have delivered to such Issuing Bank at such times and in such manner as the Issuing Bank may reasonably prescribe such documents (including, if requested, an Application) and materials as may be reasonably required pursuant to the
terms thereof, and the proposed Facility Letter of Credit shall be reasonably satisfactory to such Issuing Bank in form and content; and 

(ii) as of the Issuance Date no order, judgment or decree of any court, arbitrator or governmental authority shall enjoin or
restrain such Issuing Bank from issuing the Facility Letter of Credit and no Law applicable to such Issuing Bank and no directive from any Official Body with jurisdiction over such Issuing Bank shall prohibit such Issuing Bank from issuing Letters
of Credit generally or from issuing that Facility Letter or Credit. 
 4.4 Procedure for Issuance of Facility Letters of Credit. 

(a) The Borrower shall give such Issuing Bank and the Administrative Agent not less than five (5) Business Days’ (or such shorter
period as such Issuing Bank, the Borrower and the Administrative Agent shall agree) prior notice (in writing) of any requested issuance of a Facility Letter of Credit under this Agreement. Such notice shall specify (i) the stated amount of the
Facility Letter of Credit requested, (ii) the requested Issuance Date, which shall be a Business Day, (iii) the date on which such requested Facility Letter of Credit is to expire, which date shall be in compliance with the requirements of
Section 4.2(vi), (iv) the purpose for which such Facility Letter of Credit is to be issued, (v) the Person for whose benefit the requested Facility Letter of Credit is to be issued, and (vi) whether such Facility Letter of Credit is a
Performance Letter of Credit (and, if so, whether it is an Escrow Agreement) or a Financial Letter of Credit. At the time such request is made, the Borrower shall also provide such Issuing Bank with a copy of the form of the Facility Letter of
Credit it is requesting be issued. 
 (b) As soon as practicable and in no event later than one Business Day prior to the issuance of a
Facility Letter of Credit, the Borrower shall confirm by notice (“Facility Letter of Credit Notice”) in writing to the Administrative Agent and to such Issuing Bank the intended Issuance Date and amount of such Facility Letter of Credit.
Not later than 11:00 a.m. (New York time) on the Business Day following its receipt of a Facility Letter of Credit Notice, the Administrative Agent shall determine and shall notify the Issuing Bank and the Borrower (in writing ) whether
issuance of the requested Facility Letter of Credit would be permitted under the provisions of Sections 4.2(ii) and (vii) and the second proviso to Section 4.2(vi). If the Administrative Agent notifies such Issuing Bank and the Borrower
that such issuance would be so permitted, then, subject to the terms and conditions of this Article IV, and provided that the applicable conditions set forth in Sections 5.1 and 5.2 have been satisfied, such Issuing Bank shall, on the
requested Issuance Date, issue the requested Facility Letter of Credit in accordance with such Issuing Bank’s usual and customary business practices. Such Issuing Bank shall give the Administrative Agent written notice of the issuance of a
Facility Letter of Credit. 

  
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 (c) An Issuing Bank shall not extend (other than by operation of an automatic renewal
provision) or amend any Facility Letter of Credit unless the requirements of this Section 4.4 are met as though a new Facility Letter of Credit were being requested and issued. 

(d) Any Lender may, but shall not be obligated to, issue to the Company or any Subsidiary Letters of Credit (that are not Facility Letters of
Credit) for its own account, and at its own risk. None of the provisions of this Article IV shall apply to any Letter of Credit that is not a Facility Letter of Credit. 

4.5 Duties of Issuing Bank. Any action taken or omitted to be taken by an Issuing Bank under or in connection with any Facility Letter
of Credit, if taken or omitted in the absence of willful misconduct or gross negligence as determined by a court of competent jurisdiction in a final and non-appealable judgment, shall not put such Issuing
Bank under any resulting liability to any Revolving Credit Lender or, provided that such Issuing Bank has complied with the procedures specified in Section 4.4 in all material respects, relieve any Revolving Credit Lender of its obligations
hereunder to such Issuing Bank. In determining whether to pay under any Facility Letter of Credit, an Issuing Bank shall have no obligation to the Lenders other than to confirm that any documents required to be delivered under such Facility Letter
of Credit appear to have been delivered in compliance with the requirements of such Facility Letter of Credit. 
 4.6 Participation.

 (a) Immediately upon issuance by an Issuing Bank of any Facility Letter of Credit in accordance with Section 4.4 (and, in the case of
the Existing Letters of Credit, on the Amendment and Restatement Effective Date), each Revolving Credit Lender shall be deemed to have irrevocably and unconditionally purchased and received from such Issuing Bank, without recourse or warranty, an
undivided interest and participation, in the amount of its Revolving Credit Ratable Share of, such Facility Letter of Credit (including, without limitation, all obligations of the Borrower with respect thereto other than amounts owing to such
Issuing Bank under Section 3.2 or 4.7(b)). 
 (b) Upon receipt from the beneficiary of any Facility Letter of Credit of any notice of a
drawing under such Facility Letter of Credit, the applicable Issuing Bank shall exercise commercially reasonable efforts to promptly notify the Borrower and the Administrative Agent thereof and the date required for payment of such drawing under
such Facility Letter of Credit. In the event that an Issuing Bank makes any payment under any Facility Letter of Credit, the Borrower shall unconditionally upon notice thereof reimburse the Issuing Bank therefor, whether through a Revolving Credit
Advance hereunder or otherwise, such reimbursement by the Borrower to be made (i) on the same Business Day as payment by such Issuing Bank if notice thereof has been received by the Borrower on or before 11:00 a.m. (New York time) on such day
or (ii) if notice thereof is received by the Borrower after 11:00 a.m. (New York time) on the date of payment, on the next Business Day after payment by such Issuing Bank. If the Borrower shall not have repaid such amount to such Issuing Bank
on or before the date of such payment by such 

  
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Issuing Bank, such Issuing Bank shall promptly so notify the Administrative Agent, which shall promptly so notify each Revolving Credit Lender. Upon receipt of such notice, each Revolving Credit
Lender severally agrees that it shall promptly and unconditionally pay to the Administrative Agent (in same day funds) for the account of such Issuing Bank the amount of such Revolving Credit Lender’s Revolving Credit Ratable Share of the
payments so made by such Issuing Bank, and the Administrative Agent shall promptly pay such amount, and any other amounts received by the Administrative Agent for such Issuing Bank’s account pursuant to this Section 4.6(b), to such Issuing
Bank. If the Administrative Agent so notifies such Revolving Credit Lender prior to 11:00 a.m. (New York time) on any Business Day, such Revolving Credit Lender shall make available to the Administrative Agent for the account of such Issuing
Bank such Revolving Credit Lender’s Revolving Credit Ratable Share of the amount of such payment on such Business Day in same day funds. If and to the extent such Revolving Credit Lender shall not have so made its Revolving Credit Ratable Share
of the amount of such payment available to the Administrative Agent for the account of such Issuing Bank, such Revolving Credit Lender agrees to pay to the Administrative Agent for the account of such Issuing Bank forthwith on demand such amount,
together with interest thereon, for each day from the date such payment was first due until the date such amount is paid to the Administrative Agent for the account of such Issuing Bank, at the Federal Funds Effective Rate. The failure of any
Revolving Credit Lender to make available to the Administrative Agent for the account of such Issuing Bank such Revolving Credit Lender’s Revolving Credit Ratable Share of any such payment shall not relieve any other Revolving Credit Lender of
its obligation hereunder to make available to the Administrative Agent for the account of such Issuing Bank its Revolving Credit Ratable Share of any payment on the date such payment is to be made. 

(c) The payments made by the Revolving Credit Lenders to an Issuing Bank in reimbursement of amounts paid by it under a Facility Letter of
Credit shall constitute, and the Borrower hereby expressly acknowledges and agrees that such payments shall constitute, Revolving Credit Advances hereunder and such payments shall for all purposes be treated as Revolving Credit Advances
(notwithstanding that the amounts thereof may not comply with the provisions of Section 2.5). Such Revolving Credit Advances shall be ABR Advances, subject to the Borrower’s rights under Article II hereof. 

(d) Upon the request of the Administrative Agent or any Revolving Credit Lender, an Issuing Bank shall furnish to the requesting Administrative
Agent or Revolving Credit Lender copies of any Facility Letter of Credit or Application to which such Issuing Bank is party. 
 (e) The
obligations of the Revolving Credit Lenders to make payments to the Administrative Agent for the account of an Issuing Bank with respect to a Facility Letter of Credit and the Borrower’s reimbursement obligations in respect of Facility Letters
of Credit hereunder shall be irrevocable, not subject to any qualification or exception whatsoever and shall be made in accordance with, but not subject to, the terms and conditions of this Agreement under all circumstances, including, without
limitation, the following: 
 (i) any lack of validity or enforceability of this Agreement or any of the other Loan
Documents; 

  
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 (ii) the existence of any claim, setoff, defense or other right which the
Borrower may have at any time against a beneficiary named in a Facility Letter of Credit or any transferee of any Facility Letter of Credit (or any Person for whom any such transferee may be acting), such Issuing Bank, the Administrative Agent, any
Revolving Credit Lender, or any other Person, whether in connection with this Agreement, any Facility Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the Borrower or
any other Loan Party and the beneficiary named in any Facility Letter of Credit); 
 (iii) any draft, certificate or any
other document presented under the Facility Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 

(iv) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents; 
 (v) any failure by the Administrative Agent or an Issuing Bank to make any reports required pursuant to
Section 4.8; or 
 (vi) the occurrence of any Default or Unmatured Default. 

(f) The Borrower’s reimbursement obligations in respect of Facility Letters of Credit hereunder shall continue until all Facility Letters
of Credit of such Issuing Bank have expired (regardless of whether (i) such Facility Letter of Credit has been cash collateralized in accordance with Section 4.10 or (ii) the Revolving Credit Facility Termination Date has occurred).

 (g) Each Revolving Credit Lender’s obligations under clause (a) above to purchase an undivided interest and participation in any
Facility Letter of Credit, and its reimbursement obligations in respect of any Facility Letter of Credit under clause (b) above, shall in each case terminate (i) if an Unmatured Default or Default resulting from the Borrower’s failure
to provide cash collateralization (or to provide other alternatives to cash collateralization acceptable to the applicable Issuing Bank) in accordance with Section 4.10 hereof shall have occurred and be continuing, upon the stated maturity date
of such Facility Letter of Credit or (ii) so long as no Unmatured Default or Default resulting from the Borrower’s failure to provide cash collateralization (or to provide other alternatives to cash collateralization acceptable to the
applicable Issuing Bank) in accordance with Section 4.10 hereof shall have occurred and be continuing, upon the earlier of (w) the stated maturity date of such Facility Letter of Credit, (x) the Revolving Credit Facility Termination
Date, (y) in the case of a Facility Letter of Credit that is issued by an Issuing Bank that is a Revolving Credit Declining Lender, a Defaulting Lender, a Non-Consenting Lender or an Affected Lender, the
replacement or termination, as applicable, of such Issuing Bank’s Revolving Credit Commitment pursuant to Sections 2.20, 2.21 or 2.22 hereof, as applicable and (z) prior to the Revolving Credit Facility Termination Date, the replacement or
termination of a Revolving Credit Lender’s Revolving Credit Commitment pursuant to the terms hereof; provided that, in the case of this clause (z), immediately upon the termination of the Revolving Credit Commitment of such Revolving
Credit Lender (such Revolving Credit Lender, an “Exiting Revolving Credit Lender”), each other Revolving Credit Lender (including any Additional Lender or Replacement Lender) shall be deemed to have irrevocably and

  
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unconditionally purchased and received from such Exiting Revolving Credit Lender, without recourse or warranty, a portion of each such Exiting Revolving Credit Lender’s undivided interest
and participation in all outstanding Facility Letters of Credit (in the proportion of the Revolving Credit Ratable Shares of such purchasing Lenders determined immediately following the termination of the Revolving Credit Commitment of such Exiting
Revolving Credit Lender) such that, upon such purchase, each Revolving Credit Lender holds an undivided interest and participation in all outstanding Facility Letters of Credit in the amount of its then Revolving Credit Ratable Share thereof. 

4.7 Compensation for Facility Letters of Credit. 

(a) The Borrower agrees to pay to the Administrative Agent (except to the extent that the Borrower shall be required to pay directly to the
Revolving Credit Lenders as provided in Section 4.7(c)), in the case of each outstanding Facility Letter of Credit, the Facility Letter of Credit Fee therefor, payable quarterly in arrears as hereinafter provided on the daily average face
amount (net of permanent reductions) of each Facility Letter of Credit outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Amendment and Restatement Effective Date during which an Existing Letter of
Credit was outstanding, with respect to which period fees shall be payable as provided in the Existing Credit Agreement). The Facility Letter of Credit Fees shall be due and payable quarterly in arrears (A) not later than five (5) Business
Days following the Administrative Agent’s delivery to Borrower of the quarterly statement of Facility Letter of Credit Fees, (B) on the Revolving Credit Facility Termination Date and (C) if any Facility Letter of Credit remains
outstanding after the Revolving Credit Facility Termination Date on the first day of each calendar quarter thereafter until the first day of the calendar quarter after the date on which the last outstanding Facility Letter of Credit ceases to be
outstanding (each such date specified in clause (A), (B) or (C), a “Quarterly Payment Date”). The Administrative Agent shall promptly remit such Facility Letter of Credit Fees, when received by it, to the Revolving Credit Lenders in their
Revolving Credit Ratable Shares thereof. 
 (b) The Borrower agrees to pay to each Issuing Bank for its own account an issuance fee of 0.10%
per annum payable quarterly in arrears on each Quarterly Payment Date (including, if any Facility Letter of Credit remains outstanding after the Revolving Credit Facility Termination Date, each Quarterly Payment Date thereafter until the first
Quarterly Payment Date after the date on which the last outstanding Facility Letter of Credit ceases to be outstanding) on the daily average face amount (net of permanent reductions) of each Facility Letter of Credit issued by such Issuing Bank and
that was outstanding at any time during the preceding calendar quarter (but excluding any period prior to the Amendment and Restatement Effective Date during which an Existing Letter of Credit was outstanding, with respect to which period fees shall
be payable as provided in the Existing Credit Agreement). 
 (c) After the Revolving Credit Facility Termination Date and the payment in full
of all other Obligations, the Borrower shall make on each Quarterly Payment Date (i) payments of Facility Letter of Credit Fees under Section 4.7(a) directly to the Lenders in the amounts of their respective Revolving Credit Ratable Shares
thereof and (ii) payments of issuance fees under Section 4.7(b) directly to each Issuing Bank that issued a Facility Letter of Credit that was outstanding at any time during the prior calendar quarter. 

  
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 (d) Facility Letter of Credit Fees and issuance fees payable to the Issuing Bank shall be
calculated, on a pro rata basis for the period to which such payment applies, for actual days elapsed during such period, on the basis of a 360-day year. 

4.8 Issuing Bank Reporting Requirements. Each Issuing Bank shall, no later than the third (3rd) Business Day following the last day of
each month, provide to the Administrative Agent a schedule of the Facility Letters of Credit issued by it, in form and substance reasonably satisfactory to the Administrative Agent, showing the Issuance Date, account party, original face amount,
amount (if any) paid thereunder or any other permanent reductions thereof, expiration date and the reference number of each Facility Letter of Credit outstanding at any time during such month (and whether such Facility Letter of Credit is a
Performance Letter of Credit or Financial Letter of Credit) and the aggregate amount (if any) payable by the Borrower to such Issuing Bank during the month pursuant to Section 3.2 and which Facility Letters of Credit are Standard Letters of
Credit or Alternative Letters of Credit. Copies of such reports shall be provided promptly to each Revolving Credit Lender and the Borrower by the Administrative Agent. 

4.9 Indemnification; Nature of Issuing Bank’s Duties. 

(a) In addition to amounts payable as elsewhere provided in this Article IV, the Borrower hereby agrees to protect, indemnify, pay and save the
Administrative Agent and each Revolving Credit Lender and Issuing Bank harmless from and against any and all claims, demands, liabilities, damages, losses, costs, charges and expenses (including reasonable attorneys’ fees) arising from the
claims of third parties against the Administrative Agent, any Issuing Bank or any Revolving Credit Lender as a consequence, direct or indirect, of (i) the issuance of any Facility Letter of Credit other than, in the case of an Issuing Bank, as
a result of its willful misconduct or gross negligence as determined by a final and non-appealable judgment of a court of competent jurisdiction, or (ii) the failure of an Issuing Bank to honor a drawing
under a Facility Letter of Credit issued by it as a result of any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or governmental authority. 

(b) As among the Borrower, the Revolving Credit Lenders, the Administrative Agent and any Issuing Bank, the Borrower assumes all risks of the
acts and omissions of, or misuse of Facility Letters of Credit by, the respective beneficiaries of such Facility Letters of Credit. In furtherance and not in limitation of the foregoing, neither the Administrative Agent nor any Revolving Credit
Lender nor (subject to the provisions of Section 4.9(d)) an Issuing Bank shall be responsible: (i) for the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by any party in connection with the
application for and issuance of the Facility Letters of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) for the validity or sufficiency of any instrument
transferring or assigning or purporting to transfer or assign a Facility Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) for
failure of the beneficiary of a Facility Letter of Credit to comply fully with conditions required in order to draw upon such Facility Letter of Credit; (iv) for errors, omissions, interruptions or delays in transmission or delivery of any
messages, by mail, cable, telegraph, telex or otherwise, whether or not they be in cipher; (v) for errors in interpretation of technical terms; (vi) for any loss or delay in the transmission or otherwise of any document required in order
to make a drawing under any Facility Letter of Credit or of the proceeds thereof; (vii) for the 

  
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misapplication by the beneficiary of a Facility Letter of Credit of the proceeds of any drawing under such Facility Letter of Credit; and (viii) for any consequences arising from causes
beyond the control of the Administrative Agent, such Issuing Bank and the Revolving Credit Lenders including, without limitation, any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or
governmental authority. None of the above shall affect, impair, or prevent the vesting of any of an Issuing Bank’s rights or powers under this Section 4.9. 

(c) In furtherance and extension and not in limitation of the specific provisions hereinabove set forth, any action taken or omitted by an
Issuing Bank under or in connection with the Facility Letters of Credit or any related certificates, if taken or omitted in good faith, shall not put such Issuing Bank, the Administrative Agent or any Revolving Credit Lender under any resulting
liability to the Borrower or relieve the Borrower of any of its obligations hereunder to any such Person. 
 (d) Notwithstanding anything to
the contrary contained in this Section 4.9, the Borrower shall have no obligation to indemnify an Issuing Bank under this Section 4.9 in respect of any liability incurred by such Issuing Bank arising primarily out of the willful misconduct
or gross negligence of such Issuing Bank, as determined by a court of competent jurisdiction in a final and non-appealable judgment, or out of the wrongful dishonor by an Issuing Bank of a proper demand for
payment made under the Facility Letters of Credit issued by such Issuing Bank, unless such dishonor was made at the request of the Borrower. 

4.10 Cash Collateralization. If the expiration date of any Facility Letter of Credit is (i) later than the Revolving Credit
Facility Termination Date, (ii) in the case of a Facility Letter of Credit issued by a Revolving Credit Declining Lender, later than its Revolving Credit Declining Lender’s Termination Date or such date on which such Revolving Credit
Declining Lender’s Revolving Credit Commitment is replaced pursuant to Section 2.20 or is terminated pursuant to Section 2.21, (iii) in the case of a Facility Letter of Credit issued by a Defaulting Lender or Non-Consenting Lender, which Defaulting Lender or Non-Consenting Lender, as the case may be, is either replaced pursuant to Section 2.20 or whose Revolving Credit
Commitment is terminated pursuant to Section 2.22(c), or (iv) in the case of a Facility Letter of Credit otherwise issued by an Affected Lender that is replaced pursuant to Section 2.20, later than the date of such replacement, the
Borrower shall, or shall cause one or more of the other Loan Parties to, (x) in the case of clause (i) above, either, (A) cash collateralize such Facility Letter of Credit not less than thirty (30) days prior to the Revolving
Credit Facility Termination Date or (B) if acceptable to the applicable Issuing Bank in its sole discretion, provide collateral or other alternatives acceptable to such Issuing Bank in its sole discretion (in the case of clause (B), “Non-Cash Collateralized Letters of Credit”) (provided that the obligation of the Borrower to pay Facility Letter of Credit Fees and the fees required under Section 4.7(b) hereof in respect of Non-Cash Collateralized Letters of Credit shall terminate on the Revolving Credit Facility Termination Date and the Non-Cash Collateralized Letters of Credit shall cease to be
Facility Letters of Credit hereunder) or (y) in the case of clause (ii) above, either (A) cash collateralize such Facility Letter of Credit no later than the date of replacement of such Revolving Credit Declining Lender or termination
of the Revolving Credit Commitment of such Revolving Credit Declining Lender or, if not so replaced or terminated, cash collateralize such Facility Letter of Credit no later than 30 days prior to such Revolving Credit Declining Lender’s
Termination Date or (B) if acceptable to the applicable Revolving Credit Declining Lender in its sole discretion, provide other alternatives acceptable to such Revolving Credit 

  
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Declining Lender or (z) in the case of clause (iii) or (iv) above, either (A) cash collateralize such Facility Letter of Credit no later than the date of replacement of a
Defaulting Lender, Affected Lender or Non-Consenting Lender pursuant to Section 2.21 or the date of termination of the Revolving Credit Commitment of a Defaulting Lender or
Non-Consenting Lender pursuant to Section 2.22 or (B) if acceptable to the applicable Defaulting Lender, Affected Lender or Non-Consenting Lender in its sole
discretion, provide other alternatives acceptable to such Defaulting Lender, Affected Lender or Non-Consenting Lender. In addition, the Borrower shall cash collateralize Facility Letters of Credit when
required by and in accordance with Section 2.22(a), Section 2.22(c) and Section 4.2(vii). For purposes of this Agreement, “cash collateralize” means, with respect to any Facility Letter of Credit, that the Borrower or
another Loan Party shall provide, to the Administrative Agent for the benefit of the Revolving Credit Lenders, cash in U.S. dollars in an amount equal to the undrawn face amount of such Facility Letter of Credit and “cash collateral” means
the cash so provided and shall include the proceeds of such cash, in each case pursuant to documentation in form and substance reasonably satisfactory to the Administrative Agent and, if applicable, the applicable Issuing Bank (and “cash
collateralization” shall have a corresponding meaning). 
 4.11 No Obligation. No Lender shall have any obligation hereunder to
accept or approve any request for, or to issue, amend or extend, any Facility Letter of Credit hereunder except for the obligations of the Revolving Credit Lenders under this Article IV. 

4.12 Alternative Letters of Credit. So long as no Default or Unmatured Default shall have occurred and is continuing, the Borrower shall
have the right to cash collateralize any Facility Letter of Credit Obligation with respect to any Facility Letter of Credit in accordance with this Section 4.12. In order to designate a Facility Letter of Credit as an Alternative Letter of
Credit, the Borrower shall give the Administrative Agent and the applicable Issuing Bank at least five Business Days’ (or such shorter period as shall be acceptable to the Administrative Agent and such Issuing Bank in their sole discretion)
prior written notice of its election to so designate and deposit cash collateral in a deposit account with or designate account balances at the Administrative Agent or the applicable Issuing Bank as collateral in an aggregate amount equal to the
undrawn face amount of such Facility Letter of Credit. So long as such cash collateral remains in place in an amount at least equal to the undrawn face amount of such Facility Letter of Credit at such time, such Facility Letter of Credit shall be an
“Alternative Letter of Credit” hereunder; provided that, at the Borrower’s election, upon at least five Business Days’ prior written notice to the Administrative Agent (or such shorter period as shall be acceptable to the
Administrative Agent and, if applicable, such Issuing Bank in their sole discretion), the cash collateral for such Alternative Letter of Credit shall be released and, together with any interest accrued thereon, remitted back to the Borrower, at
which time such Facility Letter of Credit shall cease to be “Alternative Letter of Credit” hereunder. For the avoidance of doubt, the Borrower may cause a Facility Letter of Credit that is fully cash collateralized pursuant to
Section 4.10 to be designated an Alternative Letter of Credit in accordance with this Section 4.12. Any interest on any such accounts collateralizing an Alternative Letter of Credit shall be for the account of the Borrower. 

4.13 Governing Rules. Unless otherwise expressly agreed by the applicable Issuing Bank and the Borrower when a Facility Letter of Credit
is issued, (i) the rules of the “International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance) shall apply
to each standby Facility Letter of Credit, and (ii) the rules of the Uniform Customs and Practice for Documentary 

  
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Credits, as most recently published by the International Chamber of Commerce (the “ICC”) at the time of issuance (including the ICC decision published by the Commission on Banking
Technique and Practice on April 6, 1998 regarding the European single currency (euro)) shall apply to each commercial Facility Letter of Credit. 

ARTICLE V 
 CONDITIONS
PRECEDENT 
 5.1 Effective Date Conditions. This Agreement shall not be effective unless the Borrower has paid to the
Administrative Agent the fees provided for in the Fee Letters and has furnished to the Administrative Agent: 
 (i) Copies of
the articles or certificate of incorporation of each of the Borrower and the Company, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation. 

(ii) Copies, certified by the Secretary or Assistant Secretary of each of the Borrower and the Company, of the by-laws and Board of Directors’ resolutions and resolutions or actions of any other body authorizing the execution, delivery and performance of the Loan Documents to which the Borrower or the Company (as
applicable) is a party. 
 (iii) An incumbency certificate, executed by the Secretary or Assistant Secretary of each of the
Borrower and the Company, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of the Borrower or the Company (as applicable) authorized to sign the Loan Documents to which the Borrower or
the Company (as applicable) is a party, upon which certificate the Administrative Agent and the Lenders shall be entitled to rely until informed of any change in writing by the Borrower or the Company (as applicable). 

(iv) To the extent requested by the Administrative Agent, copies of the articles or certificate of incorporation, partnership
agreement or limited liability company operating agreement of each other Loan Party, together with all amendments, and a certificate of good standing, each certified by the appropriate governmental officer in its jurisdiction of incorporation. 

(v) To the extent requested by the Administrative Agent, copies, certified by the Secretary or Assistant Secretary of each
other Loan Party, of its by-laws and of its Board of Directors’ resolutions and of resolutions or actions of any other body authorizing the execution, delivery and performance of the Loan Documents to
which such Loan Party is a party. 
 (vi) An incumbency certificate, executed by the Secretary or Assistant Secretary of each
other Loan Party, which shall identify by name and title and bear the signatures of the Authorized Officers and any other officers of such Loan Party authorized to sign the Loan Documents to which such Loan Party is a party. 

  
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 (vii) A certificate, signed by the chief financial officer, controller,
chief accounting officer or treasurer of the Borrower, stating that on the initial Borrowing Date no Default or Unmatured Default has occurred and is continuing and that all of the representations and warranties in Article VI are true and correct in
all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects), except to the extent any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and
correct in all respects) on and as of such earlier date. 
 (viii) A solvency certificate signed by the chief financial
officer or treasurer of the Company, confirming the solvency of the Company and its Subsidiaries on a consolidated basis after giving effect to any Revolving Credit Advance or issuance of a Facility Letter of Credit on the Amendment and Restatement
Effective Date. 
 (ix) Written opinions of the Company’s and Borrower’s counsel, addressed to the Lenders in
substantially the forms of Exhibit C and Exhibit D, respectively. 
 (x) Any Notes requested by a Lender
pursuant to Section 2.11 payable to each such requesting Lender (or its registered assigns). 
 (xi) The Guaranty
Agreement duly executed by each of the Guarantors in substantially the form of Exhibit E hereto. 
 (xii) Evidence
satisfactory to the Administrative Agent of the repayment and termination of commitments under the Existing Credit Agreement (provided that letters of credit issued under the Existing Credit Agreement that do not become Existing Letters of
Credit may remain outstanding (i) to the extent provided under the Existing Credit Agreement so long as fully cash collateralized or backstopped with a Facility Letter of Credit or (ii) to the extent such Letters of Credit are Non-Cash Collateralized Letters of Credit). 
 (xiii) The Borrower shall have
(i) repaid (or caused to be repaid) all Existing Revolving Loans and (ii) paid to all lenders (A) holding Existing Revolving Loans all accrued and unpaid interest on their Existing Revolving Loans and (B) all accrued and unpaid
Undrawn Fees contemplated by Section 2.4(a) of the Existing Credit Agreement, in each case to, but not including, the Amendment and Restatement Effective Date; 

(xiv) The Administrative Agent shall have received from the Borrower, for the account of each lender holding commitments under
the Existing Credit Agreement immediately prior to the Amendment and Restatement Effective Date, all accrued and unpaid Facility Letter of Credit Fees required by Section 4.7(a) of the Existing Credit Agreement to, but not including, the
Amendment and Restatement Effective Date; 
 (xv) Payment of all fees and expenses due to the Arrangers, the Administrative
Agent and the Lenders (including without limitation, expenses of counsel to the Administrative Agent) required to be paid on the Amendment and Restatement Effective Date. 

  
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 (xvi) The Administrative Agent shall have received all documentation and
other information required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation, the PATRIOT Act, including, to the extent the Borrower or the Company
constitute a legal entity customer under the Beneficial Ownership Regulation, a Beneficial Ownership Certification, that has been requested prior to the Amendment and Restatement Effective Date. 

(xvii) Such other documents as any Lender or its counsel may have reasonably requested. 

5.2 Each Revolving Credit Advance, Issuance, Amendment or Extension of a Facility Letter of Credit. The Lenders shall not be required to
make any Revolving Credit Advance and no Issuing Bank shall be required to issue, amend or extend a Facility Letter of Credit unless on the applicable Borrowing Date or Issuance Date: 

(i) There exists no Default or Unmatured Default, except for Unmatured Defaults that will be cured, and that the Borrower
certifies will be cured, by the use of the proceeds of such Revolving Credit Advance or the issuance, amendment or extension of such Facility Letter of Credit. 

(ii) The representations and warranties contained in Article VI are true and correct in all material respects (except to the
extent already qualified by materiality, in which case said representations and warranties are true and correct in all respects) as of such Borrowing Date or Issuance Date except to the extent any such representation or warranty is stated to relate
solely to an earlier date, in which case such representation or warranty shall have been true and correct in all material respects (except to the extent already qualified by materiality, in which case said representations and warranties are true and
correct in all respects) on and as of such earlier date. 
 Each Ratable Borrowing Notice with respect to each Revolving Credit Advance, and
each Facility Letter of Credit Notice with respect to the issuance, amendment or extension of each such Facility Letter of Credit, shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 5.2(i) and
(ii) have been satisfied. Notwithstanding the foregoing, any outstanding Revolving Credit Loans may be continued as Eurodollar Ratable Advances or converted to Eurodollar Ratable Advances notwithstanding the existence of a Default or Unmatured
Default subject to the provisions of Section 2.9. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 

The Borrower and the Company each represent and warrant to the Lenders that: 

6.1 Existence and Standing. Each of the Borrower and the Company is (i) a corporation, duly and properly incorporated, validly
existing and in good standing under the laws 

  
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of its jurisdiction of incorporation and (ii) has all requisite authority to conduct its business in each jurisdiction in which its business is conducted, except with respect to clause
(ii) as could not reasonably be expected to have a Material Adverse Effect. Each of the other Loan Parties is a corporation, partnership, limited liability company or trust duly and properly incorporated or organized, as the case may be,
validly existing and (to the extent such concept applies to such entity) in good standing under the laws of its jurisdiction of incorporation or organization and has all requisite authority to conduct its business in each jurisdiction in which its
business is conducted, in each case to the extent it is material to the operation of the businesses of the Loan Parties taken as a whole. 

6.2 Authorization and Validity. Each Loan Party has the power and authority and legal right to execute and deliver the Loan Documents to
which it is a party and to perform its obligations thereunder. The execution and delivery by each Loan Party of the Loan Documents to which it is a party and the performance of its obligations thereunder have been duly authorized by proper corporate
(or, in the case of Loan Parties that are not corporations, other) proceedings, and the Loan Documents constitute legal, valid and binding obligations of the applicable Loan Parties enforceable against them in accordance with their terms, except as
enforceability may be limited by bankruptcy, insolvency or similar Laws affecting the enforcement of creditors’ rights generally and by equitable principles (regardless of whether enforcement is sought in equity or law); and except, in each
case in the case of any Designated Guarantor that, upon request by the Borrower in accordance with Section 10.13 would be converted to a Non-Loan Party, any violation of the foregoing that does not have a
material adverse effect on the ability of the Lenders or the Administrative Agent to substantially realize the benefits afforded under the Loan Documents (it being agreed that the parties will work together diligently to remedy promptly any such
violation). 
 6.3 No Conflict; Consent. Neither the execution and delivery by the Loan Parties of the Loan Documents, nor the
consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate (i) any Law binding on any of the Loan Parties or their respective Property or (ii) the articles or certificate of
incorporation, partnership agreement, certificate of partnership, articles or certificate of organization, by-laws, or operating or other management agreement, as the case may be, of the Loan Parties, or
(iii) the provisions of any indenture, instrument or agreement to which any Loan Party is a party or is subject, or by which it, or its Property, is bound, or conflict with or constitute a default thereunder, or result in, or require, the
creation or imposition of any Lien in, of or on the Property of any Loan Party pursuant to the terms of any such indenture, instrument or agreement other than any such violation, conflict, default or Lien which, in the case of each of clauses
(i) and (iii) above, would not reasonably be expected to have a Material Adverse Effect. As of the Amendment and Restatement Effective Date, no order, consent, adjudication, approval, license, authorization, or validation of, or filing,
recording or registration with, or exemption by, or other action in respect of any Official Body or any other Person that has not been obtained by any Loan Party, is required to be obtained by any Loan Party in connection with the execution and
delivery of the Loan Documents, the borrowings and the issuance of Facility Letters of Credit under this Agreement, the payment and performance by the Loan Parties of the Obligations or the legality, validity, binding effect or enforceability of any
of the Loan Documents. 

  
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 6.4 Financial Statements. The (i) October 31, 2018 consolidated financial
statements of the Company and its Subsidiaries and (ii) July 31, 2019 consolidated financial statements of the Company and its Subsidiaries, in each case, heretofore delivered to the Lenders were prepared in accordance with GAAP in effect
on the date such statements were prepared and fairly present in all material respects the consolidated financial condition and operations of the Company and its Subsidiaries at such date and the consolidated results of their operations for the
period then ended, subject, in the case of clause (ii) to year-end audit adjustments and the absence of footnotes. 

6.5 Material Adverse Change. As of the Amendment and Restatement Effective Date, since October 31, 2018 there has been no change in
the business, Property, condition (financial or otherwise) or results of operations of the Loan Parties that could reasonably be expected to have a Material Adverse Effect. 

6.6 Taxes. Except in each case for violations or failures that individually or in the aggregate could not reasonably be expected to have
a Material Adverse Effect, the Loan Parties (i) have timely filed all U.S. federal tax returns and all other tax returns which are required to be filed and (ii) have paid all Taxes due pursuant to said returns and all other Taxes imposed
on them or any of their Property, assets, income, businesses and franchises by any taxing authority, except such Taxes, if any, as are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been
provided in accordance with GAAP. Except in each case for violations or failures that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect, (i) there are no current, proposed, or pending Tax
assessments, deficiencies or audits against any Loan Party or any of their respective Subsidiaries, and no Tax Liens have been filed against any Loan Party or any of its Property, assets, income, businesses or franchises, except with respect to such
Taxes, if any, as are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been provided in accordance with GAAP and (ii) the charges, accruals and reserves on the books of the Loan Parties
in respect of any Taxes are adequate in all material respects. 
 6.7 Litigation and Contingent Obligations. Except as set forth on
Schedule 6 there is no litigation, arbitration, governmental investigation, proceeding or inquiry pending or, to the knowledge of any of their officers, threatened against or affecting any of the Loan Parties that (a) could reasonably be
expected to have a Material Adverse Effect or (b) seeks to prevent, enjoin or delay the making of any Loans except (but only in the case of any litigation, arbitration, governmental investigation, proceeding or inquiry described in this clause
(b) arising after the Amendment and Restatement Effective Date) to the extent that the Borrower has disclosed the same to the Administrative Agent and has concluded, on the basis of advice of independent counsel and to the satisfaction of the
Administrative Agent, that the same is not reasonably likely to result in the prevention, injunction or delay in the making of the Loans and that the pendency of such litigation, arbitration, governmental investigation, proceeding or inquiry does
not have a Material Adverse Effect. Other than (A) any Contingent Obligation or (B) any liability incident to any litigation, arbitration or proceeding that (in the case of either (A) or (B)) (i) could not reasonably be expected to
have a Material Adverse Effect or (ii) is set forth on Schedule 6, as of the Amendment and Restatement Effective Date, the Loan Parties have no Contingent Obligations not provided for or disclosed in the financial statements referred to
in Section 6.4. 
 6.8 Subsidiaries. Schedule 7 contains an accurate list of all Subsidiaries of the Company as of the
date set forth in such Schedule, setting forth their respective jurisdictions of organization. All of the issued and outstanding shares of capital stock or other ownership interests of such Subsidiaries have been (to the extent such concepts are
relevant with respect to such ownership interests) duly authorized and issued and are fully paid and non-assessable. 

  
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 6.9 Accuracy of Information. No information, exhibit or report furnished by any of
the Loan Parties to the Administrative Agent or to any Lender on or before the Amendment and Restatement Effective Date in connection with the negotiation of, or compliance with, the Loan Documents contained any material misstatement of fact or
omitted to state a material fact necessary to make the statements contained therein, in light of the circumstances under which they were made and taken as a whole, not materially misleading. 

6.10 Regulation U. None of the Loan Parties holds or intends to hold margin stock (as defined in Regulation U) in amounts such that more
than 25% of the value of the assets of any Loan Party are represented by margin stock. 
 6.11 Material Agreements. None of the Loan
Parties is a party to any agreement or instrument or subject to any charter or other corporate restriction which could reasonably be expected to have a Material Adverse Effect. None of the Loan Parties is in default in the performance, observance or
fulfillment of any of the obligations, covenants or conditions contained in any agreement to which it is a party, which default could reasonably be expected to have a Material Adverse Effect. 

6.12 Compliance with Laws. The Loan Parties have complied with all Laws applicable to the conduct of their respective businesses or the
ownership of their respective Property, except for any failure to comply that could not reasonably be expected to have a Material Adverse Effect. 

6.13 Ownership of Properties. Except as set forth on Schedule 8, on the Amendment and Restatement Effective Date, the Loan
Parties will have good title, free of all Liens other than Permitted Liens, to all of the Property and assets reflected in the Company’s most recent consolidated financial statements provided to the Administrative Agent as owned by the Loan
Parties, except (i) for transfers of such Property and assets permitted under the terms of the Existing Credit Agreement or (ii) where the failure to have such good title could not reasonably be expected to have a Material Adverse Effect.

 6.14 ERISA. 
 6.14.1
Plan Assets; Prohibited Transactions. None of the Loan Parties is an entity deemed to hold “plan assets” within the meaning of 29 C.F.R. § 2510.3-101 of an employee benefit plan (as
defined in Section 3(3) of ERISA) which is subject to Title I of ERISA or any plan (within the meaning of Section 4975 of the Code), and neither the execution of this Agreement nor the making of Loans nor the issuance of Facility Letters
of Credit hereunder gives rise to a Prohibited Transaction. 
 6.14.2 Liabilities. The Unfunded Liabilities of all Single Employer
Plans do not in the aggregate exceed $20,000,000. Neither the Company nor any other member of the Controlled Group has incurred, or is reasonably expected to incur, any withdrawal liability to Multiemployer Plans or Multiple Employer Plans that
individually or in the aggregate with all such withdrawal liabilities exceeds $20,000,000. 

  
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 6.14.3 Plans and Benefit Arrangements. Except as set forth in Schedule 9 or to
the extent a violation of the foregoing would not reasonably be expected to have a Material Adverse Effect: 
 (i) The
Company and each member of the Controlled Group is in compliance with any applicable provisions of ERISA with respect to all Benefit Arrangements, Plans and Multiemployer Plans. There has not been any Prohibited Transaction with respect to any
Benefit Arrangement or any Plan or, to the best knowledge of the Company, with respect to any Multiemployer Plan or Multiple Employer Plan. The Company and all members of the Controlled Group have made any and all payments required to be made under
any agreement relating to a Multiemployer Plan or a Multiple Employer Plan or any Law pertaining thereto. With respect to each Plan, the Company and each member of the Controlled Group (i) have fulfilled their obligations under the minimum
funding standards of ERISA, (ii) have not incurred any liability to the PBGC and (iii) have not had asserted against them any penalty for failure to fulfill the minimum funding requirements of ERISA. 

(ii) To the best of the Company’s knowledge, each Multiemployer Plan and Multiple Employer Plan is able to pay benefits
thereunder when due. 
 (iii) Neither the Company nor any other member of the Controlled Group has instituted proceedings to
terminate any Plan. 
 (iv) No event requiring notice to the PBGC under Section 303(k)(4)(A) of ERISA has occurred or is
reasonably expected to occur with respect to any Plan. 
 (v) The aggregate actuarial present value of all benefit
liabilities (whether or not vested) under each Plan, determined on a plan termination basis, as disclosed from time to time to and as of the date of the actuarial reports for such Plan does not exceed the aggregate fair market value of the assets of
such Plan. 
 (vi) Neither the Company nor any other member of the Controlled Group has been notified by any Multiemployer
Plan or Multiple Employer Plan that such Multiemployer Plan or Multiple Employer Plan has been terminated within the meaning of Title IV of ERISA and, to the best knowledge of the Company, no Multiemployer Plan or Multiple Employer Plan is or shall
be reasonably expected to be reorganized or terminated, within the meaning of Title IV of ERISA. 
 (vii) To the extent that
any Benefit Arrangement is insured, the Company and all members of the Controlled Group have paid when due all premiums required to be paid. To the extent that any Benefit Arrangement is funded other than with insurance, the Company and all members
of the Controlled Group have made all contributions required to be paid for all prior periods. 
 6.15 Investment Company Act. None of
the Loan Parties is an “investment company” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as amended. 

