Document:

Exhibit 4.5

B. RILEY FINANCIAL, INC.

 

TO

 _________________________________

 

AS TRUSTEE

 

INDENTURE

 

DATED AS OF ________, 20__

 

SUBORDINATED DEBT SECURITIES

 

    	 

    	 

    

 

Table
of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1          DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	1
	Section 1.1	Definitions	1
	Section 1.2	Compliance Certificates and Opinions	8
	Section 1.3	Form of Documents Delivered to Trustee	8
	Section 1.4	Acts of Holders; Record Dates	9
	Section 1.5	Notices, etc., to Trustee and Company	10
	Section 1.6	Notice to Holders; Waiver	10
	Section 1.7	Conflict with Trust Indenture Act	10
	Section 1.8	Effect of Headings and Table of Contents	11
	Section 1.9	Successors and Assigns	11
	Section 1.10	Separability Clause	11
	Section 1.11	Benefits of Indenture	11
	Section 1.12	Governing Law	11
	Section 1.13	Legal Holidays	11
	Section 1.14	Indenture and Securities Solely Corporate Obligations	11
	Section 1.15	Indenture May be Executed in Counterparts	12
	ARTICLE 2          SECURITY FORMS	12
	Section 2.1	Forms Generally	12
	Section 2.2	Form of Face of Security	12
	Section 2.3	Form of Reverse of Security	13
	Section 2.4	Form of Legend for Global Securities	16
	Section 2.5	Form of Trustee’s Certificate of Authentication	16
	Section 2.6	Form of Conversion Notice	17
	ARTICLE 3          THE SECURITIES	17
	Section 3.1	Amount Unlimited; Issuable in Series	17
	Section 3.2	Denominations	20
	Section 3.3	Execution, Authentication, Delivery and Dating	20
	Section 3.4	Temporary Securities	21
	Section 3.5	Registration; Registration of Transfer and Exchange	21
	Section 3.6	Mutilated, Destroyed, Lost and Stolen Securities	22
	Section 3.7	Payment of Interest; Interest Rights Preserved	23
	Section 3.8	Persons Deemed Owners	24
	Section 3.9	Cancellation	24
	Section 3.10	Computation of Interest	24
	ARTICLE 4          SATISFACTION AND DISCHARGE	24
	Section 4.1	Satisfaction and Discharge of Indenture	24
	Section 4.2	Application of Trust Money	25
	ARTICLE 5          REMEDIES	25
	Section 5.1	Events of Default	25
	Section 5.2	Acceleration of Maturity; Rescission and Annulment	27
	Section 5.3	Collection of Indebtedness and Suits for Enforcement by Trustee	28
	Section 5.4	Trustee May File Proofs of Claim	28
	Section 5.5	Trustee May Enforce Claims Without Possession of Securities	28
	Section 5.6	Application of Money Collected	29
	Section 5.7	Limitation on Suits	29
	Section 5.8	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert	29
	Section 5.9	Restoration of Rights and Remedies	30
	Section 5.10	Rights and Remedies Cumulative	30
	Section 5.11	Delay or Omission Not Waiver	30
	Section 5.12	Control by Holders	30
	Section 5.13	Waiver of Past Defaults	30
	Section 5.14	Undertaking for Costs	31

 

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Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	Section 5.15	Waiver of Usury, Stay or Extension Laws	31
	ARTICLE 6          THE TRUSTEE	31
	Section 6.1	Certain Duties and Responsibilities	31
	Section 6.2	Notice of Defaults	31
	Section 6.3	Certain Rights of Trustee	32
	Section 6.4	Not Responsible for Recitals or Issuance of Securities	32
	Section 6.5	May Hold Securities and Act as Trustee under Other Indentures	33
	Section 6.6	Money Held in Trust	33
	Section 6.7	Compensation and Reimbursement	33
	Section 6.8	Conflicting Interests	33
	Section 6.9	Corporate Trustee Required; Eligibility	34
	Section 6.10	Resignation and Removal; Appointment of Successor	34
	Section 6.11	Acceptance of Appointment by Successor	35
	Section 6.12	Merger, Conversion, Consolidation or Succession to Business	36
	Section 6.13	Preferential Collection of Claims Against Company	36
	Section 6.14	Appointment of Authenticating Agent	36
	ARTICLE 7          HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	37
	Section 7.1	Company to Furnish Trustee Names and Addresses of Holders	37
	Section 7.2	Preservation of Information; Communications to Holders	37
	Section 7.3	Reports by Trustee	37
	Section 7.4	Reports by Company	38
	ARTICLE 8          CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	38
	Section 8.1	Company May Consolidate, etc., Only on Certain Terms	38
	Section 8.2	Successor Substituted	39
	ARTICLE 9          SUPPLEMENTAL INDENTURES	39
	Section 9.1	Supplemental Indentures Without Consent of Holders	39
	Section 9.2	Supplemental Indentures with Consent of Holders	40
	Section 9.3	Execution of Supplemental Indentures	41
	Section 9.4	Effect of Supplemental Indentures	41
	Section 9.5	Conformity with Trust Indenture Act	41
	Section 9.6	Reference in Securities to Supplemental Indentures	41
	Section 9.7	Subordination Unimpaired	41
	ARTICLE 10          COVENANTS	41
	Section 10.1	Payment of Principal, Premium and Interest	41
	Section 10.2	Maintenance of Office or Agency	41
	Section 10.3	Money for Securities Payments to be Held in Trust	42
	Section 10.4	Statement by Officers as to Default	43
	Section 10.5	Existence	43
	Section 10.6	Maintenance of Properties	43
	Section 10.7	Payment of Taxes and Other Claims	43
	Section 10.8	Waiver of Certain Covenants	43
	ARTICLE 11          REDEMPTION OF SECURITIES	44
	Section 11.1	Applicability of Article	44
	Section 11.2	Election to Redeem; Notice to Trustee	44
	Section 11.3	Selection by Trustee of Securities to Be Redeemed	44
	Section 11.4	Notice of Redemption	45
	Section 11.5	Deposit of Redemption Price	45
	Section 11.6	Securities Payable on Redemption Date	46
	Section 11.7	Securities Redeemed in Part	46
	ARTICLE 12          SINKING FUNDS	46
	Section 12.1	Applicability of Article	46
	Section 12.2	Satisfaction of Sinking Fund Payments with Securities	46
	Section 12.3	Redemption of Securities for Sinking Fund	47

 

    	-ii-

    	 

    

 

Table
of Contents

(continued)

 

	 	 	Page
	 	 	 
	ARTICLE 13          DEFEASANCE AND COVENANT DEFEASANCE	47
	Section 13.1	Company’s Option to Effect Defeasance or Covenant Defeasance	47
	Section 13.2	Defeasance and Discharge	47
	Section 13.3	Covenant Defeasance	48
	Section 13.4	Conditions to Defeasance or Covenant Defeasance	48
	Section 13.5	Deposited Money, U.S. Government Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions	50
	Section 13.6	Reinstatement	51
	ARTICLE 14          CONVERSION OF SECURITIES	51
	Section 14.1	Applicability of Article	51
	Section 14.2	Exercise of Conversion Privilege	51
	Section 14.3	No Fractional Shares	52
	Section 14.4	Adjustment of Conversion Price or Conversion Rate	52
	Section 14.5	Notice of Certain Corporate Actions	52
	Section 14.6	Reservation of Shares of Common Stock	53
	Section 14.7	Payment of Certain Taxes upon Conversion	53
	Section 14.8	Nonassessability	53
	Section 14.9	Provision in Case of Consolidation, Merger or Sale of Assets	54
	Section 14.10	Duties of Trustee Regarding Conversion	54
	Section 14.11	Repayment of Certain Funds upon Conversion	54
	ARTICLE 15          SUBORDINATION OF SECURITIES	55
	Section 15.1	Agreement of Subordination	55
	Section 15.2	Payments to Holders	55
	Section 15.3	Subrogation of Securities	57
	Section 15.4	Authorization to Effect Subordination	58
	Section 15.5	Notice to Trustee	58
	Section 15.6	Trustee’s Relation to Senior Debt	58
	Section 15.7	No Impairment of Subordination	59
	Section 15.8	Certain Conversions/Exchanges Deemed Payment	59
	Section 15.9	Article Applicable to Paying Agents	59
	Section 15.10	Senior Debt Entitled to Rely	59
	Section 15.11	Reliance on Judicial Order or Certificate of Liquidating Agent	59
	Section 15.12	Trust Monies Not Subordinated	60

 

    	-iii-

    	 

    

 

B. RILEY FINANCIAL, INC.

 

Certain Sections of this Indenture relating to Sections 3.10
through 3.18, inclusive, of the Trust Indenture Act of 1939:

 

	Section 310	 	(a)(1)	 	6.9
	 	 	(a)(2)	 	6.9
	 	 	(a)(3)	 	Not Applicable
	 	 	(a)(4)	 	Not Applicable
	 	 	(b)	 	6.8, 6.10
	Section 311	 	(a)	 	6.13
	 	 	(b)	 	6.13
	Section 312	 	(a)	 	7.1, 7.2
	 	 	(b)	 	7.2
	 	 	(c)	 	7.2
	Section 313	 	(a)	 	7.3
	 	 	(b)	 	7.3
	 	 	(c)	 	7.3
	 	 	(d)	 	7.3
	Section 314	 	(a)	 	7.4
	 	 	(a)(4)	 	1.1, 10.4
	 	 	(b)	 	Not Applicable
	 	 	(c)(1)	 	1.2
	 	 	(c)(2)	 	1.2
	 	 	(c)(3)	 	Not Applicable
	 	 	(d)	 	Not Applicable
	 	 	(e)	 	1.2
	Section 315	 	(a)	 	6.1
	 	 	(b)	 	6.2
	 	 	(c)	 	6.1
	 	 	(d)	 	6.1
	 	 	(e)	 	5.14
	Section 316	 	(a)	 	1.1
	 	 	(a)(1)(A)	 	5.2, 5.12
	 	 	(a)(1)(B)	 	5.13
	 	 	(a)(2)	 	Not Applicable
	 	 	(b)	 	5.8
	 	 	(c)	 	1.4
	Section 317	 	(a)(1)	 	5.3
	 	 	(a)(2)	 	5.4
	 	 	(b)	 	10.3
	Section 318	 	(a)	 	1.7

 

NOTE: This reconciliation and tie shall not, for any purpose,
be deemed to be a part of the Indenture.

 

    	 

    	 

    

 

INDENTURE, dated as of          
, 20     , between B. RILEY FINANCIAL, INC., a corporation duly organized and existing under the laws of the
State of Delaware (herein called the “Company”), having its principal executive office at 21860 Burbank Boulevard,
Suite 300 South, Woodland Hills, California 91367 and           , as Trustee
(herein called the “Trustee”).

  

RECITALS OF THE COMPANY

 

The Company has duly authorized the execution
and delivery of this Indenture to provide for the issuance from time to time of its unsecured subordinated debentures, notes or
other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series as provided in
this Indenture.

 

All things necessary to make this Indenture
a valid agreement of the Company, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

For and in consideration of the premises
and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for the equal and proportionate
benefit of all Holders of the Securities or of series thereof appertaining, as follows:

 

ARTICLE
1

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

 

Section 1.1 Definitions.

 

For all purposes of this Indenture, except
as otherwise expressly provided or unless the context otherwise requires:

 

(1)the terms defined in this
Article have the meanings assigned to them in this Article and include the plural as well as the singular;

 

(2)all other terms used herein
which are defined in the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein;

 

(3)all accounting terms not
otherwise defined herein have the meanings assigned to them in accordance with generally accepted accounting principles in the
United States of America, and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” with respect to any computation required or permitted hereunder shall mean such accounting principles in the
United States of America as are generally accepted at the date of such computation;

 

(4)all references to “$”
refer to the lawful currency of the United States of America;

 

(5)unless the context otherwise
requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may
be, of this Indenture; and

 

(6)the words “herein,”
“hereof” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to
any particular Article, Section or other subdivision.

 

“Act,” when used with respect
to any Holder, has the meaning specified in Section 1.4.

 

“Additional Interest” has the
meaning specified in Section 5.2(b).

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with
such specified Person.

 

    	 

    	 

    

 

“Authenticating Agent” means
any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of the Trustee to authenticate Securities of one
or more series.

 

“Board of Directors” means either
the board of directors of the Company or any duly authorized committee of that board empowered to act for it with respect to this
Indenture.

 

“Board Resolution” means a copy
of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors
and to be in full force and effect on the date of such certification, and delivered to the Trustee.

 

“Business Day,” when used with
respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking
institutions in that Place of Payment are authorized or obligated by law or executive order to close.

 

“Commission” means the Securities
and Exchange Commission, from time to time constituted, created under the Exchange Act, or, if at any time after the execution
of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act,
then the body performing such duties at such time.