6.16 Intentionally Omitted. 

  
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 6.17 Employment Matters. The Loan Parties are in compliance with the Labor Contracts
and all applicable federal, state and local labor and employment Laws including, but not limited to, those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance
continuation, worker adjustment and relocation notices, immigration controls and worker and unemployment compensation, except in each case for failures to comply that would not individually or in the aggregate have a Material Adverse Effect. There
are no outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or current or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of the Company or any Loan Party
that in any case or in the aggregate would have a Material Adverse Effect. 
 6.18 Environmental Matters. Except as disclosed on
Schedule 10: 
 (i) In the ordinary course of its business, the officers of the Company consider the effect of
Environmental Laws on the business of the Company and its Subsidiaries, in the course of which they identify and evaluate potential risks and liabilities accruing to the Company due to Environmental Laws, and, on the basis of this consideration, the
Company has concluded that compliance with Environmental Laws cannot reasonably be expected to have a Material Adverse Effect. 

(ii) Except for violations or failures that individually and in the aggregate are not reasonably likely to result in a Material
Adverse Effect, (A) none of the Loan Parties has received any Environmental Complaint from any Official Body or other Person alleging that any Loan Party or any prior or subsequent owner of the Property is a potentially responsible party under
the Comprehensive Environmental Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq., and none of the Loan Parties has any reason to believe that such an Environmental Complaint might be received and (B) there are no pending
or, to the Company’s knowledge, threatened Environmental Complaints relating to any Loan Party or, to the Company’s knowledge, any prior or subsequent owner of the Property. 

(iii) Except for conditions, violations or failures which individually and in the aggregate are not reasonably likely to have a
Material Adverse Effect, (A) there are no circumstances at, on or under the Property that constitute a breach of or non-compliance with any of the Environmental Laws, and (B) there are no past or
present Environmental Conditions at, on or under the Property or, to the Company’s knowledge, at, on or under adjacent property, that could reasonably be expected to result in liability of any Loan Party under any Environmental Law. 

(iv) Except for conditions, violations or failures which individually and in the aggregate are not reasonably likely to have a
Material Adverse Effect, neither the Property nor any structures, improvements, equipment, fixtures, activities or facilities thereon or thereunder contain or use Regulated Substances except in compliance with Environmental Laws. There are no
processes, facilities, operations, equipment or other activities at, on or under the Property, or, to the Company’s knowledge, at, on or under adjacent property, that result in the Release or threatened Release of Regulated Substances onto the
Property, except to the extent that such Releases or threatened Releases are not a breach of or otherwise a violation of any Environmental Laws, or are not likely to have a Material Adverse Effect. 

  
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 (v) Except for violations or failures which individually and in the
aggregate are not likely to have a Material Adverse Effect, (A) there are no underground storage tanks, or underground piping associated with such tanks, used for the management of Regulated Substances at, on or under the Property that do not
have a full operational secondary containment system in place and are not in compliance with all Environmental Laws, and (B) there are no abandoned underground storage tanks or underground piping associated with such tanks, previously used for
the management of Regulated Substances at, on or under the Property that have not been either abandoned in place, or removed, in accordance with the Environmental Laws. 

(vi) Except for violations or failures which individually and in the aggregate are not likely to have a Material Adverse
Effect, (A) each Loan Party has all material permits, licenses, authorizations and approvals necessary under the Environmental Laws for the conduct of the business of such Loan Party as conducted by such Loan Party and (B) the Loan Parties
have submitted all material notices, reports and other filings required by the Environmental Laws to be submitted to an Official Body which pertain to past and current operations on the Property. 

(vii) Except for violations which individually and in the aggregate are not likely to have a Material Adverse Effect, all past
and present on-site generation, storage, processing, treatment, recycling, reclamation or disposal of Regulated Substances at, on, or under the Property and all off-site
transportation, storage, processing, treatment, recycling, reclamation and disposal of Regulated Substances have been done in accordance with the Environmental Laws. 

(viii) There are no violations of the type described in the foregoing clauses (i) through (vii), without giving effect to
any materiality qualifiers therein, which would, in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 6.19
Senior Debt Status. The Obligations rank (a) at least pari passu in priority of payment with all other Senior Indebtedness of the Loan Parties except Indebtedness secured by Permitted Liens and (b) prior in right of payment over the
Subordinated Indebtedness. 
 6.20 Designated Guarantors. All Subsidiaries of the Company that are integral to the homebuilding
business of the Toll Group are Designated Guarantors. 
 6.21 Anti-Corruption Laws and Sanctions. The Borrower and the Company have
implemented and maintain in effect policies and procedures designed to promote compliance by the Borrower, the Company, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Company, its Subsidiaries and, to the knowledge of the Senior Executives of the Company and the Borrower, their respective directors, officers, agents and employees are in compliance with Anti-Corruption Laws and applicable
Sanctions in all material respects. None of (a) the Borrower, the Company or any of its Subsidiaries or (b) to the knowledge of the Senior Executives of the Company and the 

  
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Borrower, any of their respective directors, officers, or employees or any agent of the Company or any of its Subsidiaries that will act in any capacity in connection with the credit facility
established hereby, is a Sanctioned Person. Neither the making of any Loan or issuance of any Facility Letter of Credit to or for the account of the Borrower or any other Loan Party nor the use of the proceeds of any Loan or any Facility Letter of
Credit by the Borrower or any Loan Party will violate Anti-Corruption Laws or applicable Sanctions. 
 6.22 EEA Financial Institution.
None of the Loan Parties is an EEA Financial Institution. 
 ARTICLE VII 

COVENANTS 
 Until payment in
full of all obligations hereunder (other than in respect of contingent indemnification claims not yet asserted), termination of all Commitments under this Agreement and the expiration of all Facility Letters of Credit (or, with respect to the
Facility Letters of Credit, such Facility Letters of Credit are converted into or otherwise constitute Alternative Letters of Credit or are cash collateralized in accordance with the provisions of Section 4.10 or other alternatives acceptable
to the applicable Issuing Bank are provided to such Issuing Bank) unless the Required Lenders shall otherwise consent in writing, the Borrower and the Company will perform and observe, and (as and where applicable) will cause the other Loan Parties
to perform and observe, the following covenants: 
 7.1 Financial Reporting. The Company will maintain, for itself and each
Subsidiary, a system of accounting established and administered in accordance with generally accepted accounting principles, and furnish to the Lenders (or the Administrative Agent, on behalf of the Lenders), which may be by electronic transmission:

 (i) Audited Financial Statements. Within 95 days after the close of each of its fiscal years, an audit report,
which report shall not be subject to any “going concern” qualification or qualification as to the scope of the audit, certified by independent certified public accountants of national recognition or otherwise reasonably acceptable to the
Administrative Agent, prepared in accordance with GAAP on a consolidated basis for the Company and its Subsidiaries, including balance sheets as of the end of such period, a related consolidated profit and loss statement, and a consolidated
statement of cash flows, accompanied by any management letter prepared by said accountants. Filing of such financial statements with the SEC shall be deemed delivery of such financial statements to the Lenders. 

(ii) Quarterly Financial Statements. Within 50 days after the close of the first three quarterly periods of each fiscal
year of the Company, for the Company and its Subsidiaries, consolidated unaudited balance sheets as at the close of each such period and a related consolidated profit and loss statement and a consolidated statement of cash flows for the period from
the beginning of such fiscal year to the end of such quarter, certified by the Company’s chief financial officer, chief accounting officer, controller or treasurer (which certificate shall be satisfactory in form to the Administrative Agent).
Filing of such financial statements with the SEC shall be deemed delivery of such financial statements to the Lenders. 

  
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 (iii) Annual Plan and Forecast. As soon as available, but in any
event within 120 days after the beginning of each fiscal year of the Company, a copy of the plan and forecast (including a projected consolidated balance sheet, income statement and funds flow statement) of the Company for such fiscal year. 

(iv) Compliance Certificate. Within five (5) days after each of the dates on which financial statements are
required to be delivered under Sections 7.1(i) and (ii), a compliance certificate in substantially the form of Exhibit F signed by the chief financial officer, chief accounting officer, controller or treasurer of the Company showing the
calculations necessary to determine compliance with this Agreement and stating that no Default or Unmatured Default exists, or if any Default or Unmatured Default exists, stating the nature and status thereof. 

(v) Annual ERISA Statement. If applicable, within 270 days after the close of each fiscal year, a statement of the
Unfunded Liabilities of each Single Employer Plan, certified as correct by an actuary enrolled under ERISA. 
 (vi)
Reportable Event. As soon as possible and in any event within 10 days after any Loan Party knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the chief financial officer, chief accounting office,
controller or treasurer of the Company, describing said Reportable Event and the action which the Company proposes to take with respect thereto. 

(vii) Environmental Notices. As soon as possible and in any event within 10 days after a Senior Executive of a Loan
Party receives the same, a copy of (a) any notice or claim to the effect that any Loan Party is or may be liable to any Person as a result of the Release by any Loan Party or any other Person of any Regulated Substances that could reasonably be
expected to have a Material Adverse Effect, and (b) any notice alleging any violation of any Environmental Law by any Loan Party that could reasonably be expected to have a Material Adverse Effect. 

(viii) Borrowing Base Certificate. At any time that the Leverage Ratio equals or exceeds 1.50 to 1.00 and the Company
does not have an Investment Grade Rating from at least two (2) Rating Agencies (in each case as determined as of the last day of a fiscal quarter), simultaneous with the delivery of the Compliance Certificate required to be delivered with
respect to such fiscal quarter pursuant to Section 7.1(iv), a Borrowing Base Certificate. 
 (ix) Notices Regarding
Plans and Benefit Arrangements. 
 (A) Promptly upon becoming aware of the occurrence thereof, notice (including the
nature of the event and, when known, any action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of: (1) any Prohibited Transaction that could subject the Company or any member of the Controlled Group to a
civil penalty assessed pursuant to Section 502(i) of 

  
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ERISA or a tax imposed by Section 4975 of the Internal Revenue Code in connection with any Plan, Benefit Arrangement or any trust created thereunder that in either case would reasonably be
expected to result in a liability in excess of $10,000,000; (2) any assertion of material withdrawal liability with respect to any Multiemployer Plan or Multiple Employer Plan; (3) any partial or complete withdrawal from a Multiemployer Plan,
by the Company or any member of the Controlled Group under Title IV of ERISA (or assertion thereof), which such withdrawal is likely to result in a material liability; (4) any withdrawal by the Company or any member of the Controlled Group from
a Multiple Employer Plan; (5) any failure by the Company or any member of the Controlled Group to make a payment to a Plan required to avoid imposition of a lien under Section 303(k) of ERISA; or (6) any change in the actuarial
assumptions or funding methods used for any Plan, where the effect of such change is to materially increase the unfunded benefit liability or to materially reduce the liability to make periodic contributions. 

(B) Promptly after receipt thereof, copies of (a) all notices received by the Company or any member of the Controlled
Group of the PBGC’s intent to terminate any Plan administered or maintained by the Company or any member of the Controlled Group, or to have a trustee appointed to administer any such Plan; and (b) at the request of the Administrative
Agent or any Lender each annual report (IRS Form 5500 series) and all accompanying schedules, the most recent actuarial reports, the most recent financial information concerning the financial status of each Plan administered or maintained by the
Company or any member of the Controlled Group, and schedules showing the amounts contributed to each such Plan by or on behalf of the Company or any member of the Controlled Group in which any of their personnel participate or from which such
personnel may derive a benefit, and each Schedule B (Actuarial Information) to the annual report filed by the Company or any member of the Controlled Group with the Internal Revenue Service with respect to each such Plan. 

(C) Promptly upon the filing thereof, copies of any Form 5310, or any successor or equivalent form to Form 5310, filed with the
IRS in connection with the termination of any Plan. 
 (x) Project Reports. Within thirty (30) days after the end
of each fiscal quarter of the Borrower and, from and after delivery of a Compliance Certificate evidencing that the Leverage Ratio exceeds 1.50 to 1.00 and provided that the Company does not have an Investment Grade Rating from at least two
(2) Rating Agencies (in each case as of the last day of a fiscal quarter) and until the earlier of the delivery of a Compliance Certificate for a subsequent fiscal quarter evidencing that the Leverage Ratio does not exceed 1.50 to 1.00 as of
the last day of such fiscal quarter and the date that the Company obtains an Investment Grade Rating from at least two (2) Rating Agencies, each calendar month, statements accompanied by a certificate of the chief financial officer, chief
accounting officer, controller or treasurer of Company, actually setting forth for the last week of the prior calendar quarter or month (as applicable) sales reports showing unit sales and unsold inventory completed or under construction by the Loan
Parties in connection with each of their projects. 

  
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 (xi) Subordinated Loan Documents. Prior to any Loan Party’s
entering into or amending any Subordinated Loan Documents, copies thereof and a description of any material differences between the subordination provisions of such Subordinated Loan Documents and, if applicable, the subordination provisions of the
Subordinated Loan Documents identified in Schedule 4 or most recently approved hereunder. 
 (xii) Notice of
Litigation. Promptly after the commencement thereof, notice of all actions, suits, proceedings or investigations before or by any Official Body or any other Person against any Loan Party which would be required to be reported by the Company
(regardless of whether the Company is no longer required to file such reports with the SEC by reason of the Company ceasing to be a reporting company) on Forms 10-Q,
10-K or 8-K filed with the SEC. Filing such information with the SEC shall be deemed delivery to the Lenders. 

(xiii) Shareholder Reports. Promptly upon the furnishing thereof to the shareholders of the Company, complete and
accurate copies of all financial statements, reports and proxy statements so furnished. Filing such information with the SEC shall be deemed delivery to the Lenders. 

(xiv) Beneficial Ownership. Promptly after the Borrower constituting a “legal entity customer” (as defined in
the Beneficial Ownership Regulation), a Beneficial Ownership Certification and, promptly after a Senior Executive obtaining knowledge of any change in the information provided in a prior Beneficial Ownership Certification that would result in a
change to the list of beneficial owners identified in parts (c) or (d) of such certification, an updated Beneficial Ownership Certification. 

(xv) Other Information. Such (a) information and documentation reasonably requested by the Administrative Agent or
any Lender for purposes of compliance with applicable “know your customer” requirements under the PATRIOT Act or other applicable anti-money laundering laws and (b) any other information (including
non-financial information) as the Administrative Agent may from time to time reasonably request, including, without limitation, pursuant to any reasonable request by any Lender. 

7.2 Use of Proceeds. The Borrower and each other Loan Party will use the proceeds of the Revolving Credit Advances for lawful, general
business purposes. Neither the Borrower nor any other Loan Party will use any of the proceeds of the Revolving Credit Advances to purchase or carry any “margin stock” (as defined in Regulation U). The Borrower will not request any Loan or
Facility Letter of Credit, and the Company and the Borrower shall not use, and shall procure that their respective Subsidiaries shall not use, the proceeds of any Loan or Facility Letter of Credit in any manner which would result in any violation of
Anti-Corruption Laws or applicable Sanctions. 
 7.3 Notice of Default. The Borrower will give notice in writing to the Lenders of the
occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, that could reasonably be expected to have a Material Adverse Effect, promptly upon any Senior Executive of the Company or the Borrower becoming
aware thereof. 

  
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 7.4 Conduct of Business. The Loan Parties will carry on and conduct their businesses
in substantially the same manner and in substantially the same fields of enterprise as conducted on the Amendment and Restatement Effective Date (and fields reasonably related, ancillary or complimentary thereto) and, in the case of the Borrower and
the Company, will do (and in the case of any other Loan Party, to the extent that its failure to do so could reasonably be expected to have a Material Adverse Effect, will do) all things necessary to remain duly incorporated or organized, validly
existing and (to the extent such concept applies to such entity) in good standing as a domestic corporation, partnership, trust or limited liability company in its jurisdiction of incorporation or organization, as the case may be, and, except where
the failure to do so could not reasonably be expected to have a Material Adverse Effect, maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted. 

7.5 Taxes. Except for violations or failures that individually and in the aggregate could not reasonably be expected to have a Material
Adverse Effect, each Loan Party will (i) file in a timely manner complete and correct U.S. federal and all applicable foreign, state and local tax returns required by law and (ii) pay when due all Taxes upon it or its income, profits or
Property, except those which are being contested in good faith by appropriate proceedings and with respect to which adequate reserves have been provided in accordance with GAAP. 

7.6 Insurance. Each Loan Party will maintain with financially sound and reputable insurance companies insurance on all its Property in
such amounts and covering such risks as is consistent with sound business practice, and the Borrower will furnish to any Lender upon request full information as to the insurance carried. 

7.7 Compliance with Laws. Each Loan Party will comply with all Laws (excluding Environmental Laws, compliance with which is governed by
Section 7.25) to which it may be subject, to the extent that noncompliance could reasonably be expected to have a Material Adverse Effect. The Company and the Borrower will maintain in effect and enforce policies and procedures designed to
promote compliance by the Borrower, the Company, its Subsidiaries and their respective officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

7.8 Maintenance of Properties. Each Loan Party will maintain, preserve, protect and keep its Property in good repair, working order and
condition (ordinary wear and tear and casualty excepted) in accordance with the general practice of other businesses of similar character and size, and make all necessary and proper repairs, renewals and replacements so that its business carried on
in connection therewith may be properly conducted at all times, except in each case to the extent that the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

7.9 Inspection. Each Loan Party will permit the Administrative Agent and the Lenders, by their respective representatives and agents, to
inspect any of the Property, books and financial records of the Loan Parties, examine and make excerpts of the books of accounts and other financial records of the Loan Parties, and to discuss the affairs, finances and accounts of the Loan Parties
with, and to be advised as to the same by, their respective officers at such reasonable times and intervals as the Administrative Agent or any Lender may reasonably designate. 

  
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 7.10 Mergers; Consolidations; Dissolutions. No Loan Party shall merge into or
consolidate with any other Person or permit any other Person to merge into or consolidate with it unless (i) there is no Change of Control of the Loan Party; (ii) the character of the business of the Toll Group on a consolidated basis will
not be materially changed by such occurrence; (iii) such occurrence shall not constitute or give rise to a Default or Unmatured Default; and (iv) if, in the case of the Borrower or the Company, it is not the surviving entity of such merger
or consolidation, such surviving entity shall promptly execute and deliver to the Administrative Agent (A) an assumption of the Borrower’s or the Company’s (as applicable) obligations under the Loan Documents to which the Borrower or
the Company (as applicable) is party and (B) such certified resolutions, opinions of counsel and other supporting documentation as the Administrative Agent may reasonably request, all of which shall be reasonably satisfactory to the
Administrative Agent. Neither the Toll Group nor any portion thereof the dissolution, liquidation or winding up of which could reasonably be expected to have a Material Adverse Effect shall dissolve, liquidate, or wind up its business by operation
of law or otherwise. 
 7.11 Distributions of Securities. The Company shall not distribute to its shareholders any securities of any
Subsidiary unless (a) such Subsidiary is a Non-Loan Party; (b) such distribution does not constitute or give rise to a Default or Unmatured Default; (c) such distribution does not result in a
Change of Control of a Loan Party; and (d) such distribution does not materially change the operations of the Toll Group. 
 7.12
Disposition of Assets. None of the Loan Parties will sell, convey, assign, lease, abandon or otherwise transfer or dispose of, voluntarily or involuntarily, any of its Property (including, but not limited to, sale, assignment, discount or
other disposition of accounts, contract rights, chattel paper, equipment or general intangibles with or without recourse or of capital stock (other than capital stock of the Company), shares of beneficial interest or partnership interests of another
Loan Party or an Affiliate of a Loan Party), except: 
 (i) transactions involving the sale of inventory in the ordinary
course of business; 
 (ii) any sale, transfer or lease of assets which are no longer necessary or required in the conduct of
the business of the Loan Parties (taken as a whole); 
 (iii) any sale, transfer or lease of assets to any other Loan Party;

 (iv) any sale, transfer or lease of assets which are replaced by substitute assets acquired or leased; 

(v) any sale, transfer or lease of assets of, or interests in, a Non-Loan Party or any
other Affiliate of the Company that is not a Loan Party; and 
 (vi) mergers or consolidations permitted in this Agreement.

 7.13 Borrower a Wholly-Owned Subsidiary. The Borrower will at all times be a Wholly-Owned Subsidiary of the Company or of a
successor to the Company (but only if the ownership by such successor does not constitute or result in a Change of Control). 

  
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 7.14 Investments and Acquisitions. None of the Loan Parties will make or suffer to
exist any Investments (including, without limitation, loans and advances to, and other Investments in, Subsidiaries), or commitments therefor, or will create any Subsidiary or will become or remain a partner in any partnership or joint venture,
except Permitted Investments. 
 7.15 Liens. None of the Loan Parties will create, incur, or suffer to exist any Lien in, of or on any
Property whether now owned or hereafter acquired, except Permitted Liens. 
 7.16 Additional Designated Guarantors. The Borrower may
at any time designate (in the manner hereinafter provided) any Wholly-Owned Subsidiary of the Company as a Designated Guarantor, and shall designate (in the manner hereinafter provided) each newly-formed or newly-acquired Wholly-Owned Subsidiary of
the Company (other than a Mortgage Subsidiary) as a Designated Guarantor on a quarterly basis simultaneously with its delivery of the next Compliance Certificate pursuant to Section 7.1(iv) (unless, on or prior to the time of such delivery, the
Borrower satisfies the requirements of Non-Designation of such Wholly-Owned Subsidiary in accordance with Section 10.13) in accordance with the provisions of this Section 7.16. Such designation of a
Wholly-Owned Subsidiary of the Company as a Designated Guarantor shall be effected by the delivery by the Borrower to the Administrative Agent of each of the following: 

(i) Notice by the Borrower and the Company identifying such Designated Guarantor, the state of its formation, and the ownership
of the capital stock or other ownership interests in such Designated Guarantor; 
 (ii) A Supplemental Guaranty duly executed
and delivered by such Designated Guarantor; 
 (iii) Documents with respect to such Designated Guarantor addressing the
requirements set forth in clauses (iv), (v) and (vi) of Section 5.1; and 
 (iv) Such information relating to the
organization, operations and finances of such Designated Guarantor as the Administrative Agent shall reasonably request. 
 Upon the
Administrative Agent’s receipt of the foregoing, all of which shall be reasonably satisfactory to the Administrative Agent in form and substance, such Wholly-Owned Subsidiary of the Company shall be a Designated Guarantor and a Loan Party
hereunder. 
 7.17 Subordinated Indebtedness. Except as otherwise permitted in the last sentence of this Section 7.17, no Loan
Party will make any amendment or modification to any Subordinated Loan Document, without providing at least thirty (30) days’ prior written notice thereof to the Administrative Agent (or such shorter period as the Administrative Agent
shall agree), and obtaining the prior written consent of the Required Lenders thereto. The Loan Parties may amend or modify any Subordinated Loan Document without obtaining the consent of the Required Lenders if after giving effect to such amendment
or modification (a) the subordination provisions therein would be permitted under this Agreement, and (b) the covenants governing such Subordinated Indebtedness affected by the amendment are no more onerous to the borrower of such
Subordinated Indebtedness than those contained under this Agreement and the Administrative Agent shall have received an officer’s certificate to such effect by an Authorized Officer of the Company. 

  
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 7.18 Intercompany Loans, Loans from Non-Loan
Parties. The Borrower may make Intercompany Loans available to the Guarantors using proceeds of the Loans. Each Intercompany Loan shall be evidenced either by a promissory note of the obligor under such Intercompany Loan (individually, an
“Intercompany Note” and collectively, the “Intercompany Notes”), an intercompany account agreement between Borrower and the obligor under such Intercompany Loan (individually, an “Intercompany Agreement” and
collectively, the “Intercompany Agreements”) or by an entry on the books and records of the Borrower and the obligor under such Intercompany Loan, and repayment of such Intercompany Loans shall be on such terms as the Borrower and the
Guarantors agree. Each Intercompany Loan shall be subordinated to the Guarantors’ obligations under the Guaranty Agreements pursuant to the terms of the Guaranty Agreement and shall either be a demand loan or become due and payable upon the
acceleration of the Loans pursuant to Section 9.1 after the occurrence of a Default hereunder. Any Intercompany Note, Intercompany Agreement or book-entry claim may in turn be assigned by the Borrower to another Guarantor or any other member of
the Toll Group as a capital contribution. The Company shall establish and maintain such books and records relating to Intercompany Loans and other Investments in the Designated Guarantors as are required to enable it and the Administrative Agent to
trace advances and repayments of principal of Intercompany Loans and other investments in the Guarantors. 
 7.19 Appraisals. 

7.19.1 Procedures. The Loan Parties shall cooperate with the Lenders and the appraisers in making appraisals of the Borrowing Base
Assets which the Administrative Agent, at the direction of the Required Lenders, may from time to time request. The Borrower may, within ten (10) days following any such request by the Administrative Agent, specify which other of the Borrowing
Base Assets it requests to have similarly appraised. Following the first to occur of (A) completion of all appraisals requested at any one time by the Administrative Agent and the Borrower under this Section 7.19, and (B) a date
specified by the Administrative Agent no earlier than 45 days after the last request for an appraisal has (or could have) been made by the Borrower in accordance with the immediately preceding sentence, the appraised values of all Borrowing Base
Assets which have been appraised (rather than their book value) shall be used for purposes of applying the covenant contained in Section 7.28.2. The Required Lenders shall have the right to request appraisals pursuant to this Section 7.19
not more than two times in any period of twelve consecutive months, and shall specify in such request all of the Borrowing Base Assets for which the Lenders desire appraisals. 

7.19.2 Costs. Any appraisals by the Administrative Agent shall be at the Lenders’ expense (in the proportion of their respective
Revolving Credit Ratable Shares), unless using such appraised values would result in the covenant contained in Section 7.28.2 being violated, in which event all such appraisals shall be at the Borrower’s expense; provided, that, in
addition to the foregoing, if at any time that the Borrowing Base provisions set forth in Section 7.28.2 are in effect because both the Leverage Ratio is above the threshold set forth therein as of the end of the most recent fiscal quarter for
which financial statements have been delivered to the Administrative Agent pursuant to Section 7.1(i) or (ii) and the Company does not have an Investment Grade Rating from at least two (2) Rating Agencies as of the end of such fiscal
quarter, the amount of the Borrowing Base (determined as of the end of such fiscal quarter and set forth on the Borrowing Base Certificate required to be delivered pursuant to Section 7.1(viii)) is not greater than the

  
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aggregate principal amount of the Senior Indebtedness then outstanding (excluding outstanding Alternative Letters of Credit and other outstanding Letters of Credit or similar arrangements to the
extent collateralized by cash, Marketable Securities or Cash Equivalents) by at least an amount equal to 10% of the aggregate principal amount of such Senior Indebtedness then outstanding (with Senior Indebtedness being calculated in accordance with
Section 7.28.2), then the Administrative Agent, at the written request of the Required Lenders, shall have the right to request appraisals of a selection of Borrowing Base Assets that constitute (x) Borrowing Base Assets with the highest
individual book values and (y) Borrowing Base Assets that in the aggregate constitute 50% of the aggregate book value of all Borrowing Base Assets (both (x) and (y) to be determined by the Company in good faith in consultation with the
Administrative Agent) (such assets, the “Borrowing Base Selected Assets”) not more than once in any twelve consecutive months with all such appraisals conducted at the Borrower’s expense; provided, further, that if the
aggregate appraised value of the Borrowing Base Selected Assets is less than the aggregate book value of the Borrowing Base Selected Assets as set forth in the above-referenced Borrowing Base Certificate, then the Administrative Agent shall have the
right, at the written request of the Required Lenders (but only so long as the Borrowing Base provisions set forth in Section 7.28.2 are in effect as provided above) to request appraisals of additional Borrowing Base Assets on the same basis as
provided in clauses (x) and (y) above that in the aggregate, together with the Borrowing Base Selected Assets, constitute 80% of the aggregate book value of all Borrowing Base Assets (such additional Borrowing Base Assets to be determined by
the Company in good faith in consultation with the Administrative Agent as provided above and defined herein as the “Additional Borrowing Base Selected Assets”) not more than once in any twelve consecutive months with all such appraisals
conducted at the Borrower’s expense; provided, further, that if the aggregate appraised value of the Borrowing Base Selected Assets and the Additional Borrowing Base Selected Assets is less than ninety percent (90%) of the
aggregate book value of such assets as set forth on the above-referenced Borrowing Base Certificate, then the Administrative Agent shall have the right, at the written request of the Required Lenders (but only so long as the Borrowing Base
provisions set forth in Section 7.28.2 are in effect as provided above), to request appraisals of all remaining Borrowing Base Assets at the Borrower’s expense, but no more than once in any twelve consecutive months; provided,
further, that, notwithstanding the foregoing, if a Default or Unmatured Default shall have occurred and be continuing as a result of a breach of Section 7.28.2, then all appraisals under this Section 7.19 shall be at the
Borrower’s expense. 
 7.19.3 Appraisers. Any appraisals requested at any one time pursuant to this Section 7.19 shall be
made by one or more appraisers for all properties (there shall be no more than one appraiser for each property) located in each state selected by the Borrower from a list of at least three appraisers submitted by the Administrative Agent with
respect to such state at the time it makes its request. All appraisers submitted by the Administrative Agent pursuant to this Section 7.19 shall be appraisers who have been approved by the Required Lenders and the Borrower (such approval not to
be unreasonably withheld or delayed) and in either event have committed to prepare appraisals within 45 days following the date such appraisals are requested. 

7.20 Mortgage Subsidiaries. The Company shall notify the Administrative Agent of the creation of any Mortgage Subsidiary within seven
(7) Business Days after such creation. Such notice shall include the name, state of formation and ownership of the capital stock or other ownership interests thereof. The Company shall cause the Mortgage Subsidiaries to engage exclusively in
the Mortgage Banking Business. The Company shall deliver information relating to the organization, operations and finances of the Mortgage Subsidiaries as the Administrative Agent may reasonably request from time to time. 

  
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 7.21 [Reserved]. 

7.22 [Reserved]. 
 7.23
Plans and Benefit Arrangements. Except as set forth in Schedule 9 or to the extent a violation of the foregoing would not reasonably be expected to have a Material Adverse Effect either individually or in the aggregate with all other
such violations: 
 (i) The Company and each member of the Controlled Group shall comply with any applicable provisions of
ERISA with respect to all Benefit Arrangements, Plans and Multiemployer Plans. The Company shall not permit to occur any Prohibited Transaction with respect to any Benefit Arrangement or any Plan or with respect to any Multiemployer Plan or Multiple
Employer Plan. The Company and all members of the Controlled Group shall make all payments required to be made under any agreement relating to a Multiemployer Plan or a Multiple Employer Plan or any Law pertaining thereto. With respect to each Plan
and Multiemployer Plan, the Company and each member of the Controlled Group (i) shall fulfill their obligations under the minimum funding standards of ERISA, (ii) shall not incur any liability to the PBGC and (iii) shall not have
asserted against them any penalty for failure to fulfill the minimum funding requirements of ERISA. 
 (ii) Each
Multiemployer Plan and Multiple Employer Plan shall be able to pay benefits thereunder when due. 
 (iii) Neither the Company
nor any other member of the Controlled Group shall institute proceedings to terminate any Plan. 
 (iv) The Company shall not
permit to occur any event requiring notice to the PBGC under Section 303(k)(4)(A) of ERISA with respect to any Plan. 

(v) The aggregate actuarial present value of all benefit liabilities (whether or not vested) under each Plan, determined on a
plan termination basis, as disclosed from time to time in and as of the date of the actuarial reports for such Plan shall not exceed the aggregate fair market value of the assets of such Plan. 

(vi) Neither the Company nor any other member of the Controlled Group shall incur any withdrawal liability under ERISA to any
Multiemployer Plan or Multiple Employer Plan. Neither the Company nor any other member of the Controlled Group shall be notified by any Multiemployer Plan or Multiple Employer Plan that such Multiemployer Plan or Multiple Employer Plan has been
terminated within the meaning of Title IV of ERISA and no Multiemployer Plan or Multiple Employer Plan shall be reorganized or terminated, within the meaning of Title IV of ERISA. 

(vii) To the extent that any Benefit Arrangement is insured, the Company and all members of the Controlled Group shall pay when
due all premiums required to be paid. To the extent that any Benefit Arrangement is funded other than with insurance, the Company and all members of the Controlled Group shall make all contributions required to be paid for all prior periods. 

  
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 7.24 Employment Matters. The Loan Parties shall comply with the Labor Contracts and
all applicable labor and employment Laws including, but not limited to, those related to equal employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and
relocation notices, immigration controls and worker and unemployment compensation, in each case where the failure to comply would have a Material Adverse Effect either individually or in the aggregate with all other such failures. The Company and
the Borrower shall not permit any grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or strikes or threatened strikes, picketing, handbilling or other work stoppages or slowdowns at facilities of any Loan Party
that in any case or in the aggregate would have a Material Adverse Effect. 
 7.25 Environmental Matters. Except as disclosed on
Schedule 10 hereto: 
 (i) Except for violations or failures which individually and in the aggregate are not
reasonably likely to have a Material Adverse Effect, (A) no Environmental Complaint shall be issued by any Official Body or other Person alleging that any Loan Party or any prior or subsequent owner of the Property is a potentially responsible
party under the Comprehensive Environmental Response, Cleanup and Liability Act, 42 U.S.C. § 9601, et seq. and (B) the Company and the Borrower shall not permit to occur any Environmental Complaint relating to any Loan Party or any
prior or subsequent owner of the Property pertaining to, or arising out of, any Environmental Conditions. 
 (ii) Except for
conditions, violations or failures which individually and in the aggregate are not reasonably likely to have a Material Adverse Effect, the Company and the Borrower shall not permit to occur (A) any circumstances at, on or under the Property
that constitute a breach of or non-compliance with any of the Environmental Laws or (B) any past or present Environmental Conditions at, on or under the Property or at, on or under adjacent property, that
prevent compliance with Environmental Laws at the Property. 
 (iii) Except for conditions, violations or failures which
individually and in the aggregate are not reasonably likely to have a Material Adverse Effect, neither the Property nor any structures, improvements, equipment, fixtures, activities or facilities thereon or thereunder shall contain or use Regulated
Substances except in compliance with Environmental Laws. The Company and the Borrower shall not permit to occur any processes, facilities, operations, equipment or other activities at, on or under the Property, or at, on or under adjacent property
that result in the release or threatened release of Regulated Substances onto the Property, except to the extent that such releases or threatened releases are not a breach of or otherwise a violation of any Environmental Laws, or are not likely to
have a Material Adverse Effect either individually or in the aggregate. 
 (iv) Except for violations or failures which
individually and in the aggregate are not likely to have a Material Adverse Effect, (A) the Company and the Borrower shall not permit any underground storage tanks, or underground piping associated with such tanks, to be used for the management
of Regulated Substances at, on or under the Property that 

  
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do not have a full operational secondary containment system in place or are not in compliance with all Environmental Laws, and (B) the Company and the Borrower shall not permit the
abandonment of any underground storage tanks or underground piping associated with such tanks, previously used for the management of Regulated Substances at, on or under the Property, except those abandoned in place, or removed, in accordance with
the Environmental Laws. 
 (v) Except for violations or failures which individually and in the aggregate are not likely to
have a Material Adverse Effect, (A) each Loan Party shall have all material permits, licenses, authorizations and approvals necessary under the Environmental Laws for the conduct of the business of such Loan Party as conducted by such Loan
Party and (B) the Loan Parties shall submit all material notices, reports and other filings required by the Environmental Laws to be submitted to an Official Body which pertain to operations on the Property. 

(vi) Except for violations which individually and in the aggregate are not likely to have a Material Adverse Effect, all on-site generation, storage, processing, treatment, recycling, reclamation of disposal of Solid waste at, on, or under the Property and all off-site transportation, storage,
processing, treatment, recycling, reclamation and disposal of Solid Waste shall be done in accordance with the Environmental Laws. 
 7.26
Environmental Certificates. The Borrowing Base Assets shall not include any Property for which a Loan Party has not obtained a completed certificate (including an accompanying Phase I Environmental site assessment in conformity with industry
standards) in respect of such Property in substantially the form of Exhibit G or otherwise in a form reasonably satisfactory to the Administrative Agent (an “Environmental Certificate”) from a qualified independent environmental
consultant. The Borrower shall, at the request of the Administrative Agent, furnish to the Administrative Agent Environmental Certificates with respect to any Property requested by the Administrative Agent that the Borrower has included in the
Borrowing Base, and may, in order to request approval of any exception on Exhibit A of an Environmental Certificate that is not a Permitted Environmental Exception so that the underlying assets may be included in the Borrowing Base, furnish a
supplemental Environmental Certificate to the Administrative Agent from a qualified independent environmental consultant. The Administrative Agent shall with reasonable promptness notify the Borrower and the Lenders of the Administrative
Agent’s approval or disapproval of any exception on Exhibit A of any such Environmental Certificate that is not a Permitted Environmental Exception (such approval not to be unreasonably withheld or delayed). The other Lenders shall have
ten (10) Business Days to reverse such approval or disapproval by the vote of the Required Lenders, in the absence of which vote the Administrative Agent’s decision shall stand. The Borrower shall have the right from time to time to submit
another Environmental Certificate in respect of Property that was not initially Environmentally Approved Land following substantial completion of corrective action in accordance with Environmental Laws applicable to exceptions to a prior
Environmental Certificate in respect of such Property and provision of documentation of such corrective action reasonably acceptable to the Administrative Agent. Neither the Administrative Agent nor any other Lender shall be liable or otherwise have
any responsibility or obligation to any Lender or to any Loan Party for any approval or disapproval of any exceptions in any Environmental Certificate made by it except as expressly provided above. 

  
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 7.27 Senior Debt Status. The Obligations will at all times rank (a) at least
pari passu in priority of payment with all other Senior Indebtedness of the Loan Parties (except the Obligations may rank junior in priority with respect to the liens securing Indebtedness secured by Permitted Liens) and (b) prior in right of
payment to all Subordinated Indebtedness. 
 7.28 Financial Covenants. 

7.28.1 Leverage Ratio. As of the end of any fiscal quarter, the Company and the Borrower will not permit the Leverage Ratio to be
greater than 1.75 to 1.00 (determined as of the end of such fiscal quarter and set forth on the compliance certificate required to be delivered for such fiscal quarter pursuant to Section 7.1(iv)). 

7.28.2 Borrowing Base. At any time that the Leverage Ratio as of the end of a fiscal quarter equals or exceeds 1.50 to 1.00 and the
Company does not have an Investment Grade Rating from at least two (2) Rating Agencies (in each case as determined as of the end of such fiscal quarter and set forth on the compliance certificate required to be delivered for such fiscal quarter
pursuant to Section 7.1(iv)), the Company and the Borrower will not permit the Borrowing Base (determined as of the end of such fiscal quarter and set forth on the Borrowing Base Certificate required to be delivered for such fiscal quarter
pursuant to Section 7.1(viii)) to be less than the aggregate principal amount of Senior Indebtedness then outstanding (excluding outstanding Alternative Letters of Credit and other Letters of Credit or similar arrangements included in Senior
Indebtedness and not issued under this Agreement to the extent collateralized by cash, Marketable Securities or Cash Equivalents), it being understood that (i) if any Permitted Purchase Money Loans or Permitted Recourse Indebtedness are secured
by assets which have a book value at the time of the calculation of the Leverage Ratio which is greater than or equal to the amount of Indebtedness outstanding in respect of such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as
applicable, then the amount of such Indebtedness shall not be included in the foregoing calculation of Senior Indebtedness, (ii) if any Permitted Purchase Money Loans or Permitted Recourse Indebtedness are secured by assets which have a book
value at the time of the calculation of the Leverage Ratio which is less than the amount of Indebtedness in respect of such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as applicable, and such Permitted Purchase Money Loans or
Permitted Recourse Indebtedness, as applicable, are recourse to any Loan Party (on a secured or unsecured basis) then only the difference between the outstanding principal amount of Indebtedness in respect of such Permitted Purchase Money Loans or
Permitted Recourse Indebtedness, as applicable, and the book value of such assets securing such Permitted Purchase Money Loans or Permitted Recourse Indebtedness, as applicable, shall be included in the foregoing calculation of Senior Indebtedness
(but in no event in an amount greater than the amount of recourse to any Loan Party) and (iii) the amount of Indebtedness in respect of Permitted Nonrecourse Indebtedness shall not be included in the foregoing calculation of Senior
Indebtedness. 
 7.28.3 Tangible Net Worth. The Company will maintain at the end of each fiscal quarter a Tangible Net Worth of not
less than the amount by which (i) the sum of (a) $2,690,000,000, (b) 50% of Consolidated Net Income after November 1, 2018 (provided that the amount in this clause (b) may not be less than zero), (c) 50% of the cash
proceeds of capital stock of the Company sold by the Company after November 1, 2018 and (d) 50% of the aggregate increase in Tangible Net Worth after November 1, 2018 by reason of the issuance of capital stock

  
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of the Company upon conversion of Indebtedness of any member of the Toll Group into such capital stock exceeds (ii) the sum of the aggregate amount paid by the Company for the purchase or
repurchase of its capital stock, and the aggregate amount of dividends and other distributions paid in cash by the Toll Group in respect of the Company’s capital stock, in each case at any time after November 1, 2018 (but only to the
extent such purchases, repurchases, dividends and other distributions paid in cash do not, in the aggregate, exceed the Maximum Deductible Amount (as defined below)). As used herein, the term “Maximum Deductible Amount” shall mean an
amount equal to (A) the sum of the cost of purchases and repurchases by the Toll Group of capital stock of the Company made, and the aggregate amount of dividends and other distributions paid in cash by the Toll Group in respect of the
Company’s capital stock, in each case after November 1, 2018, not to exceed, in the aggregate during any one-year period (as measured from November 1 to October 31 of each year) fifteen
percent (15%) of the Tangible Net Worth as of the end of the fiscal year of the Company preceding such one-year period, plus (B) in addition to the purchases and repurchases of capital stock, and
dividends and distributions in respect of capital stock, in each case under clause (A), the sum of (1) the cost of other purchases and repurchases by the Toll Group of capital stock of the Company at any time and (2) the aggregate amount
of dividends and other distributions in respect of the capital stock of the Company at any time, not to exceed $500,000,000 in the aggregate after November 1, 2018. 