 

“Common Stock” includes
any stock of any class of the Company which has no preference in respect of dividends or of amounts payable in the event of
any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which is not subject to redemption by
the Company; provided, however, subject to the provisions of Section 14.9, shares issuable upon
conversion of Securities shall include only shares of the class designated as Common Stock of the Company at the date of this
Indenture or shares of any class or classes resulting from any reclassification or reclassifications thereof and which have
no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation,
dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided, further, that if at any time there shall be more than one such resulting class, the shares of each such class then so
issuable shall be substantially in the proportion which the total number of shares of such class resulting from all such
reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications.

 

“Company” means the corporation
named as the “Company” in the first paragraph of this instrument until a successor Person shall have become such pursuant
to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person.

 

“Company Request” or “Company
Order” means a written request or order signed in the name of the Company by its Chairman of the Board, its Vice Chairman
of the Board, its Chief Executive Officer, its President or a Vice President, and by its principal financial officer, its Treasurer,
an Assistant Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

 

“Constituent Person” has the
meaning specified in Section 14.9.

 

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

 

“Corporate Trust Office” means the
corporate trust office of the Trustee at           , Attention: Corporate Trust
Department, or such other office, designated by the Trustee by written notice to the Company, at which at any particular time its
corporate trust business shall be administered.

  

“corporation” means a corporation,
association, company, joint-stock company or business trust.

 

“Covenant Defeasance” has the
meaning specified in Section 13.3.

 

“Defaulted Interest” has the
meaning specified in Section 3.7.

 

    	-2-

    	 

    

 

“Defeasance” has the meaning
specified in Section 13.2.

 

“Depositary” means, with respect
to Securities of any series issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered
under the Exchange Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1.

 

“Designated Senior Debt” means
the Company’s obligations under any particular Senior Debt in which the instrument creating or evidencing the same or the
assumption or guarantee thereof (or related agreements or documents to which the Company is a party) expressly provides that such
Senior Debt shall be “Designated Senior Debt” for purposes of this Indenture (provided, that such instrument,
agreement or other document may place limitations and conditions on the right of such Senior Debt to exercise the rights of Designated
Senior Debt). If any payment made to any holder of any Designated Senior Debt or its Representative with respect to such Designated
Senior Debt is rescinded or must otherwise be returned by such holder or Representative upon the insolvency, bankruptcy or reorganization
of the Company or otherwise, the reinstated Indebtedness of the Company arising as a result of such rescission or return shall
constitute Designated Senior Debt effective as of the date of such rescission or return.

 

“euro” or “euros”
means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the
Treaty on European Union, signed at Maastricht on February 7, 1992.

 

“European Economic Area” means
the member nations of the European Economic Area pursuant to the Oporto Agreement on the European Economic Area dated May 2, 1992,
as amended.

 

“European Union” means the member
nations of the European Union established by the Treaty of European Union, signed at Maastricht on February 7, 1992, which amended
the Treaty of Rome establishing the European Community.

 

“Event of Default” has the meaning
specified in Section 5.1.

 

“Exchange Act” means the Securities
Exchange Act of 1934 and any statute successor thereto, in each case as amended from time to time.

 

“Expiration Date” has the meaning
specified in Section 1.4.

 

“Foreign Government Obligation”
means with respect to Securities of any series which are not denominated in the currency of the United States of America (x) any
security which is (i) a direct obligation of the government which issued or caused to be issued the currency in which such security
is denominated and for the payment of which obligations its full faith and credit is pledged or, with respect to Securities of
any series which are denominated in euros, a direct obligation of any member nation of the European Union for the payment of which
obligation the full faith and credit of the respective nation is pledged so long as such nation has a credit rating at least equal
to that of the highest rated member nation of the European Economic Area, or (ii) an obligation of a Person controlled or supervised
by and acting as an agency or instrumentality of a government specified in clause (i) above the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the such government, which, in either case (i) or (ii), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any Foreign Government Obligation which is specified in clause (x) above and
held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal
of or interest on any Foreign Government Obligation which is so specified and held, provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the Foreign Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

 

    	-3-

    	 

    

 

“Global Security” means a Security
that evidences all or part of the Securities of any series and bears the legend set forth in Section 2.4 (or such legend as may
be specified as contemplated by Section 3.1 for such Securities).

 

“Holder” means a Person in whose
name a Security is registered in the Security Register.

 

“Indebtedness” means, with respect
to any Person, and without duplication, whether absolute or contingent, secured or unsecured, due or to become due, (a) all indebtedness,
obligations and other liabilities (contingent or otherwise) of such Person evidenced by a credit or loan agreement, note, bond,
debenture, or other written obligation (whether or not the recourse of the lender is to the whole of the assets of such person
or to only a portion thereof) or for money borrowed (including obligations of such Person in respect of overdrafts, foreign exchange
contracts, currency exchange agreements, interest rate protection agreements, and any loans or advances from banks, whether or
not evidenced by notes or similar instruments); (b) all obligations and liabilities (contingent or otherwise) of such Person evidenced
by a note or similar instrument given in connection with the acquisition of any businesses, properties or assets of any kind; (c)
all obligations and liabilities (contingent or otherwise) in respect of leases of such Person required, in conformity with generally
accepted accounting principles, to be accounted for as capitalized lease obligations on the balance sheet of such Person and all
obligations and other liabilities (contingent or otherwise) or as lessee under any leases or related documents for facilities,
capital equipment or related assets, whether or not capitalized, entered into or leased for financing purposes; (d) all obligations
of such Person (contingent or otherwise) with respect to interest rate and currency swaps, caps, floors, collars, hedge agreements,
forward contracts or similar agreements or arrangements; (e) all obligations and other liabilities (contingent or otherwise) of
such Person with respect to letters of credit, bankers’ acceptances or similar facilities, including reimbursement obligations
with respect to the foregoing; (f) all obligations and liabilities of such Person or assumed as the deferred purchase price of
property or services, but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business;
(g) all obligations of the type referred to in (a) through (f) above of another Person the payment of which, in either case, such
Person has assumed or guaranteed or for which such Person is responsible or liable directly or indirectly, jointly or severally,
as obligor, guarantor or otherwise, or which are secured by a lien on such Person’s property; and (h) any and all renewals,
extensions, modifications, replacements, restatements and refundings of, or, any indebtedness or obligation issued in exchange
for, any such indebtedness or obligation of the kind described in clauses (a) through (g) above.