7.29 Financial Contracts. No Loan Party will enter into or remain liable upon any Financial Contract, except for Financial Contracts
entered into for the purpose of managing interest rate risks associated with Indebtedness of the Toll Group and other risks associated with the business of the Toll Group and not for speculative purposes. 

ARTICLE VIII 
 DEFAULTS

 The occurrence of any one or more of the following events shall constitute a Default: 

8.1 Any representation or warranty made or deemed made by or on behalf of any Loan Party to the Lenders or the Administrative Agent under or in
connection with this Agreement, any Loan, or any certificate or information delivered in connection with this Agreement or any other Loan Document shall be false in any material respect on the date as of which made or deemed made. 

8.2 (i) Nonpayment of principal of any Loan when due or failure to cash collateralize Facility Letters of Credit when required under this
Agreement, or (ii) nonpayment of interest upon any Loan or of any fee or other Obligations under any of the Loan Documents within five days after notice (which notice may include a billing statement therefor) that the same is due. 

8.3 The breach by any Loan Party (other than a breach which constitutes a Default under another Section of this Article VIII) of any of the
terms or provisions of this Agreement or any of the other Loan Documents which is not cured within thirty days after the earlier of notice thereof given by the Administrative Agent or the Required Lenders to the Borrower in accordance with
Section 14.1 and the date on which any Senior Executive becomes aware of the occurrence thereof, whichever first occurs (such grace period to be applicable only in the event such breach can be cured by corrective action of the Loan Parties as
determined by the Administrative Agent in its reasonable discretion). 

  
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 8.4 Failure of any Loan Party to pay when due any Indebtedness (other than
(i) Permitted Nonrecourse Indebtedness and (ii) guarantees of Indebtedness of Non-Loan Parties, to the extent and for so long as the payment obligation by a Loan Party under such guarantee is being
contested in good faith by appropriate proceedings, and any judgment against any Loan Party is subject to an appeal and does not otherwise result in a Default under Section 8.5) aggregating in excess of $150,000,000 (“Material
Indebtedness”); or the default by any Loan Party in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement or agreements under which any such Material
Indebtedness was created or is governed, or any other event shall occur or condition exist, the effect of which default or event is to cause, or to permit the holder or holders of such Material Indebtedness to cause, such Material Indebtedness to
become due prior to its stated maturity; or any Material Indebtedness of any Loan Party shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment or in connection with a mandatory
prepayment or offer with respect to the sale, casualty or condemnation of any Property secured by such Material Indebtedness) prior to the stated maturity thereof; or any Loan Party shall not pay, or shall admit in writing its inability to pay, its
debts generally as they become due. 
 8.5 Any Loan Party shall (i) have an order for relief entered with respect to it under the
federal bankruptcy laws as now or hereafter in effect, (ii) make an assignment for the benefit of creditors, (iii) apply for, seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or
similar official for it or any Substantial Portion of its Property, (iv) institute any proceeding seeking an order for relief under the federal bankruptcy laws as now or hereafter in effect or seeking to adjudicate it a bankrupt or insolvent,
or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors or fail to file an answer or other
pleading denying the material allegations of any such proceeding filed against it, (v) take any corporate, partnership or limited liability company action to authorize or effect any of the foregoing actions set forth in this Section 8.5 or
(vi) fail to contest in good faith any appointment or proceeding described in Section 8.6. 
 8.6 Without the application, approval
or consent of a Loan Party, a receiver, trustee, examiner, liquidator or similar official shall be appointed for such Loan Party or any Substantial Portion of the Property of the Loan Parties, or a proceeding described in Section 8.5(iv) shall
be instituted against any Loan Party and such appointment continues undischarged, or such proceeding continues undismissed or unstayed, for a period of 60 consecutive days. 

8.7 Any court, government or governmental agency shall condemn, seize or otherwise appropriate, or take custody or control of, all or any
portion of the Property of any Loan Party which, when taken together with all other Property of the Loan Parties so condemned, seized, appropriated, or taken custody or control of, during the period of four consecutive fiscal quarters ending with
the quarter in which any such action occurs, constitutes a Substantial Portion. 

  
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 8.8 The Loan Parties shall fail within 30 days to pay, bond or otherwise discharge any one
or more judgments or orders for the payment of money (other than in respect of Permitted Nonrecourse Indebtedness) in excess of $150,000,000 in the aggregate (to the extent not covered by insurance provided by an independent solvent third-party
insurer who has been notified of such judgment, order or decree and has not denied coverage), which are not stayed on appeal or otherwise being appropriately contested in good faith. 

8.9 The Unfunded Liabilities of all Single Employer Plans shall exceed in the aggregate $20,000,000 or any Reportable Event shall occur in
connection with any Plan. 
 8.10 The Company or any other member of the Controlled Group shall have been notified by the sponsor of a
Multiemployer Plan or Multiple Employer Plan that it has incurred withdrawal liability to such Multiemployer Plan or Multiple Employer Plan in an amount which, when aggregated with all other amounts required to be paid to Multiemployer Plans or
Multiple Employer Plan by the Company or any other member of the Controlled Group as withdrawal liability (determined as of the date of such notification), exceeds $20,000,000 or requires payments exceeding $10,000,000 per annum. 

8.11 The Company or any other member of the Controlled Group shall have been notified by the sponsor of a Multiemployer Plan or Multiple
Employer Plan that such Multiemployer Plan or Multiple Employer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if as a result of such reorganization or termination the aggregate annual contributions of the
Borrower and the other members of the Controlled Group (taken as a whole) to all Multiemployer Plans and Multiple Employer Plans which are then in reorganization or being terminated have been or will be increased over the amounts contributed to such
Multiemployer Plans and Multiple Employer Plans for the respective plan years of each such Multiemployer Plan and Multiple Employer Plans immediately preceding the plan year in which the reorganization or termination occurs by an amount exceeding
$50,000,000. 
 8.12 Any Loan Party shall (i) be the subject of any proceeding or investigation pertaining to the release of any
Regulated Substance into the environment, or (ii) violate any Environmental Law, which, in the case of an event described in clause (i) or clause (ii) or all such events in the aggregate, could reasonably be expected to have a
Material Adverse Effect. 
 8.13 Any Change of Control shall occur. 

8.14 Any action shall be taken by a Loan Party to discontinue or to assert the invalidity or unenforceability of any Guaranty Agreement, or any
Guarantor shall deny that it has any further liability under any Guaranty Agreement to which it is a party, or shall give notice to such effect (in each case other than as expressly permitted in Section 10.13 with respect to the Conversion or Non-Designation of a Designated Guarantor). 
 8.15 Any Loan Document shall fail to remain in full force
and effect unless released by the Lenders. 
 8.16 The representations and warranties set forth in Section 6.14.1 (“Plan Assets;
Prohibited Transactions”) shall at any time not be true and correct. 

  
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 The Borrower may cure any Default (other than any failure to pay the Obligations) that
relates exclusively to a Designated Guarantor by Conversion of such Designated Guarantor to a Non-Loan Party, to the extent permitted by and subject to and in accordance with the provisions of
Section 10.13, provided that such Conversion is completed (except as otherwise provided in Section 10.13(b)) not later than thirty (30) days after the first to occur of (a) such Default or (b) the day that a Senior
Executive of the Company first learned of the Unmatured Default that, with the lapse of time or giving of notice, or both, has ripened or may ripen into such Default. 

ARTICLE IX 

ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 

9.1 Acceleration. If any Default described in Section 8.5 or 8.6 occurs and is continuing with respect to the Borrower or the
Company, the obligations of the Lenders to make Loans hereunder and the obligations of the Lenders to issue, amend or extend any Facility Letter of Credit hereunder shall automatically terminate and the Obligations shall immediately become due and
payable without any election or action on the part of the Administrative Agent or any Lender. If any other Default occurs and is continuing, the Required Lenders (or the Administrative Agent with the written consent of the Required Lenders) may
terminate or suspend the obligations of the Lenders to make Loans hereunder and the obligation of any Lender to issue, amend or extend any Facility Letter of Credit hereunder, or declare the Obligations to be due and payable, or both, whereupon the
Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Borrower hereby expressly waives. 

If, within 30 days after acceleration of the maturity of the Obligations or termination of the obligations of the Lenders to make Loans and of
the Issuing Bank(s) to issue, amend or extend Facility Letters of Credit hereunder as a result of any Default (other than any Default as described in Section 8.5 or 8.6 with respect to the Borrower or the Company) and before any judgment or
decree for the payment of the Obligations due shall have been obtained or entered, the Required Lenders (in their sole discretion) shall so direct, the Administrative Agent shall, by notice to the Borrower, rescind and annul such acceleration and/or
termination. 
 9.2 Amendments. Subject to the provisions of this Article IX and Section 3.3(b), the Required Lenders (or the
Administrative Agent with the consent in writing of the Required Lenders), the Borrower and the Company may enter into agreements for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the
Lenders or the Borrower hereunder or waiving any Default hereunder; provided, however, that no such agreement or any waiver shall, 

(a) without the consent of each Lender directly and adversely affected thereby: 

(i) Extend the final maturity of any Loan under the Revolving Credit Facility or forgive all or any portion of the principal
amount thereof, or reduce the rate, whether by modification of the Pricing Schedule or otherwise (it being understood that any change to the definition of Leverage Ratio or in the component definitions thereof shall not constitute a reduction in the
rate of interest for purposes of this clause), or extend the time for payment of or forgive interest or fees thereon; or 

(ii) Extend the Revolving Credit Facility Termination Date under the Revolving Credit Facility (except as agreed to by such
Lender pursuant to the provisions of Section 2.17), or increase the amount of the Revolving Credit Commitment of any Lender under the Revolving Credit Facility (except as agreed by such Lender); 

  
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 or (b) without the consent of all Lenders: 

(i) Permit the Borrower to assign its rights under this Agreement; or 

(ii) [Reserved]; or 

(iii) Change, directly or indirectly, the percentage specified in the definition of “Required Lenders,” or change any
provision that calls for consent, approval or other action by the Required Lenders, all Lenders or any particular affected Lender; or 

(iv) Amend Section 2.10(b), this Section 9.2 or Section 12.2; or 

(v) Release any Guarantor (except for the release of a Designated Guarantor as provided in Section 10.13). 

No amendment of any provision of this Agreement relating to the Administrative Agent shall be effective without its written consent, and no
amendment of any provision of this Agreement relating to any outstanding Facility Letter of Credit issued by any Issuing Bank shall be effective without its written consent. The Administrative Agent may waive payment of the fee required under
Section 13.3.2 without obtaining the consent of any other party to this Agreement. Notwithstanding the foregoing, (i) any provision of this Agreement or any other Loan Document may be amended by an agreement in writing entered into by the
Borrower and the Administrative Agent to cure any ambiguity, omission, defect or inconsistency (including amendments, supplements or waivers to any of the Loan Documents or related documents executed by any Loan Party or any other Subsidiary in
connection with this Agreement or any other Loan Document if such amendment, supplement or waiver is delivered in order to cause such Loan Documents or related documents to be consistent with this Agreement and the other Loan Documents) so long as,
in each case, the Lenders shall have received at least five (5) Business Days’ prior written notice thereof and the Administrative Agent shall not have received, within five (5) Business Days of the date of such notice to the Lenders,
a written notice from the Required Lenders stating that the Required Lenders object to such amendment and (ii) with respect to amendments under Section 9.2(a)(i) or requiring the approval of all of the Lenders under the Revolving Credit
Facility directly and adversely affected thereby, if all such Lenders other than one or more Defaulting Lenders approve such amendment, the failure of such Defaulting Lenders to approve such amendment shall not prevent such amendment from becoming
effective with respect to such Lenders approving such amendment (it being understood that such amendment will not be effective with respect to such Defaulting Lenders that do not approve such amendment). 

9.3 Preservation of Rights. No delay or omission of the Lenders or the Administrative Agent to exercise any right under the Loan
Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan or the issuance, amendment or extension of a Facility Letter of Credit notwithstanding the existence of a Default or
the inability of the Borrower to satisfy the conditions precedent to such Loan or the issuance, amendment or extension of such Facility Letter of Credit shall not constitute any waiver or acquiescence. Any single or partial exercise of any such
right shall not preclude other or further 

  
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exercise thereof or the exercise of any other right, and no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in
writing signed by the Lenders required pursuant to Section 9.2, and then only to the extent in such writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall, subject to
the terms hereof, be available to the Administrative Agent and the Lenders until the Obligations have been paid in full. 
 ARTICLE X

 GENERAL PROVISIONS 

10.1 Survival of Representations. All representations and warranties of the Borrower contained in this Agreement shall survive the
making of the Loans and the issuance of the Facility Letters of Credit herein contemplated. 
 10.2 Governmental Regulation. Anything
contained in this Agreement to the contrary notwithstanding, no Lender shall be obligated to extend credit to the Borrower in violation of any limitation or prohibition provided by any applicable statute or regulation. 

10.3 Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not govern the interpretation of
any of the provisions of the Loan Documents. 
 10.4 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Borrower, the Company, Administrative Agent and the Lenders and supersede all prior agreements and understandings among the Borrower, the Company, the Administrative Agent and the Lenders relating to the subject matter
thereof (other than the Fee Letters). 
 10.5 Several Obligations Benefits of This Agreement. The respective obligations of the
Lenders hereunder are several and not joint or joint and several and no Lender shall be the partner or agent of any other (except to the extent to which the Administrative Agent is authorized to act as such). The failure of any Lender to perform any
of its obligations hereunder shall not relieve any other Lender from any of its obligations hereunder. This Agreement shall not be construed so as to confer any right or benefit upon any Person other than the parties to this Agreement and their
respective successors and assigns; provided, however, that the parties hereto expressly agree that the Arrangers (and, in the case of the provisions of Section 10.6(b), any other Person indemnified by the Borrower thereunder)
shall enjoy the benefits of the provisions of Sections 10.6(b) and 10.10 to the extent specifically set forth therein and shall have the right to enforce such provisions on its, his or her own behalf and in its, his or her own name to the same
extent as if it, he or she were a party to this Agreement. 
 10.6 Expenses; Indemnification. 

(a) The Borrower shall reimburse the Administrative Agent for any reasonable
out-of-pocket costs and expenses (including reasonable attorneys’ fees and expenses of attorneys for the Administrative Agent (other than internal counsel) and (but
only with the Borrower’s prior approval, which shall not be unreasonably withheld or delayed) other advisors and professionals engaged by the Administrative Agent) paid or incurred by the Administrative Agent or Citigroup

  
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in connection with the preparation, negotiation, execution, delivery, syndication, amendment, modification, and administration of the Loan Documents. In addition, the Borrower also agrees to pay
for all reasonable out-of-pocket costs and expenses of the Administrative Agent and each Lender incurred in connection with the enforcement or preservation of rights
under the Loan Documents (including but not limited to reasonable legal fees and expenses of counsel, provided that legal fees and legal expenses shall be limited to the fees and expenses of one legal counsel plus, if necessary, one special
counsel for each relevant specialty and one local counsel per jurisdiction; provided, that, in the event of any actual or potential conflict of interest, the Borrower shall be liable for the fees and expenses of one additional counsel for
each person or group of persons subject to such conflict). 
 (b) The Borrower hereby further agrees to indemnify the Administrative Agent,
each Arranger, each Lender and their respective Related Parties (each an “Indemnitee”) against all losses, claims, obligations, damages, penalties, actions, judgments, suits, liabilities, costs, expenses and disbursements (including,
without limitation, all reasonable fees and expenses of attorneys and other expenses of litigation or preparation therefor whether or not the Administrative Agent, any Arranger or any Lender is a party thereto, provided that legal fees and
legal expenses shall be limited to the fees and expenses of one legal counsel and one local counsel in each relevant jurisdiction for all such Indemnitees, taken as a whole; provided, that, in the event of any actual or potential conflict of
interest, the Borrower shall be liable for the fees and expenses of one additional counsel for each person or group of persons subject to such conflict) (“Losses”) which any of them may pay or incur arising out of or relating to this
Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan or Facility Letter of Credit hereunder including any Losses arising out of any actual
or alleged presence or Release of Regulated Substances at, on, under or emanating from any Property, or any liability related to the Borrower or any of its Subsidiaries under any Environmental Laws except to the extent that they (i) are
determined in a final non-appealable judgment by a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee, (ii) arose from a material breach of
the obligations of such Indemnitee’s or any of its Related Parties’ (except the Administrative Agent in its capacity as such) obligations under any Loan Document (as determined by a court of competent jurisdiction in a final, non-appealable judgment) or (iii) arose from any claim, actions, suits, inquiries, litigation, investigation or proceeding that does not involve an act or omission of the Loan Parties and is brought by an
Indemnitee against another Indemnitee (other than any claim, actions, suits, inquiries, litigation, investigation or proceeding against any Agent, Arranger, the Administrative Agent or any Issuing Bank in its capacity as such). The obligations of
the Borrower under this Section 10.6 shall survive the termination of this Agreement. This Section 10.6(b) shall not apply with respect to Taxes other than Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 10.7 Numbers of Documents. All statements, notices, closing documents, and
requests hereunder shall (if the Administrative Agent so requests) be furnished to the Administrative Agent with sufficient counterparts so that the Administrative Agent may furnish one to each of the Lenders. 

  
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 10.8 Accounting. Except as provided to the contrary herein, all accounting terms used
herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with generally accepted accounting principles in the United States, as in effect from time to time (“GAAP”); provided,
however, if at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document (including for pricing purposes), and either the Company or the Required Lenders shall so request,
the Administrative Agent, the Lenders and the Company shall negotiate in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Lenders);
provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Company shall provide to the Administrative Agent and the Lenders
financial statements and other documents required under this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP.
Notwithstanding the foregoing, any obligation of a Person under a lease (whether existing now or entered into in the future) that is not (or would not be) required to be classified and accounted for as a capital lease on the balance sheet of such
Person under GAAP as in effect on the Closing Date shall not be treated as a capital lease solely as a result of the adoption of any changes in, or changes in the application of, GAAP after the Closing Date and, as a result, leases shall continue to
be classified and accounted for on a basis consistent with their treatment on the Closing Date, notwithstanding any change in GAAP relating thereto, unless the Company, the Borrower and the Required Lenders shall enter into a mutually acceptable
amendment addressing such changes, as provided for above. 
 10.9 Severability of Provisions. Any provision in any Loan Document that
is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative, unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or
validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to be severable. 

10.10 Nonliability of Lenders. The relationship between the Borrower on the one hand and the Lenders, Issuing Banks and the
Administrative Agent on the other hand shall be solely that of borrower and lender. Neither the Administrative Agent, any Arranger nor any Lender or any Issuing Bank shall have any fiduciary responsibilities to the Borrower, the Company or any other
Loan Party. Neither the Administrative Agent, any Arranger nor any Lender or Issuing Bank undertakes any responsibility to the Borrower, the Company or any other Loan Party to review or inform the Borrower, the Company or any other Loan Party of any
matter in connection with any phase of the Borrower’s, the Company’s or any other Loan Party’s business or operations. The Borrower and the Company agree that neither the Administrative Agent, any Arranger nor any Lender or Issuing
Bank shall have liability to the Borrower, the Company or any other Loan Party (whether sounding in tort, contract or otherwise) for losses suffered by the Borrower, the Company or any other Loan Party in connection with, arising out of, or in any
way related to, the transactions contemplated and the relationship established by the Loan Documents, or any act, omission or event occurring in connection therewith, unless it is determined in a final
non-appealable judgment by a court of competent jurisdiction that such losses resulted from the gross negligence or willful misconduct of the party from which recovery is sought. Neither the Administrative
Agent, any Arranger nor any Lender or Issuing Bank shall have any liability (whether sounding in tort, contract or otherwise) with respect to, and the Borrower, the Company and each other Loan Party hereby waives, releases and agrees not to sue for,
any special, indirect or consequential damages suffered by the Borrower, the Company or any other Loan Party (or suffered by any of their respective officers, directors, employees, agents, advisors or representatives) in connection with, arising out
of, or in any way related to the Loan Documents or the transactions contemplated thereby. 

  
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 10.11 Confidentiality. Each of the Agents and the Lenders agrees to maintain the
confidentiality of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel, consultants, service providers
and other advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential); (b) to the extent requested by any
regulatory authority purporting to have jurisdiction over it (including any self-regulatory authority); (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process; (d) to any other party to this
Agreement; (e) subject to an agreement containing provisions substantially the same as those of this Section 10.11 (or as may otherwise be reasonably acceptable to the Borrower), to any Eligible Assignee of or Participant in, or any
prospective Eligible Assignee or pledgee of or Participant in, any of its rights or obligations under this Agreement; (f) with the written consent of the Borrower; (g) to the extent such Information becomes publicly available other than as
a result of a breach of this Section 10.11; (h) to any state, federal or foreign authority or examiner or self-regulatory body (including the National Association of Insurance Commissioners or any other similar organization) (in which case such
Person shall, except with respect to any audit or examination conducted by bank accountants or any governmental bank regulatory authority exercising examination or regulatory authority, promptly notify the Borrower, in advance, to the extent
lawfully permitted to do so); (i) to any rating agency when required by it (it being understood that, prior to any such disclosure, such rating agency shall undertake to preserve the confidentiality of any Information relating to the Loan Parties
received by it from such Lender); (j) in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder
or thereunder to the extent reasonably necessary in connection with such enforcement or any such litigation or proceeding to which the Arrangers, the Administrative Agent or any Lender or Issuing Bank or any of its Affiliates may be a party to the
extent reasonably necessary; or (k) to any actual or prospective party (or its managers, administrators, trustees, partners, directors, officers, employees, agents, advisors and other representatives) to any swap derivative or other transaction
under which payments are to be made by reference to the Borrower and its Obligations, this Agreement or payments hereunder or such contractual counterparty’s professional advisor (so long as such actual or prospective contractual counterparty
or professional advisor to such contractual counterparty agrees to be bound by the provisions of this Section 10.11). In addition, the Agents and the Lenders may disclose the existence of this Agreement and information about this Agreement to
market data collectors, similar service providers to the lending industry, and service providers to the Agents and the Lenders in connection with the administration and management of this Agreement, the other Loan Documents, the Commitments and the
Revolving Credit Advances. For the purposes of this Section 10.11, “Information” means all information received from the Company or any of its Subsidiaries relating to the Company or any of its Subsidiaries or its or their business,
other than any such information that is publicly available to any Agent or any Lender prior to disclosure by the Company or any of its Subsidiaries other than as a result of a breach of this Section 10.11. Any Person required to maintain the
confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person
would accord to its own confidential information. 

  
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 10.12 Nonreliance. Each Lender hereby represents that it is not relying on or looking
to any margin stock (as defined in Regulation U of the Board of Governors of the Federal Reserve System) for the repayment of the Loans provided for herein. 

10.13 Conversion and Non-Designation of Designated Guarantors. 

(a) The Borrower may, by written notice to the Administrative Agent, request that a Designated Guarantor be released from its Guaranty
Agreement and thereby be converted to a Non-Loan Party (a “Conversion”) or that a Wholly-Owned Subsidiary of the Company not be required to be designated as a Designated Guarantor (a “Non-Designation”), on and subject to the following conditions: 
 (i) No Default
or Unmatured Default shall exist (except any Default or Unmatured Default that will be cured as a result of such Conversion or Non-Designation) and no other Default or Unmatured Default will exist as a result
of such Conversion or Non-Designation. 
 (ii) In the case of a Conversion, the
stockholders’ equity in such Designated Guarantor and in the case of a Non-Designation, the stockholders’ equity in such Wholly-Owned Subsidiary, shall not exceed five percent (5%) of the total
consolidated stockholders’ equity in all Loan Parties before giving effect to such Conversion or Non-Designation. Determination of such percentages of stockholders’ equity shall be made as of the end
of the most recent fiscal quarter of the Company for which the financial statements required under Sections 7.1(i) or (ii) (as applicable) are available at the time of such request for Conversion or
Non-Designation. 
 (iii) The stockholders’ equity in all Designated Guarantors
that the Borrower requests to be converted into Non-Loan Parties in any period of four consecutive fiscal quarters and in all Wholly-Owned Subsidiaries of the Company that the Borrower requests not to be
designated as Designated Guarantors during such four-quarter period shall not in the aggregate exceed ten percent (10%) (or fifteen percent (15%) if and to the extent necessary to permit the Borrower to cure a Default by Conversion of a Designated
Guarantor) of the lowest total consolidated stockholders’ equity in all Loan Parties at the end of any fiscal quarter during such four-quarter period. Determination of such aggregate amounts of stockholders’ equity of such applicable
Designated Guarantors or Wholly-Owned Subsidiaries shall be made by adding the amounts of stockholders’ equity of each such applicable Designated Guarantor and Wholly-Owned Subsidiary (as determined at the time of request for Conversion of such
Designated Guarantor or Non-Designation of such Wholly-Owned Subsidiary in accordance with clause (ii) above). 

(iv) The stockholders’ equity in all Designated Guarantors that the Borrower requests to be converted into Non-Loan Parties after the Amendment and Restatement Effective Date and in all Wholly-Owned Subsidiaries of the Company that the Borrower requests not to be designated as Designated Guarantors after the Amendment
and 

  
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Restatement Effective Date (in each case excluding Non-Loan Parties as of the Amendment and Restatement Effective Date) shall not in the aggregate exceed
thirty percent (30%) of the total consolidated stockholders’ equity in all Loan Parties. Determination of such aggregate amounts of stockholders’ equity of such applicable Designated Guarantors or Wholly-Owned Subsidiaries shall be made by
adding the amounts of stockholders’ equity of each such applicable Designated Guarantor and Wholly-Owned Subsidiary. Determinations of such stockholders’ equity shall be made as of the end of the most recent fiscal quarter of the Company
for which financial statements required under Section 7.1(i) or (ii) (as applicable) are available at the time of the last such request for Conversion or Non-Designation. 

(v) The disposition by the Company of such Designated Guarantor (in the case of a Conversion) or Wholly-Owned Subsidiary (in
the case of a Non-Designation) would not have a material effect on the homebuilding business of the other Loan Parties, operationally or otherwise. 

(vi) The Borrower shall deliver to the Administrative Agent, together with the Borrower’s notice requesting the Conversion
of a Designated Guarantor or Non-Designation of a Wholly-Owned Subsidiary, a certificate of the Borrower and the Company, certifying that the conditions set forth in clauses (i) through (v) above are
satisfied with respect to such Conversion or Non-Designation, together with (A) in the case of a Conversion, a Compliance Certificate, as of the end of the most recent fiscal quarter for which financial
statements are available, prepared taking into account such Conversion and (B) in any case, such other evidence in support of the satisfaction of such conditions as the Administrative Agent shall reasonably request. 

(vii) Such Conversion or Non-Designation shall comply with the provisions of
Section 10.13(d). 
 Upon the Administrative Agent’s determination (which may be made solely by relying on the certificate
delivered pursuant to clause (vi) above) that the foregoing conditions with respect to the Conversion of a Designated Guarantor have been satisfied, the Administrative Agent shall (except as otherwise provided in Section 10.13(b)) promptly
(1) execute and deliver, for and on behalf of itself and the Lenders, a release of such Designated Guarantor from its Guaranty Agreement, whereupon such Designated Guarantor shall cease to be a Designated Guarantor and Loan Party and shall be a
Non-Loan Party, and (2) give notice to the Lenders of the Conversion of such Designated Guarantor. Upon the Administrative Agent’s determination (which may be made solely by relying on the
certificate delivered pursuant to clause (vi) above) that the foregoing conditions with respect to the Non-Designation of a Wholly-Owned Subsidiary of the Company have been satisfied, the Administrative
Agent shall promptly give notice of such Non-Designation to the Borrower and the Lenders. 
 (b)
Notwithstanding the satisfaction of the conditions for Conversion of a Designated Guarantor pursuant to Section 10.13(a), if requested by the Borrower, the Administrative Agent may elect, in its sole discretion, not to release such Designated
Guarantor from its Guaranty, in which event such Designated Guarantor shall remain a Guarantor but shall not constitute a Loan Party hereunder for purposes of compliance with the representations, 

  
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warranties and covenants contained in this Agreement (including, without limitation, the covenants contained in Section 7.28) and the provisions of Article VIII. If the Administrative Agent
so elects not to release such Designated Guarantor, it shall so notify the Borrower and the Lenders, and the Required Lenders may at any time direct the Administrative Agent to release such Designated Guarantor from its Guaranty. 

(c) If prior to the release of a Designated Guarantor from its Guaranty, the Borrower determines and certifies to the Administrative Agent that
the inclusion of such Designated Guarantor as a Loan Party hereunder for all purposes (including, without limitation, compliance with the covenants contained in Section 7.28) would not result in a Default or Unmatured Default, the Borrower may
request the Administrative Agent to reinstate such Designated Guarantor as a Loan Party hereunder for all purposes. As a condition of any such reinstatement, the Administrative Agent may request the Borrower to deliver to the Administrative Agent
evidence in support of the Borrower’s certification, including, without limitation, a Compliance Certificate with respect to the most recent fiscal quarter for which financial statements of the Company are available, reflecting the inclusion of
such Designated Guarantor as a Loan Party and evidencing compliance with the covenants hereunder. Upon the Administrative Agent’s approval of the Borrower’s certification and supporting evidence (which approval may be made solely by
relying on such certification and supporting evidence), the Administrative Agent shall notify the Borrower and the Lenders that such Designated Guarantor has been so reinstated, and from and after the delivery of such notice, such Designated
Guarantor shall again be a Loan Party hereunder for all purposes. 
 (d) At all times after the Borrower has satisfied the conditions of
Conversion of a Designated Guarantor as provided in Section 10.13(a) but prior to the release of such Designated Guarantor from its Guaranty, all reports required to be furnished under Section 7.1 hereof or any other provisions of this
Agreement shall exclude such Designated Guarantor as a Loan Party hereunder unless and until such Designated Guarantor is reinstated as a Loan Party as provided in this Section 10.13. 

(e) Notwithstanding anything in this Section 10.13 to the contrary, if, after a Subsidiary has been converted into a Non-Loan Party or, at the request of the Borrower, has not been designated as a Designated Guarantor (in each case in accordance with the above provisions of this Section 10.13), the Borrower thereafter
designates such Subsidiary as a Designated Guarantor (and such Subsidiary becomes a Designated Guarantor), such Subsidiary shall not, so long as such Subsidiary is a Designated Guarantor, be considered a
Non-Loan Party for purposes of the above calculations. 
 10.14 USA PATRIOT ACT. Each Lender
that is subject to the PATRIOT Act and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the requirements of the PATRIOT Act, it is required to obtain, verify and record information
that identifies the Loan Parties, which information includes the name and address of the Loan Parties and other information that will allow such Lender or the Administrative Agent, as applicable, to identify the Loan Parties in accordance with the
Act. 

  
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 10.15 Acknowledgement and Consent to
Bail-in of EEA Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Lender that is an EEA Financial Institution arising under any Loan Document, to the extent such liability is unsecured, may be subject to the write-down and conversion powers of an EEA Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by: 
 (a) the application of any Write-Down and Conversion Powers by an EEA
Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Lender that is an EEA Financial Institution; 

(b) the effects of any Bail-In Action on any such liability, including, if applicable; 

(i) a reduction in full or in part or cancellation of any such liability; 

(ii) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA Financial
Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such
liability under this Agreement or any other Loan Document; 
 (iii) the variation of the terms of such liability in
connection with the exercise of the write-down and conversion powers of any EEA Resolution Authority. 
 10.16 Acknowledgement Regarding
any Supported QFCs. To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and each such QFC a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (together with the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan
Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States). 

In the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a proceeding under a
U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such
Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such
interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special
Resolution Regime, Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such
Default Rights 

  
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could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States or a state of the United States. Without
limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

 ARTICLE XI 
 THE
ADMINISTRATIVE AGENT 
 11.1 Appointment and Authority. 

(a) Each of the Lenders hereby irrevocably appoints Citibank to act on its behalf as the Administrative Agent hereunder and under the other
Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are
reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the Lenders, and, other than as expressly set forth herein, neither the Borrower nor any other Loan Party hereto shall have
rights as a third party beneficiary of any of such provisions. 
 (b) Each Issuing Bank shall act on behalf of the Lenders with respect to
any Facility Letters of Credit issued by it and the documents associated therewith, and each Issuing Bank shall have all of the benefits and immunities (i) provided to the Administrative Agent in this Article XI with respect to any acts taken
or omissions suffered by such Issuing Bank in connection with Facility Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining to such Facility Letters of Credit as fully as
if the term “Administrative Agent” as used in this Article XI and in the definition of “Related Parties” included each Issuing Bank with respect to such acts or omissions, and (ii) as additionally provided herein with
respect to each Issuing Bank. 
 11.2 Administrative Agent Individually. 

(a) The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other
Lender and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving
as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business
with the Borrower or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

(b) Each Lender understands that the Person serving as Administrative Agent, acting in its individual capacity, and its Affiliates
(collectively, the “Agent’s Group”) are engaged in a wide range of financial services and businesses (including investment management, financing, securities trading, corporate and investment banking and research) (such services and
businesses are collectively referred to in this Section 11.2 as “Activities”) and may engage in the Activities 

  
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with or on behalf of one or more of the Loan Parties or their respective Affiliates. Furthermore, the Agent’s Group may, in undertaking the Activities, engage in trading in financial
products or undertake other investment businesses for its own account or on behalf of others (including the Loan Parties and their Affiliates and including holding, for its own account or on behalf of others, equity, debt and similar positions in
the Borrower, another Loan Party or their respective Affiliates), including trading in or holding long, short or derivative positions in securities, loans or other financial products of one or more of the Loan Parties or their Affiliates. Each
Lender understands and agrees that in engaging in the Activities, the Agent’s Group may receive or otherwise obtain information concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to
perform their respective Obligations hereunder and under the other Loan Documents) which information may not be available to any of the Lenders that are not members of the Agent’s Group. None of the Administrative Agent nor any member of the
Agent’s Group shall have any duty to disclose to any Lender or use on behalf of the Lenders, and shall not be liable for the failure to so disclose or use, any information whatsoever about or derived from the Activities or otherwise (including
any information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of any Loan Party or any Affiliate of any Loan Party) or to account for any revenue or profits obtained in connection with
the Activities, except that the Administrative Agent shall deliver or otherwise make available to each Lender such documents as are expressly required by any Loan Document to be transmitted by the Administrative Agent to the Lenders. 

(c) Each Lender further understands that there may be situations where members of the Agent’s Group or their respective customers
(including the Loan Parties and their Affiliates) either now have or may in the future have interests or take actions that may conflict with the interests of any one or more of the Lenders (including the interests of the Lenders hereunder and under
the other Loan Documents). Each Lender agrees that no member of the Agent’s Group is or shall be required to restrict its activities as a result of the Person serving as Administrative Agent being a member of the Agent’s Group, and that
each member of the Agent’s Group may undertake any Activities without further consultation with or notification to any Lender. None of (i) this Agreement nor any other Loan Document, (ii) the receipt by the Agent’s Group of
information (including Information) concerning the Loan Parties or their Affiliates (including information concerning the ability of the Loan Parties to perform their respective Obligations hereunder and under the other Loan Documents) nor
(iii) any other matter shall give rise to any fiduciary, equitable or contractual duties (including without limitation any duty of trust or confidence) owing by the Administrative Agent or any member of the Agent’s Group to any Lender
including any such duty that would prevent or restrict the Agent’s Group from acting on behalf of customers (including the Loan Parties or their Affiliates) or for its own account. 

11.3 Exculpatory Provisions. Neither the Administrative Agent nor any Agent shall have any duties or obligations except those expressly
set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, the Administrative Agent: 
 (a) shall
not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing; 

  
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 (b) shall not have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for herein or in the other Loan Documents), provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the
Administrative Agent to liability or that is contrary to any Loan Document or applicable Laws including, for the avoidance of doubt, any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a
forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law; 
 (c) shall not, except as
expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent or any of its Affiliates in any capacity; and 
 (d) nothing in this Agreement or any other Loan
Document shall require the Administrative Agent or any of its Related Parties to carry out any “know your customer” or other checks in relation to any person on behalf of any Lender and each Lender confirms to the Administrative Agent that
it is solely responsible for any such checks it is required to carry out and that it may not rely on any statement in relation to such checks made by the Administrative Agent or any of its Related Parties. 

The Administrative Agent shall not be liable for any action taken or not taken by it (i) with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 9.1 and 9.2) or (ii) in
the absence of its own gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final and non-appealable judgment). The Administrative Agent shall be deemed not to have
knowledge of any Default unless and until notice describing such Default is given to the Administrative Agent by the Borrower, a Lender or an Issuing Bank. 

Neither the Administrative Agent nor any member of the Agent’s Group shall be responsible for or have any duty to ascertain or inquire
into (i) any statement, warranty, representation or other information made or supplied in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder
or thereunder or in connection herewith or therewith or the adequacy, accuracy and/or completeness of the information contained therein, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set
forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document or (v) the satisfaction of
any condition set forth in Article V or elsewhere herein, other than (but subject to the foregoing clause (ii)) to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

11.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for
relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been
signed, 

  
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sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the
proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance of a Facility Letter of Credit, that by its terms must be fulfilled to the
satisfaction of a Lender or an Issuing Bank, the Administrative Agent may presume that such condition is satisfactory to such Lender or an Issuing Bank unless the Administrative Agent shall have received notice to the contrary from such Lender or an
Issuing Bank prior to the making of such Loan or the issuance of such Facility Letter of Credit and in the case of a Revolving Credit Advance, such Lender shall not have made available to the Administrative Agent such Lender’s ratable portion
of such Revolving Credit Advance. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by
it in accordance with the advice of any such counsel, accountants or experts. 
 11.5 Delegation of Duties. The Administrative Agent
may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub agents appointed by the Administrative Agent. The Administrative Agent and any such sub agent may
perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub agent and to the Related Parties of the Administrative Agent
and any such sub agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent. 

11.6 Resignation of Successor Administrative Agent. The Administrative Agent may at any time give notice of its resignation to the
Lenders, an Issuing Bank and the Borrower. If the Administrative Agent is a Defaulting Lender or an Affiliate of a Defaulting Lender, either the Required Lenders or the Borrower may, upon ten (10) days’ notice remove the Administrative
Agent. Upon receipt of any such notice of removal or resignation, the Required Lenders shall have the right, with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed and shall not be required if any Default has
occurred and is continuing, to appoint a successor, which shall be a bank with an office in any state in the United States, or an Affiliate of any such bank with an office in any state in the United States. If no such successor shall have been so
appointed by the Required Lenders and shall have accepted such appointment within 30 days after receipt of such removal notice or the retiring Administrative Agent gives notice of its resignation, then the retiring or removed Administrative Agent
may, with the consent of the Borrower, which consent shall not be unreasonably withheld or delayed and shall not be required if any Default has occurred and is continuing, on behalf of the Lenders and each Issuing Bank, appoint a successor
Administrative Agent meeting the qualifications set forth above provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation or removal shall
nonetheless become effective in accordance with such notice and (1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any
collateral security held by the Administrative Agent on behalf of the Lenders or each Issuing Bank under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a
successor Administrative Agent is appointed) and (2) all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to

  
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each Lender and Issuing Bank directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this paragraph. Upon the acceptance of a
successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) or removed Administrative Agent, and the retiring or
removed Administrative Agent shall be discharged from all of its duties and obligations as Administrative Agent hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this paragraph). The fees payable
by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring or removed Administrative Agent’s resignation or
removal hereunder and under the other Loan Documents, the provisions of this Article and Section 10.6 shall continue in effect for the benefit of such retiring or removed Administrative Agent, its sub agents and their respective Related Parties
in respect of any actions taken or omitted to be taken by any of them while the retiring or removed Administrative Agent was acting as Administrative Agent. 

11.7 Non-Reliance on Administrative Agent and Other Lenders. 

(a) Each Lender confirms to the Administrative Agent, each other Lender and each of their respective Related Parties that it (i) possesses
(individually or through its Related Parties) such knowledge and experience in financial and business matters that it is capable, without reliance on the Administrative Agent, any other Lender Party or any of their respective Related Parties, of
evaluating the merits and risks (including tax, legal, regulatory, credit, accounting and other financial matters) of (x) entering into this Agreement, (y) making Loans and other extensions of credit hereunder and under the other Loan
Documents and (z) in taking or not taking actions hereunder and thereunder, (ii) is financially able to bear such risks and (iii) has determined that entering into this Agreement and making Loans and other extensions of credit
hereunder and under the other Loan Documents is suitable and appropriate for it. 
 (b) Each Lender acknowledges that (i) it is solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with this Agreement and the other Loan Documents, (ii) that it has, independently and without reliance upon the Administrative
Agent, any other Lender Party or any of their respective Related Parties, made its own appraisal and investigation of all risks associated with, and its own credit analysis and decision to enter into, this Agreement based on such documents and
information, as it has deemed appropriate and (iii) it will, independently and without reliance upon the Administrative Agent, any other Lender or any of their respective Related Parties, continue to be solely responsible for making its own
appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, this Agreement and the other Loan Documents based on such documents and information as it shall
from time to time deem appropriate, which may include, in each case: 
 (i) the financial condition, status and
capitalization of the Borrower and each other Loan Party; 
 (ii) the legality, validity, effectiveness, adequacy or
enforceability of this Agreement and each other Loan Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Loan Document; 

  
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 (iii) determining compliance or
non-compliance with any condition hereunder to the making of a Loan, or the issuance of a Facility Letter of Credit and the form and substance of all evidence delivered in connection with establishing the
satisfaction of each such condition; 
 (iv) the adequacy, accuracy and/or completeness of any information delivered by the
Administrative Agent, any other Lender or by any of their respective Related Parties under or in connection with this Agreement or any other Loan Document, the transactions contemplated hereby and thereby or any other agreement, arrangement or
document entered into, made or executed in anticipation of, under or in connection with any Loan Document. 
 11.8 No Other Duties,
Etc. Anything herein to the contrary notwithstanding, none of the Arrangers, syndication agents, documentation agents, the Administrative Agent or any other Agent listed on the cover page hereof shall have any powers, duties or responsibilities
under this Agreement or any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Bank hereunder. 