 

“Indenture” means this instrument
as originally executed and as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof, including, for all purposes of this instrument and any such supplemental
indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of particular series of Securities established
as contemplated by Section 3.1; provided, however, that if at any time more than one Person is acting as Trustee
under this Indenture due to the appointment of one or more separate Trustees for any one or more separate series of Securities,
“Indenture” shall mean, with respect to such series of Securities for which any such Person is Trustee, this instrument
as originally executed or as it may from time to time be supplemented or amended by one or more indentures supplemental hereto
entered into pursuant to the applicable provisions hereof and shall include the terms of particular series of Securities for which
such Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions or terms which relate
solely to other series of Securities for which such Person is not Trustee, regardless of when such terms or provisions were adopted,
and exclusive of any provisions or terms adopted by means of one or more indentures supplemental hereto executed and delivered
after such Person had become such Trustee, but to which such person, as such Trustee, was not a party; provided, further
that in the event that this Indenture is supplemented or amended by one or more indentures supplemental hereto which are only applicable
to certain series of Securities, the term “Indenture” for a particular series of Securities shall only include the
supplemental indentures applicable thereto.

 

“interest,” when used with respect
to an Original Issue Discount Security, which by its terms bears interest only after Maturity, means interest payable after Maturity.

 

“Interest Payment Date,” when
used with respect to any Security, means the Stated Maturity of an installment of interest on such Security.

 

    	-4-

    	 

    

 

“Investment Company Act” means
the Investment Company Act of 1940 and any statute successor thereto, in each case as amended from time to time.

 

“Maturity,” when used with respect
to any Security, means the date on which the principal of such Security or an installment of principal becomes due and payable
as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, repurchase at the option
of the Holder, upon redemption or otherwise.

 

“Non-electing Share” has the
meaning specified in Section 14.9.

 

“Non-Payment Default” has the
meaning specified in Section 15.2.

 

“Notice of Default” means a
written notice of the kind specified in Section 5.1(4).

 

“Officers’ Certificate”
means a certificate signed by the Chairman of the Board, a Vice Chairman of the Board, the Chief Executive Officer, the President
or a Vice President, and by the principal financial officer, the Treasurer, an Assistant Treasurer, the Secretary or an Assistant
Secretary, of the Company, and delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant
to Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

 

“Opinion of Counsel” means a
written opinion of counsel, who may be counsel for, or an employee of, the Company, and who shall be reasonably acceptable to the
Trustee.

 

“Original Issue Discount Security”
means any Security that provides for an amount less than the principal amount thereof to be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 5.2.

 

“Outstanding,” when used with
respect to Securities, means, as of the date of determination, all Securities theretofore authenticated and delivered under this
Indenture, except

 

(1) Securities theretofore canceled by the
Trustee or delivered to the Trustee for cancellation;

 

(2) Securities for whose payment or redemption
money in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such
Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant
to this Indenture or provision therefor satisfactory to the Trustee has been made;

 

(3) Securities as to which Defeasance has
been effected pursuant to Section 13.2; and

 

(4) Securities which have been paid pursuant
to Section 3.6 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Securities are held by a bona fide purchaser in whose hands such Securities are valid obligations of the Company;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the Outstanding Securities have given, made or taken any request,
demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of
an Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the principal thereof which
would be due and payable as of such date upon acceleration of the Maturity thereof to such date pursuant to Section 5.2, (B) if,
as of such date, the principal amount payable at the Stated Maturity of a Security is not determinable, the principal amount of
such Security which shall be deemed to be Outstanding shall be the amount as specified or determined as contemplated by Section
3.1, (C) the principal amount of a Security denominated in one or more non-U.S. dollar currencies or currency units which shall
be deemed to be Outstanding shall be the U.S. dollar equivalent, determined as of such date in the manner provided as contemplated
by Section 3.1, of the principal amount of such Security (or, in the case of a Security described in clause (A) or (B) above, of
the amount determined as provided in such clause), and (D) Securities owned by the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in
determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Company or any other
obligor upon the Securities or any Affiliate of the Company or of such other obligor.

 

    	-5-

    	 

    

 

“Paying Agent” means any Person
authorized by the Company to pay the principal of or any premium or interest on any Securities on behalf of the Company.

 

“Payment Blockage Notice” has
the meaning specified in Section 15.2.

 

“Payment Default” has the meaning
specified in Section 15.2.

 

“Person” means any individual,
corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency
or political subdivision thereof.

 

“Place of Payment,” when used
with respect to the Securities of any series, means the place or places where the principal of and any premium and interest on
the Securities of that series are payable as specified as contemplated by Section 3.1.

 

“Predecessor Security” of any
particular Security means every previous Security evidencing all or a portion of the same debt as that evidenced by such particular
Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in exchange for
or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed,
lost or stolen Security.

 

“Record Date” means any Regular
Record Date or Special Record Date.

 

“Redemption Date,” when used
with respect to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture.

 

“Redemption Price,” when used
with respect to any Security to be redeemed, means the price at which it is to be redeemed pursuant to this Indenture.

 

“Regular Record Date” for the
interest payable on any Interest Payment Date on the Securities of any series means the date specified for that purpose as contemplated
by Section 3.1.

 

“Reporting Default” has the
meaning specified in Section 5.2(b).

 

“Representative” means the (a)
indenture trustee or other trustee, agent or representative for any Senior Debt or (b) with respect to any Senior Debt that does
not have any such trustee, agent or other representative, (i) in the case of such Senior Debt issued pursuant to an agreement providing
for voting arrangements as among the holders or owners of such Senior Debt, any holder or owner of such Senior Debt acting with
the consent of the required persons necessary to bind such holders or owners of such Senior Debt and (ii) in the case of all other
such Senior Debt, the holder or owner of such Senior Debt.

 

“Responsible Officer” means,
when used with respect to the Trustee, an officer of the Trustee in the Corporate Trust Office assigned and duly authorized by
the Trustee to administer its corporate trust matters.

 

“Securities” has the meaning
stated in the first recital of this Indenture and more particularly means any Securities authenticated and delivered under this
Indenture.

 

“Securities Act” means the Securities
Act of 1933 and any statute successor thereto, in each case as amended from time to time.

 

    	-6-

    	 

    

 

“Security Register” and “Security
Registrar” have the respective meanings specified in Section 3.5.

 

“Senior Debt” means the principal
of, premium, if any, interest (including all interest accruing subsequent to the commencement of any bankruptcy or similar proceeding,
whether or not a claim for post-petition interest is allowable as a claim in any such proceeding) and rent payable on or in connection
with, and all fees, costs, expenses and other amounts accrued or due on or in connection with, Indebtedness of the Company, whether
outstanding on the date of this Indenture or thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the Company
(including all deferrals, renewals, extensions or refundings of, or amendments, modifications or supplements to, the foregoing),
unless in the case of any particular Indebtedness the instrument creating or evidencing the same or the assumption or guarantee
thereof expressly provides that such Indebtedness shall not be senior in right of payment to the Securities or expressly provides
that such Indebtedness is “pari passu” or “ junior” to the Securities. Notwithstanding the foregoing,
the term Senior Debt shall not include any Indebtedness of the Company to any Subsidiary of the Company. If any payment made to
any holder of any Senior Debt or its Representative with respect to such Senior Debt is rescinded or must otherwise be returned
by such holder or Representative upon the insolvency, bankruptcy or reorganization of the Company or otherwise, the reinstated
Indebtedness of the Company arising as a result of such rescission or return shall constitute Senior Debt effective as of the date
of such rescission or return.

 

“Special Record Date” for the
payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.7.

 

“Stated Maturity,” when used
with respect to any Security or any installment of principal thereof or interest thereon, means the date specified in such Security
as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable.

 

“Subsidiary” means a Person
of which at least a majority of the outstanding voting stock having the power to elect a majority of the board of directors of
such Person (in the case of a corporation) is, or of which at least a majority of the equity interests (in the case of a Person
which is not a corporation) are, at the time owned, directly or indirectly, by the Company or by one or more other Subsidiaries,
or by the Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock
or similar interests to the Company which ordinarily has or have voting power for the election of directors or persons performing
similar functions, whether at all times or only so long as no senior class of stock or other interests has or have such voting
power by reason of any contingency.

 

“Trust Indenture Act” means
the Trust Indenture Act of 1939 as in force at the date as of which this instrument was executed; provided, however,
that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent
required by any such amendment, the Trust Indenture Act of 1939 as so amended.

 

“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 Indenture, and thereafter “Trustee” shall mean or include each Person who is then
a Trustee hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to the Securities
of any series shall mean the Trustee with respect to Securities of that series.

 

“U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United States of America for the payment of which the full faith
and credit of the United States of America is pledged or (ii) an obligation of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case (i) or (ii), is not callable or redeemable at the
option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities
Act) as custodian with respect to any U.S. Government Obligation which is specified in clause (x) above and held by such bank for
the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any
U.S. Government Obligation which is so specified and held, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary
receipt.

 

    	-7-

    	 

    

 

“Vice President,” when used
with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words
added before or after the title “vice president.”

 

Section 1.2 Compliance Certificates
and Opinions.

 

Upon any application or request by the Company
to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates
and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an
Officers’ Certificate, if to be given by an officer of the Company, or an Opinion of Counsel, if to be given by counsel,
and shall comply with the requirements of the Trust Indenture Act and any other requirements set forth in this Indenture.

 

Every certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture shall include,

 

(1)a statement that each individual
signing such certificate or opinion has read such covenant or condition and the definitions herein relating thereto;

 

(2)a brief statement as to
the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or
opinion are based;

 

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

 

(4)a statement as to whether,
in the opinion of each such individual, such condition or covenant has been complied with.

 

Section 1.3 Form of Documents Delivered
to Trustee.

 

In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by,
or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such
Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

 

Any certificate or opinion of an officer
of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his or her certificate or opinion is based are erroneous. Any such certificate or opinion
of counsel may be based, insofar as it relates to factual matters, upon a certificate or opinion of, or representations by, an
officer or officers of the Company stating that the information with respect to such factual matters is in the possession of the
Company, unless such counsel knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations
with respect to such matters are erroneous.

 

Where any Person is required to make, give
or execute two or more applications, requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

 

    	-8-

    	 

    

 

Section 1.4 Acts of Holders; Record Dates.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other action provided or permitted by this Indenture to be given, made or taken by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed
in writing; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments
are delivered to the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly deliver to
the Company copies of all such instrument or instruments delivered to the Trustee. Such instrument or instruments (and the action
embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

 

The fact and date of the execution by any
Person of any such instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a
notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such
instrument or writing acknowledged to him or her the execution thereof. Where such execution is by a signer acting in a capacity
other than his or her individual capacity, such certificate or affidavit shall also constitute sufficient proof of his or her authority.
The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also
be proved in any other manner that the Trustee deems sufficient.

 

The ownership of Securities shall be proved
by the Security Register.

 

Any request, demand, authorization, direction,
notice, consent, waiver or other Act of the Holder of any Security shall bind every future Holder of the same Security and the
Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect
of anything done, omitted or suffered to be done by the Trustee or the Company in reliance thereon, whether or not notation of
such action is made upon such Security.

 

The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request,
demand, authorization, direction, vote, notice, consent, waiver or other action provided or permitted by this Indenture to be given,
made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction
referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities
of the relevant series on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not
such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken
on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series
on such record date. Nothing in this paragraph shall be construed to prevent the Company from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed
to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series
on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

The Trustee may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to join in the giving or making
of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings
referred to in Section 5.7(2) or (iv) any direction referred to in Section 5.12, in each case with respect to Securities of such
series. If any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders
remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior
to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action
for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be canceled and of no effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Company’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company
in writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6.

 

    	-9-

    	 

    

 

With respect to any record date set pursuant
to this Section, the party hereto which sets such record dates may designate any day as the “Expiration Date” and from
time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective
unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities
of the relevant series in the manner set forth in Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date
is not designated with respect to any record date set pursuant to this Section, the party hereto which set such record date shall
be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject
to its right to change the Expiration Date as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall
be later than the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder
entitled hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part
of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such appointment
with regard to all or any part of such principal amount.

 

Section 1.5 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 Indenture to be made upon, given or furnished
to, or filed with, (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing (or by facsimile transmissions, provided that oral confirmation of receipt shall have been
received) to or with the Trustee at its Corporate Trust Office, Attention: Corporate Trust Department, or (2) 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 postage prepaid, personally delivered or sent via overnight courier to the Company addressed to it at the
address of its principal office specified in the first paragraph of this instrument or at any other address previously furnished
in writing to the Trustee by the Company, Attention: Chief Financial Officer.

 

Section 1.6 Notice to Holders; Waiver.

 

Where this Indenture provides for notice
to Holders of any event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, or delivered by hand or overnight courier, to each Holder affected by such event, at its address
as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any),
prescribed for the giving of such notice. Neither the failure to mail or deliver by hand or overnight courier any notice, nor any
defect in any notice so mailed or delivered by hand or overnight courier, to any particular Holder shall affect the sufficiency
of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be waived
in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent
of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent
to the validity of any action taken in reliance upon such waiver.

 

In case by reason of the suspension of regular
mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall
be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

 

Section 1.7 Conflict with Trust Indenture
Act.

 

If any provision hereof limits, qualifies
or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern
this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the
Trust Indenture Act, which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or to be excluded, as the case may be.

 

    	-10-

    	 

    

 

Section 1.8 Effect of Headings and Table
of Contents.

 

The Article and Section headings herein
and the Table of Contents are for convenience only and shall not affect the construction hereof.

 

Section 1.9 Successors and Assigns.