11.9 Appointment of Supplemental Administrative Agents. 

(a) It is the purpose of this Agreement and the other Loan Documents that there shall be no violation of any Law of any jurisdiction denying or
restricting the right of banking corporations or associations to transact business as agent or trustee in such jurisdiction. It is recognized that in case of litigation under this Agreement or any of the other Loan Documents, and in particular in
case of the enforcement of any of the Loan Documents, or in case the Administrative Agent deems that by reason of any present or future Law of any jurisdiction it may not exercise any of the rights, powers or remedies granted herein or in any of the
other Loan Documents or take any other action which may be desirable or necessary in connection therewith, the Administrative Agent is hereby authorized to appoint an additional individual or institution selected by the Administrative Agent in its
sole discretion as a separate trustee, co-trustee, administrative agent, collateral agent, administrative sub-agent or administrative
co-agent (any such additional individual or institution being referred to herein individually as a “Supplemental Administrative Agent” and collectively as “Supplemental Administrative
Agents”). 
 (b) Should any instrument in writing from the Borrower or any other Loan Party be required by any Supplemental
Administrative Agent so appointed by the Administrative Agent for more fully and certainly vesting in and confirming to him or it such rights, powers, privileges and duties, the Borrower shall, or shall cause such Loan Party to, execute, acknowledge
and deliver any and all such reasonably requested instruments promptly upon request by the Administrative Agent, at no cost to the Borrower. In case any Supplemental Administrative Agent, or a successor thereto, shall die, become incapable of
acting, resign or be removed, all the rights, powers, privileges and duties of such Supplemental Administrative Agent, to the extent permitted by Law, shall vest in and be exercised by the Administrative Agent until the appointment of a new
Supplemental Administrative Agent. 

  
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 11.10 Administrative Agent’s Reimbursement and Indemnification.
The Lenders agree to reimburse and indemnify the Administrative Agent, solely in its capacity as such, ratably, in their respective Revolving Credit Ratable Shares, (a) for any amounts not reimbursed by the Borrower for which the Administrative
Agent is entitled to reimbursement by the Borrower under the Loan Documents, (b) for any other expenses incurred by the Administrative Agent on behalf of the Lenders, in connection with the preparation, execution, delivery, administration and
enforcement of the Loan Documents (including, without limitation, for any expenses incurred by the Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders) and
(c) for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind and nature whatsoever which may be imposed on, incurred by or asserted against the Administrative Agent in
any way relating to or arising out of the Loan Documents or any other document delivered in connection therewith or the transactions contemplated thereby (including, without limitation, for any such amounts incurred by or asserted against the
Administrative Agent in connection with any dispute between the Administrative Agent and any Lender or between two or more of the Lenders), or the enforcement of any of the terms of the Loan Documents or of any such other documents; provided,
however, that no Lender shall be liable for any of the foregoing to the extent any of the foregoing is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted from
the gross negligence or willful misconduct of the Administrative Agent. The obligations of the Lenders under this Section 11.10 shall survive payment of the Obligations and termination of this Agreement. 

11.11 Notice of Default. The Administrative Agent shall not be deemed to have actual knowledge or notice of the occurrence of any
Default or Unmatured Default hereunder (other than a Default under Section 8.2) unless the Administrative Agent has received written notice from a Lender or the Borrower referring to this Agreement describing such Default or Unmatured Default
and stating that such notice is a “notice of default” or that such notice is delivered pursuant to Section 7.3 hereof. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt
notice thereof to the Lenders. 
 11.12 Administrative Agent’s Fee. The Borrower agrees to pay to the
Administrative Agent, for its own account, the fees agreed to by the Borrower and the Administrative Agent pursuant to the Fee Letter with Citigroup or as otherwise agreed by them from time to time. 

11.13 Delegation to Affiliates. The Borrower, the Company and the Lenders agree that the Administrative Agent may delegate any of its
duties under this Agreement to any of its Affiliates. Any such Affiliate (and such Affiliate’s directors, officers, agents and employees) which performs duties in connection with this Agreement shall be entitled to the same benefits of the
indemnification, waiver and other protective provisions to which the Administrative Agent is entitled under Articles X and XI. 
 11.14
Agent’s Responsibilities and Duties. None of the Agents shall have any responsibilities hereunder in its capacity as an Agent. Without limiting the foregoing, none of the Agents or the Administrative Agent shall have or be
deemed to have a fiduciary relationship with the Borrower or any Lender. 

  
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 11.15 Withholding Taxes. To the extent required by any applicable laws, the
Administrative Agent and the applicable Loan Party may withhold from any payment to any Lender an amount equivalent to any applicable withholding Tax with respect to such Lender. Without limiting or expanding the provisions of Section 3.5, each
Lender shall indemnify and hold harmless the Administrative Agent against, within 10 days after written demand therefor, any and all Taxes and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of
any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other governmental authority as a result of the failure of the Administrative Agent to properly withhold Tax from amounts paid to or
for the account of such Lender for any reason (including, without limitation, because the appropriate form was not delivered or not properly executed, or because such Lender failed to notify the Administrative Agent of a change in circumstance that
rendered the exemption from, or reduction of withholding Tax ineffective). A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby
authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this Agreement or any other Loan Document against any amount due the Administrative Agent under this Section 11.15. The
agreements in this Section 11.15 shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, the termination of the Revolving Credit Commitments and the repayment,
satisfaction or discharge of all other Obligations. 
 11.16 Certain ERISA Matters. 

(a) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan
Party, that at least one of the following is and will be true: 
 (i) such Lender is not using “plan assets”
(within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Facility Letters of Credit, the
Revolving Credit Commitments or this Agreement, 
 (ii) the transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions
involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a
class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house
asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Facility Letters of Credit, the Revolving Credit Commitments and this Agreement, 

  
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 (iii) (A) such Lender is an investment fund managed by a
“Qualified Professional Asset Manager” (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into,
participate in, administer and perform the Loans, the Facility Letters of Credit, the Revolving Credit Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Facility Letters
of Credit, the Revolving Credit Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the
best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance
of the Loans, the Facility Letters of Credit, the Revolving Credit Commitments and this Agreement, or 
 (iv) such other
representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender. 

(b) In addition, unless either (1) sub-clause (i) in the immediately preceding clause
(a) is true with respect to a Lender or (2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such
Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower or any other Loan Party, that the Administrative Agent is not a fiduciary with respect to the assets of such Lender involved in
such Lender’s entrance into, participation in, administration of and performance of the Loans, the Facility Letters of Credit, the Revolving Credit Commitments and this Agreement (including in connection with the reservation or exercise of any
rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 
 ARTICLE XII

 SETOFF; RATABLE PAYMENTS 

12.1 Setoff. In addition to, and without limitation of, any rights of the Lenders under applicable law, if the Borrower or the Company
becomes insolvent, however evidenced, or any Default occurs, any and all deposits (including all account balances, whether provisional or final and whether or not collected or available) and any other Indebtedness at any time held or owing by any
Lender or any Affiliate of any Lender to or for the credit or account of the Borrower or the Company may be offset and applied toward the payment of the Obligations owing to such Lender, whether or not the Obligations, or any part hereof, shall then
be due. In the event that any Defaulting Lender exercises any such right of setoff, (x) all amounts so set off will be paid over immediately to the Administrative Agent for further application in accordance with the provisions of
Section 2.22(a) and, pending such payment, will be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the applicable Issuing Bank and the Lenders and (y) the
Defaulting Lender will provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to such Defaulting Lender as to which it exercised such right of setoff. 

  
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 12.2 Ratable Payments. If any Lender under the Revolving Credit Facility, whether by
setoff or otherwise, has payment made to it upon its Loans under the Revolving Credit Facility (other than payments received pursuant to Section 3.1, 3.2, 3.4 or 3.5) in a greater proportion than that received by any other Lender under the
Revolving Credit Facility, such Lender agrees, promptly upon demand, to purchase a portion of the Revolving Credit Ratable Loans held by the other Lenders under the Revolving Credit Facility so that after such purchase each Lender under the
Revolving Credit Facility will hold its ratable proportion of Revolving Credit Ratable Loans under the Revolving Credit Facility. If any Lender under the Revolving Credit Facility, whether in connection with setoff or amounts which might be subject
to setoff or otherwise, receives collateral or other protection for its Obligations under the Revolving Credit Facility or such amounts which may be subject to setoff, such Lender agrees, promptly upon demand, to take such action necessary such that
all Lenders under the Revolving Credit Facility share in the benefits of such collateral ratably in proportion to their Loans under the Revolving Credit Facility. In case any such payment is disturbed by legal process, or otherwise, appropriate
further adjustments shall be made. 
 ARTICLE XIII 

BENEFIT OF AGREEMENT; ASSIGNMENTS; PARTICIPATIONS 

13.1 Successors and Assigns. The terms and provisions of the Loan Documents shall be binding upon and inure to the benefit of the
Borrower, the Company and the Lenders and their respective successors and assigns, except that (a) neither the Borrower nor the Company shall have the right to assign its rights or obligations under the Loan Documents and (b) any
assignment by any Lender must be made in compliance with Section 13.3 (such assignee, an “Eligible Assignee”). Notwithstanding clause (b) of this Section, any Lender may at any time, without the consent of the Borrower, the
Company, the Administrative Agent or any Issuing Bank transfer its rights or obligations by, assigning, pledging or granting a security interest in all or any portion of its rights under this Agreement, any Note, any Guaranty Agreement or any other
Loan Document to secure obligations to a Federal Reserve Bank (or its foreign equivalent); provided, however, that no such assignment to a Federal Reserve Bank (or its foreign equivalent) shall release the transferor Lender from its
obligations hereunder. Any assignee or transferee of the rights to any Loan or any Note agrees by acceptance of such transfer or assignment to be bound by all the terms and provisions of the Loan Documents. Any request, authority or consent of any
Person, who at the time of making such request or giving such authority or consent is the owner of the rights to any Loan (whether or not a Note has been issued in evidence thereof), shall be conclusive and binding on any subsequent holder,
transferee or assignee of the rights to such Loan. 
 13.2 Participations. 

13.2.1 Permitted Participants; Effect. 

(a) Any Lender may, in the ordinary course of its business and in accordance with applicable law, at any time sell to any Person (other than a
natural person, a Defaulting Lender, the Company, Borrower or any Affiliate thereof)) (“Participant”) participating interests in any Ratable Loan owing to such Lender, any Note held by such Lender, any Revolving Commitment of such Lender
or any other interest of such Lender under the Loan Documents. The consent of the Borrower and the Administrative Agent shall be required prior to a sale of a participating interest becoming effective with respect to a Participant (except a sale of
a participating interest by a Lender to its Affiliate or in the case of the consent of the Borrower only, 

  
 108 

 
a participating interest to another Lender or an Affiliate thereof); provided, however, that if a Default has occurred and is continuing, the consent of the Borrower shall not be
required. In the event of any such sale by a Lender of participating interests to a Participant, such Lender’s obligations under the Loan Documents shall remain unchanged, such Lender shall remain solely responsible to the other parties hereto
for the performance of such obligations, such Lender shall remain the owner of its Loans and the holder of any Note issued to it in evidence thereof for all purposes under the Loan Documents, all amounts payable by the Borrower under this Agreement
shall be determined as if such Lender had not sold such participating interests, and the Borrower, the Company and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and
obligations under the Loan Documents. Any consents of the Borrower or the Administrative Agent under this Section 13.2.1 shall not be unreasonably withheld or delayed; provided, that the Borrower shall be deemed to have consented to any
such sale unless it shall object thereto by written notice to the Administrative Agent within eight (8) calendar days after having received written notice thereof. 

(b) The Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.1 and 3.5 (subject to the requirements and
limitations therein) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to Section 13.3; provided that such Participant shall not be entitled to receive any greater payment under
Section 3.1 or Section 3.5, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a change in law that occurs
after the sale of the participation takes place. 
 (c) Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each participant and the principal amounts (and related interest amounts) of each participant’s interest in
the Loans (the “Participant Register”). No Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest
in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent such disclosure is necessary in connection with a tax audit or other proceeding to establish that such commitment,
loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the U.S. Treasury Regulations; provided, for the avoidance of doubt, that the foregoing shall not limit
or expand the rights of the Borrower or the Administrative Agent to consent to such participation under clause (a) above to the extent provided in such clause. The entries in the Participant Register shall be conclusive absent manifest error,
and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of the participation such person is shown as owning, notwithstanding any notice to the contrary. 

13.2.2 Voting Rights. Each Lender shall retain the sole right to approve, without the consent of any Participant, any amendment,
modification or waiver of any provision of the Loan Documents except that any participation agreement may provide that the applicable Lender will not, without the consent of the Participant, approve any amendment, modification or waiver with respect
to any Loan or the Revolving Credit Commitment in which such Participant has an interest which forgives principal, interest or fees or reduces the interest rate or fees payable with respect to any such Loan or Revolving Credit Commitment (except as
provided in Section 3.3(b)), 

  
 109 

 
extends the Revolving Credit Facility Termination Date under the Revolving Credit Facility (including as provided in Section 2.17), postpones any date fixed for any regularly-scheduled
payment of principal of, or interest or fees on, any such Loan or Revolving Credit Commitment, releases any Guarantor (except for a release of a Designated Guarantor as provided in Section 10.13) of any such Loan or releases all or
substantially all of the collateral, if any, securing any such Loan. 
 13.2.3 Benefit of Setoff. The Borrower agrees that each
Participant shall be deemed to have the right of setoff provided in Section 12.1 in respect of its participating interest in amounts owing under the Loan Documents to the same extent as if the amount of its participating interest were owing
directly to it as a Lender under the Loan Documents, provided that each Lender shall retain the right of setoff provided in Section 12.1 with respect to the amount of participating interests sold to each Participant. The Lenders agree to
share with each Participant, and each Participant, by exercising the right of setoff provided in Section 12.1, agrees to share with each Lender, any amount received pursuant to the exercise of its right of setoff, such amounts to be shared in
accordance with Section 12.2 as if each Participant were a Lender. 
 13.3 Assignments. 

13.3.1 Permitted Assignments. Any Lender may, subject to any consent required below, in the ordinary course of its business and in
accordance with applicable law, at any time assign to a Qualified Bank (or, while a Default under Section 8.2, 8.5 or 8.6 has occurred and is continuing, to any Person (other than a natural person, the Company, Borrower or any Affiliate
thereof)) (“Purchaser”) all or any part of its rights and obligations under the Loan Documents. Such assignment shall be substantially in the form of Exhibit H or in such other form as may be agreed to by the parties thereto (an
“Assignment and Assumption”). Except as otherwise hereinafter provided, the consent of the Borrower and the Administrative Agent shall be required prior to an assignment becoming effective with respect to a Purchaser (except, but subject
to clause (b) of the immediately succeeding sentence, an assignment to an Affiliate of such Lender, another Lender or an Affiliate of such other Lender thereof); provided, however, that if a Default under Section 8.2, 8.5 or
8.6 has occurred and is continuing, the consent of the Borrower shall not be required. Unless each of the Administrative Agent and the Borrower otherwise consents (except that, if a Default has occurred and is continuing, the consent of the Borrower
shall not be required), (a) each such assignment shall (unless it is an assignment of a Lender’s entire interest in the Revolving Credit Facility) be in an amount not less than $5,000,000 and in integral multiples of $1,000,000, and
(b) except as otherwise provided below in this Section 13.3.1, no assignment shall be made that would reduce the Revolving Credit Commitment of a Lender and its Affiliates (in the aggregate) to an amount less than the greater of (i)
$10,000,000 or (ii) thirty-five percent (35%) of such Lender’s Revolving Credit Commitment as of the Amendment and Restatement Effective Date or as of any later date on which it first became a Lender hereunder (or, in the case of this
clause (b), such lesser amount to which the Borrower may, in its sole discretion, agree in writing); provided that while a Default under Section 8.2, 8.5 or 8.6 has occurred and is continuing, clause (b) of this sentence shall not
apply. Any consents of the Borrower or the Administrative Agent under this Section 13.3.1 shall not be unreasonably withheld or delayed (other than, for the avoidance of doubt, any consent of the Borrower under Section (b) of the
immediately preceding sentence, which consent may be withheld by the Borrower in its sole discretion); provided, that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to
the Administrative Agent within eight (8) calendar days after having received written notice thereof. 

  
 110 

 13.3.2 Effect, Effective Date. Upon (i) delivery to the Administrative Agent of
an Assignment and Assumption, together with any consents required by Section 13.3.1, and (ii) payment of a $3,500 fee to the Administrative Agent (unless otherwise agreed by the Administrative Agent in its discretion) for processing such
assignment, such assignment shall become effective on the effective date specified in such Assignment and Assumption. On and after the effective date of such assignment, such Purchaser shall for all purposes be a Revolving Credit Lender party to
this Agreement and any other Loan Document executed by or on behalf of the Lenders and shall have all the rights and obligations of a Revolving Credit Lender under the Loan Documents, to the same extent as if it were an original party hereto, and no
further consent or action by any Loan Party, the Lenders or the Administrative Agent shall be required to release the transferor Lender with respect to the percentage of the Aggregate Revolving Credit Commitment assigned to such Purchaser. Upon the
consummation of any assignment to a Purchaser pursuant to this Section 13.3.2, the transferor Lender, the Administrative Agent and the Borrower shall, if the transferor Lender or the Purchaser desires that its Loans be evidenced by Notes, make
appropriate arrangements so that new Notes or, as appropriate, replacement Notes are issued to such transferor Lender and new Notes or, as appropriate, replacement Notes, are issued to such Purchaser, in each case in principal amounts reflecting
their respective Revolving Credit Commitments, as adjusted pursuant to such assignment. Such transferor Lender shall continue to be entitled to the benefit of Sections 3.1, 3.2, 3.4, 3.5, 4.9 and 10.6(b) (to the extent such Lender’s entitlement
to such benefit arose out of its position as a Lender prior to the applicable assignment except in respect of a Change in Law after the applicable assignment). The Administrative Agent, acting solely for this purpose as an agent of Borrower, shall
maintain a register for the recordation of the names and addresses of the Lenders and principal amounts (and related interest amounts) of the Loans owing to each Lender from time to time (the “Register”). The entries in the Register shall
be conclusive absent manifest error, and the Borrower, Administrative Agent, and Lenders shall treat each person whose name is recorded in the Register as the Lender with respect to the Loans shown in the Register as owing to such person,
notwithstanding any notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon prior reasonable notice. 

13.4 Dissemination of Information. The Borrower and the Company authorize each Lender to disclose to any Participant or Purchaser or any
other Person acquiring an interest in the Loan Documents by operation of law (each a “Transferee”) and any prospective Transferee any and all information in such Lender’s possession concerning the creditworthiness of the Borrower, the
Company and its Subsidiaries; provided that each Transferee and prospective Transferee agrees in writing to be bound by Section 10.11 of this Agreement. 

13.5 Defaulting Lenders. No such assignment will be made to any Defaulting Lender or any of its subsidiaries, or any Person who, upon
becoming a Lender hereunder, would constitute any of the foregoing Persons described in this clause. 

  
 111 

 In connection with any assignment of rights and obligations of any Defaulting Lender
hereunder, no such assignment will be effective unless and until, in addition to the other conditions hereto set forth herein, the parties to the assignment make such additional payments to the Administrative Agent in an aggregate amount sufficient,
upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative
Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment
liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Bank and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans and
participations in Facility Letters of Credit in accordance with its Revolving Credit Commitment. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder becomes effective under
applicable Law without compliance with the provisions of this paragraph, then the assignee of such interest will be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

ARTICLE XIV 
 NOTICES

 14.1 Notices. 

(a) Except as otherwise permitted by Section 2.12, all notices, requests, demands, consents and other communications to any party
hereunder shall be in writing (including electronic transmission, facsimile transmission or similar writing) and shall be given to such party: (x) in the case of the Borrower, the Company or the Administrative Agent, at the address(es) or
facsimile number(s) set forth on the signature pages hereof, (y) in the case of any Lender, at its address or facsimile number set forth in its administrative questionnaire delivered to the Administrative Agent or (z) in the case of any
party, at such other address or facsimile number as such party may hereafter specify for the purpose by notice to the Administrative Agent and the Borrower in accordance with the provisions of this Section 14.1. Each such notice, request,
demand, consent or other communication shall be effective (i) if given by facsimile transmission, when transmitted to the facsimile number specified in this Section during the applicable recipient’s normal business hours and confirmation
of receipt is received, (ii) if given by mail, four (4) Business Days after such communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, or (iii) if given by any other means, when delivered
(or, in the case of electronic transmission during the applicable recipient’s normal business hours, received) at the address specified in this Section; provided that notices to the Administrative Agent under Article II or an Issuing
Bank or the Administrative Agent under Article IV shall not be effective until received. 
 (b) So long as Citibank or any of its Affiliates
is the Administrative Agent, such materials as the Borrower and the Administrative Agent may agree in their sole discretion shall be delivered to the Administrative Agent in an electronic/soft medium in a format acceptable to the Administrative
Agent and the Lenders by e-mail at GLAgentOfficeOps@citi.com (for Ratable Borrowing Notices) and, otherwise, oploanswebadmin@citi.com. The Borrower agrees that the Administrative Agent may make such materials,
as well as any other written information, documents, instruments and other material relating to the Company, any of its Subsidiaries or any other materials or matters relating to this Agreement, the Notes or any of the transactions contemplated
hereby (other than any Notice of Borrowing, Facility Letter of Credit Notice, Ratable 

  
 112 

 
Borrowing Notice, Rate Option Notice, request for Conversion or continuation of any Revolving Credit Advance, Revolving Credit Ratable Advances or notices constituting service of process or
relating to legal process) (collectively, the “Communications”) available to the Lenders by posting such notices on DebtDomain or a substantially similar electronic system (the “Platform”). The Borrower acknowledges that
(i) the distribution of material through an electronic medium is not necessarily secure and that there are confidentiality and other risks associated with such distribution, (ii) the Platform is provided “as is” and “as
available” and (iii) no Agent Party (as defined below) warrants the accuracy, adequacy or completeness of the Communications or the Platform and each expressly disclaims liability for errors or omissions in the Communications or the
Platform. No warranty of any kind, express, implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third party rights or
freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Affiliates or any of their respective officers, directors,
employees, agents, advisors or representatives (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other person or entity for damages of any kind, including, without limitation, direct or indirect,
special, indirect or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of the Borrower’s or the Administrative Agent’s transmission of Communications through the internet, except to the extent
the liability of any Agent Party is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from such Agent Party’s gross negligence or willful misconduct.
In consideration for the convenience and other benefits afforded by such distribution and for the other consideration provided hereunder, the receipt and sufficiency of which is hereby acknowledged, each Lender, each Issuing Bank and each Loan Party
hereby approves distribution of the Communications through the Platform and understands and assumes the risks of such distribution. 
 (c)
The Administrative Agent agrees that the receipt of the Communications by the Administrative Agent at its e-mail address set forth above shall constitute effective delivery of the Communications to the
Administrative Agent for purposes of the Credit Documents. Each Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications have been posted to the Platform shall constitute effective
delivery of such information, documents or other materials to such Lender for purposes of this Agreement; provided that, if requested by any Lender, the Administrative Agent shall deliver a copy of the Communications to such Lender by e-mail or facsimile. Each Lender agrees (i) to notify the Administrative Agent in writing of such Lender’s e-mail address(es) to which a Notice may be sent by
electronic transmission (including by electronic communication) on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address(es) as such Lender shall instruct. The Administrative Agent agrees that it
will, upon any Lender’s reasonable request, furnish materials posted on the Platform to such Lender in hard copy to such Lender’s address set forth on the signature pages hereof. 

(d) Nothing herein shall prejudice the right of the Administrative Agent or any Lender to give any notice or other communication pursuant to
any Loan Document in any other manner specified in such Loan Document. 

  
 113 

 (e) Each of the Lenders and each Loan Party agrees that the Administrative Agent may, but
(except as may be required by applicable law) shall not be obligated to, store the Communications on the Platform in accordance with the Administrative Agent’s generally-applicable document retention procedures and policies. 

14.2 Change of Address. The Borrower, the Company, the Administrative Agent and any Lender may each change the address for service of
notice upon it by a notice in writing to the other parties hereto. 
 ARTICLE XV 

COUNTERPARTS 
 This
Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it
has been executed by the Borrower, the Administrative Agent and the Lenders and each party has notified the Administrative Agent by facsimile or other electronic transmission or telephone that it has taken such action. Delivery of an executed
counterpart of a signature page of this Agreement by telecopy, e-mail or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Agreement. 

ARTICLE XVI 
 CHOICE OF
LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL 
 16.1 CHOICE OF LAW. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS (OTHER THAN
THOSE CONTAINING A CONTRARY EXPRESS CHOICE OF LAW PROVISION) AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENT AND THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK. 

16.2 CONSENT TO JURISDICTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE SOUTHERN
DISTRICT OF NEW YORK (OR THE STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE EVENT THE FEDERAL COURTS LACK SUBJECT JURISDICTION) IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS, AND THE
BORROWER AND THE COMPANY HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE ANY OBJECTION THEY MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION, LITIGATION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER
JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. 

  
 114 

 16.3 WAIVER OF JURY TRIAL. THE BORROWER, THE COMPANY, EACH OTHER LOAN PARTY AND THE
ADMINISTRATIVE AGENT AND EACH LENDER HEREBY WAIVE TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS
AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER OR THEREUNDER. 
 [Signature Pages to Follow] 

  
 115 

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

			
	BORROWER:
	
	FIRST HUNTINGDON FINANCE CORP.
		
	By:	 	/s/ Gregg L. Ziegler
		 	Name: Gregg L. Ziegler
		 	Title: Senior Vice President & Treasurer
	
	COMPANY:
	
	TOLL BROTHERS, INC.
		
	By:	 	/s/ Gregg L. Ziegler
		 	Name: Gregg L. Ziegler
		 	Title: Senior Vice President & Treasurer
	
	Addresses for the Borrower and the Company:
	
	 Toll Brothers, Inc.
 250 Gibraltar
Road

	Horsham, PA 19044
	Attention: Martin P. Connor
	 Telecopy: 215/938-8010

 
 with copies to:

	
	 Toll Brothers, Inc.
 250 Gibraltar
Road

	Horsham, PA 19044
	Attention: Douglas Yearley
	 Telecopy: 215/938-8004

 
 and

	
	 Toll Brothers, Inc.
 250 Gibraltar
Road

	Horsham, PA 19044
	Attention: John K. McDonald
	Telecopy: 215/938-8253

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
		 	and
		
		 	 Ballard Spahr LLP
 1735 Market Street

51st Floor

		 	Philadelphia, PA 19103-7599
		 	Attention: Richard Perelman
		 	Telecopy: 215/864-8999

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	CITIBANK N.A., as Administrative Agent
		
	By:	 	/s/ Michael Vondriska
		 	Name: Michael Vondriska
		 	Title: Vice President
	
	 Citibank, N.A.
 1615 Brett Rd., OPS
III

	New Castle, Delaware 19720
	Attention of: Bank Loan Syndications
	Telecopier No.: 646-274-5080
	 E-Mail Address:

GLAgentOfficeOps@citi.com (copy to

agencyabtfsupport@citi.com)

	
	With a copy to
	
	 Citibank, N.A.
 388 Greenwich
Street

	New York NY 10013
	Attention of: Claudia Valerio
	E-Mail Address: claudia.valerio@citi.com

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	 CITIBANK N.A., as a Lender

		
	By:	 	/s/ Michael Vondriska
		 	 Name: Michael Vondriska

		 	 Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	 BANK OF AMERICA, N.A.

		
	By:	 	/s/ Thomas W. Nowak
		 	 Name: Thomas W. Nowak

		 	 Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	 GOLDMAN SACHS BANK USA

		
	By:	 	/s/ Ryan Durkin
		 	 Name: Ryan Durkin

		 	 Title: Authorized Signatory

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	 MIZUHO BANK, LTD.

		
	By:	 	/s/ Donna DeMagistris
		 	 Name: Donna DeMagistris

		 	 Title: Authorized Signatory

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	 PNC Bank, National Association, as a Lender

		
	By:	 	/s/ J. Richard Litton
		 	 Name: J. Richard Litton

		 	 Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	Sumitomo Mitsui Banking Corporation
		
	By:	 	/s/ Hideo Notsu
		 	Name: Hideo Notsu
		 	Title: Managing Director

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	SUNTRUST BANK
		
	By:	 	/s/ Ryan Almond
		 	Name: Ryan Almond
		 	Title: Director

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Bret Sumner
		 	Name: Bret Sumner
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	CAPITAL ONE, NATIONAL ASSOCIATION
		
	By:	 	/s/ Jeff Wallace
		 	Name: Jeff Wallace
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	U.S. Bank National Association, as a Lender
		
	By:	 	/s/ Jeffrey S Geifman
		 	Name: Jeffrey S Geifman
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	Citizens Bank, N.A.
		
	By:	 	/s/ David Ross
		 	Name: David Ross
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	Fifth Third Bank, an Ohio banking corporation, as a Lender
		
	By:	 	/s/ Talianna Carlson-Manne
		 	Name: Talianna Carlson-Manne
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	Regions Bank
		
	By:	 	/s/ Randall S. Reid
		 	Name: Randall S. Reid
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	BANK OF THE WEST, a California banking corporation
		
	By:	 	/s/ Annette Connell
		 	Name: Annette Connell
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	BMO Harris Bank N.A.
		
	By:	 	/s/ AMY K. DUMSER
		 	Name: AMY K. DUMSER
		 	Title: DIRECTOR

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	BRANCH BANKING AND TRUST COMPANY
		
	By:	 	/s/ J. Carlos Navarrete
		 	Name: J. Carlos Navarrete
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	CIBC Bank USA
		
	By:	 	/s/ Michael Olson
		 	Name: Michael Olson
		 	Title: Managing Director

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	COMERICA BANK
		
	By:	 	/s/ Charles Weddell
		 	Name: Charles Weddell
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	TD Bank N.A., as a lender
		
	By:	 	/s/ Brian Gallagher
		 	Name: Brian Gallagher
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	THE BANK OF NEW YORK MELLON
		
	By:	 	/s/ Carol Murray
		 	Name: Carol Murray
		 	Title: Director

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	FLAGSTAR BANK, FBS, a federally chartered savings bank
		
	By:	 	/s/ Jerry Schillaci
		 	Name: Jerry Schillaci
		 	Title: Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	Texas Capital Bank, National Association, as a Lender
		
	By:	 	/s/ Daniel McClurkin
		 	Name: Daniel McClurkin
		 	Title: Senior Vice President

  
 Signature Pages to
Amendment No.4 to Credit Agreement 

 
			
	People’s United Bank, National Association
		
	By:	 	/s/ Ted Dalton
		 	Name: Ted Dalton
		 	Title: Senior Vice President

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 
			
	ZIONS BANCORPORATION, N.A. DBA CALIFORNIA BANK & TRUST
		
	By:	 	/s/ Aegea Lee
		 	Aegea lee
		 	SVP

  
 [Signature Page to Toll
Brothers Amended and Restated Revolving Credit Agreement] 

 PRICING SCHEDULE 

 

																					
	 	  	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 
	 Leverage Ratio
	  	£	0.30x	 	 	 
	>0.30x
	 
£0.50x 	 	 	>0.50x 	£0.75x 	 	 	>0.75x 	£ 1.00x 	 	 	>1.00x	 
	 Applicable Margin for Eurodollar Ratable Advance, Federal Funds / Euro Rate Advance and Applicable
Letter of Credit Rate (other than for Alternative Letters of Credit)
	  	 	1.10	% 	 	 	1.20	% 	 	 	1.35	% 	 	 	1.50	% 	 	 	1.75	% 
	 Applicable Margin for ABR Advances
	  	 	0.10	% 	 	 	0.20	% 	 	 	0.35	% 	 	 	0.50	% 	 	 	0.75	% 
	 Undrawn Fee for Revolving Credit Facility
	  	 	0.125	% 	 	 	0.15	% 	 	 	0.175	% 	 	 	0.20	% 	 	 	0.25	% 

 For the purposes of this Schedule, the following terms have the following meanings, subject to the final two paragraphs of
this Schedule: 
 “Financials” means the annual or quarterly financial statements of the Company delivered pursuant
to Section 6.4 or Section 7.1(i) or (ii). 
 “Level” means the level (whether I, II, III, IV or V) in the
foregoing table that corresponds to an applicable item in any other column in the foregoing table. For purposes of comparing Levels, Level I is referred to as the lowest Level and Level V as the highest Level. 

“Pricing Level” means, with respect to the Applicable Margins, at any date, the Level in the foregoing table that
corresponds to the then current Level of the Leverage Ratio. 
 The Applicable Margins shall be determined in accordance with the foregoing
table based on the then current Pricing Level. As of the Amendment and Restatement Effective Date, the current Pricing Level shall be Level III. Adjustments, if any, in the Applicable Margins resulting from a change in the Leverage Ratio shall be
effective five Business Days after the Administrative Agent has received the applicable Financials. If the Borrower fails to deliver the Financials to the Administrative Agent at the time required pursuant to Section 7.1, then, until five days
after such Financials are so delivered, the Applicable Margins shall be at the highest Pricing Level set forth in the foregoing table. 

Notwithstanding the foregoing, if the Company has an Investment Grade Rating from at least two (2) Rating Agencies, the (x) the
Applicable Margin for Eurodollar Ratable Advances, Federal Funds/Euro Rate Advances and the Applicable Letter of Credit Rate (other than for Alternative Letters of Credit) (y) the Applicable Margin for ABR Loans and (z) the Undrawn Fee,
shall be the lower of (i) the Applicable Margin or Undrawn Fee (as the case may be) that would otherwise be applicable based on the foregoing table and (ii) the Applicable Margin or Undrawn

  

 
Fee (as the case may be) under Level II (i.e., if the Company has an Investment Grade Rating from at least two (2) Rating Agencies, the pricing will be (i) if the Leverage Ratio is £0.30x, the pricing applicable in Level I above and (ii) otherwise, the pricing applicable in Level II), with any decrease on account of the Company receiving an Investment Grade Rating from at least two
(2) Rating Agencies or increase as a result of the Company ceasing to have an Investment Grade Rating from at least two (2) Rating Agencies to be effective five (5) Business Days after any such change in rating. 

  

 EXHIBIT A 

FORM OF REVOLVING CREDIT NOTE 
  

					
	$                    	  		  	[            ], 2019

 First Huntingdon Finance Corp., a Delaware corporation (the “Borrower”), promises to pay to
                     (or its registered assigns) (the “Lender”) the lesser of the principal sum of
                     Dollars or the aggregate unpaid principal amount of all Revolving Credit Ratable Loans made by the Lender to the Borrower
pursuant to Article II of the Agreement (as hereinafter defined), in immediately available funds at the main office of Citibank, N.A., in New York, New York, as Administrative Agent, together with interest on the unpaid principal amount hereof at
the rates and on the dates set forth in the Agreement. The Borrower shall pay the principal of and accrued and unpaid interest on the Revolving Credit Ratable Loans in full on the Revolving Credit Facility Termination Date. 

This Revolving Credit Note is one of the Revolving Credit Notes issued pursuant to, and is entitled to the benefits of, the Amended and
Restated Credit Agreement dated as of October 31, 2019 (which, as it may be amended, restated, extended, supplemented or otherwise modified and in effect from time to time is herein called the “Agreement”), among the Borrower, Toll
Brothers, Inc., the lenders party thereto, including the Lender, and Citibank, N.A., as Administrative Agent, to which reference is hereby made for a statement of the terms and conditions governing this Note, including the terms and conditions under
which this Note may be prepaid or its maturity date accelerated. Capitalized terms used herein and not otherwise defined herein have the meanings attributed to them in the Agreement. 

 

			
	FIRST HUNTINGDON FINANCE CORP.
		
	By:	 	
                     
            

 EXHIBIT B 

FORM OF COMMITMENT AND ACCEPTANCE 
 This
Commitment and Acceptance (this “Commitment and Acceptance”) dated as of                     ,
             entered into among the parties listed on the signature pages hereof. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to
them in the Credit Agreement (as defined below). 
 PRELIMINARY STATEMENTS 

Reference is made to that certain Amended and Restated Credit Agreement dated as of October 31, 2019 by and among First Huntingdon
Finance Corp., Toll Brothers, Inc., Citibank, N.A., as Administrative Agent, and the Lenders that are parties thereto (as amended, restated, extended, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

Pursuant to Section 2.18 of the Credit Agreement, the Borrower has requested an increase in the Aggregate Revolving Credit Commitment
from $              to $            . Such increase in the Aggregate Revolving Credit Commitment is to become
effective on                          (the “Increase
Date”).1 In connection with such requested increase in the Aggregate Revolving Credit Commitment, the Borrower, the Administrative Agent and
                     (the “Accepting Lender”) hereby agree as follows: 

ACCEPTING LENDER’S REVOLVING CREDIT COMMITMENT. Effective as of the Increase Date, [the Accepting Lender shall become a party to
the Credit Agreement as a Lender, shall have (subject to the provisions of Section 2.18 of the Credit Agreement) all of the rights and obligations of a Lender thereunder, agrees to be bound by the terms and provisions thereof and shall
thereupon have a Revolving Credit Commitment under and for purposes of the Credit Agreement in an amount equal to the]2 [the Revolving Credit Commitment of the Accepting Lender under the Credit
Agreement shall be increased from $                 to the]3 amount set forth opposite the Accepting
Lender’s name on the signature pages hereof. 
 [REPRESENTATIONS AND AGREEMENTS OF ACCEPTING LENDER. The Accepting Lender (a) represents
and warrants that (i) it has full power and authority, and has taken all action necessary, to execute and deliver this Commitment and Acceptance and to consummate the transactions contemplated hereby and to become a Revolving Credit Lender
under the Credit Agreement, (ii) it is a Qualified Bank, (iii) from and after the Increase Date, it shall be bound by the provisions of the Credit Agreement as a Revolving Credit Lender thereunder and, to the extent of its Revolving Credit
Commitment, shall have the obligations of a Revolving Credit Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as
applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Commitment and Acceptance on the basis of which it is solely responsible for making its own independent
appraisal and investigation of all risks arising under or in connection with the Credit Agreement and the other Loan Documents and has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender
Party or any of their respective Related Parties based on such documents and information, as it has deemed appropriate, and (v) if it is a Non-U.S. Lender, attached to this Commitment and Acceptance is
any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Accepting Lender; and (b) agrees that (i) it will, 

 

	1 	 This date is to be agreed upon by the Borrower, the Administrative Agent and the Accepting Lender. See
Section 2.18(c) of the Credit Agreement. 

	2 	 To be included only if the Accepting Lender is not already a Revolving Credit Lender prior to the Increase
Date. 

	3 	 To be included only if the Accepting Lender is a Revolving Credit Lender prior to the Increase date.

 
independently and without reliance on the Administrative Agent, or any other Lender Party or any of their respective Related Parties, continue to be solely responsible for making its own
appraisal and investigation of all risks arising under or in connection with, and its own credit analysis and decision to take or not take action under, the Credit Agreement and the other Loan Documents based on such documents and information as it
shall from time to time deem appropriate, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Revolving Credit Lender.]4 
 REPRESENTATIONS OF BORROWER. The Borrower hereby represents and warrants that, as of the
date hereof and as of the Increase Date, (a) after giving effect to the Facility Increase, the Aggregate Revolving Credit Commitment will not exceed the Aggregate Revolving Credit Facility Limit, (b) no Unmatured Default or Default exists
or will exist after giving effect to the Facility Increase, (c) all financial covenants set forth in Section 7.28 of the Credit Agreement will be satisfied on a pro forma basis for the most recent determination period, after giving effect
to such Facility Increase as if it occurred on the last day of such determination period (and assuming such Facility Increase is fully borrowed). 

ADMINISTRATIVE AGENT’S FEE. On or before the Increase Date, the Accepting Lender shall pay to the Administrative Agent an
administrative fee in the amount of $3,500.00 (unless otherwise agreed by the Administrative Agent). 
 GOVERNING LAW. This
Commitment and Acceptance shall be governed by the internal law, and not the law of conflicts, of the State of New York. 
  

	4 	 Paragraph 2 is to be included only if the Accepting Lender is not already a Revolving Credit Lender prior to
the Increase Date. 

 IN WITNESS WHEREOF, the parties hereto have executed this Commitment and Acceptance by their
duly authorized officers as of the date first above written. 
  

							
		 		 	FIRST HUNTINGDON FINANCE CORP.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	TOLL BROTHERS, INC.
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
		 		 	CITIBANK, N.A., as Administrative Agent
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:
			
	$                    	 		 	[NAME OF ACCEPTING LENDER]
				
		 		 	By:	 	  

		 		 		 	Name:
		 		 		 	Title:

 EXHIBIT C 

FORM OF OPINION OF COMPANY’S GENERAL COUNSEL 

[See attached] 

 [Toll Brothers Letterhead] 

October 31, 2019 
 To: The
Administrative Agent and each Lender party 
 to the Credit Agreement Referred to Below 

c/o Citibank, N.A., as Administrative Agent 

388 Greenwich Street 
 New York,
NY 10013 
  

			
	          Re:	  	 Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of the date hereof, among
First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc. (the “Company”), the lenders party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent, and the other agent(s) party
thereto

 Ladies and Gentlemen: 

I am the General Counsel of the Borrower, the Company and the subsidiaries of the Company identified on the signature pages to the Amended and
Restated Guaranty Agreement referred to herein (such subsidiaries, the “Designated Guarantors”; together with the Borrower and the Company, the “Loan Parties”), and have acted in that capacity in connection with the execution and
delivery of the Credit Agreement and the transactions contemplated thereby. This opinion is furnished to you pursuant to Section 5.1(ix) of the Credit Agreement. Unless otherwise defined in this opinion, capitalized terms are used herein as
defined in the Credit Agreement. 
 In so acting, I, or people under my supervision, have examined executed originals or counterparts of the
following documents, each dated the date hereof (the “Loan Documents”): 
 (a) the Credit Agreement; 

(b) the Notes executed in connection with the closing of the Credit Agreement; and 

(c) the Amended and Restated Guaranty Agreement (“Guaranty Agreement”) made by the Company and the Designated Guarantors. 

I, or people under my supervision, have also examined, and relied upon without independent verification the accuracy of factual matters
contained in, originals or copies, certified or otherwise identified to my satisfaction, such corporate, limited liability company and partnership records, agreements and other documents, and such certificates or comparable documents of public
officials and of officers and representatives of the Loan Parties and have made such examinations of law and reviewed such documents as I have deemed necessary in connection with the opinions set forth below. 

 October 31, 2019 

Page 2 
  

 When the phrase “to my knowledge” or an equivalent phrase is used in this opinion,
its purpose is to limit the statements it qualifies to my actual knowledge after such inquiry as I deemed appropriate. I have not examined any records of any court, administrative tribunal or other similar entity in connection with my opinion. 

I have assumed the legal capacity and competence of natural persons, the genuineness of all signatures, the authenticity of all documents
submitted to me as originals, the conformity to original documents of documents submitted to me as certified, conformed, photostatic, electronic or facsimile copies and the completeness of all documents reviewed by me. 

I have also assumed, without verification, that each of the Designated Guarantors is validly subsisting and in good standing under the laws of
the state of its incorporation or formation. 
 Based upon the foregoing and subject to the assumptions, exceptions, limitations and
qualifications set forth herein, I am of the opinion that: 
 1. Each of the Designated Guarantors organized under the laws of the State of
Delaware is an entity validly formed under the laws of the State of Delaware and has the corporate, partnership or limited liability company, as the case may be, power to carry on its business as such business is known to me. 

2. Each of the Designated Guarantors organized under the laws of the State of Delaware has the corporate, partnership or limited liability
company, as the case may be, power and authority to enter into and perform its obligations under the Guaranty Agreement and to incur the obligations provided therein, and has taken all corporate, partnership or limited liability company, as the case
may be, action necessary to authorize the execution, delivery and performance of the Guaranty Agreement. 
 3. The Guaranty Agreement has
been duly executed and delivered on behalf of each Designated Guarantor party thereto that is organized under the laws of the State of Delaware. 

4. None of the execution and delivery of the Loan Documents, the consummation of any of the transactions therein contemplated, nor the
fulfillment of the terms thereof, by any Loan Party will conflict with, result in a breach or violation of or constitute a default under the terms of (i) any agreement or instrument filed or incorporated by reference as an exhibit to the
Company’s annual report or Form 10-K for the year ended October 31, 2018 and any subsequent current or periodic reports filed by the Company under the Securities and Exchange Act of 1934, as amended,
from November 1, 2018 through the date of this opinion or (ii) any other material indenture, contract, lease, mortgage, deed of trust, note agreement, loan agreement or other material agreement, obligation, condition, covenant or
instrument to which any of the Loan Parties is a party or bound and is known to me. 
 To my knowledge, there is no litigation or
governmental proceeding pending or overtly threatened in writing against any Loan Party that could reasonably be expected to have a Material Adverse Effect except as may be described in the public filings by the Company with the Securities and
Exchange Commission. 

 October 31, 2019 

Page 3 
  

 I express no opinion as to the law of any jurisdiction other than the federal law of the
United States, the General Corporation Law of the State of Delaware, the Delaware Revised Uniform Limited Partnership Act and the Delaware Limited Liability Company Act. 

A copy of this opinion may be delivered by you to each financial institution that may become a Lender under the Credit Agreement, and such
persons may rely on this opinion to the same extent as – but to no greater extent than – the addressees and on the condition and understanding that any such reliance by such person must be actual and reasonable under the circumstances
existing at the time of assignment, including any changes in law, facts or any other developments known to or reasonably knowable by such person at such time. This opinion may be relied upon by you and such persons to whom you may deliver copies as
provided in the preceding sentence only in connection with the consummation of the transactions described herein and may not be used or relied upon by you or any other person for any other purpose, without in each instance my prior written consent.

 This opinion is limited to the matters expressly stated herein. No implied opinion may be inferred to extend this opinion beyond the
matters expressly stated herein. I do not undertake to advise you or anyone else of any changes in the opinions expressed herein resulting from changes in law, changes in facts or any other matters that hereafter might occur or be brought to my
attention. 
  

	
	Sincerely,
	
	John K. McDonald
	Senior Vice President and General Counsel

 EXHIBIT D 

FORM OF OPINION OF 
 BALLARD SPAHR
LLP 
 [See attached] 

 October 31, 2019 

The Administrative Agent and each Lender party 
 to the Credit
Agreement referred to below 
 c/o Citibank, N.A., as Administrative Agent 

388 Greenwich Street 
 New York, NY 10013 

 

			
	          Re:	  	 Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of the date
hereof, among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc. (the “Company”), the lenders party thereto (collectively, the “Lenders”), Citibank, N.A., as Administrative Agent,
and the other agents party thereto 

 Ladies and Gentlemen: 

We have acted as counsel to the Borrower, the Company, the subsidiaries of the Company listed on Schedule I hereto (collectively, the
“Virginia Guarantors”), the subsidiaries of the Company listed on Schedule II hereto (the “Nevada Guarantors”) and the other subsidiaries of the Company identified on the signature pages to the Amended and Restated
Guaranty Agreement referred to herein (such subsidiaries, including the Nevada Guarantors and the Virginia Guarantors, the “Designated Guarantors”; together with the Borrower and the Company, the “Loan Parties”), in
connection with the execution and delivery of the Credit Agreement and the transactions contemplated thereby. This opinion is furnished to you pursuant to Section 5.1(ix) of the Credit Agreement. Unless otherwise defined in this opinion,
capitalized terms are used herein as defined in the Credit Agreement. 
 In so acting, we have examined executed originals or counterparts
of the following documents, each dated the date hereof (the “Loan Documents”): 
 (a) the Credit Agreement; 

(b) the Notes described on Schedule III hereto executed in connection with the closing of the Credit Agreement; and 

(c) the Amended and Restated Guaranty Agreement (“Guaranty Agreement”) made by the Company and the Designated Guarantors. 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 2 

 

 We have reviewed such documents and made such examination of law as we have deemed
appropriate to give the opinions set forth below. We have relied, without independent verification, on certificates of public officials, and, as to matters of fact material to our opinions also without independent verification, on representations
made in the Loan Documents and certificates and other inquiries of officers of the Loan Parties. We have assumed the factual matters contained in certificates obtained from public officials remain true and correct as of the date hereof. 

When the phrase “to our knowledge” or an equivalent phrase is used in this opinion, its purpose is to limit the statements it
qualifies to the actual knowledge of lawyers in this firm responsible for preparing this opinion after such inquiry as they deemed appropriate. We have not examined any records of any court, administrative tribunal or other similar entity in
connection with our opinion. 
 We have assumed the legal capacity and competence of natural persons, the genuineness of all signatures, the
authenticity of all documents submitted to us as originals, the conformity to original documents of documents submitted to us as certified, conformed, photostatic, electronic or facsimile copies, and the completeness of all documents reviewed by us.
We have also assumed, without independent verification (i) that each of the Designated Guarantors, other than the Nevada Guarantors and the Virginia Guarantors, is validly existing and in good standing under the laws of the state of its
incorporation or formation, (ii) that the execution, delivery and performance of the Guaranty Agreement by each of the Designated Guarantors party thereto, other than the Nevada Guarantors and the Virginia Guarantors, does not violate its
organizational or formation documents (including, as applicable, its certificate or articles of incorporation, certificate of formation, by-laws, limited liability company agreement and/or partnership
agreement), (iii) that the parties to the Loan Documents and the other agreements, instruments and documents executed in connection therewith, other than the Borrower, the Company, the Nevada Guarantors and the Virginia Guarantors, have the power
(including, without limitation, corporate power where applicable) and authority to enter into and perform the Loan Documents and such other agreements, instruments and documents, (iv) the due authorization, execution and delivery by such
parties other than the Borrower, the Company, the Nevada Guarantors and the Virginia Guarantors, of each Loan Document and such other agreements, instruments and documents, and (v) that the Loan Documents and such other agreements, instruments
and documents constitute legal, valid and binding obligations of each such party, other than the Loan Parties, enforceable against each such other party in accordance with their respective terms. 

Based upon the foregoing and subject to the assumptions, exceptions, limitations and qualifications set forth herein, we are of the opinion
that: 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 3 

 

 1. Each of the Borrower and the Company is a corporation validly existing and in good
standing under the laws of the State of Delaware and has the corporate power to carry on its business as such business is known to us. The Company is qualified as a foreign corporation in the Commonwealth of Pennsylvania. 

2. Each of the Nevada Guarantors is a limited liability company validly existing and in good standing under the laws of the State of Nevada and
has the limited liability company power to carry on its business as such business is known to us. 
 3. Each of the Virginia Guarantors is a
limited partnership validly existing and in good standing under the laws of the Commonwealth of Virginia and has the limited partnership power to carry on its business as such business is known to us. 

4. Each of the Borrower, the Company, the Nevada Guarantors and the Virginia Guarantors has the corporate, limited liability company or limited
partnership, as the case may be, power and authority to enter into and perform its obligations under the Loan Documents to which it is a party and to incur the obligations provided therein, and has taken all corporate, limited liability company or
limited partnership, as the case may be, action necessary to authorize the execution, delivery and performance of the Loan Documents to which it is a party. 

5. The execution and delivery by each of the Borrower, the Company, the Nevada Guarantors and the Virginia Guarantors of the Loan Documents to
which it is a party do not and the performance of its obligations thereunder will not (a) violate its Certificate of Incorporation, Articles of Organization, Bylaws, Limited Liability Company Operating Agreement or Limited Partnership Agreement
(as applicable), as now in effect or (b) violate any Covered Law (as defined below). 
 6. The execution and delivery by each of the
Designated Guarantors (other than the Nevada Guarantors and the Virginia Guarantors) of the Loan Documents to which it is a party do not and the performance of its obligations thereunder will not violate under any Covered Law (a) any present
statute, rule or regulation promulgated by the United States or the Commonwealth of Pennsylvania, (b) with respect to those Designated Guarantors formed under the corporate, limited partnership or limited liability company laws of the State of
Delaware, the General Corporation Law of the State of Delaware, the Delaware Revised Uniform Limited Partnership Act or the Delaware Limited Liability Company Act, (c) with respect to those Designated Guarantors formed under the limited
liability company laws of the State of Nevada, the provisions of Title VII of the Nevada Revised Statutes relating to limited liability companies or (d) with respect to those Designated Guarantors formed under the limited partnership laws of
the Commonwealth of Virginia, the provisions of the Virginia Nonstock Corporation Act relating to limited partnerships. 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 4 

 

 7. Each Loan Document to which it is a party has been duly executed and delivered on behalf
of the Borrower, the Company, the Nevada Guarantors and the Virginia Guarantors. Each Loan Document constitutes the legal, valid and binding obligation of each of the Loan Parties which is party thereto, enforceable against such Loan Parties in
accordance with its respective terms. 
 8. No order, consent, authorization or approval of, or notice to or filing or registration with, any
federal or state regulatory authority of the United States, the Commonwealth of Pennsylvania, the State of Delaware under the General Corporation Law of the State of Delaware, the Delaware Revised Uniform Limited Partnership Act or the Delaware
Limited Liability Company Act, the State of Nevada under the provisions of Title VII of the Nevada Revised Statutes relating to limited liability companies or the Commonwealth of Virginia under the provisions of the Virginia Nonstock Corporation Act
relating to limited partnerships is required by any Loan Party under any Covered Law in connection with the execution or delivery by any Loan Party of any of the Loan Documents or the payment of any Loan Party’s obligations under the Loan
Documents. 
 We are not representing the Borrower, the Company, any Nevada Guarantor or any Virginia Guarantor in any pending litigation in
which it is a named defendant, or in any litigation that is overtly threatened in writing against it by a potential claimant, in each case that challenges the validity or enforceability of, or seeks to enjoin the performance of, the Loan Documents.

 The foregoing opinions are subject to the following exceptions, limitations and qualifications: 

(a) Our opinion is subject to the effect of applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent
conveyance, fraudulent transfer, avoidable transfer, marshalling or similar laws affecting creditors’ rights and remedies generally; general principles of equity, including without limitation, concepts of materiality, reasonableness, good faith
and fair dealing (regardless of whether such enforceability is considered in a proceeding in equity or at law); and limitations on enforceability of rights to indemnification or contribution by federal or state securities laws or regulations or by
public policy. 
 (b) We express no opinion as to the application or requirements of federal or state securities, patent,
trademark, copyright, antitrust and unfair competition, pension or employee benefit, labor, environmental, health and safety, tax, trade regulatory laws, insolvency or fraudulent transfer or avoidable transfer laws, antifraud laws, margin
regulations, laws and regulations relating to commodities trading, derivatives, futures and swaps, the rules of any stock exchange, clearing organization, designated contract market or other regulated entity for trading, processing, clearing or
reporting transactions in securities, commodities, futures or swaps, export control, anti-money laundering or anti-terrorism laws in respect of the transactions contemplated by or referred to in the Loan Documents. 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 5 

 

 (c) We express no opinion as to the validity or enforceability of any
provision of the Loan Documents which (i) permits a Lender or the Administrative Agent to increase the rate of interest or to collect a late charge in the event of delinquency or default to the extent they are deemed to be penalties or
forfeitures; (ii) purports to grant a Lender or the Administrative Agent a power-of-attorney; (iii) purports to require that waivers must be in writing to the
extent that an oral agreement or implied agreement by trade practice or course of conduct modifying provisions of the Loan Documents has been made; (iv) purports to be a waiver of the right to a jury trial, a waiver of any right to object to
jurisdiction or venue, a waiver of any right to claim damages or to service of process or a waiver of any other rights or benefits bestowed by operation of law or the waiver of which is limited by applicable law; (v) purports to be a waiver of
the obligations of good faith, fair dealing, diligence, mitigation of damages or commercial reasonableness; (vi) purports to exculpate any party from its own negligent acts or limit any party from certain liabilities; (vii) purports to
require the payment of attorneys’ fees to the extent such fees exceed reasonable attorneys’ fees; (viii) purports to authorize a Lender, the Administrative Agent or any Affiliate thereof to set off and apply any deposits at any time
held, and any other indebtedness at any time owing, by such Lender, the Administrative Agent or any Affiliate thereof to or for the account of a Loan Party or Affiliate thereof or which purports to provide that any purchaser of a participation from
a Lender may exercise setoff or similar rights with respect to such participation or (ix) provides for liquidated damages. 

(d) We express no opinion on the validity or enforceability of Section 10.15 of the Credit Agreement or the effect of such
provision on the obligations of the Loan Parties if such provision becomes applicable to a Lender that is an EEA Financial Institution. 

(e) We express no opinion as to the enforceability of any guarantee, pledge or grant of a security interest to the extent such
guarantee, pledge or grant of a security interest would result in or require a Loan Party to be liable for, guarantee or pledge assets to secure, a swap obligation and such Person is not an eligible contract participant under the Commodity Exchange
Act (7 U.S.C. § 1 et seq.). 
 (f) We express no opinion as to the enforceability of forum selection clauses upon
the courts in the forum selected. 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 6 

 

 This opinion is limited to the laws of the United States of America, the laws of the
Commonwealth of Pennsylvania, the laws of the State of Nevada under the provisions of Title VII of the Nevada Revised Statutes relating to limited liability companies, the laws of the Commonwealth of Virginia under the provisions of the Virginia
Nonstock Corporation Act relating to limited partnerships, the laws of the State of Delaware under the General Corporation Law of the State of Delaware, the Delaware Revised Uniform Limited Partnership Act or the Delaware Limited Liability Company
Act and, solely with respect to the second sentence of Opinion Paragraph 7, the State of New York, in each case that, in our experience, are normally applicable to credit transactions of the type contemplated by the Loan Documents (collectively, the
“Covered Law”). In addition, and without limiting the generality of the foregoing definition of Covered Law, the term “Covered Law” does not include any law, rule or regulation that is applicable to any Loan Party,
the Loan Documents or such transactions solely because such law, rule or regulation is part of a regulatory regime applicable to any party to any of the Loan Documents or any of its affiliates due to the specific assets or business of such party or
such affiliate. 
 A copy of this opinion may be delivered by you to each financial institution that may become a Lender under the Credit
Agreement pursuant to an assignment made and consented to in accordance with the terms of the Credit Agreement, and such persons may rely on this opinion to the same extent as – but to no greater extent than – the addressees hereof and on
the condition and understanding that any such reliance by such person must be actual and reasonable under the circumstances existing at the time of assignment, including any changes in law, facts or any other developments known to or reasonably
knowable by such person at such time. This opinion may be relied upon by you and such persons to whom you may deliver copies as provided in the preceding sentence only in connection with the consummation of the transactions described herein and may
not be used or relied upon by you or any other person for any other purpose, without in each instance our prior written consent. Except with our prior written consent, this opinion is not to be used, circulated, quoted or otherwise referred to
(a) except as provided in this paragraph or (b) in connection with any transaction other than those contemplated by the Loan Documents. 

This opinion is limited to the matters expressly stated herein. No implied opinion may be inferred to extend this opinion beyond the matters
expressly stated herein. This opinion speaks as of the date hereof and we do not undertake to advise you or anyone else of any changes in the opinions expressed herein resulting from changes in law, changes in facts or any other matters that
hereafter might occur or be brought to our attention. 
 This opinion shall be interpreted in accordance with the Legal Opinion Principles
issued by the Committee on Legal Opinions of the American Bar Association’s Section of Business Law as published in 53 Business Lawyer 831 (May 1998). 

 The Administrative Agent and each Lender Party 

to the Credit Agreement Referred to Below 
 c/o Citibank, N.A., as
Administrative Agent 
 October 31, 2019 
 Page 7 

 

 Richard J. Braemer, a senior counsel of this firm, is a director of and shareholder of the
Company. 
 Very truly yours, 

 SCHEDULE I 

Virginia Guarantors 
 1. Dominion
Country Club, L.P. 
 2. Toll VA VI, L.P. 

  
 8 

 SCHEDULE II 

Nevada Guarantors 
 1. Toll South LV LLC 

2. Toll South Reno LLC 

  
 9 

 SCHEDULE III 

List of Notes 
  

	1.	 Revolving Credit Note by the Borrower in favor of PNC Bank, National Association in the maximum principal
amount of $125,000,000 

  

	2.	 Revolving Credit Note by the Borrower in favor of SunTrust Bank in the maximum principal amount of $125,000,000

  

	3.	 Revolving Credit Note by the Borrower in favor of Wells Fargo Bank, National Association in the maximum
principal amount of $125,000,000 

  

	4.	 Revolving Credit Note by the Borrower in favor of U.S. Bank National Association in the maximum principal
amount of $100,000,000 

  

	5.	 Revolving Credit Note by the Borrower in favor of Fifth Third Bank in the maximum principal amount of
$75,000,000 

  

	6.	 Revolving Credit Note by the Borrower in favor of Regions Bank in the maximum principal amount of $75,000,000

  

	7.	 Revolving Credit Note by the Borrower in favor of BMO Harris Bank N.A. in the maximum principal amount of
$50,000,000 

  

	8.	 Revolving Credit Note by the Borrower in favor of Branching Banking and Trust Company in the maximum principal
amount of $50,000,000 

  

	9.	 Revolving Credit Note by the Borrower in favor of CIBC Bank USA in the maximum principal amount of $50,000,000

  

	10.	 Revolving Credit Note by the Borrower in favor of Comerica Bank in the maximum principal amount of $50,000,000

  

	11.	 Revolving Credit Note by the Borrower in favor of TD Bank, N.A. in the maximum principal amount of $50,000,000

  

	12.	 Revolving Credit Note by the Borrower in favor of Texas Capital Bank, National Association in the maximum
principal amount of $40,000,000 

  

	13.	 Revolving Credit Note by the Borrower in favor of Flagstar Bank, FSB in the maximum principal amount of
$40,000,000 

  

	14.	 Revolving Credit Note by the Borrower in favor of People’s United Bank, National Association in the
maximum principal amount of $25,000,000 

  
 10 

	15.	 Revolving Credit Note by the Borrower in favor of Zions Bancorporation, N.A. dba California Bank &
Trust in the maximum principal amount of $25,000,000 

  
 11 

 EXHIBIT E 

FORM OF GUARANTY 
 [See
attached] 

 EXECUTION VERSION 

AMENDED AND RESTATED GUARANTY 

This AMENDED AND RESTATED GUARANTY (the “Guaranty”) is made as of October 31, 2019 by the undersigned (the
“Guarantors”), in favor of the “Lenders” under that certain Amended and Restated Credit Agreement dated as of October 31, 2019 among First Huntingdon Finance Corp. (the “Borrower”), Toll Brothers, Inc. (the
“Company”), the Lenders from time to time parties thereto and Citibank, N.A., in its capacity as Administrative Agent. Such Amended and Restated Credit Agreement, as it may be amended, restated, modified or supplemented from time to time,
is hereinafter referred to as the “Credit Agreement.” Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Credit Agreement. 

The Borrower, the Company and the Guarantors are party to that certain Guaranty, dated as of May 19, 2016 (as amended, modified or
supplemented prior to the date hereof, the “Original Guaranty”). 
 The parties hereto wish to completely amend and restate the
Original Guaranty through the execution of this Guaranty. This Guaranty shall not constitute a novation of the Original Guaranty. 
 1.
Guaranty. (i) For value received and in consideration of any loan, advance or financial accommodation of any kind whatsoever heretofore, now or hereafter made, given or granted to the Borrower by the Lenders, the Guarantors
unconditionally, jointly and severally guarantee for the benefit of each of the Lenders the full and prompt payment when due, whether at maturity or earlier, by reason of acceleration or otherwise, and at all times thereafter, of all of the
Obligations (including, without limitation, interest accruing following the filing of a bankruptcy petition by or against any Loan Party, at the applicable rate specified in the Credit Agreement, whether or not such interest is allowed as a claim in
bankruptcy). 
 (ii) At any time after the occurrence and during the continuance of a Default, the Guarantors shall pay to
the Administrative Agent, for the benefit of the Lenders, on written demand and in immediately available funds, the full amount of the Obligations then due. 

(iii) The Guarantors further agree to pay to the Administrative Agent and reimburse the Administrative Agent for, on demand and
in immediately available funds, all reasonable fees, costs and expenses (including, without limitation, all court costs and reasonable attorneys’ and paralegals’ fees, costs and expenses) paid or incurred by the Administrative Agent or any
of the Lenders in: (1) endeavoring to collect all or any part of the Obligations from, or in prosecuting any action against, any one or more of the Guarantors relating to this Guaranty; (2) taking any action with respect to any security or
collateral securing any of the Guarantors’ obligations hereunder; and (3) preserving, protecting or defending the enforceability of, or enforcing, this Guaranty or their respective rights hereunder; provided, that the legal fees and
legal expenses for which the Guarantors are liable under this clause (iii) shall be limited to the fees and expenses of one legal counsel plus, if necessary, one special counsel for each relevant specialty and one local counsel per
jurisdiction; provided, further, that, in the event of any actual or potential conflict of interest, the Guarantors shall be liable for the fees and expenses of one additional counsel for each person or group of persons subject to such
conflict (all such costs and expenses are hereinafter referred to as the “Expenses”). The Guarantors hereby agree that this Guaranty is an absolute guaranty of payment and is not a guaranty of collection. 

 2. Obligations Unconditional. Subject to Sections 11 and 12 hereof the
Guarantors hereby agree that their obligations under this Guaranty shall be unconditional, irrespective of: (i) the validity, enforceability, avoidance, novation or subordination of any of the Obligations or any of the Loan Documents;
(ii) the absence of any attempt by, or on behalf of, any Lender or the Administrative Agent to collect, or to take any other action to enforce, all or any part of the Obligations whether from or against the Borrower, any other guarantor of the
Obligations or any other person; (iii) the election of any remedy by, or on behalf of, any Lender or the Administrative Agent with respect to all or any part of the Obligations; (iv) the waiver, consent, extension, forbearance or granting
of any indulgence by, or on behalf of, any Lender or the Administrative Agent with respect to any provision of any of the Loan Documents; (v) the election by, or on behalf of, any one or more of the Lenders, in any proceeding instituted under
Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”), of the application of Section 1111(b)(2) of the Bankruptcy Code; (vi) any borrowing or grant of a security interest
by the Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code; (vii) the disallowance, under Section 502 of the Bankruptcy Code, of
all or any portion of the claims of any of the Lenders or the Administrative Agent for repayment of all or any part of the Obligations or any Expenses; or (viii) any other circumstance which might otherwise constitute a legal or equitable
discharge or defense of the Borrower or any one or more of the Guarantors. 
 3. Enforcement; Application of Payments. Upon the
occurrence and during the continuance of a Default, the Administrative Agent may proceed directly and at once, without notice, against any one or more of the Guarantors to obtain performance of and to collect and recover the full amount, or any
portion, of the Obligations then due, without first proceeding against the Borrower, any other Guarantor or any other Person, or against any security or collateral for the Obligations. Subject only to the terms and provisions of the Credit
Agreement, the Administrative Agent shall have the exclusive right to determine the application of payments and credits, if any, from the Guarantors, the Borrower or from any other Person on account of the Obligations or any other liability of the
Guarantors to any Lender. 
 4. Waivers. (a) The Guarantors hereby waive diligence, presentment, demand of payment, filing of
claims with a court in the event of receivership or bankruptcy of the Borrower or the Company, protest or notice with respect to the Obligations, all setoffs and counterclaims and all presentments, demands for performance, notices of nonperformance,
protests, notices of protest, notices of dishonor and notices of acceptance of this Guaranty, and all other demands whatsoever (and shall not require that the same be made on the Borrower or the Company as a condition precedent to the
Guarantors’ obligations hereunder), and covenants that this Guaranty will not be discharged, except by complete payment (in cash) and performance of the Obligations and any other obligations contained herein. The Guarantors further waive all
notices of the existence, creation or incurring of new or additional indebtedness, arising either from additional loans extended to the Borrower or otherwise, and also waive all notices that the principal amount, or any portion thereof, and/or any
interest on any instrument or document evidencing all or any part of the Obligations is due, notices of any and all proceedings to collect from the maker, any endorser or any other guarantor of all or any part of the Obligations, or from any other
Person, and, to the extent permitted by law, notices of exchange, sale, surrender or other handling of any security or collateral given to the Agent to secure payment of all or any part of the Obligations. 

  
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 (b) The Guarantors understand that they shall be liable for the full amount
of their liability under this Guaranty, notwithstanding the occurrence of any event impairing the rights of the Guarantors, the Administrative Agent or any of the Lenders to proceed against the Borrower, any other guarantor (including without
limitation any Guarantor hereunder) or the Borrower’s or such guarantor’s property. The Guarantors agree that all of their obligations under this Guaranty (including their obligation to pay in full all indebtedness evidenced by or arising
under the Credit Agreement) shall remain in full force and effect without defense, offset or counterclaim of any kind, notwithstanding that the Guarantors’ rights against the Borrower may be impaired, destroyed or otherwise affected by reason
of any action or inaction on the part of the Administrative Agent or any Lender. 
 (c) The Lenders, either themselves or
acting through the Administrative Agent, are hereby authorized, without notice or demand and without affecting the liability of the Guarantors hereunder, from time to time, (i) to renew, extend, accelerate or otherwise change the time for
payment of, or other terms relating to, all or any part of the Obligations, or to otherwise modify, amend or change the terms of any of the Loan Documents; (ii) to accept partial payments on all or any part of the Obligations; (iii) to
take and hold security or collateral for the payment of all or any part of the Obligations, this Guaranty, or any other guaranties of all or any part of the Obligations or other liabilities of the Borrower, (iv) to exchange, enforce, waive and
release any such security or collateral; (v) to apply such security or collateral and direct the order or manner of sale thereof as in their discretion they may determine; and (vi) to settle, release, exchange, enforce, waive, compromise
or collect or otherwise liquidate all or any part of the Obligations, this Guaranty, any other guaranty of all or any part of the Obligations, and any security or collateral for the Obligations or for any such guaranty. Any of the foregoing may be
done in any manner, without affecting or impairing the obligations of the Guarantors hereunder. 
 5. Setoff. At any time when all or
any part of the Obligations have become due and payable (by acceleration or otherwise) following the occurrence and during the continuance of a Default, each Lender and the Administrative Agent may, without notice to the Guarantors and regardless of
the acceptance of any security or collateral for the payment hereof, appropriate and apply toward the payment of all or any part of the Obligations (i) any indebtedness due or to become due from such Lender or the Administrative Agent to any
one or more of the Guarantors, and (ii) any moneys, credits or other property belonging to any one or more of the Guarantors, at any time held by or coming into the possession of such Lender or the Administrative Agent or any of their
respective Affiliates. 
 6. Financial Information. The Guarantors hereby assume responsibility for keeping themselves informed of the
financial condition of the Borrower and any and all endorsers and/or other guarantors of all or any part of the Obligations, and of all other circumstances bearing upon the risk of nonpayment of the Obligations, or any part thereof, that diligent
inquiry would reveal, and the Guarantors hereby agree that none of the Lenders nor the Administrative Agent shall have any duty to advise the Guarantors of information known to any of them regarding such condition or any such circumstances. In the
event any Lender, in its sole discretion, undertakes at any time 

  
 3 

 
or from time to time to provide any such information to any one or more of the Guarantors, such Lender shall be under no obligation (i) to undertake any investigation not a part of its
regular business routine, (ii) to disclose any information which such Lender, pursuant to accepted or reasonable commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other or future disclosures of
such information or any other information to any one or more of the Guarantors. 
 7. No Marshalling; Reinstatement. The Guarantors
consent and agree that none of the Lenders nor the Administrative Agent nor any Person acting for or on behalf of the Lenders or the Administrative Agent shall be under any obligation to marshal any assets in favor of the Guarantors or against or in
payment of any or all of the Obligations. The Guarantors further agree that, to the extent that the Borrower, any one or more of the Guarantors or any other guarantor of all or any part of the Obligations makes a payment or payments to any Lender or
the Administrative Agent, which payment or payments or any part thereof are subsequently invalidated, declared to be fraudulent or preferential, set aside and/or required to be repaid to the Borrower, any one or more of the Guarantors, such other
guarantor or any other Person, or their respective estates, trustees, receivers or any other party, including, without limitation, the Guarantors, under any bankruptcy law, state or federal law, common law or equitable cause, then, to the extent of
such payment or repayment, the part of the Obligations which has been paid, reduced or satisfied by such amount shall be reinstated and continued in full force and effect as of the time immediately preceding such initial payment, reduction or
satisfaction. 
 8. Subrogation. Until the Obligations have been paid in full and the Aggregate Revolving Credit Commitment has been
terminated, the Guarantors (i) shall have no right of subrogation with respect to such Obligations, (ii) waive any right to enforce any remedy which the Lenders or the Administrative Agent (or any of them) now have or may hereafter have
against the Borrower, any endorser or any guarantor of all or any part of the Obligations or any other Person, and (iii) waive any benefit of, and any right to participate in, any security or collateral given to the Lenders and the
Administrative Agent (or any of them) to secure the payment or performance of all or any part of the Obligations or any other liability of the Borrower to the Lenders. 

9. Subordination. (a) Subordinated Debt. The payment and performance of all indebtedness, fees, expenses, obligations and
liabilities of the Borrower (or any other Person for the benefit of Borrower) to the Guarantors whether now existing or hereafter incurred or created, in each case, whether such amounts are due or not due, direct or indirect, absolute or contingent
(the “Subordinated Debt”) are hereby subordinated to the Obligations and, except as set forth in subparagraphs (b) and (c) of this Section 9 the Guarantors will not accelerate, ask, demand, sue
for, take or receive from the Borrower, by setoff or in any other manner, the whole or any part of the Subordinated Debt, including, without limitation, the taking of any negotiable instruments evidencing such amounts, nor any security for any of
the Subordinated Debt, unless and until all of the Obligations shall have been fully paid and satisfied in cash and all financing arrangements among the Borrower, the Administrative Agent and the Lenders shall have been terminated. 

(b) Permitted Payments. Notwithstanding the provisions of subparagraph (a) of this
Section 9, in the absence of a “Default” and provided that the payment described below, if made, would not otherwise give rise to the occurrence of a Default, the Borrower may pay to the Guarantors, and the
Guarantors may accept from the Borrower, any and all payments of the Subordinated Debt (“Permitted Payments”). 

  
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 (c) Enforcement Rights. The Guarantors, prior to the payment in full
of the Obligations and the termination of all financing arrangements among the Borrower and the Lenders, shall have no right to enforce any claim with respect to the Subordinated Debt, including, without limitation, any Permitted Payment, or
otherwise to take any action against the borrower or the Borrower’s Property without the Administrative Agent’s prior written approval. 

10. Enforcement; Amendments; Waivers. No delay on the part of any of the Lenders or the Administrative Agent in the exercise of any
right or remedy arising under this Guaranty, the Credit Agreement, any of the other Loan Documents or otherwise with respect to all or any part of the Obligations or any other guaranty of or security for all or any part of the Obligations shall
operate as a waiver thereof, and no single or partial exercise by any such Person of any such right or remedy shall preclude any further exercise thereof. No modification or waiver of any of the provisions of this Guaranty shall be binding upon the
Lenders or the Administrative Agent, except as expressly set forth in a writing duly signed and delivered by the party making such modification or waiver. Failure by any of the Lenders or the Administrative Agent at any time or times hereafter to
require strict performance by the Borrower, the Guarantors, any other guarantor of all or any part of the Obligations or any other Person of any of the provisions, warranties, terms and conditions contained in any of the Loan Documents now or at any
time or times hereafter executed by such Persons and delivered to the Administrative Agent or any Lender shall not waive, affect or diminish any right of the Administrative Agent or such Lender at any time or times hereafter to demand strict
performance thereof and such right shall not be deemed to have been waived by any act or knowledge of the Administrative Agent or any Lender, or their respective agents, officers or employees, unless such waiver is contained in an instrument in
writing, directed and delivered to the Borrower or the Guarantors, as applicable, specifying such waiver, and is signed by the party or parties necessary to give such waiver under the Credit Agreement. No waiver of any Default by the Administrative
Agent or any Lender shall operate as a waiver of any other Default or the same Default on a future occasion, and no action by the Administrative Agent or any Lender permitted hereunder shall in any way affect or impair the Administrative
Agent’s or any Lender’s rights and remedies or the obligations of the Guarantors under this Guaranty. Any determination by a court of competent jurisdiction of the amount of any principal and/or interest owing by the Borrower to any of the
Lenders shall be conclusive and binding on the Guarantors irrespective of whether any of the Guarantors was party to the suit or action in which such determination was made. 

11. Limitation on Obligations. The following provisions of this Guaranty apply with respect to all Guarantors other than Toll Brothers,
Inc.: 
 (a) The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate
law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Guarantor under this Guaranty would otherwise be held or determined to be avoidable,
invalid or unenforceable on account of the amount of such Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to 

  
 5 

 
the contrary, the amount of such liability shall, without any further action by the Guarantors, the Administrative Agent or any Lender, be automatically limited and reduced to the highest amount
that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Guarantor’s “Maximum Liability”). This Section 11(a) with respect to the
Maximum Liability of the Guarantors, is intended solely to preserve the rights of the Administrative Agent hereunder to the maximum extent not subject to avoidance under applicable law, and neither the Guarantors nor any other person or entity shall
have any right or claim under this Section 11(a) with respect to the Maximum Liability, except to the extent necessary so that the obligations of the Guarantors hereunder shall not be rendered voidable under applicable law.

 (b) Each of the Guarantors agrees that the Obligations which each Guarantor, jointly and severally, guarantees pursuant to
this Guaranty (the “Guaranteed Obligations”) may at any time and from time to time exceed the Maximum Liability of each Guarantor, and may exceed the aggregate Maximum Liability of all other Guarantors, without impairing this Guaranty or
affecting the rights and remedies of the Administrative Agent hereunder. Nothing in this Section 9(b) shall be construed to increase any Guarantor’s obligations hereunder beyond its Maximum Liability. 

(c) In the event any Guarantor (a “Paying Guarantor”) shall make any payment or payments under this Guaranty or shall
suffer any loss as a result of any realization upon any collateral granted by it to secure its obligations under this Guaranty, each other Guarantor (each a “Non-Paying Guarantor”) shall contribute
to such Paying Guarantor an amount equal to such Non-Paying Guarantor’s “Pro Rata Share” of such payment or payments made, or losses suffered, by such Paying Guarantor. For the purposes hereof,
each Non-Paying Guarantor’s “Pro Rata Share” with respect to any such payment or loss by a Paying Guarantor shall be determined as of the date on which such payment or loss was made by reference
to the ratio of (i) such Non-Paying Guarantor’s Maximum Liability as of such date (without giving effect to any right to receive, or obligation to make, any contribution hereunder) or, if such Non-Paying Guarantor’s Maximum Liability has not been determined, the aggregate amount of all monies received by such Non-Paying Guarantor from the Borrower after the
date hereof (whether by loan, capital infusion or by other means) to (ii) the aggregate Maximum Liability of all Guarantors hereunder (including such Paying Guarantor) as of such date (without giving effect to any right to receive, or
obligation to make, any contribution hereunder), or to the extent that a Maximum Liability has not been determined for any Guarantors, the aggregate amount of all monies received by such Guarantors from the Borrower after the date hereof (whether by
loan, capital infusion or by other means). Nothing in this Section 11(c) shall affect any Guarantor’s several liability for the entire amount of the Guaranteed Obligations (up to such Guarantor’s Maximum
Liability). Each of the Guarantors covenants and agrees that its right to receive any contribution under this Guaranty from a Non-Paying Guarantor shall be subordinate and junior in right of payment to all the
Guaranteed Obligations. The provisions of this Section 11(c) are for the benefit of both the Administrative Agent and the Guarantors and may be enforced by any one, or more, or all of them in accordance with the terms
hereof. 

  
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 12. Effectiveness; Termination. This Guaranty shall become effective upon its
execution by the Guarantors and shall continue in full force and effect and may not be terminated or otherwise revoked until the Obligations shall have been fully paid (in cash) and discharged and the Credit Agreement and all financing arrangements
between the Borrower and the Lenders under the Loan Documents shall have been terminated (including all Commitments thereunder). If, notwithstanding the foregoing, the Guarantors shall have any right under applicable law to terminate or revoke this
Guaranty, the Guarantors agree that such termination or revocation shall not be effective until a written notice of such revocation or termination, specifically referring hereto, signed by the Guarantors, is actually received by the Administrative
Agent. Such notice shall not affect the right and power of any of the Lenders or the Administrative Agent to enforce rights arising prior to receipt thereof by the Administrative Agent. If any Lender grants loans or takes other action after any of
the Guarantors terminates or revokes its obligations under this Guaranty but before the Administrative Agent receives such written notice, the rights of such Lender with respect thereto shall be the same as if such termination or revocation had not
occurred. 
 13. Successors and Assigns. This Guaranty shall be binding upon the Guarantors and upon their successors and assigns and
shall inure to the benefit of the Lenders and the Administrative Agent and their respective successors and assigns; all references herein to the Borrower and to the Guarantors shall be deemed to include their respective successors and assigns. The
successors and assigns of the Guarantors and the Borrower shall include, without limitation, their respective receivers, trustees or debtors-in-possession. All
references to the singular shall be deemed to include the plural where the context so requires. 
 14. CHOICE OF LAW. THIS
GUARANTY AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE OF ACTION (WHETHER IN TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS GUARANTY AND THE TRANSACTION CONTEMPLATED HEREBY SHALL BE CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
(AND NOT THE LAW OF CONFLICTS) OF THE STATE OF NEW YORK, BUT GIVING EFFECT TO FEDERAL LAWS APPLICABLE TO NATIONAL BANKS. 
 15.
CONSENT TO JURISDICTION. THE ADMINISTRATIVE AGENT AND THE GUARANTORS HEREBY IRREVOCABLY SUBMIT TO THE EXCLUSIVE JURISDICTION OF THE SOUTHERN DISTRICT OF NEW YORK (OR THE STATE COURTS SITTING IN THE BOROUGH OF MANHATTAN IN THE EVENT
THE FEDERAL COURTS LACK SUBJECT JURISDICTION) IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO ANY LOAN DOCUMENTS AND THE ADMINISTRATIVE AGENT AND THE GUARANTORS HEREBY IRREVOCABLY AGREE THAT ALL CLAIMS IN RESPECT OF SUCH ACTION OR
PROCEEDING MAY BE HEARD AND DETERMINED IN ANY SUCH COURT AND IRREVOCABLY WAIVE ANY OBJECTION IT MAY NOW OR HEREAFTER HAVE AS TO THE VENUE OF ANY SUCH SUIT, ACTION OR PROCEEDING BROUGHT IN SUCH A COURT OR THAT SUCH COURT IS AN INCONVENIENT FORUM.
 