 

All covenants and agreements in this Indenture
by the Company shall bind its successors and assigns, whether so expressed or not.

 

Section 1.10 Separability Clause.

 

In case any provision in this Indenture
or in the Securities 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 1.11 Benefits of Indenture.

 

Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors hereunder, the holders of Senior
Debt and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

 

Section 1.12 Governing Law.

 

THIS INDENTURE AND THE SECURITIES SHALL
BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 

Section 1.13 Legal Holidays.

 

In any case where any Interest Payment Date,
Redemption Date or Stated Maturity of any Security or the last date on which a Holder has the right to convert a Security at a
particular conversion price or conversion rate, as the case may be, shall not be a Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities (other than a provision of any Security which specifically states that
such provision shall apply in lieu of this Section)) payment of interest or principal (and premium, if any) or, if applicable to
a particular series of Securities, conversion need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption
Date, at the Stated Maturity or on such last day for conversion, as the case may be.

 

Section 1.14 Indenture and Securities
Solely Corporate Obligations.

 

No recourse for the payment of the principal
of or premium, if any, or interest on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse
under or upon any obligation, covenant or agreement of the Company in this Indenture or in any supplemental indenture or in any
Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder,
employee, agent, officer, or director or subsidiary, as such, past, present or future, of the Company or of any successor corporation,
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 all such liability is
hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue
of the Securities.

 

    	-11-

    	 

    

 

Section 1.15 Indenture May be Executed
in Counterparts.

 

This instrument 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.

 

ARTICLE
2

SECURITY FORMS

 

Section 2.1 Forms Generally.

 

The Securities of each series shall be in
substantially the form set forth in this Article, or in such other form as shall be established by or pursuant to a Board Resolution
or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities, as evidenced by their execution
thereof. If the form of Securities of any series is established by action taken pursuant to a Board Resolution, a copy of an appropriate
record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such Securities.
Any such Board Resolution or record of such action shall have attached thereto a true and correct copy of the form of Security
referred to therein approved by or pursuant to such Board Resolution.

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any other manner, all as determined by the officers executing
such Securities, as evidenced by their execution of such Securities.

 

Section 2.2 Form of Face of Security.

 

[INSERT ANY LEGEND REQUIRED BY THE INTERNAL
REVENUE CODE AND THE REGULATIONS THEREUNDER.]

 

B. RILEY FINANCIAL, INC.

 

 

 

	NO  __________	$ __________
	 	CUSIP:  __________

 

B. RILEY FINANCIAL, INC., a corporation duly
organized and existing under the laws of Delaware (herein called the “Company,” which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to                ,
or registered assigns, the principal sum of                
dollars on                [if the Security is
to bear interest prior to Maturity, insert — , and to pay interest thereon from                or
from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on              
and                in each year, commencing                
, at the rate of                % per annum, until
the principal hereof is paid or made available for payment [if applicable, insert — , provided that any principal
and premium, and any such installment of interest, which is overdue shall bear interest at the rate of % per annum (to the extent
that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made
available for payment, and such interest shall be payable on demand]. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest, which shall
be the               or                (whether
or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the close of business on a Special
Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Securities of this series not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the Securities of this series may be listed, and upon
such notice as may be required by such exchange, all as more fully provided in said Indenture].

 

    	-12-

    	 

    

 

[If the Security is not to bear interest
prior to Maturity, insert — The principal of this Security shall not bear interest except in the case of a default in
payment of principal upon acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any overdue
premium shall bear interest at the rate of           % per annum (to the extent
that the payment of such interest shall be legally enforceable), from the dates such amounts are due until they are paid or made
available for payment. Interest on any overdue principal or premium shall be payable on demand. Any such interest on overdue principal
or premium which is not paid on demand shall bear interest at the rate of          
% per annum (to the extent that the payment of such interest on interest shall be legally enforceable), from the date of such demand
until the amount so demanded is paid or made available for payment. Interest on any overdue interest shall be payable on demand.]
Payment of the principal of (and premium, if any) and [if applicable, insert — any such] interest on this Security
will be made at the office or agency of the Company maintained for that purpose in                
, 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 [if applicable, insert —; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security
Register].

 

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

 

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

 

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

 

	Dated:	_________________	 	B. RILEY FINANCIAL, INC.
	 	 	 	 	 
	 	 	 	By:	 
	 	 	 	 	 
	 	 	 	Title: 	 
	 	 	 	 	 
	ATTEST:	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

  

Section 2.3 Form of Reverse of Security.

 

This Security is one of a duly authorized issue
of securities of the Company (herein called the “Securities”), issued and to be issued in one or more series under
an Indenture, dated as of , 200 (herein called the “Indenture,” which term shall have the meaning assigned to it in
such instrument), between the Company and           , as Trustee (herein called
the “Trustee,” which term includes any successor trustee under the Indenture), and 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, the holders of Senior Debt and the Holders of the Securities and of the terms upon which
the Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof
[if applicable, insert — , limited in aggregate principal amount to $          
].

 

    	-13-

    	 

    

 

[If applicable, insert — The Securities
of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice by mail,
[if applicable, insert — (1) on                in
any year commencing with the year           and ending with the year          through
operation of the sinking fund for this series at a Redemption Price equal to 100% of the principal amount, and (2)] at any time
[if applicable, insert — on or after ,                20    
], as a whole or in part, at the election of the Company, at the following Redemption Prices (expressed as percentages of the principal
amount): If redeemed [if applicable, insert — on or before              
,        %, and if redeemed] during the 12-month period beginning                    of
the years indicated,

  

	
         Year
	 	Redemption Price	 	Year	 	Redemption Price
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal to          %
of the principal amount, together in the case of any such redemption [if applicable, insert — (whether through operation
of the sinking fund or otherwise)] with accrued interest to the Redemption Date, but interest installments whose Stated Maturity
is on or prior to such Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities,
of record at the close of business on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — The Securities
of this series are subject to redemption upon not less than [if applicable, insert — 30] days’ notice by mail,
(1) on              in any year commencing with the year              
and ending with the year                through
operation of the sinking fund for this series at the Redemption Prices for redemption through operation of the sinking fund (expressed
as percentages of the principal amount) set forth in the table below, and (2) at any time [if applicable, insert — on
or after                   ], as a whole
or in part, at the election of the Company, at the Redemption Prices for redemption otherwise than through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table below: If redeemed during the 12-month period beginning                        
of the years indicated,

  

	
         

        Year
	 	
        Redemption Price
        For

        Redemption Through

        Operation of the
        Sinking 

Fund
	 	Year	 	
        Redemption Price For 

Redemption

        Otherwise Than Through

        Operation of the Sinking 

Fund

	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	 	 	 

 

and thereafter at a Redemption Price equal
to % of the principal amount, together in the case of any such redemption (whether through operation of the sinking fund or otherwise)
with accrued interest to the Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of record at the close of business
on the relevant Record Dates referred to on the face hereof, all as provided in the Indenture.]