  
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 16. WAIVER OF JURY TRIAL. EACH OF THE GUARANTORS AND THE ADMINISTRATIVE
AGENT WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY DISPUTE, WHETHER SOUNDING IN CONTRACT, TORT, OR OTHERWISE, BETWEEN THE GUARANTORS AND THE LENDERS OR THE ADMINISTRATIVE AGENT ARISING OUT OF OR RELATED TO THE TRANSACTIONS CONTEMPLATED BY THIS GUARANTY
OR ANY OTHER INSTRUMENT, DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH. EITHER THE GUARANTORS OR THE ADMINISTRATIVE AGENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS GUARANTY WITH ANY COURT AS WRITTEN EVIDENCE OF THE
CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 
 17. Advice of Counsel. The Guarantors represent
and warrant that they have consulted with their legal counsel regarding all waivers under this Guaranty, including without limitation those under Section 4 and Sections 14 through 16 hereof, that they believe
that they fully understand all rights that they are waiving and the effect of such waivers, that they assume the risk of any misunderstanding that they may have regarding any of the foregoing, and that they intend that such waivers shall be a
material inducement to the Administrative Agent and the Lenders to extend the indebtedness guaranteed hereby. 
 18. Notices. All
notices and other communications provided to any party hereto shall be in writing or by facsimile and addressed to such party at its address set forth below or at such other address as may be designated by such party in a notice to the other party.
Any notice, if mailed and properly addressed with postage prepaid, shall be deemed given when received; any notice, if transmitted by facsimile, shall be deemed given when transmitted during the applicable recipient’s normal business hours and
confirmation of receipt is received . The addresses for notices are as follows: 
 if to the Guarantors, at: 

Toll Brothers, Inc. 
 250
Gibraltar Road 
 Horsham, PA 19044 

Attention: Martin Connor 

Telecopy: 215/938-8010 

with copies to: 
 Toll Brothers,
Inc. 
 250 Gibraltar Road 

Horsham, PA 19044 
 Attention:
Douglas Yearley 
 Telecopy: 215/938-8004 

and 
 Toll Brothers Inc. 

250 Gibraltar Road 
 Horsham, PA
19044 
 Attention: John McDonald 

Telecopy: 215/938-8255 

  
 8 

 and 

Ballard Spahr LLP 
 1735 Market
Street 
 51st Floor 

Philadelphia, PA 19103-7599 

Attention: Richard Perelman 

Telecopy: 215/864-8999 

if to the Administrative Agent, at its address provided for in the Credit Agreement. 

19. Severability. Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid
under applicable law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating the remainder of such provision or
the remaining provisions of this Guaranty. 
 20. Merger. This Guaranty represents the final agreement of the Guarantors with respect
to the matters contained herein and may not be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between the Guarantors and the Administrative Agent or any Lender. 

21. Supplemental Guaranties. Pursuant to Section 7.16 of the Credit Agreement, additional Wholly-Owned Subsidiaries of the Company
shall become obligated as Guarantors hereunder (each as fully as though an original signatory hereto) by executing and delivering to the Administrative Agent a Supplemental Guaranty in the form of Exhibit A hereto (with blanks appropriately filled
in), together with such additional supporting documentation required pursuant to Section 7.16 of the Credit Agreement. 
 22.
Amendment and Restatement. This Guaranty (including all Exhibits and Schedules) shall amend, restate and replace in its entirety the Original Guaranty (including all exhibits and schedules attached thereto) and the Original Guaranty
(including all exhibits and schedules attached thereto) shall thereafter be of no force and effect, except to evidence the initial guaranty by the Guarantors of the “Obligations” (under and as defined in the Existing Credit Agreement) and
to the extent a specific provision, obligation or agreement is deemed to expressly survive termination thereof. The Guarantors do not intend this Guaranty or the transactions contemplated hereby to be, and this Guaranty and the transactions
contemplated hereby shall not be construed to be, a novation of any of the obligations owing by the Guarantors under or in connection with the Original Guaranty or any of the other Loan Documents. Except as expressly provided herein or in any other
Loan Document, all terms and conditions of the Loan Documents shall remain in full force and effect (other than the Existing Credit Agreement, the Original Guaranty and any Notes delivered to a Lender at any time prior to the Amendment and
Restatement Effective Date which shall be cancelled and will no longer be in full force and effect on the Amendment and Restatement Effective Date) unless otherwise specifically amended hereby or by the Credit Agreement. 

[Remainder of Page Intentionally Left Blank] 

  
 9 

 IN WITNESS WHEREOF, this Amended and Restated Guaranty has been duly executed by the
Guarantors as of the day and year first set forth above. 
  

			
	TOLL BROTHERS, INC., a Delaware corporation and each of the other Guarantors listed below on Exhibit B
		
	By:	 	
                     
            

	
	Martin P. Connor, Senior Vice President or Vice President of (i) each of the Guarantors which is a corporation or limited liability company; (ii) each corporate general partner of each of the Guarantors which
is a general or limited partnership; and (iii) each corporate trustee of each of the Guarantors which is a trust.
	
	TOLL NJ I, L.L.C. and each of the other Guarantors listed below on Exhibit C
		
	By:	 	  

	
	Richard T. Hartman, President of (i) each of the Guarantors which is a corporation or limited liability company, (ii) each corporate general partner of each of the Guarantors which is a general or limited
partnership; and (iii) each corporate trustee of each of the Guarantors which is a trust.

 [Signature Page to Amended and Restated Guaranty] 

 EXHIBIT A TO AMENDED AND RESTATED GUARANTY 

FORM OF SUPPLEMENTAL GUARANTY 

[Date] 
 Citibank, N.A., as Administrative Agent

 for the Lenders 
 Ladies and Gentlemen: 

Reference is hereby made to (i) that certain Amended and Restated Credit Agreement, dated as October 31, 2019, among First Huntingdon
Finance Corp., Toll Brothers, Inc., the lenders from time to time party thereto (the “Lenders”), and Citibank, N.A., as a Lender and as Administrative Agent (the “Administrative Agent) on behalf of itself and the other Lenders (as
further amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) and (ii) that certain Amended and Restated Guaranty, dated as of October 31, 2019, executed and delivered by the Guarantors
party thereto in favor of the Administrative Agent, for the benefit of the Lenders (as amended, restated, supplemented or otherwise modified from time to time, the “Guaranty”). Terms not defined herein which are defined in the Credit
Agreement shall have for the purposes hereof the respective meanings provided therein. 
 In accordance with Section 7.16 of the Credit
Agreement and Section 21 of the Guaranty, the undersigned, [GUARANTOR]                     , a
                     [corporation] [limited partnership/limited liability company] organized under the laws of
                    , hereby elects to be a “Guarantor” for all purposes of the Credit Agreement and the Guaranty, respectively,
effective from the date hereof. 
 Without limiting the generality of the foregoing, the undersigned hereby agrees to perform all the
obligations of a Guarantor under, and to be bound in all respects by the terms of, the Guaranty, to the same extent and with the same force and effect as if the undersigned were a direct signatory thereto. 

This Supplemental Guaranty shall be construed in accordance with and governed by the internal laws (and not the law of conflicts) of the State
of New York but giving effect to federal laws applicable to national banks. 
 IN WITNESS WHEREOF, this Supplemental Guaranty has been duly
executed by the undersigned as of the          day of                     ,
20        . 
  

					
	[GUARANTOR]
		
	By:	 	  

		 	Name:	 	
                     
        

		 	Title:	 	  

  
 A-1 

 EXHIBIT B TO AMENDED AND RESTATED GUARANTY 

CORPORATIONS 
 Dominion III Corp. 

ESE Consultants, Inc. 
 First Brandywine Investment Corp. II 

First Brandywine Investment Corp. IV 
 HQZ Acquisitions, Inc. 

PRD Investors, Inc. 
 Shapell Homes, Inc. 

Shapell Industries, Inc. 
 The Silverman Building Companies, Inc.

 TB Proprietary Corp. 
 Toll Architecture I, P.A. 

Toll Architecture, Inc. 
 Toll Bros. of Arizona, Inc. 

Toll Bros. of North Carolina, Inc. 
 Toll Bros. of North Carolina
II, Inc. 
 Toll Bros., Inc. 
 Toll Brothers AZ Construction
Company 
 Toll Brothers Canada USA, Inc. 
 Toll Brothers
Finance Corp. 
 Toll Brothers Real Estate, Inc. 
 Toll CA
Holdings, Inc. 
 Toll Corp. 
 Toll Diamond Corp. 

Toll Golden Corp. 
 Toll Holdings, Inc. 

Toll Mid-Atlantic V Corp. 

Toll Mid-Atlantic LP Company, Inc. 

Toll MI VII Corp. 
 Toll
NJX-I Corp. 
 Toll Northeast V Corp. 

Toll Northeast LP Company, Inc. 
 Toll Northeast Services, Inc.

 Toll NV GP Corp. 
 Toll Realty Holdings Corp. I 

Toll Realty Holdings Corp. II 
 Toll Southeast Inc. 

Toll Southeast LP Company, Inc. 
 Toll SW Holding I Corp. 

Toll VA GP Corp. 
 Toll West Inc. 

Toll WV GP Corp. 
 Upper K Investors, Inc. 

 PARTNERSHIPS 
  

			
	   PARTNERSHIP
	  	GENERAL PARTNER(S)
	 Ashford Land Company, L.P.
	  	Liester, LLC
	 Audubon Ridge, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Belmont Land, L.P.
	  	Toll VA GP Corp.
	 Binks Estates Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 The Bird Estate Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Broad Run Associates, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Byers Commercial LP
	  	Byers Commercial LLC
	 CC Estates Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Cold Spring Hunt, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Coleman-Toll Limited Partnership
	  	Toll NV GP Corp.
	 Dominion Country Club, L.P.
	  	Toll VA GP Corp.
	 Fairfax Investment, L.P.
	  	Toll VA GP Corp.
	 First Brandywine Partners, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Greens at Waynesborough, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Hockessin Chase, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Loudoun Valley Associates, L.P.
	  	Toll VA GP Corp.
	 NC Country Club Estates Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Porter Ranch Development Co.
	  	Shapell Industries, Inc.
		  	PRD Investors, Inc.
		  	PRD Investors, LLC
	 Sorrento at Dublin Ranch I LP
	  	Toll West Coast LLC
	 Sorrento at Dublin Ranch III LP
	  	Toll West Coast LLC
	 South Riding Amberlea LP
	  	Toll VA GP Corp.
	 South Riding, L.P.
	  	Toll VA GP Corp.
	 Southport Landing Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Springton Pointe, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Stone Mill Estates, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Swedesford Chase, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 TBI/Palm Beach Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll at Brier Creek Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll at Whippoorwill, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll Brooklyn L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll Brothers AZ Limited Partnership
	  	Toll Southwest LLC
	 Toll CA, L.P.
	  	Toll West Coast LLC
	 Toll CA II, L.P.
	  	Toll West Coast LLC
	 Toll CA III, L.P.
	  	Toll West Coast LLC
	 Toll CA IV, L.P.
	  	Toll West Coast LLC
	 Toll CA V, L.P.
	  	Toll West Coast LLC
	 Toll CA VI, L.P.
	  	Toll West Coast LLC
	 Toll CA VII, L.P.
	  	Toll West Coast LLC
	 Toll CA VIII, L.P.
	  	Toll West Coast LLC
	 Toll CA IX, L.P.
	  	Toll West Coast LLC
	 Toll CA X, L.P.
	  	Toll West Coast LLC
	 Toll CA XI, L.P.
	  	Toll West Coast LLC
	 Toll CA XII, L.P.
	  	Toll West Coast LLC
	 Toll CA XIX, L.P.
	  	Toll West Coast LLC

			
	   PARTNERSHIP
	  	GENERAL PARTNER(S)
	 Toll CA XX, L.P.
	  	Toll West Coast LLC
	 Toll CO, L.P.
	  	Toll Southwest LLC
	 Toll CO II, L.P.
	  	Toll Southwest LLC
	 Toll CO III, L.P.
	  	Toll Southwest LLC
	 Toll CT Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll CT II Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll CT III Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll CT IV Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll DE LP
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll DE II LP
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll Estero Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL II Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL III Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL IV Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL V Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL VI Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL VII Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL VIII Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL X Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL XII Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll FL XIII Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll GA LP
	  	Toll Southeast LP Company, Inc.
	 Toll IL, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll IL II, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll IL III, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll IL IV, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll IL HWCC, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll IL WSB, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll Jacksonville Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll Land V Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll Land VI Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll Land IX Limited Partnership
	  	Toll VA GP Corp.
	 Toll Land X Limited Partnership
	  	Toll VA GP Corp.
	 Toll Land XV Limited Partnership
	  	Toll VA GP Corp.
	 Toll Land XVIII Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll Land XIX Limited Partnership
	  	Toll West Coast LLC
	 Toll Land XX Limited Partnership
	  	Toll West Coast LLC
	 Toll Land XXI Limited Partnership
	  	Toll VA GP Corp.
	 Toll Land XXII Limited Partnership
	  	Toll West Coast LLC
	 Toll Land XXIII Limited Partnership
	  	Toll West Coast LLC
	 Toll MA Land Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MA Land III Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MD AF Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD II Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD III Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD IV Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD V Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.

			
	  PARTNERSHIP
	  	GENERAL PARTNER(S)
	 Toll MD VI Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD VII Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD VIII Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD IX Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD X Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MD XI Limited Partnership
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll MI Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MI II Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MI III Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MI IV Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MI V Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MI VI Limited Partnership
	  	Toll Northeast LP Company, Inc.
	 Toll MN, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll MN II, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll Naval Associates
	  	Toll Bros. Inc.
	 Toll NC, L.P.
	  	Toll Southeast LP Company, Inc.
	 Toll NC II LP
	  	Toll Southeast LP Company, Inc.
	 Toll NC III LP
	  	Toll Southeast LP Company, Inc.
	 Toll NV Limited Partnership
	  	Toll NV GP I LLC
	 Toll NY LP
	  	Toll Northeast LP Company, Inc.
	 Toll NY III L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll NY IV L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll NY V L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll Orlando Limited Partnership
	  	Toll Southeast LP Company, Inc.
	 Toll PA, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA II, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA III, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA IV, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA V, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA VI, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA VIII, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA IX, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA X, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XI, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XII, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XIII, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XIV, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XV, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XVI, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XVII, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XVIII, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA XIX, L.P.
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA Development LP
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll PA Management LP
	  	Toll Mid-Atlantic LP Company, Inc.
	 Toll Realty Holdings LP
	  	Toll Realty Holdings Corp. I
	 Toll RI, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll RI II, L.P.
	  	Toll Northeast LP Company, Inc.
	 Toll SC, L.P.
	  	Toll Southeast LP Company, Inc.
	 Toll SC II, L.P.
	  	Toll Southeast LP Company, Inc.

			
	   PARTNERSHIP
	  	GENERAL PARTNER(S)
	 Toll SC III, L.P.
	  	Toll Southeast LP Company, Inc.
	 Toll SC IV, L.P.
	  	Toll Southeast LP Company, Inc.
	 Toll Stonebrae LP
	  	Toll West Coast LLC
	 Toll VA, L.P.
	  	Toll VA GP Corp.
	 Toll VA II, L.P.
	  	Toll VA GP Corp.
	 Toll VA III, L.P.
	  	Toll VA III, L.L.C.
	 Toll VA IV, L.P.
	  	Toll VA GP Corp.
	 Toll VA V, L.P.
	  	Toll VA GP Corp.
	 Toll VA VI, L.P.
	  	Toll VA GP Corp.
	 Toll VA VII, L.P.
	  	Toll VA GP Corp.
	 Toll VA VIII, L.P.
	  	Toll VA GP Corp.
	 Toll WV LP
	  	Toll WV GP Corp.
	 Toll YL II, L.P.
	  	Toll West Coast LLC
	 Toll-Dublin, L.P.
	  	Toll West Coast LLC

 LIMITED LIABILITY COMPANIES 

89 Park Avenue LLC 
 2686-2690 Broadway LLC 

2686-2690 Broadway Member LLC 
 Arbor Hills Development LLC 

Arbors Porter Ranch, LLC 
 Belmont Country Club I LLC 

Belmont Country Club II LLC 
 Block 268 LLC 

Brier Creek Country Club I LLC 
 Brier Creek Country Club II LLC

 Byers Commercial LLC 
 Component Systems I LLC 

Component Systems II LLC 
 Dominion Valley Country Club I LLC 

Dominion Valley Country Club II LLC 
 Frenchman’s Reserve
Realty LLC 
 Goshen Road Land Company LLC 
 Hatboro Road
Associates LLC 
 Hoboken Land I LLC 
 Jacksonville TBI Realty
LLC 
 Liseter Land Company LLC 
 Liseter, LLC 

LL Parcel E, LLC 
 Long Meadows TBI, LLC 

Martinsburg Ventures, L.L.C. 
 Mizner Realty L.L.C. 

Naples TBI Realty LLC 
 Orlando TBI Realty LLC 

Placentia Development Company, LLC 
 Plum Canyon Master LLC 

PRD Investors, LLC 
 Rancho Costera LLC 

Regency at Dominion Valley LLC 
 The Regency Golf Club I LLC 

The Regency Golf Club II LLC 
 Shapell Hold Properties No. 1,
LLC 
 Shapell Land Company, LLC 
 SR Amberlea LLC 

SRLP II LLC 
 Tampa TBI Realty LLC 

TB Kent Partners LLC 
 Toll Austin TX LLC 

Toll Austin TX II LLC 
 Toll Austin TX III LLC 

Toll BBC LLC 
 Toll BBC II LLC 

Toll CA I LLC 
 Toll CA III LLC 

Toll CA Note II LLC 
 Toll Cedar Hunt LLC 

Toll CO I LLC 
 Toll Corners LLC 

Toll Dallas TX LLC 

 LIMITED LIABILITY COMPANIES 

Toll-Dublin, LLC 
 Toll Equipment, L.L.C. 

Toll FL I, LLC 
 Toll FL IV LLC 

Toll FL V LLC 
 Toll Glastonbury LLC 

Toll Henderson LLC 
 Toll Houston Land LLC 

Toll Houston TX LLC 
 Toll ID I LLC 

Toll IN LLC 
 Toll Jupiter LLC 

Toll Land VII LLC 
 Toll Lexington LLC 

Toll MA I LLC 
 Toll MA II LLC 

Toll MA III LLC 
 Toll MA IV LLC 

Toll MA Development LLC 
 Toll MA Holdings LLC 

Toll MA Land II GP LLC 
 Toll MA Management LLC 

Toll MD I, L.L.C. 
 Toll MD II LLC 

Toll MD III LLC 
 Toll MD IV LLC 

Toll Mid-Atlantic II LLC 

Toll Midwest LLC 
 Toll NC I LLC 

Toll NC IV LLC 
 Toll NC Note LLC 

Toll NC Note II LLC 
 Toll Northeast II LLC 

Toll Northeast VIII LLC 
 Toll North LV LLC 

Toll North Reno LLC 
 Toll NV GP I LLC 

Toll NV Holdings LLC 
 Toll NY II LLC 

Toll PA Twin Lakes LLC 
 Toll Prasada LLC 

Toll San Antonio TX LLC 
 Toll Southeast II LLC 

Toll South LV LLC 
 Toll South Reno LLC 

Toll Southwest LLC 
 Toll Southwest II LLC 

Toll Sparks LLC 
 Toll SW Holding LLC 

Toll TX Note LLC 
 Toll VA III L.L.C. 

Toll Van Wyck, LLC 
 Toll Vanderbilt II LLC 

Toll West Coast LLC 

 LIMITED LIABILITY COMPANIES 

Toll West Coast II LLC 
 Upper K Investors, LLC 

Upper-K Shapell, LLC 

Vanderbilt Capital LLC 
 Virginia Construction Co. I, LLC 

Virginia Construction Co. II, LLC 
  

			
	  LIMITED LIABILITY COMPANIES
	  	SOLE MEMBER
		
	 First Brandywine LLC I
	  	First Brandywine Investment Corp. II
	 First Brandywine LLC II
	  	First Brandywine Investment Corp. II

 EXHIBIT C TO AMENDED AND RESTATED GUARANTY 

PARTNERSHIPS 
  

			
	   PARTNERSHIP
	  	GENERAL PARTNER
	 Estates at Princeton Junction, L.P.
	  	Toll NJ I, L.L.C.
	 Hoboken Land LP
	  	Toll NJ I, L.L.C.
	 Laurel Creek, L.P.
	  	Toll NJ I, L.L.C.
	 Toll at Westlake, L.P.
	  	Toll NJ I, L.L.C.
	 Toll Grove LP
	  	Toll NJ I, L.L.C.
	 Toll Hudson LP
	  	Toll NJ I, L.L.C.
	 Toll Land IV Limited Partnership
	  	Toll NJ I, L.L.C.
	 Toll Land XI Limited Partnership
	  	Toll NJ I, L.L.C.
	 Toll Land XVI Limited Partnership
	  	Toll NJ I, L.L.C.
	 Toll Land XXV Limited Partnership
	  	Toll NJ I, L.L.C.
	 Toll NJ, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ II, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ III, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ IV, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ VI, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ VII, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ VIII, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ XI, L.P.
	  	Toll NJ I, L.L.C.
	 Toll NJ XII LP
	  	Toll NJ I, L.L.C.

 LIMITED LIABILITY COMPANIES 

126-142 Morgan Street Urban Renewal LLC 

134 Bay Street LLC 
 700 Grove Street Urban Renewal LLC 

1400 Hudson LLC 
 1451 Hudson LLC 

1450 Washington LLC 
 1500 Garden St. LLC 

Block 255 LLC 
 CWG Construction Company LLC 

Enclave at Long Valley I LLC 
 Enclave at Long Valley II LLC 

Hoboken Cove LLC 
 Morgan Street JV LLC 

PT Maxwell Holdings, LLC 
 PT Maxwell, L.L.C. 

Regency at Denville LLC 
 Regency at Washington I LLC 

Regency at Washington II LLC 
 Toll EB LLC 

Toll Hoboken LLC 
 Toll Morgan Street LLC 

Toll NJ I, L.L.C. 
 Toll NJ II, L.L.C. 

Toll NJ III LLC 
 Toll NJ IV LLC 

Toll Port Imperial LLC 

 EXHIBIT F 

FORM OF COMPLIANCE CERTIFICATE 
  

	To:	 The Lenders party to the 

Credit Agreement Described Below 

This Compliance Certificate is furnished pursuant to that certain Amended and Restated Credit Agreement dated as of October 31, 2019 (as
further amended, modified, renewed or extended from time to time, the “Agreement”) among First Huntingdon Finance Corp., Toll Brothers, Inc., the Lenders party thereto and Citibank, N.A., as Administrative Agent for the Lenders. Unless
otherwise defined herein, capitalized terms used in this Compliance Certificate have the meanings ascribed thereto in the Agreement. 
 THE
UNDERSIGNED HEREBY CERTIFIES THAT: 
 I am the duly elected
                     of the Company. 

I have reviewed the terms of the Agreement and I have made, or have caused to be made under my supervision, a detailed review of the
transactions and conditions of the Company and its Subsidiaries during the accounting period covered by the attached financial statements. 

The examinations described in paragraph 2 did not disclose, and I have no knowledge of, the existence of, any condition or event which
constitutes a Default or Unmatured Default during or at the end of the accounting period covered by the attached financial statements or as of the date of this Certificate, except as set forth below. 

Schedule I attached hereto sets forth financial data and computations evidencing the Borrower’s and the Company’s compliance with
certain covenants of the Agreement, all of which data and computations are, to the best of my knowledge, true, complete and correct. 

Schedule II hereto sets forth the determination of the applicable Pricing Level in the Pricing Schedule on the basis of which certain rates
and percentage fees under the Agreement shall be determined commencing on the fifth day following the delivery hereof. 
 All of the
Subsidiaries of the Company that are integral to the homebuilding business of the Toll Group are Designated Guarantors. 
 Described
below are the exceptions, if any, to paragraph 3, listing, in detail, the nature of the condition or event, the period during which it has existed and the action which the Company and the Borrower have taken, are taking, or propose to take with
respect to each such condition or event: 
 The foregoing certifications, together with the computations set forth in Schedule I and
Schedule II hereto and the financial statements delivered with this Certificate in support hereof, are made and delivered this          day of
                    ,              and are made on behalf of the Borrower
and not in the officer’s personal capacity. 
  

			
	TOLL BROTHERS, INC.
		
	By:	 	
                     
    

 SCHEDULE I TO COMPLIANCE CERTIFICATE 

COMPLIANCE AS OF             ,
         WITH 
 PROVISIONS OF SECTION 7.28 OF THE AGREEMENT 

 SCHEDULE II TO COMPLIANCE CERTIFICATE 

BORROWER’S CALCULATION OF APPLICABLE PRICING LEVEL IN PRICING SCHEDULE 

 EXHIBIT G 

FORM OF ENVIRONMENTAL CERTIFICATE 

Date                      

TO: 
  

	 	RE:	 Property and Improvements (if any) located at 

 

                       
                                      

                       
                                      

(the “Property”) 

Improved            Yes      No
     
 Gentlemen: 

The undersigned is an environmental consultant duly licensed, if required, by the State of
                        . 

The undersigned certifies to First Huntington Finance Corp., Toll Brothers, Inc. (“Toll”) and you, as agent (“Administrative
Agent”), for certain lenders (“Lenders”) which are parties to an Amended and Restated Credit Agreement dated as of October 31, 2019 with First Huntingdon Finance Corp. and Toll (the “Agreement”), that except as set
forth in the Phase I Environmental Site Assessment (“Site Assessment”) dated                     , attached hereto as Exhibit A:

 A. The history of the Property as available and reviewed by us [does] *[does not] reveal (i) the name of an owner,
tenant or other user indicating a possible current or former use involving Hazardous Substances or Petroleum Products, as those terms are defined in ASTM Standard E 1527-13 (“Hazardous Materials”),
on, at, under or emanating from the Property, or (ii) the storage, presence, material threat of Release or Release of Hazardous Materials on, at, under or emanating from the Property. 

[*If the history reveals such information, please explain in detail to the extent not addressed in Exhibit A.] 

B. On-site examination and observations, and investigations of any available
hydrological, photographic and other technical data, by the undersigned [did] **[did not] reveal any grounds to believe that any use or storage of Hazardous Materials has occurred or is occurring at the Property or the adjacent properties or that a
Release or material threat of Release of Hazardous Materials has occurred or is occurring at, on, under or from the Property or adjacent properties. 

[**If the examination did reveal grounds for such beliefs, please explain in detail to the extent not addressed in Exhibit A.]

 C. The Property [is] ***[is not] included on any federal or applicable state list of contaminated sites, including the
National Priorities List maintained by the U.S. Environmental Protection Agency pursuant to the Comprehensive Environmental Response, Compensation and Liability act of 1980 (“Federal List”) and any comparable state list. 

[***If so included, please explain in detail to the extent not addressed in Exhibit A.] 

D. [Select (i) or (ii)] 

(i) Sampling and other technical information available and reviewed by us in preparing the Site Assessment related to the Property, and
examination of the Property, [did]****[did not] reveal any evidence that there now exists on, in, under or affecting the Property any Hazardous Materials, other than de minimis amounts which are not in violation of or would not require remediation
under applicable law. 

 (ii) Our investigation revealed that no sampling or other technical information relating to
soil, surface water, drinking water or groundwater conditions at, on or under the property or surrounding areas was available to us in preparing the Site Assessment. 

E. [Select (i) or (ii)] 
 (i)
The procedures described in steps A through D above and our conduct of the Site Assessment revealed an actual or material threat of Release of Hazardous Materials or non-compliance with Environmental Laws
requiring further investigative activities or corrective action. 
 (ii) The procedures described in steps A through D above and the conduct
of the Phase I Environmental Site Assessment attached as Exhibit A did not reveal any Recognized Environmental Conditions, as that term is defined in ASTM Standard E 1527-13, except as set forth in the Site
Assessment. 
 The Site Assessment, when it was conducted, was performed in compliance with ASTM Standard E
1527-13, except with respect to any limitations described in the Site Assessment. 
 Unless
otherwise indicated, all capitalized terms in this certification have the meanings ascribed to them in the Agreement. 
 The undersigned is
[state qualifications, duly licensed by the State of                     ]. The undersigned has been retained by First Huntingdon Finance
Corp. or one of its affiliates in order to perform the Site Assessment and to provide this certification. In connection therewith, the undersigned acknowledges and agrees that: 

                    , as
Administrative Agent and a Lender, and the other Lenders under the Agreement can rely and are relying upon the Site Assessment and this certification in making a loan or loans to First Huntingdon Finance Corp., guaranteed by Toll Brothers, Inc. and
certain affiliates pursuant to the Agreement. 
  

	
	Very truly yours,
	
	  

 EXHIBIT H 

FORM OF ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to
them in the Amended and Restated Credit Agreement identified below (as the same may be amended, restated, extended, supplemented or otherwise modified, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by
the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 

For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases
and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s
rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding
rights and obligations of the Assignor under the respective facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or
instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or
in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to clauses (i) and (ii) above being referred to herein collectively as the
“Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by the Assignor. 

 

					
	1.	  	Assignor:	  	                                      
                  
			
	2.	  	Assignee:	  	                                      
                  
			
		  		  	[and is an Affiliate of [identify Lender]5]
			
	3.	  	Borrower:	  	First Huntingdon Finance Corp.
			
	4.	  	Administrative Agent:	  	                    , as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	Amended and Restated Credit Agreement dated as of October 31, 2019 among First Huntingdon Finance Corp., Toll Brothers, Inc., the Lenders parties thereto and Citibank, N.A., as Administrative Agent.
			
	 6.
	  	Assigned Interest:	  	

  
 5 Select as applicable. 

							
	 Facility
Assigned6
	  	Aggregate Amount of
Commitment/Loans for all
Lenders under the Facility	  	Amount of
Commitment/Loans
Assigned	  	Percentage Assigned of Commitment/
Loans7
		  	$	  	$	  	%
		  	$	  	$	  	%

 Effective Date:
                    , 20         [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE
EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
  

 

	6 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment (e.g., “Revolving Credit Commitment,” etc.). 

	7 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder.

 The terms set forth in this Assignment and Assumption are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	
                     
        

		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Title:

  

			
	[Consented to and]8 Accepted:
	
	[NAME OF BORROWER]
		
	By:	 	
                     
    

		 	Title:
	
	 [NAME OF ADMINISTRATIVE AGENT], 9

as Administrative Agent

		
	By:	 	  

		 	Title:

  
  

	8	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

	9	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

 ANNEX 1 TO EXHIBIT H 

FIRST HUNTINGDON FINANCE CORP. 

CREDIT AGREEMENT 
 STANDARD TERMS
AND CONDITIONS FOR 
 ASSIGNMENT AND ASSUMPTION 

1. Representations and Warranties. 

1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest,
(ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to
consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other
Person obligated in respect of any Loan Document or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under any Loan Document. 

1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the
Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 7.1 thereof, as
applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption and to purchase the Assigned Interest on the basis of which it is solely
responsible for making its own independent appraisal and investigation of all risks arising under or in connection with the Credit Agreement and the other Loan Documents and has made such analysis and decision independently and without reliance on
the Administrative Agent or any other Lender Party or any of their respective Related Parties based on such documents and information, as it has deemed appropriate, and (v) if it is a Non-U.S. Lender,
attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and
without reliance on the Administrative Agent, the Assignor or any other Lender Party or any of their respective Related Parties, make its own appraisal and investigation of all risks arising under or in connection with, and its own credit analysis
and decision to take or not take action under, the Credit Agreement or any other Loan Documents based on such documents and information as it shall from time to time deem appropriate, and (ii) it will perform in accordance with their terms all
of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 2. Payments. From and
after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the
Effective Date and to the Assignee for amounts which have accrued from and after the Effective Date. 
 3. General Provisions. This
Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and
Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT I 

EXHIBIT I-1 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 31, 2019 (as amended, modified, extended or
refinanced from time to time, the “Credit Agreement”), among First Huntington Finance Corp., a Delaware corporation (the “Borrower”), Toll Brothers, Inc., each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”), and Citibank, N.A., as Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loans(s)) in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code,
(iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described in
Section 881(c)(3)(C) of the Code, and (v) the interest payments on the Loan(s) are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

The undersigned has furnished the Administrative Agent and the Borrower with a certificate of its
non-U.S. person status on IRS Form W-8BEN-E or W-8BEN. By executing this certificate, the
undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the
undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and deliver promptly to the Borrower and the Administrative Agent an updated certificate or other appropriate documentation (including any new documentation
reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so, and (2) the undersigned shall have at all times furnished the Borrower and the
Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or at such times are as reasonably requested by the Borrower or the Administrative
Agent. 
  

			
	[NAME OF LENDER]
		
	By:	 	
                 

		 	Name:
		 	Title:

 Date:
                             , 20[    ] 

  
 -2- 

 EXHIBIT I-2 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 31, 2019 (as further amended, modified, extended or
refinanced from time to time, the “Credit Agreement”), among First Huntington Finance Corp., a Delaware corporation (the “Borrower”), Toll Brothers, Inc., each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”), and Citibank, N.A., as Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Borrower within the meaning of Section 871(h)(3)(B) of the Code, (iv) it is not a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments
with respect to such participation are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The
undersigned has furnished its participating Lender with a certificate of its non-U.S. person status on IRS Form W-8BEN-E or W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this
certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender in writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new
documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its inability to do so, and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective
certificate in either the calendar year in which each payment is to be made to the undersigned or at such times are as reasonably requested by such Lender. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                 

		 	Name:
		 	Title:

 Date:            
        , 20[    ] 

  
 -3- 

 EXHIBIT I-3 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 31, 2019 (as further amended, modified, extended or
refinanced from time to time, the “Credit Agreement”), among First Huntington Finance Corp., a Delaware corporation (the “Borrower”), Toll Brothers, Inc., each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”), and Citibank, N.A., as Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members that is claiming the portfolio interest exemption is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning
of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members that is claiming the portfolio interest exemption is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the
Code, (v) none of its direct or indirect partners/members that is claiming the portfolio interest exemption is a “controlled foreign corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and
(vi) the interest payments with respect to such participation are not effectively connected with the conduct of a U.S. trade or business by the undersigned or any direct or indirect partners/members that are claiming the portfolio interest
exemption. 
 The undersigned has furnished its participating Lender with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E or W-8BEN or (ii) and IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E or W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information
provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any material respect, the undersigned shall promptly so inform such Lender in
writing and deliver promptly to such Lender an updated certificate or other appropriate documentation (including any new documentation reasonably requested by such Lender) or promptly notify such Lender in writing of its inability to do so, and
(2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or at such times are as
reasonably requested by such Lender. 
  

			
	[NAME OF PARTICIPANT]
		
	By:	 	
                 

		 	Name:
		 	Title:

 Date:             
        , 20[    ] 

  
 -4- 

 EXHIBIT I-4 

U.S. TAX COMPLIANCE CERTIFICATE 

(For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is made to the AMENDED AND RESTATED CREDIT AGREEMENT, dated as of October 31, 2019 (as further amended, modified, extended or
refinanced from time to time, the “Credit Agreement”), among First Huntington Finance Corp., a Delaware corporation (the “Borrower”), Toll Brothers, Inc., each lender from time to time party thereto (collectively, the
“Lenders” and individually, a “Lender”), and Citibank, N.A., as Administrative Agent. Capitalized terms used herein but not otherwise defined shall have the meaning given to such term in the Credit Agreement. 

Pursuant to the provisions of Section 3.5 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record
owner of the Loan(s) (as well as any Note(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s)), (iii) with respect to the
extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members that is claiming the portfolio interest exemption is a bank extending credit pursuant to a
loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members that is claiming the portfolio interest exemption is a
ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its direct or indirect partners/members that is claiming the portfolio interest exemption is a “controlled foreign
corporation” related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments on the Loan(s) are not effectively connected with the conduct of a U.S. trade or business by the undersigned or any
direct or indirect partners/members that are claiming the portfolio interest exemption. 
 The undersigned has furnished the Administrative
Agent and the Borrower with IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E or W-8BEN
from each of its partners/members claiming the portfolio interest exemption (or an IRS Form W-8 IMY accompanied by an IRS Form
W-8BEN-E or W-8BEN from each of such partners/members beneficial owners claiming the portfolio interest exemption). By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, or if a lapse in time or change in circumstances renders the information on this certificate obsolete, expired or inaccurate in any
material respect, the undersigned shall promptly so inform the Borrower and the Administrative Agent in writing and deliver promptly to the Borrower and the Administrative Agent an updated certificate or other appropriate documentation (including
any new documentation reasonably requested by the Borrower or the Administrative Agent) or promptly notify the Borrower and the Administrative Agent in writing of its inability to do so, and (2) the undersigned shall have at all times furnished
the Borrower and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned or at such times are as reasonably requested by the Borrower
or the Administrative Agent. 
  