 

[If applicable, insert — Notwithstanding
the foregoing, the Company may not, prior to                  ,
redeem any Securities of this series as contemplated by [if applicable, insert — clause (2) of] the preceding paragraph
as a part of, or in anticipation of, any refunding operation by the application, directly or indirectly, of moneys borrowed having
an interest cost to the Company (calculated in accordance with generally accepted financial practice) of less than % per annum.]

 

[If applicable, insert — The sinking
fund for this series provides for the redemption on                ,
in each year beginning with the year        and ending with the year          
of [if applicable, insert — not less than $ (“mandatory sinking fund”) and not more than] $                      
aggregate principal amount of Securities of this series. Securities of this series acquired or redeemed by the Company otherwise
than through [if applicable, insert — mandatory] sinking fund payments may be credited against subsequent [if applicable,
insert — mandatory] sinking fund payments otherwise required to be made [if applicable, insert —, in the
inverse order in which they become due].]

 

[If the Security is subject to redemption
of any kind, insert — In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

 

    	-14-

    	 

    

 

[If applicable, insert — The
Indenture contains provisions for defeasance at any time of [the entire indebtedness of this Security] [or] [certain restrictive
covenants and Events of Default with respect to this Security] [, in each case] upon compliance with certain conditions set forth
in the Indenture.]

 

[If the Security is convertible into
other securities of the Company, specify the conversion features.] The indebtedness evidenced by this Security is, to the extent
and in the manner provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior
Debt of the Company, and this Security is issued subject to such provisions of the Indenture with respect thereto. Each Holder
of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee
on his behalf to take such action as may be necessary or appropriate to effectuate the subordination so provided and (c) appoints
the Trustee his attorney-in-fact for any and all such purposes.

 

[If the Security is not an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

 

[If the Security is an Original Issue
Discount Security, insert — If an Event of Default with respect to Securities of this series shall occur and be continuing,
an amount of principal of the Securities of this series may be declared due and payable in the manner and with the effect provided
in the Indenture. Such amount shall be equal to — insert formula for determining the amount. Upon payment (i) of the
amount of principal so declared due and payable and (ii) of interest on any overdue principal, premium and interest (in each case
to the extent that the payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and premium and interest, if any, on the Securities 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 Securities of each series to be affected under the Indenture at any time by the Company and the Trustee with
the consent of the Holders of more than 50% in principal amount of the Securities at the time Outstanding of each series to be
affected. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Securities
of each series at the time Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the Company
with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon all future Holders of this Security
and of any Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation
of such consent or waiver is made upon this Security.

 

As provided in and subject to the provisions
of the Indenture, the Holder of this Security shall not have the right to institute any proceeding with respect to the Indenture
or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the Securities of this series, the Holders of not less
than a majority in principal amount of the Securities of this series at the time Outstanding shall have made written request to
the Trustee to institute proceedings in respect of such Event of Default as Trustee and offered the Trustee reasonable indemnity,
and the Trustee shall not have received from the Holders of a majority in principal amount of Securities of this series at the
time Outstanding a direction inconsistent with such request, and shall have failed to institute any such proceeding, for 60 days
after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the Holder
of this Security for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

 

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

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this Security is registrable in the Security Register, upon surrender
of this Security for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this Security are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or its attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

    	-15-

    	 

    

 

The Securities of this series are issuable
only in registered form without coupons in denominations of $ and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a like aggregate principal amount
of Securities of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made for any
such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith.

 

Prior to due presentment of this Security
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 Security is registered as the owner hereof for all purposes, whether or not this Security be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

All terms used in this Security that are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

Section 2.4 Form of Legend for Global
Securities.

 

Unless otherwise specified as contemplated
by Section 3.1 for the Securities evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

THIS SECURITY 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 SECURITY
MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY 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.

 

Section 2.5 Form of Trustee’s Certificate
of Authentication.

 

The Trustee’s certificates of authentication
shall be in substantially the following form:

 

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

 

	 	________________,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Authorized Officer

 

    	-16-

    	 

    

 

Section 2.6 Form of Conversion Notice.

 

Conversion notices shall be in substantially
the following form:

To B. RILEY FINANCIAL, INC.:

 

The undersigned owner of this Security hereby
irrevocably exercises the option to convert this Security, or portion hereof (which is $1,000 or an integral multiple thereof)
below designated, into shares of Common Stock of the Company in accordance with the terms of the Indenture referred to in this
Security, and directs that the shares issuable and deliverable upon the conversion, together with any check in payment for fractional
shares and any Securities representing any unconverted principal amount hereof, be issued and delivered to the registered holder
hereof unless a different name has been indicated below. If this Notice is being delivered on a date after the close of business
on a Regular Record Date and prior to the opening of business on the related Interest Payment Date (unless this Security or the
portion thereof being converted has been called for redemption on a Redemption Date during the period beginning at the close of
business on a Regular Record Date and ending at the opening of business on the first Business Day after the next succeeding Interest
Payment Date, or if such Interest Payment Date is not a Business Day, the second such Business Day), this Notice is accompanied
by payment, in funds acceptable to the Company, of an amount equal to the interest payable on such Interest Payment Date of the
principal of this Security to be converted. If shares are to be issued in the name of a person other than the undersigned, the
undersigned will pay all transfer taxes payable with respect hereto. Any amount required to be paid by the undersigned on account
of interest accompanies this Security.

 

	Principal Amount to be Converted	 
	(in an integral multiple of $1,000, if less than all)	 
	 	 
	U.S. $____	 
	 	 
	Dated: __________	 
	 	 
	 	Signature(s) must be guaranteed by an eligible guarantor institution (banks, stock brokers, savings and loan associations and credit unions with membership in an approved signature guarantee medallion program) pursuant to Securities and Exchange Commission Rule 17Ad-15.
	 	 
	 	 
	 	Signature Guaranty
	 	 
	Fill in for registration of shares of Common Stock and Security if to be issued otherwise than to the registered Holder.
	 	 	 
	 	 	 
	(Name)	 	Social Security or Other Taxpayer Identification
	 	 	Number
	 	 	 
	 	 	 
	(Address)	 	 
	 	 	 
	 	 	 
	Please print Name and Address	 	 
	(including zip code)	 	 
	 	 	 	 

 

[The above conversion notice is to be modified, as appropriate,
for conversion into other securities or property of the Company.]