			
	[NAME OF LENDER]
		
	By:	 	
                     
    

		 	Name:
		 	Title:

 Date:             
        , 20[    ] 

  
 -5- 

 SCHEDULE 1 

LENDERS AND COMMITMENTS 
  

									
	 Lender Name
	  	Revolving Commitment	 	  	Pro Rata Share	 
	 Citibank, N.A.
	  	$	125,000,000.00	 	  	 	6.562	% 
	 Bank of America, N.A.
	  	 	125,000,000.00	 	  	 	6.562	% 
	 Goldman Sachs Bank USA
	  	 	125,000,000.00	 	  	 	6.562	% 
	 Mizuho Bank, Ltd.
	  	 	125,000,000.00	 	  	 	6.562	% 
	 PNC Bank, National Association
	  	 	125,000,000.00	 	  	 	6.562	% 
	 Sumitomo Mitsui Banking Corporation
	  	 	125,000,000.00	 	  	 	6.562	% 
	 SunTrust Bank
	  	 	125,000,000.00	 	  	 	6.562	% 
	 Wells Fargo Bank National Association
	  	 	125,000,000.00	 	  	 	6.562	% 
	 Capital One, National Association
	  	 	100,000,000.00	 	  	 	5.249	% 
	 U.S. Bank National Association
	  	 	100,000,000.00	 	  	 	5.249	% 
	 Citizens Bank, N.A.
	  	 	75,000,000.00	 	  	 	3.937	% 
	 Fifth Third Bank, an Ohio banking corporation
	  	 	75,000,000.00	 	  	 	3.937	% 
	 Regions Bank
	  	 	75,000,000.00	 	  	 	3.937	% 
	 Bank of the West, a California Banking Corporation
	  	 	50,000,000.00	 	  	 	2.625	% 
	 BMO Harris Bank N.A.
	  	 	50,000,000.00	 	  	 	2.625	% 
	 Branch Banking and Trust Company
	  	 	50,000,000.00	 	  	 	2.625	% 
	 CIBC Bank USA
	  	 	50,000,000.00	 	  	 	2.625	% 
	 Comerica Bank
	  	 	50,000,000.00	 	  	 	2.625	% 
	 TD Bank, N.A.
	  	 	50,000,000.00	 	  	 	2.625	% 
	 The Bank of New York Mellon
	  	 	50,000,000.00	 	  	 	2.625	% 
	 Flagstar Bank
	  	 	40,000,000.00	 	  	 	2.099	% 
	 Texas Capital Bank, N.A.
	  	 	40,000,000.00	 	  	 	2.099	% 
	 People’s United Bank, N.A.
	  	 	25,000,000.00	 	  	 	1.312	% 
	 Zions Bancorporation, N.A. dba California Bank & Trust
	  	 	25,000,000.00	 	  	 	1.312	% 
		  	  
	  
	 	  	  
	  
	 
	 Total:
	  	$	1,905,000,000.00	 	  			
		  	  
	  
	 	  	  
	  
	 

 SCHEDULE 2 

EXISTING LETTERS OF CREDIT 
  

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC	 
	 BNY MELLON BANK
	  	TOLL BROTHERS INC.	  	S00067139	  	01/27/20	  	YES	  	FIN	  	$	1,250,000.00	 
	 CAPITAL ONE
	  	SUMMIT AT BETHEL	  	30002111	  	01/21/20	  	YES	  	PRF	  	$	92,625.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30002904	  	01/30/21	  	YES	  	PRF	  	$	347,000.00	 
	 CAPITAL ONE
	  	MAXWELL PLACE - COMMON	  	30002915	  	02/14/20	  	YES	  	FIN	  	$	500,000.00	 
	 CAPITAL ONE
	  	OLD MYSTIC ESTATES	  	30002932	  	12/28/20	  	YES	  	PRF	  	$	1,125,000.00	 
	 CAPITAL ONE
	  	WOODS AT SOUTH BARRINGTON - COMMON	  	30002982	  	09/23/20	  	YES	  	PRF	  	$	187,860.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30003264	  	03/13/20	  	YES	  	PRF	  	$	23,703.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30003382	  	06/20/20	  	YES	  	PRF	  	$	250,000.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30003528	  	10/21/20	  	YES	  	PRF	  	$	503,787.00	 
	 CAPITAL ONE
	  	RESERVE AT MEDINA	  	30003875	  	08/01/20	  	YES	  	PRF	  	$	332,578.20	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30003890	  	08/14/20	  	YES	  	PRF	  	$	165,400.00	 
	 CAPITAL ONE
	  	RIDGEWOOD AT MIDDLEBURY	  	30004098	  	02/25/20	  	YES	  	PRF	  	$	143,128.00	 
	 CAPITAL ONE
	  	HIGHPOINTE @ ST. GEORGES	  	30004120	  	03/20/20	  	YES	  	PRF	  	$	63,532.00	 
	 CAPITAL ONE
	  	GLASTONBURY ESTATES	  	30004152	  	04/24/20	  	YES	  	PRF	  	$	244,833.00	 
	 CAPITAL ONE
	  	GLASTONBURY ESTATES	  	30004153	  	04/24/20	  	YES	  	PRF	  	$	199,579.50	 
	 CAPITAL ONE
	  	WESTRIDGE ESTATES OF CANTON	  	30004342	  	10/08/20	  	YES	  	PRF	  	$	26,550.00	 
	 CAPITAL ONE
	  	WESTRIDGE ESTATES OF CANTON	  	30004398	  	12/08/20	  	YES	  	PRF	  	$	15,000.00	 
	 CAPITAL ONE
	  	REGENCY AT PROSPECT	  	30004435	  	01/29/20	  	NO	  	PRF	  	$	65,892.00	 
	 CAPITAL ONE
	  	GLASTONBURY ESTATES	  	30004496	  	04/09/20	  	YES	  	PRF	  	$	15,000.00	 
	 CAPITAL ONE
	  	GLASTONBURY ESTATES	  	30004497	  	04/09/20	  	YES	  	PRF	  	$	103,400.00	 
	 CAPITAL ONE
	  	GLASTONBURY ESTATES	  	30004498	  	04/09/20	  	YES	  	PRF	  	$	15,000.00	 
	 CAPITAL ONE
	  	VALERIA	  	30004505	  	04/13/20	  	YES	  	PRF	  	$	700,000.00	 
	 CAPITAL ONE
	  	BETHEL CROSSING	  	30004624	  	07/22/20	  	YES	  	PRF	  	$	18,583.50	 
	 CAPITAL ONE
	  	BETHEL CROSSING	  	30004625	  	07/22/20	  	YES	  	PRF	  	$	94,853.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30004659	  	09/09/20	  	YES	  	PRF	  	$	40,000.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30004885	  	04/21/20	  	YES	  	PRF	  	$	12,000.00	 
	 CAPITAL ONE
	  	BETHEL CROSSING	  	30099078	  	05/31/20	  	YES	  	PRF	  	$	46,600.00	 
	 CAPITAL ONE
	  	THE WOODS AT NEW BRITAIN	  	30099125	  	08/01/20	  	YES	  	PRF	  	$	317,687.10	 
	 CAPITAL ONE
	  	HIGHPOINTE @ ST. GEORGES	  	30099221	  	12/09/20	  	YES	  	PRF	  	$	120,374.00	 
	 CAPITAL ONE
	  	HATBORO STATION PARK	  	30099358	  	06/19/20	  	YES	  	PRF	  	$	614,737.63	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099397	  	08/04/20	  	YES	  	PRF	  	$	30,000.00	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099398	  	08/04/20	  	YES	  	PRF	  	$	50,000.00	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099399	  	08/04/20	  	YES	  	PRF	  	$	10,000.00	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099404	  	08/08/20	  	YES	  	PRF	  	$	393,800.00	 
	 CAPITAL ONE
	  	REGENCY AT PROSPECT	  	30099464	  	10/26/19	  	NO	  	PRF	  	$	56,094.00	 
	 CAPITAL ONE
	  	HIGHPOINTE @ ST. GEORGES	  	30099476	  	12/06/20	  	YES	  	PRF	  	$	66,982.00	 
	 CAPITAL ONE
	  	RIVINGTON - COMMON	  	30099590	  	08/03/20	  	YES	  	PRF	  	$	14,525.00	 

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099597	  	08/16/20	  	YES	  	PRF	  	$	10,000.00	 
	 CAPITAL ONE
	  	ESTATES AT SOUTH WINDSOR	  	30099677	  	01/10/21	  	YES	  	PRF	  	$	274,625.00	 
	 CAPITAL ONE
	  	RIDGEWOOD AT MIDDLEBURY	  	30099711	  	03/13/20	  	YES	  	PRF	  	$	127,292.00	 
	 CAPITAL ONE
	  	RIDGEWOOD AT MIDDLEBURY	  	30099712	  	03/13/20	  	YES	  	PRF	  	$	134,200.00	 
	 CAPITAL ONE
	  	MEADOWS AT PARKVIEW	  	30099804	  	08/13/20	  	YES	  	PRF	  	$	186,271.25	 
	 CAPITAL ONE
	  	HIGHPOINTE @ ST. GEORGES	  	30099827	  	10/01/20	  	YES	  	PRF	  	$	130,345.99	 
	 CAPITAL ONE
	  	MEDWAY	  	30099831	  	10/16/20	  	YES	  	PRF	  	$	100,000.00	 
	 CITIBANK
	  	TOLL BROTHERS INC.	  	63655735	  	10/05/20	  	YES	  	FIN	  	$	1,434,438.00	 
	 CITIBANK
	  	PENNLAND FARMS	  	63655974	  	11/03/19	  	YES	  	PRF	  	$	392,526.34	 
	 CITIBANK
	  	VIRGINIA DESIGN CENTER	  	63658357	  	08/05/20	  	YES	  	FIN	  	$	24,201.00	 
	 CITIBANK
	  	VIRGINIA DESIGN CENTER	  	63658358	  	08/05/20	  	YES	  	PRF	  	$	193,200.00	 
	 CITIBANK
	  	DOMINION VALLEY CC - EXECUTIVES	  	63668321	  	04/14/20	  	YES	  	PRF	  	$	83,238.93	 
	 CITIBANK
	  	100 BARROW	  	69604067	  	05/01/20	  	YES	  	PRF	  	$	400,000.00	 
	 CITIBANK
	  	100 BARROW	  	69605132	  	08/26/20	  	YES	  	PRF	  	$	140,000.00	 
	 CITIBANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	69606528	  	08/17/20	  	YES	  	PRF	  	$	76,069.00	 
	 CITIBANK
	  	PENNLAND FARMS	  	69608661	  	12/05/19	  	YES	  	PRF	  	$	252,733.27	 
	 COMERICA BANK
	  	HAWTHORNE WOODS - COMMON	  	650513-04	  	03/18/20	  	YES	  	PRF	  	$	500,000.00	 
	 COMERICA BANK
	  	KENSINGTON WOODS	  	OSB10163M	  	07/11/20	  	YES	  	PRF	  	$	395,951.00	 
	 COMERICA BANK
	  	HAMLET NORTH	  	OSB12603M	  	05/14/20	  	YES	  	PRF	  	$	49,542.00	 
	 COMERICA BANK
	  	HAMLET SOUTH	  	OSB13316M	  	08/08/20	  	YES	  	PRF	  	$	42,045.00	 
	 COMERICA BANK
	  	WESTRIDGE ESTATES OF CANTON	  	OSB14720M	  	02/22/20	  	YES	  	PRF	  	$	165,000.00	 
	 COMERICA BANK
	  	WESTRIDGE ESTATES OF CANTON	  	OSB14794M	  	02/22/20	  	YES	  	PRF	  	$	122,334.00	 
	 COMERICA BANK
	  	HAMLET NORTH	  	OSB15325M	  	05/17/20	  	YES	  	PRF	  	$	35,000.00	 
	 COMERICA BANK
	  	BALMORAL PARK AA	  	OSB17563M	  	05/31/21	  	YES	  	PRF	  	$	1,773,211.50	 
	 COMERICA BANK
	  	TANGLEWOOD HILLS	  	OSB3337M	  	09/23/19	  	YES	  	PRF	  	$	684,896.70	 
	 COMERICA BANK
	  	HAMLET SOUTH	  	OSB6242M	  	06/25/20	  	YES	  	PRF	  	$	58,841.00	 
	 COMERICA BANK
	  	HAMLET SOUTH	  	OSB6298M	  	06/25/20	  	YES	  	PRF	  	$	133,932.00	 
	 COMERICA BANK
	  	HAMLET NORTH	  	OSB6337M	  	06/25/20	  	YES	  	PRF	  	$	93,075.00	 
	 COMERICA BANK
	  	HAMLET NORTH	  	OSB6403M	  	06/25/20	  	YES	  	PRF	  	$	168,168.00	 
	 COMERICA BANK
	  	SOUTHLAKE MEADOWS	  	OSB7374M	  	09/15/19	  	YES	  	PRF	  	$	85,734.00	 
	 COMERICA BANK
	  	RIDGEVIEW VILLAS OF NOVI	  	OSB7822M	  	10/29/19	  	YES	  	PRF	  	$	77,400.00	 
	 COMERICA BANK
	  	RIDGEVIEW VILLAS OF NOVI	  	OSB7835M	  	10/29/19	  	YES	  	PRF	  	$	266,900.85	 
	 COMERICA BANK
	  	HAMLET SOUTH	  	OSB8177M	  	12/17/19	  	YES	  	PRF	  	$	10,000.00	 
	 COMERICA BANK
	  	NIXON	  	OSB8755M	  	02/17/20	  	YES	  	PRF	  	$	82,500.00	 
	 COMERICA BANK
	  	RIDGEVIEW VILLAS OF NOVI	  	OSB8758M	  	02/01/20	  	YES	  	PRF	  	$	198,048.00	 
	 COMERICA BANK
	  	RIDGEVIEW VILLAS OF NOVI	  	OSB9056M	  	03/09/20	  	YES	  	PRF	  	$	649,620.78	 
	 COMERICA BANK
	  	RIDGEVIEW VILLAS OF NOVI	  	OSB9057M	  	03/09/20	  	YES	  	PRF	  	$	60,352.50	 
	 COMERICA BANK
	  	WESTRIDGE ESTATES OF CANTON	  	OSB9630M	  	05/05/20	  	YES	  	PRF	  	$	393,566.00	 
	 COMERICA BANK
	  	WESTRIDGE ESTATES OF CANTON	  	OSB9631M	  	05/05/20	  	YES	  	PRF	  	$	150,000.00	 
	 FIFTH THIRD BANK
	  	PHILMONT INSURANCE CO.	  	S506848	  	11/30/19	  	YES	  	FIN	  	$	24,810,560.00	 

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC
TYPE
	  	CUR BAL CALC	 
	 PNC BANK
	  	DUTCHESS FARM ESTATES	  	12502423-00-000	  	11/29/20	  	YES	  	PRF	  	$	1,221,795.10	 
	 PNC BANK
	  	DUTCHESS FARM ESTATES	  	12502424-00-000	  	11/29/20	  	YES	  	PRF	  	$	280,737.81	 
	 PNC BANK
	  	NEWTOWN WALK	  	18113442-00-000	  	08/31/19	  	YES	  	PRF	  	$	37,010.60	 
	 PNC BANK
	  	DOMINION VALLEY CC - EXECUTIVES	  	18114283-00-000	  	06/10/20	  	YES	  	PRF	  	$	128,199.23	 
	 PNC BANK
	  	PARKLAND GOLF & COUNTRY CLUB - COMMON	  	18114346-00-000	  	04/04/20	  	YES	  	PRF	  	$	150,000.00	 
	 PNC BANK
	  	PARKLAND GOLF & COUNTRY CLUB - COMMON	  	18114348-00-000	  	04/04/20	  	YES	  	PRF	  	$	162,021.00	 
	 PNC BANK
	  	WEYHILL ESTATES AT UPPER SAUCON	  	18118365-00-000	  	10/11/20	  	YES	  	PRF	  	$	1,262,607.65	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18119406-00-000	  	04/03/20	  	NO	  	PRF	  	$	73,065.00	 
	 PNC BANK
	  	PRESERVE AT JUNO BEACH	  	18119902-00-000	  	06/12/20	  	YES	  	PRF	  	$	76,505.00	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18120536-00-000	  	10/21/20	  	NO	  	PRF	  	$	110,571.00	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18121446-00-000	  	03/31/20	  	NO	  	PRF	  	$	85,493.00	 
	 PNC BANK
	  	WEYHILL ESTATES AT UPPER SAUCON	  	18121463-00-000	  	04/16/20	  	YES	  	PRF	  	$	509,547.52	 
	 PNC BANK
	  	DOMINION VALLEY CC - GOLF VILLAS	  	18122293-00-000	  	04/11/20	  	YES	  	PRF	  	$	180,533.33	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18123092-00-000	  	01/08/20	  	NO	  	PRF	  	$	124,984.34	 
	 PNC BANK
	  	DOMINION VALLEY CC - CLASSIC COLLECTION	  	18123436-00-000	  	06/27/20	  	YES	  	PRF	  	$	128,652.81	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18123504-00-000	  	04/01/20	  	NO	  	PRF	  	$	24,260.00	 
	 PNC BANK
	  	DOMINION VALLEY CC - EXECUTIVES	  	18124235-00-000	  	04/11/20	  	YES	  	PRF	  	$	87,736.28	 
	 PNC BANK
	  	WEYHILL ESTATES AT UPPER SAUCON	  	18124309-00-000	  	08/28/20	  	YES	  	PRF	  	$	758,664.15	 
	 PNC BANK
	  	REGENCY AT CREEKSIDE	  	18124462-00-000	  	04/11/20	  	YES	  	PRF	  	$	153,139.20	 
	 PNC BANK
	  	REGENCY AT CREEKSIDE	  	18124639-00-000	  	08/19/20	  	YES	  	PRF	  	$	56,392.72	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18125319-00-000	  	03/09/20	  	NO	  	PRF	  	$	272,634.80	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18125536-00-000	  	04/04/20	  	NO	  	PRF	  	$	188,881.25	 
	 PNC BANK
	  	HIGHPOINTE @ ST. GEORGES	  	18125575-00-000	  	04/15/20	  	YES	  	PRF	  	$	13,803.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18125996-00-000	  	06/28/20	  	YES	  	PRF	  	$	95,131.30	 
	 PNC BANK
	  	WEATHERSTONE	  	18125997-00-000	  	06/28/20	  	YES	  	PRF	  	$	80,851.10	 
	 PNC BANK
	  	WEATHERSTONE	  	18125998-00-000	  	06/28/20	  	YES	  	PRF	  	$	30,000.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18125999-00-000	  	06/28/20	  	YES	  	PRF	  	$	10,890.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18126015-00-000	  	06/28/20	  	YES	  	PRF	  	$	180,423.10	 
	 PNC BANK
	  	DOMINION VALLEY CC - EXECUTIVES	  	18126026-00-000	  	07/16/20	  	YES	  	PRF	  	$	165,088.22	 
	 PNC BANK
	  	WEATHERSTONE	  	18126212-00-000	  	08/04/20	  	YES	  	PRF	  	$	318,853.00	 

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18126295-00-000	  	08/23/20	  	NO	  	PRF	  	$	95,872.20	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18126296-00-000	  	08/23/20	  	NO	  	PRF	  	$	81,292.88	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18126365-00-000	  	08/17/20	  	YES	  	PRF	  	$	34,685.00	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18126535-00-000	  	10/04/19	  	NO	  	PRF	  	$	90,533.75	 
	 PNC BANK
	  	WEATHERSTONE	  	18127104-00-000	  	02/15/20	  	YES	  	PRF	  	$	23,424.95	 
	 PNC BANK
	  	WEATHERSTONE	  	18127105-00-000	  	02/15/20	  	YES	  	PRF	  	$	18,128.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18127106-00-000	  	02/15/20	  	YES	  	PRF	  	$	110,996.60	 
	 PNC BANK
	  	WEATHERSTONE	  	18127107-00-000	  	02/15/20	  	YES	  	PRF	  	$	25,621.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18127108-00-000	  	02/15/20	  	YES	  	PRF	  	$	30,000.00	 
	 PNC BANK
	  	WEATHERSTONE	  	18127136-00-000	  	02/15/20	  	YES	  	PRF	  	$	40,174.20	 
	 PNC BANK
	  	REGENCY AT CREEKSIDE	  	18127298-00-000	  	08/14/20	  	YES	  	PRF	  	$	379,419.70	 
	 PNC BANK
	  	HOLLY HILLS - COMMON	  	18127564-00-000	  	06/22/20	  	YES	  	PRF	  	$	985,895.00	 
	 PNC BANK
	  	FOREST RIDGE APTS./200 FALLON	  	18127963-00-000	  	08/15/20	  	YES	  	FIN	  	$	2,000,000.00	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18128148-00-000	  	08/07/20	  	NO	  	PRF	  	$	61,109.37	 
	 PNC BANK
	  	DOMINION VALLEY CC - EXECUTIVES	  	18128706-00-000	  	03/27/20	  	YES	  	PRF	  	$	290,345.00	 
	 PNC BANK
	  	DOMINION VALLEY CC - GENERAL COMMON	  	18129640-00-000	  	02/12/21	  	YES	  	PRF	  	$	4,674.45	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18130289-00-000	  	06/07/20	  	NO	  	PRF	  	$	1,301,019.00	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18130389-00-000	  	09/09/21	  	YES	  	PRF	  	$	126,507.00	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18130434-00-000	  	06/13/20	  	NO	  	PRF	  	$	141,089.75	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18130840-00-000	  	10/09/20	  	NO	  	PRF	  	$	103,201.33	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18130914-00-000	  	08/16/21	  	NO	  	PRF	  	$	129,866.00	 
	 PNC BANK
	  	RESERVE AT CENTER SQUARE - COMMON	  	18130919-00-000	  	11/07/20	  	YES	  	PRF	  	$	2,597,020.69	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18130964-00-000	  	08/19/21	  	YES	  	PRF	  	$	94,434.00	 
	 PNC BANK
	  	SOUTHSHORE	  	18131101-00-000	  	11/28/20	  	YES	  	PRF	  	$	358,086.50	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18131391-00-000	  	03/12/20	  	NO	  	PRF	  	$	228,351.30	 
	 PNC BANK
	  	HIGHLANDS AT PARKER - EXECUTIVE	  	18131392-00-000	  	03/12/20	  	NO	  	PRF	  	$	131,759.79	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18131393-00-000	  	03/12/20	  	NO	  	PRF	  	$	570,601.99	 
	 PNC BANK
	  	HILLS AT PARKER - POINT	  	18131394-00-000	  	03/12/20	  	NO	  	PRF	  	$	128,527.95	 
	 PNC BANK
	  	MOOREFIELD STATION - COMMON	  	18131661-00-000	  	05/02/20	  	YES	  	PRF	  	$	700,000.00	 
	 PNC BANK
	  	MOOREFIELD STATION - COMMON	  	18131662-00-000	  	05/02/20	  	YES	  	PRF	  	$	1,000,000.00	 
	 PNC BANK
	  	MOOREFIELD STATION - COMMON	  	18131663-00-000	  	05/02/20	  	YES	  	PRF	  	$	2,000,000.00	 
	 PNC BANK
	  	MOOREFIELD STATION - COMMON	  	18131664-00-000	  	05/02/20	  	YES	  	PRF	  	$	12,000,000.00	 
	 PNC BANK
	  	HOLLY HILLS - COMMON	  	18131802-00-000	  	06/03/20	  	YES	  	PRF	  	$	440,896.50	 

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC	 
	 PNC BANK
	  	HOLLY HILLS - COMMON	  	18131803-00-000	  	06/03/20	  	YES	  	PRF	  	$	268,352.00	 
	 PNC BANK
	  	HOLLY HILLS - COMMON	  	18131827-00-000	  	06/05/20	  	YES	  	PRF	  	$	551,660.40	 
	 PNC BANK
	  	MORRISON RANCH	  	18131977-00-000	  	07/22/20	  	YES	  	PRF	  	$	4,162,444.00	 
	 PNC BANK
	  	RESERVE AT CENTER SQUARE - ESTATES	  	18132098-00-000	  	08/12/20	  	YES	  	PRF	  	$	2,555,510.00	 
	 PNC BANK
	  	CARRIAGE HILL WEST - COMMON	  	18132222-00-000	  	08/23/20	  	YES	  	PRF	  	$	58,158.00	 
	 PNC BANK
	  	CARRIAGE HILL WEST - COMMON	  	18132223-00-000	  	09/23/20	  	YES	  	PRF	  	$	309,395.33	 
	 PNC BANK
	  	CARRIAGE HILL WEST - COMMON	  	18132225-00-000	  	09/23/20	  	YES	  	PRF	  	$	31,369.83	 
	 SUN TRUST BANK
	  	TOLL VA III	  	70002030	  	05/19/21	  	YES	  	FIN	  	$	2,233,771.35	 
	 SUN TRUST BANK
	  	TIS INTEGRATED PLANT	  	70002031	  	05/19/21	  	NO	  	FIN	  	$	11,408,357.00	 
	 SUN TRUST BANK
	  	ROYAL CYPRESS ESTATES	  	70002772	  	02/06/21	  	NO	  	PRF	  	$	33,735.73	 
	 SUN TRUST BANK
	  	ROYAL CYPRESS ESTATES	  	70002773	  	02/06/21	  	NO	  	PRF	  	$	13,799.65	 
	 SUN TRUST BANK
	  	LAKESHORE - COMMON	  	70003733	  	01/09/20	  	NO	  	PRF	  	$	97,041.37	 
	 SUN TRUST BANK
	  	LAKESHORE - COMMON	  	70003999	  	08/16/20	  	YES	  	PRF	  	$	35,612.19	 
	 SUN TRUST BANK
	  	LAKESHORE - COMMON	  	70004000	  	07/16/20	  	YES	  	PRF	  	$	115,241.28	 
	 SUN TRUST BANK
	  	LAKESHORE - COMMON	  	70004078	  	06/26/20	  	YES	  	PRF	  	$	32,510.42	 
	 SUN TRUST BANK
	  	MAGNOLIA ESTATES	  	70004189	  	09/09/20	  	YES	  	PRF	  	$	380,600.00	 
	 SUN TRUST BANK
	  	LOFTS AT EDGE ON HUDSON	  	70004190	  	09/10/20	  	YES	  	FIN	  	$	2,550,000.00	 
	 U.S. BANK
	  	FENTONS CORNER	  	SLCMMSP08551	  	06/05/20	  	YES	  	PRF	  	$	5,022,729.40	 
	 U.S. BANK
	  	FENTONS CORNER	  	SLCMMSP08607	  	06/22/20	  	YES	  	PRF	  	$	1,955,468.67	 
	 U.S. BANK
	  	PORT IMPERIAL - PHASE 1	  	SLCMMSP08746	  	11/27/19	  	YES	  	PRF	  	$	430,000.00	 
	 U.S. BANK
	  	HIDDEN CANYON/UTAH - COMMON	  	SLCMMSP08849	  	04/09/20	  	NO	  	PRF	  	$	558,270.29	 
	 U.S. BANK
	  	HIDDEN CANYON/UTAH - COMMON	  	SLCMMSP08989	  	07/13/20	  	NO	  	PRF	  	$	521,004.40	 
	 U.S. BANK
	  	BOULDER RANCH	  	SLCMMSP09044	  	06/07/20	  	YES	  	PRF	  	$	1,500,000.00	 
	 U.S. BANK
	  	KIMBERTON GLEN - COMMON	  	SLCMMSP09122	  	08/16/20	  	YES	  	PRF	  	$	200,000.00	 
	 U.S. BANK
	  	HIDDEN CANYON/UTAH - COMMON	  	SLCMMSP09346	  	04/11/21	  	NO	  	PRF	  	$	1,911,153.50	 
	 U.S. BANK
	  	CANYON CREEK	  	SLCMMSP09357	  	01/24/20	  	YES	  	PRF	  	$	407,178.41	 
	 U.S. BANK
	  	CANYON CREEK	  	SLCMMSP09358	  	01/24/20	  	YES	  	PRF	  	$	140,242.50	 
	 U.S. BANK
	  	CANYON CREEK	  	SLCMMSP09377	  	02/14/20	  	YES	  	PRF	  	$	114,192.68	 
	 U.S. BANK
	  	METRO CROSSING - COMMON	  	SLCMMSP09423	  	03/28/21	  	YES	  	PRF	  	$	3,700,851.00	 
	 U.S. BANK
	  	METRO CROSSING - COMMON	  	SLCMMSP09424	  	03/28/21	  	YES	  	PRF	  	$	3,509,407.00	 
	 U.S. BANK
	  	SANDPIPER POINTE	  	SLCMMSP09494	  	05/07/20	  	YES	  	PRF	  	$	151,560.00	 
	 U.S. BANK
	  	THE RIDGE AT WARD STATION	  	SLCMMSP09572	  	06/18/20	  	YES	  	PRF	  	$	93,835.00	 
	 U.S. BANK
	  	THE RIDGE AT WARD STATION	  	SLCMMSP09626	  	08/06/20	  	YES	  	PRF	  	$	2,485,225.00	 
	 U.S. BANK
	  	CADENCE AT GATEWAY - COMMON	  	SLCMMSP09649	  	08/28/20	  	YES	  	PRF	  	$	1,521,737.24	 
	 U.S. BANK
	  	CADENCE AT GATEWAY - COMMON	  	SLCMMSP09650	  	08/28/20	  	YES	  	PRF	  	$	4,540,021.42	 
	 U.S. BANK
	  	CADENCE AT GATEWAY - COMMON	  	SLCMMSP09651	  	08/28/20	  	YES	  	PRF	  	$	6,922,360.07	 
	 U.S. BANK
	  	OAKS NORTH - COMMON	  	SLCMMSP09659	  	09/05/20	  	YES	  	PRF	  	$	533,739.82	 

															
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC	 
	 WELLS FARGO BANK
	  	ROYAL PALM POLO-COMMON	  	IS000001974U	  	06/05/20	  	YES	  	PRF	  	$	116,009.85	 
	 WELLS FARGO BANK
	  	REG. AT WHITE OAK CREEK (PREV.GREEN LEVEL BECKWITH)	  	IS000015927U	  	09/28/20	  	YES	  	PRF	  	$	51,750.00	 
	 WELLS FARGO BANK
	  	RETREAT AT MCLEAN	  	IS000032702U	  	07/19/20	  	YES	  	PRF	  	$	278,700.00	 
	 WELLS FARGO BANK
	  	METRO CROSSING - COMMON	  	IS000041959U	  	05/24/20	  	YES	  	PRF	  	$	28,390,108.00	 
	 WELLS FARGO BANK
	  	PORTER RANCH - COMMON	  	IS000072009U	  	02/01/20	  	YES	  	PRF	  	$	37,433.00	 
	 WELLS FARGO BANK
	  	PORTER RANCH - COMMON	  	IS000072235U	  	02/01/20	  	YES	  	PRF	  	$	67,502.00	 
	 WELLS FARGO BANK
	  	ARDEN AT MCLEAN	  	IS000077379U	  	10/16/21	  	YES	  	PRF	  	$	1,573,500.00	 
	 WELLS FARGO BANK
	  	ROYAL PALM POLO-SIGNATURE	  	IS000081498U	  	04/24/20	  	YES	  	PRF	  	$	753,619.90	 
	 WELLS FARGO BANK
	  	COMMONWEALTH CENTRE AT WESTFIELDS	  	IS000084293U	  	12/01/20	  	YES	  	PRF	  	$	410,000.00	 
	 WELLS FARGO BANK
	  	PORTER RANCH - COMMON	  	IS000087666U	  	06/25/20	  	YES	  	PRF	  	$	75,410.00	 
	 WELLS FARGO BANK
	  	REGENCY AT CREEKSIDE MEADOWS	  	IS000091845U	  	07/30/20	  	YES	  	PRF	  	$	222,039.92	 
	 WELLS FARGO BANK
	  	CLEAR POND	  	IS000101465U	  	12/31/20	  	NO	  	PRF	  	$	35,670.00	 
	 WELLS FARGO BANK
	  	WREN BAY	  	IS000101467U	  	10/21/21	  	NO	  	PRF	  	$	1,323,599.81	 
	 WELLS FARGO BANK
	  	CLEAR POND	  	IS000103083U	  	10/21/21	  	NO	  	PRF	  	$	386,595.69	 
	 WELLS FARGO BANK
	  	ENCLAVE AT LONGVIEW	  	IS0012975	  	07/06/20	  	YES	  	PRF	  	$	11,977.00	 
	 WELLS FARGO BANK
	  	ENCLAVE AT LONGVIEW	  	IS0012979	  	07/06/20	  	YES	  	PRF	  	$	10,068.00	 
	 WELLS FARGO BANK
	  	GREEN LEVEL XING - MANORS	  	IS0016604U	  	11/07/20	  	YES	  	PRF	  	$	23,672.25	 
	 WELLS FARGO BANK
	  	PORTER RANCH - COMMON	  	IS0142105U	  	01/31/20	  	YES	  	PRF	  	$	92,000.00	 
	 WELLS FARGO BANK
	  	PLACENTIA	  	IS0142205U	  	01/30/20	  	YES	  	FIN	  	$	88,212.00	 
	 WELLS FARGO BANK
	  	PLACENTIA	  	IS0142225U	  	01/30/20	  	YES	  	FIN	  	$	88,212.00	 
	 WELLS FARGO BANK
	  	PRESERVE AT MARVIN	  	IS0147221U	  	02/11/20	  	YES	  	PRF	  	$	24,677.96	 
	 WELLS FARGO BANK
	  	ROYAL PALM POLO-SIGNATURE	  	IS0155665U	  	03/17/20	  	YES	  	PRF	  	$	109,800.00	 
	 WELLS FARGO BANK
	  	REG. AT WHITE OAK CREEK (PREV.GREEN LEVEL BECKWITH)	  	IS0206367U	  	07/08/20	  	YES	  	PRF	  	$	122,500.00	 
	 WELLS FARGO BANK
	  	REG. AT WHITE OAK CREEK (PREV.GREEN LEVEL BECKWITH)	  	IS0206408U	  	07/08/20	  	YES	  	PRF	  	$	104,125.00	 
	 WELLS FARGO BANK
	  	TOLL BROTHERS INC.	  	IS0287787U	  	04/09/20	  	YES	  	FIN	  	$	5,046,000.00	 
	 WELLS FARGO BANK
	  	TASSAJARA HILLS - COMMON	  	IS0326747U	  	08/11/20	  	YES	  	PRF	  	$	236,292.95	 
	 WELLS FARGO BANK
	  	TASSAJARA HILLS - COMMON	  	IS0326748U	  	08/11/20	  	YES	  	PRF	  	$	65,735.36	 
	 WELLS FARGO BANK
	  	OAKS AT LAFAYETTE HILL	  	IS0343876U	  	10/06/20	  	YES	  	PRF	  	$	938,349.11	 
	 WELLS FARGO BANK
	  	ROYAL PALM POLO-COMMON	  	IS0398488U	  	03/25/20	  	YES	  	PRF	  	$	94,502.54	 
	 WELLS FARGO BANK
	  	OAKS AT LAFAYETTE HILL	  	IS0500102U	  	04/25/20	  	YES	  	PRF	  	$	123,749.34	 
	 WELLS FARGO BANK
	  	CUSHING VILLAGE	  	IS0501836U	  	05/25/20	  	YES	  	FIN	  	$	200,000.00	 
	 WELLS FARGO BANK
	  	KIMBERTON GLEN - COMMON	  	IS0502162U	  	04/20/20	  	YES	  	PRF	  	$	416,855.44	 
	 WELLS FARGO BANK
	  	ARUNDEL PRESERVE - THE GLEN	  	SM214653W	  	07/08/20	  	YES	  	PRF	  	$	78,861.10	 
	 WELLS FARGO BANK
	  	SPRING VALLEY ESTATES AT BUCKINGHAM	  	SM217246W	  	12/09/20	  	YES	  	PRF	  	$	406,081.56	 
	 WELLS FARGO BANK
	  	ARUNDEL PRESERVE - ENCLAVE	  	SM218319W	  	02/10/20	  	YES	  	PRF	  	$	769,270.25	 
	 WELLS FARGO BANK
	  	NEWTOWN WALK	  	SM225305W	  	04/13/20	  	YES	  	PRF	  	$	153,359.50	 
	 WELLS FARGO BANK
	  	DOMINION VALLEY - REGENCY AT - GREENBRIAR COLLECTION	  	SM234935W	  	02/20/20	  	YES	  	PRF	  	$	44,747.70	 

													
	 BANK
	  	 PROJECT
	  	DOC#	  	EXP. DATE	  	 EVRGRN
	  	 DOC TYPE
	  	CUR BAL CALC
	 WELLS FARGO BANK
	  	DOMINION VALLEY - REGENCY AT - GREENBRIAR COLLECTION	  	SM234941W	  	02/20/20	  	YES	  	PRF	  	$55,485.00
	 WELLS FARGO BANK
	  	NEWTOWN WALK	  	SM235497W	  	08/20/20	  	YES	  	PRF	  	$55,467.40
	 WELLS FARGO BANK
	  	NORTHSIDE PIERS - TOWER 2	  	SM237130W	  	05/10/20	  	YES	  	PRF	  	$33,361.71
	 WELLS FARGO BANK
	  	NORTHSIDE PIERS - TOWER 2	  	SM237131W	  	05/10/20	  	YES	  	PRF	  	$52,000.00
	 WELLS FARGO BANK
	  	REGENCY AT UPPER MAKEFIELD	  	SM237133W	  	05/10/20	  	YES	  	PRF	  	$318,942.50
	 WELLS FARGO BANK
	  	REGENCY AT UPPER MAKEFIELD	  	SM237134W	  	05/10/20	  	YES	  	PRF	  	$317,127.00
	 WELLS FARGO BANK
	  	REGENCY AT UPPER MAKEFIELD	  	SM237135W	  	05/10/20	  	YES	  	PRF	  	$100,000.00
	 WELLS FARGO BANK
	  	REGENCY AT UPPER MAKEFIELD	  	SM237136W	  	05/10/20	  	YES	  	PRF	  	$673,420.09
	 WELLS FARGO BANK
	  	BLOOMINGDALE WALK-CONDOMINIUMS	  	SM238803W	  	03/07/20	  	YES	  	PRF	  	$516,425.48

 SCHEDULE 3 

PERMITTED LIENS 
  

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity Date	 	  	 Location

	 The Retreat at Firerock, LLP
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	2,125,204.96	 	  	 	10/31/1920	 	  	Fountain Hills, AZ
	 James Benny Ray
	  	TB Plano 1 LLC	  	Non-Recourse	  	 	1,860,500.00	 	  	 	11/4/2019	 	  	Plano, TX
	 Norman Hooker
	  	Toll MD VIII Limited Partnership	  	Non-Recourse	  	 	1,590,237.77	 	  	 	11/6/2019	 	  	Harford County MD
	 Gunner Properties, LTD
	  	Toll PA XV, L.P.	  	Non-Recourse	  	 	288,800.00	 	  	 	12/29/2019	 	  	Upper Uwchlan Township, Chester County, PA
	 Green Bridge Farm, LC
	  	Toll Mid-Atlantic LP Co	  	Non-Recourse	  	 	4,414,799.44	 	  	 	12/31/2019	 	  	Dayton, MD
	 Rancharrah Holding LLC
	  	Toll South RENO LLC	  	Non-Recourse	  	 	4,000,000.00	 	  	 	2/1/2020	 	  	Washoe County, NV
	 Jaindl Land Company
	  	Toll PA XVIII LP	  	Non-Recourse	  	 	5,618,200.00	 	  	 	2/3/2020	 	  	Lehigh County, PA
	 Kuna Hill Development, LLC
	  	Toll ID I LLC	  	Recourse	  	 	637,934.00	 	  	 	2/10/2020	 	  	Ada County, ID
	 200 Leucadendra, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	1,550,000.00	 	  	 	2/21/2020	 	  	Broward County, FL
	 Legal 1031 Exchange Service Inc
	  	Toll Land V Limited Partnership	  	Non-Recourse	  	 	500,000.00	 	  	 	2/27/2020	 	  	Wappinger, Dutchess County, NY
	 Landco Development Group LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	542,500.00	 	  	 	3/5/2020	 	  	Sanford, Seminole County, FL
	 RREF II-DC Cameron LLC
	  	Toll Brothers West, Inc.	  	Recourse	  	 	5,000,000.00	 	  	 	3/27/2020	 	  	Palm Springs, CA
	 RRW Stonebrook LLC
	  	Toll NV, LP	  	Non-Recourse	  	 	8,180,900.00	 	  	 	3/29/2020	 	  	Sparks, Washoe County, NV
	 Pinehills LLC
	  	Toll MA Land LP	  	Non-Recourse	  	 	660,000.00	 	  	 	1/23/2021	 	  	Plymouth, MA
	 Fairway Investors LLC
	  	Toll Southeast INC	  	Recourse	  	 	4,700,000.00	 	  	 	2/5/2021	 	  	Broward County, FL
	 Peak 1031 Exchange, INC
	  	Toll Bros.,Inc	  	Non-Recourse	  	 	10,933,333.33	 	  	 	2/5/2021	 	  	Los Angelas, California
	 Pinehills LLC
	  	Toll MA Land LP	  	Non-Recourse	  	 	660,000.00	 	  	 	5/1/2021	 	  	Plymouth, MA
	 The Claude Moore Charitibale Foundation
	  	Toll VAIII, L.P.	  	Non-Recourse	  	 	49,624,774.97	 	  	 	5/2/2021	 	  	Ashburn, VA
	 IBC Denver II, LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	2,440,000.00	 	  	 	6/10/2021	 	  	Wheat Ridge CO
	 KEMF Hawes & Riggs, LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	6,400,000.00	 	  	 	10/31/2023	 	  	Queen Creek, AZ
	 McDowell Mountain Back Bowl LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	30,550,000.00	 	  	 	11/28/2023	 	  	Sottsdale, AZ
	 Center Square Associates, INC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	4,000,000.00	 	  	 	4/30/2024	 	  	Norristown, PA
	 Suburban Land Reserve, INC
	  	Toll Bros.,Inc	  	Non-Recourse	  	 	38,481,328.00	 	  	 	5/1/2025	 	  	Surprise, AZ
	 New Oaks LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	7,404,667.17	 	  	 	10/29/2025	 	  	Meridian, ID
	 The Miller Partnership
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	2,000,000.00	 	  	 	10/31/2025	 	  	Queen Creek, AZ
	 New Oaks LLC
	  	Toll Southwest LLC	  	Non-Recourse	  	 	12,110,957.83	 	  	 	12/14/2025	 	  	Meridian, ID
	 Center Square Associates, INC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	5,000,000.00	 	  	 	1/31/2026	 	  	Norristown, PA
	 Suburban Land Reserve, INC
	  	Toll Bros.,Inc	  	Non-Recourse	  	 	19,500,000.00	 	  	 	5/1/2028	 	  	Surprise, AZ
	 North West Highlands LLC | West Highlands Development, LLC
	  	Toll Southwest LLC	  	Recourse	  	 	5,772,000.00	 	  	 	8/23/2023	 	  	Middleton, ID
	 Virginia M, Pitts and Gilbert M. Pratt Jr. Co-Executors of
the Estate of Gilbert M. Pratt., Sr.
	  	Toll Mid-Atlantic LP Company Inc	  	Non-Recourse	  	 	2,873,684.31	 	  	 	8/29/2020	 	  	Kennett Square, pA

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity Date	 	  	 Location

	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2024	 	  	Tega Cay, SC
	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2021	 	  	Tega Cay, SC
	 Drake Gardendale, LLC
	  	Toll Southeast LP Company, INC	  	Non-Recourse	  	 	89,000.00	 	  	 	9/4/2021	 	  	Tega Cay, SC
	 SP Warminster LLC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	2,500,000.00	 	  	 	4/1/2022	 	  	Warminster, PA
	 SP Warminster LLC
	  	Toll Mid-Atlantic LP Company, INC	  	Non-Recourse	  	 	3,464,000.00	 	  	 	4/1/2022	 	  	Warminster, PA
	 Arcus Investors II, LLC
	  	Toll Brothers AZ Construction Company	  	Non-Recourse	  	 	11,124,000.00	 	  	 	10/18/2026	 	  	Pinal County AZ
	 Tolomato Community Development District
	  	Toll Jacksonville Limited Partnership	  	Non-Recourse	  	 	5,436,051.00	 	  	 	5/1/2037	 	  	Ponte Vedra, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	44,171.40	 	  	 	6/1/2021	 	  	Las Vegas, NV
	 City of Las Vegas
	  	Toll North LV LLC	  	Non-Recourse	  	 	5,019.13	 	  	 	4/1/2024	 	  	Las Vegas, NV
	 City of Reno
	  	Toll North Reno LLC	  	Non-Recourse	  	 	53,037.12	 	  	 	9/1/2022	 	  	Reno, NV
	 City of Reno
	  	Toll North Reno LLC	  	Non-Recourse	  	 	458,342.58	 	  	 	9/1/2022	 	  	Reno, NV
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	275,559.16	 	  	 	4/1/2031	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	919,727.94	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	808,192.32	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	316,793.52	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	1,112,957.11	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	944,008.42	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	388,928.55	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Henderson
	  	Toll Henderson LLC	  	Non-Recourse	  	 	434,684.38	 	  	 	6/1/2035	 	  	Henderson, NV
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	195,843.56	 	  	 	4/1/2031	 	  	Las Vegas, NV
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	1,087,207.00	 	  	 	5/1/2045	 	  	Nocatee Community, St Johns County, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	972,070.56	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Traditions Community Development District
	  	Toll FL XIII Limited Partnership	  	Non-Recourse	  	 	6,494,745.00	 	  	 	5/1/2046	 	  	Collier County, Florida
	 Clark County Treasurer
	  	Toll South LV LLC	  	Non-Recourse	  	 	429,698.79	 	  	 	6/1/2035	 	  	Las Vegas, NV
	 Lakewood Ranch Stewardship District
	  	Toll FL XIII Limited Partnership	  	Non-Recourse	  	 	7,465,863.00	 	  	 	5/1/2046	 	  	Manatee County, FL
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	2,274,486.54	 	  	 	6/1/2025	 	  	Las Vegas, NV
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	685,936.00	 	  	 	5/1/2040	 	  	Nocatee Community, St Johns County, Florida
	 North Springs Improvement District
	  	Toll Fl V LLC	  	Non-Recourse	  	 	146,910.00	 	  	 	5/1/2026	 	  	Parkland Florida
	 Tolomato Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	622,116.00	 	  	 	5/1/2039	 	  	Nocatee Community, St Johns County, Florida
	 City of Las Vegas
	  	Toll South LV LLC	  	Non-Recourse	  	 	1,311,031.09	 	  	 	10/1/2035	 	  	Las Vegas, NV
	 Trout Creek Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	372,281.00	 	  	 	5/1/2045	 	  	St. Augustine FL
	 Trout Creek Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	463,101.00	 	  	 	5/1/2045	 	  	St. Augustine FL
	 Avenir Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	115,830.00	 	  	 	5/1/2049	 	  	Palm Beach, Florida

															
	 Lienholder
	  	 Obligor
	  	 Collateral
	  	Balance	 	  	Maturity Date	 	  	 Location

	 Cypress Bluff Community Development District
	  	Toll Southeast LP Company	  	Non-Recourse	  	 	3,110,484.00	 	  	 	5/1/2048	 	  	Jacksonville, Florida
	 Avenir Community Development District
	  	Toll Southeast , Inc.	  	Non-Recourse	  	 	12,480,050.00	 	  	 	5/1/2049	 	  	Palm Beach, Florida
		  	Toll VA III, LP	  		  	 	2,210,000.00	 	  	 	11/1/2023	 	  	Emporia, VA
		  	Toll IN LLC	  		  	 	11,300,000.00	 	  	 	2/1/2046	 	  	Knox, IN

 SCHEDULE 4 

EXISTING SUBORDINATED INDEBTEDNESS 

None. 

 SCHEDULE 5 

INTENTIONALLY OMITTED 

 SCHEDULE 6 

LITIGATION AND CONTINGENT OBLIGATIONS 

None. 

 SCHEDULE 7 

SUBSIDIARIES 
 Subsidiaries

 as of 
 October 31, 2019

  

	 	A.	 Corporations 

  

	1.	 Dominion III Corp., a Delaware corporation. 

	2.	 ESE Consultants, Inc., a Delaware corporation. 

	3.	 ESE Consultants, Inc., a Texas corporation. 

	4.	 ESE of North Carolina, PC, a North Carolina professional corporation. 

	5.	 First Brandywine Investment Corp. II, a Delaware corporation. 

	6.	 First Brandywine Investment Corp. IV, a Delaware corporation. 

	7.	 First Huntingdon Finance Corp., a Delaware corporation. 

	8.	 GCAM Holding Co., Inc., a Delaware corporation. 

	9.	 Hampton Pointe Club, Inc., a South Carolina non-profit corporation.

	10.	 HQZ Acquisitions, Inc., a Michigan corporation. 

	11.	 Jupiter Country Club, Inc., a Florida non-profit corporation.

	12.	 Philmont Insurance Company, a Vermont corporation. 

	13.	 PRD Investors, Inc., a Delaware corporation. 

	14.	 Shapell Homes, Inc., a Delaware corporation. 

	15.	 Shapell Industries, Inc., a Delaware corporation. 

	16.	 The Silverman Building Companies, Inc., a Michigan corporation. 

	17.	 TBI Mortgage Company, a Delaware corporation. 

	18.	 TBI Smart Home Solutions, Inc., a New Jersey corporation. 

	19.	 TB Proprietary Corp., a Delaware corporation. 

	20.	 TIS Logistics, Inc., a Pennsylvania corporation. 

	21.	 Toll Apartments LP Company, Inc., a Delaware corporation. 

	22.	 Toll Architecture, Inc., a Delaware corporation. 

	23.	 Toll Architecture I, P.A., a Delaware professional corporation. 

	24.	 Toll Bros. of Arizona, Inc., an Arizona corporation. 

	25.	 Toll Bros. of North Carolina, Inc., a North Carolina corporation. 

	26.	 Toll Bros. of North Carolina II, Inc., a North Carolina corporation. 

	27.	 Toll Bros., Inc., a Pennsylvania corporation. 

	28.	 Toll Bros., Inc., a Texas corporation. 

	29.	 Toll Brothers AZ Construction Company, an Arizona corporation. 

	30.	 Toll Brothers Canada USA, Inc., a Delaware corporation. 

	31.	 Toll Brothers Finance Corp., a Delaware corporation. 

	32.	 Toll Brothers International Holdings, Inc., a Delaware corporation. 

	33.	 Toll Brothers Real Estate, Inc., a Pennsylvania corporation. 

	34.	 Toll CA Holdings, Inc., a Delaware corporation. 

	35.	 Toll Corp., a Delaware corporation. 

	36.	 Toll DC GP Corp., a District of Columbia corporation. 

	37.	 Toll Diamond Corp., a Delaware corporation. 

	38.	 Toll Golden Corp., a Delaware corporation. 

	39.	 Toll Holdings, Inc., a Delaware corporation. 

	40.	 Toll Land Corp. No. 6, a Pennsylvania corporation. 

	41.	 Toll Mid-Atlantic V Corp., a Delaware corporation.

	42.	 Toll Mid-Atlantic LP Company, Inc., a Delaware corporation.

	43.	 Toll MI VII Corp., a Michigan corporation. 

	44.	 Toll NJX-I Corp., a Delaware corporation. 

	45.	 Toll Northeast V Corp., a Delaware corporation. 

	46.	 Toll Northeast LP Company, Inc., a Delaware corporation. 

	47.	 Toll Northeast Services, Inc., a Delaware corporation. 

	48.	 Toll NV GP Corp., a Nevada corporation. 

	49.	 Toll Realty Holdings Corp. I, a Delaware corporation. 

	50.	 Toll Realty Holdings Corp. II, a Delaware corporation. 

	51.	 Toll Rental Holdings, Inc., a Delaware corporation. 

	52.	 Toll Southeast, Inc., a Delaware corporation. 

	53.	 Toll Southeast LP Company, Inc., a Delaware corporation. 

	54.	 Toll SW Holding I Corp., a Nevada corporation. 

	55.	 Toll VA GP Corp., a Delaware corporation. 

	56.	 Toll West Inc., a Delaware corporation. 

	57.	 Toll WV GP Corp., a West Virginia corporation. 

	58.	 Upper K Investors, Inc., a Delaware corporation. 

	59.	 Valeria Sewerage Works Corporation, a New York corporation. 

	60.	 Westminster Abstract Company, a Pennsylvania corporation. 

	61.	 Westminster Insurance Agency, Inc., a Pennsylvania corporation. 

	62.	 Westminster Title Company, Inc., a California corporation. 

 

	 	B.	 Partnerships 

  

	1.	 Ashford Land Company, L.P., a Delaware limited partnership. 

	2.	 Audubon Ridge, L.P., a Pennsylvania limited partnership. 

	3.	 Belmont Land, L.P., a Virginia limited partnership. 

	4.	 Binks Estates Limited Partnership, a Florida limited partnership. 

	5.	 The Bird Estate Limited Partnership, a Massachusetts limited partnership. 

	6.	 Broad Run Associates, L.P., a Pennsylvania limited partnership. 

	7.	 Broad Washington, L.P., a Delaware limited partnership. 

	8.	 Byers Commercial LP, a Pennsylvania limited partnership. 

	9.	 CC Estates Limited Partnership, a Massachusetts limited partnership. 

	10.	 Cold Spring Hunt, L.P., a Pennsylvania limited partnership. 

	11.	 Coleman-Toll Limited Partnership, a Nevada limited partnership. 

	12.	 Dominion Country Club, L.P., a Virginia limited partnership. 

	13.	 Estates at Princeton Junction, L.P., a New Jersey limited partnership. 

	14.	 Fairfax Investment, L.P., a Virginia limited partnership. 

	15.	 First Brandywine Partners, L.P., a Delaware partnership. 

	16.	 Gibraltar Road LP, a Pennsylvania limited partnership. 

	17.	 Greens at Waynesborough, L.P., a Pennsylvania limited partnership. 

	18.	 Hoboken Land LP, a New Jersey limited partnership. 

	19.	 Hockessin Chase, L.P., a Delaware limited partnership. 

	20.	 Laurel Creek, L.P., a New Jersey limited partnership. 

	21.	 Loudoun Valley Associates, L.P., a Virginia limited partnership. 

	22.	 NC Country Club Estates Limited Partnership, a North Carolina limited partnership. 

	23.	 Plymouth Apartments Management LP, a Pennsylvania limited partnership. 

	24.	 Reston Note Co. LP, a Virginia limited partnership. 

	25.	 Sorrento at Dublin Ranch I LP, a California limited partnership. 

	26.	 Sorrento at Dublin Ranch III LP, a California limited partnership. 

	27.	 South Riding Amberlea LP, a Virginia limited partnership. 

	28.	 South Riding, L.P., a Virginia limited partnership. 

	29.	 Southport Landing Limited Partnership, a Connecticut limited partnership. 

	30.	 Springton Pointe, L.P., a Pennsylvania limited partnership. 

	31.	 Stone Mill Estates, L.P. a Pennsylvania limited partnership. 

	32.	 Swedesford Chase, L.P., a Pennsylvania limited partnership. 

	33.	 TBI/Palm Beach Limited Partnership, a Florida limited partnership. 

	34.	 Toll Apartments, LP, a Delaware limited partnership. 

	35.	 Toll at Brier Creek Limited Partnership, a North Carolina limited partnership. 

	36.	 Toll at Westlake, L.P., a New Jersey limited partnership. 

	37.	 Toll at Whippoorwill, L.P., a New York limited partnership. 

	38.	 Toll Brooklyn L.P., a New York limited partnership. 

	39.	 Toll Brooklyn Pier GP L.P., a New York limited partnership. 

	40.	 Toll Brooklyn Pier L.P., a New York limited partnership. 

	41.	 Toll Brothers AZ Limited Partnership, an Arizona limited partnership. 

	42.	 Toll CA, L.P., a California limited partnership. 

	43.	 Toll CA II, L.P., a California limited partnership. 

	44.	 Toll CA III, L.P., a California limited partnership. 

	45.	 Toll CA IV, L.P., a California limited partnership. 

	46.	 Toll CA V, L.P., a California limited partnership. 

	47.	 Toll CA VI, L.P., a California limited partnership. 

	48.	 Toll CA VII, L.P., a California limited partnership. 

	49.	 Toll CA VIII, L.P., a California limited partnership. 

	50.	 Toll CA IX, L.P., a California limited partnership. 

	51.	 Toll CA X, L.P., a California limited partnership. 

	52.	 Toll CA XI, L.P., a California limited partnership. 

	53.	 Toll CA XII, L.P., a California limited partnership. 

	54.	 Toll CA XIX, L.P., a California limited partnership. 

	55.	 Toll CA XX, L.P., a California limited partnership. 

	56.	 Toll CO, L.P., a Colorado limited partnership. 

	57.	 Toll CO II, L.P., a Colorado limited partnership. 

	58.	 Toll CO III, L.P., a Colorado limited partnership. 

	59.	 Toll CP Limited Partnership, a Maryland limited partnership. 

	60.	 Toll CT Limited Partnership, a Connecticut limited partnership. 

	61.	 Toll CT II Limited Partnership, a Connecticut limited partnership. 

	62.	 Toll CT III Limited Partnership, a Connecticut limited partnership. 

	63.	 Toll CT IV Limited Partnership, a Connecticut limited partnership. 

	64.	 Toll DE LP, a Delaware limited partnership. 

	65.	 Toll DE II LP, a Delaware limited partnership. 

	66.	 Toll District 7 LP, a California limited partnership. 

	67.	 Toll Dolington LP, a Pennsylvania limited partnership. 

	68.	 Toll Estero Limited Partnership, a Florida limited partnership. 

	69.	 Toll FL Limited Partnership, a Florida limited partnership. 

	70.	 Toll FL II Limited Partnership, a Florida limited partnership. 

	71.	 Toll FL III Limited Partnership, a Florida limited partnership. 

	72.	 Toll FL IV Limited Partnership, a Florida limited partnership. 

	73.	 Toll FL V Limited Partnership, a Florida limited partnership. 

	74.	 Toll FL VI Limited Partnership, a Florida limited partnership. 

	75.	 Toll FL VII Limited Partnership, a Florida limited partnership. 

	76.	 Toll FL VIII Limited Partnership, a Florida limited partnership. 

	77.	 Toll FL X Limited Partnership, a Florida limited partnership. 

	78.	 Toll FL XI Limited Partnership, a Florida limited partnership. 

	79.	 Toll FL XII Limited Partnership, a Florida limited partnership. 

	80.	 Toll FL XIII Limited Partnership, a Florida limited partnership. 

	81.	 Toll French Creek LP, a Pennsylvania limited partnership. 

	82.	 Toll GA LP, a Georgia limited partnership. 

	83.	 Toll Gibraltar LP, a Pennsylvania limited partnership. 

	84.	 Toll Grove LP, a New Jersey limited partnership. 

	85.	 Toll Hudson LP, a New Jersey limited partnership. 

	86.	 Toll IL HWCC, L.P., an Illinois limited partnership. 

	87.	 Toll IL, L.P., an Illinois limited partnership. 

	88.	 Toll IL II, L.P., an Illinois limited partnership. 

	89.	 Toll IL III, L.P., an Illinois limited partnership. 

	90.	 Toll IL IV, L.P., an Illinois limited partnership. 

	91.	 Toll IL WSB, L.P., an Illinois limited partnership. 

	92.	 Toll Jacksonville Limited Partnership, a Florida limited partnership. 

	93.	 Toll Land IV Limited Partnership, a New Jersey limited partnership. 

	94.	 Toll Land V Limited Partnership, a New York limited partnership. 

	95.	 Toll Land VI Limited Partnership, a New York limited partnership. 

	96.	 Toll Land IX Limited Partnership, a Virginia limited partnership. 

	97.	 Toll Land X Limited Partnership, a Virginia limited partnership. 

	98.	 Toll Land XI Limited Partnership, a New Jersey limited partnership. 

	99.	 Toll Land XV Limited Partnership, a Virginia limited partnership. 

	100.	 Toll Land XVI Limited Partnership, a New Jersey limited partnership. 

	101.	 Toll Land XVIII Limited Partnership, a Connecticut limited partnership. 

	102.	 Toll Land XIX Limited Partnership, a California limited partnership. 

	103.	 Toll Land XX Limited Partnership, a California limited partnership. 

	104.	 Toll Land XXI Limited Partnership, a Virginia limited partnership. 

	105.	 Toll Land XXII Limited Partnership, a California limited partnership. 

	106.	 Toll Land XXIII Limited Partnership, a California limited partnership. 

	107.	 Toll Land XXV Limited Partnership, a New Jersey limited partnership. 

	108.	 Toll MA Land Limited Partnership, a Massachusetts limited partnership. 

	109.	 Toll MA Land III Limited Partnership, a Massachusetts limited partnership. 

	110.	 Toll MD AF Limited Partnership, a Maryland limited partnership. 

	111.	 Toll MD Limited Partnership, a Maryland limited partnership. 

	112.	 Toll MD II Limited Partnership, a Maryland limited partnership. 

	113.	 Toll MD III Limited Partnership, a Maryland limited partnership. 

	114.	 Toll MD IV Limited Partnership, a Maryland limited partnership. 

	115.	 Toll MD V Limited Partnership, a Maryland limited partnership. 

	116.	 Toll MD VI Limited Partnership, a Maryland limited partnership. 

	117.	 Toll MD VII Limited Partnership, a Maryland limited partnership. 

	118.	 Toll MD VIII Limited Partnership, a Maryland limited partnership. 

	119.	 Toll MD IX Limited Partnership, a Maryland limited partnership. 

	120.	 Toll MD X Limited Partnership, a Maryland limited partnership. 

	121.	 Toll MD XI Limited Partnership, a Maryland limited partnership. 

	122.	 Toll MI Limited Partnership, a Michigan limited partnership. 

	123.	 Toll MI II Limited Partnership, a Michigan limited partnership. 

	124.	 Toll MI III Limited Partnership, a Michigan limited partnership. 

	125.	 Toll MI IV Limited Partnership, a Michigan limited partnership. 

	126.	 Toll MI V Limited Partnership, a Michigan limited partnership. 

	127.	 Toll MI VI Limited Partnership, a Michigan limited partnership. 

	128.	 Toll MN, L.P., a Minnesota limited partnership. 

	129.	 Toll MN II, L.P., a Minnesota limited partnership. 

	130.	 Toll Naples Limited Partnership, a Florida limited partnership. 

	131.	 Toll Naval Associates, a Pennsylvania general partnership. 

	132.	 Toll NC, L.P., a North Carolina limited partnership. 

	133.	 Toll NC II LP, a North Carolina limited partnership. 

	134.	 Toll NC III LP, a North Carolina limited partnership. 

	135.	 Toll NJ, L.P., a New Jersey limited partnership. 

	136.	 Toll NJ II, L.P., a New Jersey limited partnership. 

	137.	 Toll NJ III, L.P., a New Jersey limited partnership. 

	138.	 Toll NJ IV, L.P., a New Jersey limited partnership. 

	139.	 Toll NJ VI, L.P., a New Jersey limited partnership. 

	140.	 Toll NJ VII, L.P., a New Jersey limited partnership. 

	141.	 Toll NJ VIII, L.P., a New Jersey limited partnership. 

	142.	 Toll NJ IX, L.P., a New Jersey limited partnership. 

	143.	 Toll NJ XI, L.P., a New Jersey limited partnership. 

	144.	 Toll NJ XII LP, a New Jersey limited partnership. 

	145.	 Toll NV Limited Partnership, a Nevada limited partnership. 

	146.	 Toll NY L.P., a New York limited partnership. 

	147.	 Toll NY III L.P., a New York limited partnership. 

	148.	 Toll NY IV L.P., a New York limited partnership. 

	149.	 Toll NY V L.P., a New York limited partnership. 

	150.	 Toll Orlando Limited Partnership, a Florida limited partnership. 

	151.	 Toll PA, L.P., a Pennsylvania limited partnership. 

	152.	 Toll PA II, L.P., a Pennsylvania limited partnership. 

	153.	 Toll PA III, L.P., a Pennsylvania limited partnership. 

	154.	 Toll PA IV, L.P., a Pennsylvania limited partnership. 

	155.	 Toll PA V, L.P., a Pennsylvania limited partnership. 

	156.	 Toll PA VI, L.P., a Pennsylvania limited partnership. 

	157.	 Toll PA VIII, L.P., a Pennsylvania limited partnership. 

	158.	 Toll PA IX, L.P., a Pennsylvania limited partnership. 

	159.	 Toll PA X, L.P., a Pennsylvania limited partnership. 

	160.	 Toll PA XI, L.P., a Pennsylvania limited partnership. 

	161.	 Toll PA XII, L.P., a Pennsylvania limited partnership. 

	162.	 Toll PA XIII, L.P., a Pennsylvania limited partnership. 

	163.	 Toll PA XIV, L.P., a Pennsylvania limited partnership. 

	164.	 Toll PA XV, L.P., a Pennsylvania limited partnership. 

	165.	 Toll PA XVI, L.P., a Pennsylvania limited partnership. 

	166.	 Toll PA XVII, L.P., a Pennsylvania limited partnership. 

	167.	 Toll PA XVIII, L.P., a Pennsylvania limited partnership. 

	168.	 Toll PA XIX, L.P., a Pennsylvania limited partnership. 

	169.	 Toll PA Development LP, a Pennsylvania limited partnership. 

	170.	 Toll PA Management LP, a Pennsylvania limited partnership. 

	171.	 Toll Plaza, LP, a Pennsylvania limited partnership. 

	172.	 Toll Realty Holdings LP, a Delaware limited partnership. 

	173.	 Toll RI, L.P., a Rhode Island limited partnership. 

	174.	 Toll RI II, L.P., a Rhode Island limited partnership. 

	175.	 Toll SC, L.P., a South Carolina limited partnership. 

	176.	 Toll SC II, L.P., a South Carolina limited partnership. 

	177.	 Toll SC III, L.P., a South Carolina limited partnership. 

	178.	 Toll SC IV, L.P., a South Carolina limited partnership. 

	179.	 Toll Stonebrae LP, a California limited partnership. 

	180.	 Toll VA, L.P., a Virginia limited partnership. 

	181.	 Toll VA II, L.P., a Virginia limited partnership. 

	182.	 Toll VA III, L.P., a Virginia limited partnership. 

	183.	 Toll VA IV, L.P., a Virginia limited partnership. 

	184.	 Toll VA V, L.P., a Virginia limited partnership. 

	185.	 Toll VA VI, L.P., a Virginia limited partnership. 

	186.	 Toll VA VII, L.P., a Virginia limited partnership. 

	187.	 Toll VA VIII, L.P., a Virginia limited partnership. 

	188.	 Toll WV, L.P., a West Virginia limited partnership. 

	189.	 Toll YL II, L.P., a California limited partnership. 

	190.	 Toll Washington Square LP, a Delaware limited partnership. 

	191.	 Toll-Dublin, L.P., a California limited partnership. 

 

	 	C.	 Joint Venture Limited Partnership 

1. Dolington Land LP, a Pennsylvania limited partnership. 
  

	 	D.	 Joint Venture (Wholly-Owned) 

1. Porter Ranch Development Co., a California joint venture. 

	 	E.	 Limited Liability Companies 

 

	1.	 31 E. Thomas Road LLC, an Arizona limited liability company. 

	2.	 55 West 17th Street Partners LLC, a New York limited
liability company. 

	3.	 89 Park Avenue LLC, a New York limited liability company. 

	4.	 100 Barrow Street LLC, a New York limited liability company. 

	5.	 100 Barrow Street Member LLC, a New York limited liability company. 

	6.	 126-142 Morgan Street Urban Renewal LLC, a New Jersey limited liability
company. 

	7.	 134 Bay Street LLC, a Delaware limited liability company. 

	8.	 353-357 Broadway Owner LLC, a New York limited liability company.

	9.	 353-357 Broadway Owner Member LLC, a New York limited liability
company. 

	10.	 435 North Broad Associates LLC, a Delaware limited liability company. 

	11.	 700 Grove Street Urban Renewal, LLC, a New Jersey limited liability company. 

	12.	 1400 Hudson LLC, a New Jersey limited liability company. 

	13.	 1450 Washington LLC, a New Jersey limited liability company. 

	14.	 1451 Hudson LLC, a New Jersey limited liability company. 

	15.	 1500 Garden St. LLC, a New Jersey limited liability company. 

	16.	 2686-2690 Broadway LLC, a New York limited liability company. 

	17.	 2686-2690 Broadway Member LLC, a New York limited liability company. 

	18.	 Approvals Management LLC, a Delaware limited liability company. 

	19.	 Approvals Management Member LLC, a Delaware limited liability company. 

	20.	 Arbor Hills Development LLC, a Michigan limited liability company. 

	21.	 Arbor’s Porter Ranch, LLC, a California limited liability company. 

	22.	 Belmont Country Club I LLC, a Virginia limited liability company. 

	23.	 Belmont Country Club II LLC, a Virginia limited liability company. 

	24.	 Block 255 LLC, a New Jersey limited liability company. 

	25.	 Block 268 LLC, a New Jersey limited liability company. 

	26.	 Brier Creek Country Club I LLC, a North Carolina limited liability company. 

	27.	 Brier Creek Country Club II LLC, a North Carolina limited liability company. 

	28.	 Broad Washington GP, LLC, a Delaware limited liability company. 

	29.	 Byers Commercial LLC, a Pennsylvania limited liability company. 

	30.	 Component Systems I LLC, a Delaware limited liability company. 

	31.	 Component Systems II LLC, a Delaware limited liability company. 

	32.	 Corporate Drive Apartments LLC, a New York limited liability company. 

	33.	 CWG Construction Company LLC, a New Jersey limited liability company. 

	34.	 CWG Management LLC, a New Jersey limited liability company. 

	35.	 Dominion Valley Country Club I LLC, a Virginia limited liability company. 

	36.	 Dominion Valley Country Club II LLC, a Virginia limited liability company. 

	37.	 East Windsor Investments I LLC, a New Jersey limited liability company. 

	38.	 East Windsor Investments II LLC, a New Jersey limited liability company. 

	39.	 Enclave at Long Valley I LLC, a New Jersey limited liability company. 

	40.	 Enclave at Long Valley II LLC, a New Jersey limited liability company. 

	41.	 First Brandywine LLC I, a Delaware limited liability company. 

	42.	 First Brandywine LLC II, a Delaware limited liability company. 

	43.	 First Avenue Sutton Member LLC, a Delaware limited liability company. 

	44.	 French Creek Acquisition GP, LLC a Delaware limited liability company. 

	45.	 Frenchman’s Reserve Realty, LLC, a Florida limited liability company. 

	46.	 GB LB-ESSEX1 LLC, a Delaware limited liability company.

	47.	 GCAM REO LLC, a Delaware limited liability company. 

	48.	 Gibraltar AB Investments LLC, a Delaware limited liability company. 

	49.	 Gibraltar Asset Management Services LLC, a Delaware limited liability company. 

	50.	 Gibraltar BBI Investments LLC, a Delaware limited liability company. 

	51.	 Gibraltar BMI LLC, a Delaware limited liability company. 

	52.	 Gibraltar Capital and Asset Management LLC, a Delaware limited liability company. 

	53.	 Gibraltar Real Estate Capital LLC, a Delaware limited liability company. 

	54.	 Golden Triangle Financial LLC, a Delaware limited liability company. 

	55.	 Goshen Road Land Company LLC, a Pennsylvania limited liability company. 

	56.	 Hampton Hall Investments LLC, a South Carolina limited liability company. 

	57.	 Hasentree Country Club I LLC, a North Carolina limited liability company. 

	58.	 Hasentree Country Club II LLC, a North Carolina limited liability company. 

	59.	 Hatboro Road Associates LLC, a Pennsylvania limited liability company. 

	60.	 HBNE Real Estate Investments I LLC, a Delaware limited liability company. 

	61.	 HBNE Real Estate Investments II LLC, a Delaware limited liability company. 

	62.	 HBSE Real Estate Investments I LLC, a Delaware limited liability company. 

	63.	 HBSE Real Estate Investments II LLC, a Delaware limited liability company. 

	64.	 HBWC Real Estate Investments I LLC, a Delaware limited liability company. 

	65.	 HBWC Real Estate Investments II LLC, a Delaware limited liability company. 

	66.	 Heritage Manor Development, LLC, a Massachusetts limited liability company. 

	67.	 HM Investments LLC, a Virginia limited liability company. 

	68.	 HM Investments II LLC, a Virginia limited liability company. 

	69.	 Hoboken Cove LLC, a New Jersey limited liability company. 

	70.	 Hoboken Land I LLC, a Delaware limited liability company. 

	71.	 Idaho TradeUp LLC, an Idaho limited liability company. 

	72.	 Jacksonville TBI Realty, LLC, a Florida limited liability company. 

	73.	 Liseter Land Company LLC, a Pennsylvania limited liability company. 

	74.	 Liseter, LLC, a Delaware limited liability company. 

	75.	 LL Parcel E, LLC, a New York limited liability company. 

	76.	 LL Parcel I, LLC, a New York limited liability company. 

	77.	 Long Meadows TBI, LLC, a Maryland limited liability company. 

	78.	 Martinsburg Ventures, L.L.C., a Virginia limited liability company. 

	79.	 Medway Residential LLC, a Delaware limited liability company. 

	80.	 Mizner Realty, L.L.C., a Florida limited liability company. 

	81.	 Morgan Street JV LLC, a Delaware limited liability company. 

	82.	 Naples TBI Realty, LLC, a Florida limited liability company. 

	83.	 Northville Lake Village Apartments Limited Liability Company, a Michigan limited liability company.

	84.	 Orlando TBI Realty LLC, a Florida limited liability company. 

	85.	 Placentia Development Company, LLC, a California limited liability company. 

	86.	 Plum Canyon Master LLC, a Delaware limited liability company. 

	87.	 PRD Investors, LLC, a Delaware limited liability company. 

	88.	 PT Maxwell Holdings, LLC, a New Jersey limited liability company. 

	89.	 P.T. Maxwell, L.L.C., a New Jersey limited liability company. 

	90.	 QOF IA, LLC, a Delaware limited liability company. 

	91.	 QOF IB, LLC, a Delaware limited liability company. 

	92.	 QOF II, LLC, a Delaware limited liability company. 

	93.	 QOF III, LLC, a Delaware limited liability company. 

	94.	 QOF IV, LLC, a Delaware limited liability company. 

	95.	 QOF V, LLC, a Delaware limited liability company. 

	96.	 QOZB IA, LLC, a Delaware limited liability company. 

	97.	 QOZB IB, LLC, a Delaware limited liability company. 

	98.	 QOZB III, LLC, a Delaware limited liability company. 

	99.	 QOZB V, LLC, a Delaware limited liability company. 

	100.	 Rancho Costera LLC, a Delaware limited liability company. 

	101.	 Regency at Denville, LLC, a New Jersey limited liability company. 

	102.	 Regency at Dominion Valley LLC, a Virginia limited liability company. 

	103.	 Regency at Washington I LLC, a New Jersey limited liability company. 

	104.	 Regency at Washington II LLC, a New Jersey limited liability company. 

	105.	 The Regency Golf Club I LLC, a Virginia limited liability company. 

	106.	 The Regency Golf Club II LLC, a Virginia limited liability company. 

	107.	 Ridge at Alta Vista Investments I LLC, a Texas limited liability company. 

	108.	 Ridge at Alta Vista Investments II LLC, a Texas limited liability company. 

	109.	 Ridge Residential LLC, a Delaware limited liability company. 

	110.	 Scituate Residential LLC, a Delaware limited liability company. 

	111.	 Saugus Residential LLC, a Delaware limited liability company. 

	112.	 Shapell Hold Properties No. 1, LLC, a Delaware limited liability company. 

	113.	 Shapell Land Company, LLC, a Delaware limited liability company. 

	114.	 Snowmass Club I LLC, a Colorado limited liability company. 

	115.	 Snowmass Club II LLC, a Colorado limited liability company. 

	116.	 SR Amberlea LLC, a Virginia limited liability company. 

	117.	 SRLP II LLC, a Virginia limited liability company. 

	118.	 State College Apartments LLC, a Delaware limited liability company. 

	119.	 Sterling Grove Country Club LLC, an Arizona limited liability company. 

	120.	 Tampa TBI Realty LLC, a Florida limited liability company. 

	121.	 TB Decatur LLC, a Delaware limited liability company. 

	122.	 TB Ennis LLC, a Delaware limited liability company. 

	123.	 TB Frisco Square LLC, a Delaware limited liability company. 

	124.	 TBH Radnor LLC, a Delaware limited liability company. 

	125.	 TB Kent Partners LLC, a Delaware limited liability company. 

	126.	 TB Norwalk Apartments LLC, a Delaware limited liability company. 

	127.	 TB Plano 1 LLC, a Delaware limited liability company. 

	128.	 TB Port Liberte LLC, a Delaware limited liability company. 

	129.	 TB Public Ledger LLC, a Delaware limited liability company. 

	130.	 TB Rivercrest LLC, a Delaware limited liability company. 

	131.	 TB Van Buren LLC, a Delaware limited liability company. 

	132.	 TB Warm Springs LLC, a Delaware limited liability company. 

	133.	 TB Wheeler Apartments LLC, a Delaware limited liability company. 

	134.	 TB White Plains Apartments LLC, a Delaware limited liability company. 

	135.	 TL Oil & Gas LLC, a Texas limited liability company. 

	136.	 Toll 7th Terrace LLC, a Delaware limited liability
company. 

	137.	 Toll Apartments Construction Management LLC, a Delaware limited liability company. 

	138.	 Toll Apartments Development Management LLC, a Delaware limited liability company. 

	139.	 Toll Apartments GP, LLC, a Delaware limited liability company. 

	140.	 Toll Apartments Management LLC, a Delaware limited liability company. 

	141.	 Toll Austin TX LLC, a Texas limited liability company. 

	142.	 Toll Austin TX II LLC, a Texas limited liability company. 

	143.	 Toll Austin TX III LLC, a Texas limited liability company. 

	144.	 Toll BBC LLC, a Texas limited liability company. 

	145.	 Toll BBC II LLC, a Texas limited liability company. 

	146.	 Toll BCCC, LLC, an Illinois limited liability company. 

	147.	 Toll Brothers Fort Monmouth LLC, a New Jersey limited liability company. 

	148.	 Toll CA I LLC, a California limited liability company. 

	149.	 Toll CA III LLC, a California limited liability company. 

	150.	 Toll CA Note II LLC, a California limited liability company. 

	151.	 Toll Cedar Hunt LLC, a Virginia limited liability company. 

	152.	 Toll CO I LLC, a Colorado limited liability company. 

	153.	 Toll College Park LLC, a Maryland limited liability company. 

	154.	 Toll Commerce LLC, a Delaware limited liability company. 

	155.	 Toll Corners LLC, a Delaware limited liability company. 

	156.	 Toll Dallas TX LLC, a Texas limited liability company. 

	157.	 Toll Damonte LLC, a Nevada limited liability company. 

	158.	 Toll DC IV, LLC, a District of Columbia limited liability company. 

	159.	 Toll DC Development LLC, a Delaware limited liability company. 

	160.	 Toll DC Holdings LLC, a Delaware limited liability company. 

	161.	 Toll DC Management LLC, a Delaware limited liability company. 

	162.	 Toll-Dublin, LLC, a California limited liability company. 

	163.	 Toll East 23rd Street LLC, a Delaware limited liability
company. 

	164.	 Toll E. 33rd Street LLC, a Delaware limited liability
company. 

	165.	 Toll EB, LLC, a Delaware limited liability company. 

	166.	 Toll Equipment, L.L.C., a Delaware limited liability company. 

	167.	 Toll First Avenue LLC, a New York limited liability company. 

	168.	 Toll FL I, LLC, a Florida limited liability company. 

	169.	 Toll FL II LLC, a Florida limited liability company. 

	170.	 Toll FL III LLC, a Florida limited liability company. 

	171.	 Toll FL IV LLC, a Florida limited liability company. 

	172.	 Toll FL V LLC, a Florida limited liability company. 

	173.	 Toll GC LLC, a New York limited liability company. 

	174.	 Toll GC II LLC, a New York limited liability company. 

	175.	 Toll Gibraltar I LLC, a Pennsylvania limited liability company. 

	176.	 Toll Gibraltar II LLC, a Pennsylvania limited liability company. 

	177.	 Toll Glastonbury LLC, a Connecticut limited liability company. 

	178.	 Toll Henderson LLC, a Nevada limited liability company. 

	179.	 Toll Henderson II LLC, a Nevada limited liability company. 

	180.	 Toll Hoboken LLC, a Delaware limited liability company. 

	181.	 Toll Holmdel Urban Renewal LLC, a New Jersey limited liability company. 

	182.	 Toll Houston Land LLC, a Texas limited liability company. 

	183.	 Toll Houston TX LLC, a Texas limited liability company. 

	184.	 Toll Huntington LLC, a Delaware limited liability company. 

	185.	 Toll ID I LLC, an Idaho limited liability company. 

	186.	 Toll IN LLC, an Indiana limited liability company. 

	187.	 Toll Inspirada LLC, a Nevada limited liability company. 

	188.	 Toll Jupiter LLC, a Florida limited liability company. 

	189.	 Toll Land VII LLC, a New York limited liability company. 

	190.	 Toll Landscape, L.L.C., a Delaware limited liability company. 

	191.	 Toll Landscape II, L.L.C., a Delaware limited liability company. 

	192.	 Toll Lexington LLC, a New York limited liability company. 

	193.	 Toll Lexington GC LLC, a New York limited liability company. 

	194.	 Toll MA I LLC, a Massachusetts limited liability company. 

	195.	 Toll MA II LLC, a Massachusetts limited liability company. 

	196.	 Toll MA III LLC, a Massachusetts limited liability company. 

	197.	 Toll MA IV LLC, a Massachusetts limited liability company. 

	198.	 Toll MA Development LLC, a Massachusetts limited liability company. 

	199.	 Toll MA Holdings LLC, a Delaware limited liability company. 

	200.	 Toll MA Land II GP LLC, a Delaware limited liability company. 

	201.	 Toll MA Management LLC, a Massachusetts limited liability company. 

	202.	 Toll Maxwell LLC, a New Jersey limited liability company. 

	203.	 Toll MD I, L.L.C., a Maryland limited liability company. 

	204.	 Toll MD II LLC, a Maryland limited liability company. 

	205.	 Toll MD III LLC, a Maryland limited liability company. 

	206.	 Toll MD IV LLC, a Maryland limited liability company. 

	207.	 Toll MD Realty LLC, a Maryland limited liability company. 

	208.	 Toll Mid-Atlantic II LLC, a Delaware limited liability company

	209.	 Toll Midwest LLC, a Delaware limited liability company. 

	210.	 Toll Milano LLC, a Delaware limited liability company. 

	211.	 Toll Morgan Street LLC, a Delaware limited liability company. 

	212.	 Toll NC I LLC, a North Carolina limited liability company. 

	213.	 Toll NC IV LLC, a North Carolina limited liability company. 

	214.	 Toll NC Note LLC, a North Carolina limited liability company. 

	215.	 Toll NC Note II LLC, a North Carolina limited liability company. 

	216.	 Toll Needham LLC, a Delaware limited liability company. 

	217.	 Toll NJ I, L.L.C., a New Jersey limited liability company. 

	218.	 Toll NJ II, L.L.C., a New Jersey limited liability company. 

	219.	 Toll NJ III, LLC, a New Jersey limited liability company. 

	220.	 Toll NJ IV LLC, a New Jersey limited liability company. 

	221.	 Toll NJ Apartments Management LLC, a New Jersey limited liability company. 

	222.	 Toll Northeast II LLC, a Delaware limited liability company. 

	223.	 Toll Northeast VIII LLC, a Delaware limited liability company. 

	224.	 Toll North LV LLC, a Nevada limited liability company. 

	225.	 Toll North Reno LLC, a Nevada limited liability company. 

	226.	 Toll NV GP I LLC, a Nevada limited liability company. 

	227.	 Toll NV Holdings LLC, a Nevada limited liability company. 

	228.	 Toll NY II LLC, a New York limited liability company. 

	229.	 Toll Oak Creek Golf LLC, a Maryland limited liability company. 

	230.	 Toll Orange Terrace LLC, a Delaware limited liability company. 

	231.	 Toll Park Avenue South LLC, a Delaware limited liability company. 

	232.	 Toll Parkland GSC LLC, a Florida limited liability company. 

	233.	 Toll Parkland LLC, a Florida limited liability company. 

	234.	 Toll PA Twin Lakes LLC, a Pennsylvania limited liability company. 

	235.	 Toll Plaza, LLC, a Pennsylvania limited liability company. 

	236.	 Toll Plymouth LLC, a Pennsylvania limited liability company. 

	237.	 Toll Port Imperial LLC, a New Jersey limited liability company. 

	238.	 Toll Prasada LLC, an Arizona limited liability company. 

	239.	 Toll Provost Square I LLC, a Delaware limited liability company. 

	240.	 Toll San Antonio TX LLC, a Texas limited liability company. 

	241.	 Toll Sienna Member LLC, a Texas limited liability company. 

	242.	 Toll Southeast II LLC, a Delaware limited liability company. 

	243.	 Toll South LV LLC, a Nevada limited liability company. 

	244.	 Toll South Reno LLC, a Nevada limited liability company. 

	245.	 Toll Southwest LLC, a Delaware limited liability company. 

	246.	 Toll Southwest II LLC, a Delaware limited liability company. 

	247.	 Toll Sparks LLC, a Nevada limited liability company. 

	248.	 Toll Sutton Member Holdings LLC, a New York limited liability company. 

	249.	 Toll SW Holding LLC, a Nevada limited liability company. 

	250.	 Toll Technology Investments, L.L.C., a Delaware limited liability company. 

	251.	 Toll TX Note LLC, a Texas limited liability company. 

	252.	 Toll VA III L.L.C., a Virginia limited liability company. 

	253.	 Toll Van Wyck, LLC, a New York limited liability company. 

	254.	 Toll Vanderbilt II LLC, a Rhode Island limited liability company. 

	255.	 Toll Warren Urban Renewal LLC, a New Jersey limited liability company. 

	256.	 Toll Warren 25 Urban Renewal LLC, a New Jersey limited liability company. 

	257.	 Toll Washington Square GP LLC, a Delaware limited liability company. 

	258.	 Toll WBLH Member LLC, a Maryland limited liability company. 

	259.	 Toll West Coast LLC, a Delaware limited liability company. 

	260.	 Toll West Coast II LLC, a Delaware limited liability company. 

	261.	 Upper K Investors, LLC, a Delaware limited liability company. 

	262.	 Upper-K Shapell, LLC, a Delaware limited liability company.

	263.	 Vanderbilt Capital LLC, a Rhode Island limited liability company. 

	264.	 Van Wyck Residential I LLC, a New York limited liability company. 

	265.	 Van Wyck Residential II LLC, a New York limited liability company. 

	266.	 Virginia Construction Co. I, LLC, a Virginia limited liability company. 

	267.	 Virginia Construction Co. II, LLC, a Virginia limited liability company. 

	268.	 West Chester Partners Apartments LLC, a Pennsylvania limited liability company. 

	269.	 Westminster Title Agency, LLC, a Maryland limited liability company. 

 

	 	F.	 Joint Venture Limited Liability Companies 

 

	1.	 7th Terrace Investors LLC, a Delaware limited liability
company. 

	2.	 7th Terrace Property Owner LLC, a Delaware limited
liability company. 

	3.	 120 Commerce Apartments LLC, a Delaware limited liability company. 

	4.	 120 Commerce Holdings LLC, a Delaware limited liability company. 

	5.	 Orange Terrace Investors, LLC, a Delaware limited liability company. 

	6.	 Orange Terrace Property Owner, LLC, a Delaware limited liability company. 

	7.	 TB-CC II 7th
Terrace LLC, a Delaware limited liability company. 

	8.	 TB-CCF Commerce LLC, a Delaware limited liability company.

	9.	 TB-CDG Orange Terrace LLC, a Delaware limited liability company.

	10.	 TB-MBPA Milano LLC, a Delaware limited liability company

	11.	 TB Milano Apartments LLC, a Delaware limited liability company. 

	12.	 TB Milano Holdings LLC, a Delaware limited liability company. 

 SCHEDULE 8 

OTHER LIENS 
 None. 

 SCHEDULE 9 

ERISA MATTERS 
 None. 

 SCHEDULE 10 

ENVIRONMENTAL MATTERS 

None.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00301-of-00352.parquet"}]]