 

ARTICLE
3

THE SECURITIES

 

Section 3.1 Amount Unlimited;
Issuable in Series.

 

The aggregate principal amount of Securities
that may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued in one or more series.
There shall be established in or pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner
provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to the issuance
of Securities of any series,

 

    	-17-

    	 

    

 

(1)the title of the Securities
of the series (which shall distinguish the Securities of the series from Securities of any other series);

 

(2)any limit upon the aggregate
principal amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities
authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.7 and except for any Securities which, pursuant to Section 3.3, are deemed never to
have been authenticated and delivered hereunder);

 

(3)the Person to whom any
interest on a Security of the series shall be payable, if other than the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest;

 

(4)the date or dates on which
the principal of any Securities of the series is payable;

 

(5)the rate or rates (which
may be fixed or variable) at which any Securities of the series shall bear interest, if any, the date or dates from which any such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and the Regular Record Date for any
such interest payable on any Interest Payment Date (or the method for determining the dates and rates);

 

(6)the place or places where
the principal of and any premium and interest on any Securities of the series shall be payable;

 

(7)the period or periods within
which, the price or prices at which and the terms and conditions upon which any Securities of the series may be redeemed, in whole
or in part, at the option of the Company and, if other than by a Board Resolution, the manner in which any election by the Company
to redeem the Securities shall be evidenced;

 

(8)the obligation, if any,
of the Company to redeem or purchase any Securities of the series pursuant to any sinking fund or analogous provisions or at the
option of the Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which any Securities of the series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)if other than denominations
of $1,000 and any integral multiple thereof, the denominations in which any Securities of the series shall be issuable;

 

(10)if the amount of principal
of or any premium or interest on any Securities of the series may be determined with reference to an index or pursuant to a formula,
the manner in which such amounts shall be determined;

 

(11)if other than the currency
of the United States of America, the currency, currencies or currency units in which the principal of or any premium or interest
on any Securities of the series shall be payable and the manner of determining the equivalent thereof in the currency of the United
States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 1.1;

 

(12)if the principal of or
any premium or interest on any Securities of the series is to be payable, at the election of the Company or the Holder thereof,
in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency,
currencies or currency units in which the principal of or any premium or interest on such Securities as to which such election
is made shall be payable, the periods within which and the terms and conditions upon which such election is to be made and the
amount so payable (or the manner in which such amount shall be determined);

 

(13)if other than the entire
principal amount thereof, the portion of the principal amount of any Securities of the series which shall be payable upon declaration
of acceleration of the Maturity thereof pursuant to Section 5.2;

 

    	-18-

    	 

    

 

(14)if the principal amount
payable at the Stated Maturity of any Securities of the series will not be determinable as of any one or more dates prior to the
Stated Maturity, the amount which shall be deemed to be the principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be due and payable upon any Maturity other than the
Stated Maturity or which shall be deemed to be Outstanding as of any date prior to the Stated Maturity (or, in any such case, the
manner in which such amount deemed to be the principal amount shall be determined);

 

(15)if applicable, that the
Securities of the series, in whole or any specified part, shall be defeasible pursuant to Section 13.2 or Section 13.3 or both
such Sections, or any other defeasance provisions applicable to any Securities of the series, and, if other than by a Board Resolution,
the manner in which any election by the Company to defease such Securities shall be evidenced;

 

(16)if applicable, the terms
of any right to convert or exchange Securities of the series into shares of Common Stock of the Company or other securities or
property;

 

(17)if applicable, that any
Securities of the series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case,
the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global
Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in addition to or in lieu of those set
forth in Form of clause (2) of the last paragraph of Section 3.5 in which any such Global
Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in
part may be registered, in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof;

 

(18)any addition to or change
in the Events of Default which applies to any Securities of the series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 5.2;

 

(19)any addition to or change
in the covenants set forth in Article 10 which applies to Securities of the series;

 

(20)any Authenticating Agents,
Paying Agents, Security Registrars or such other agents necessary in connection with the issuance of the Securities of such series,
including, without limitation, exchange rate agents and calculation agents;

 

(21)if applicable, the terms
of any security that will be provided for a series of Securities, including provisions regarding the circumstances under which
collateral may be released or substituted;

 

(22)if applicable, the terms
of any guaranties for the Securities and any circumstances under which there may be additional obligors on the Securities;

 

(23)any addition to or change
in or modification to the subordinated provisions of this Indenture relating to the Securities of that series (including the provisions
of Article 15), or different subordination provisions, including a different definition of “Senior Debt” or “Designated
Senior Debt,” will apply to Securities of the series; and

 

(24)any other terms of the
series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by Section 9.1(5)).

 

All Securities of any one series shall be
substantially identical except as to denomination and except as may otherwise be provided in or pursuant to the Board Resolution
referred to above and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or in any such indenture supplemental hereto.

 

    	-19-

    	 

    

 

If any of the terms of the series are established
by action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary
or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate
setting forth the terms of the series.

 

The Securities shall be subordinated in
right of payment to Senior Debt as provided in Article 15.

 

Section 3.2 Denominations.

 

The Securities of each series shall be issuable
only in registered form without coupons and only in such denominations as shall be specified as contemplated by Section 3.1. In
the absence of any such specified denomination with respect to the Securities of any series, the Securities of such series shall
be issuable in denominations of $1,000 and any integral multiple thereof.

 

Section 3.3 Execution, Authentication,
Delivery and Dating.

 

The Securities shall be executed on behalf
of the Company by its Chairman of the Board, its Vice Chairman of the Board, its Chief Executive Officer, its principal financial
officer, its President or one of its Vice Presidents, attested by its Treasurer, its Secretary or one of its Assistant Treasurers
or Assistant Secretaries. The signature of any of these officers on the Securities may be manual or facsimile.

 

Securities bearing the manual or facsimile
signatures of individuals who were at any time the proper officers of the Company shall bind the Company, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or
did not hold such offices at the date of such Securities.

 

At any time and from time to time after
the execution and delivery of this Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee
for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance
with the Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of the series have
been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such Securities,
and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 6.1) shall be fully protected in relying upon, a copy of such Board Resolution, the Officers’
Certificate setting forth the terms of the series and an Opinion of Counsel, with such Opinion of Counsel stating,

 

(1)if the form of such Securities
has been established by or pursuant to Board Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

 

(2) if the terms of such Securities
have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in
conformity with the provisions of this Indenture; and

 

(3)that such 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 legally binding obligations of the Company enforceable in accordance with their terms,
subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles.

 

If such form or terms have been so established,
the Trustee shall not be required to authenticate such Securities if the issue of such Securities pursuant to this Indenture will
affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

 

    	-20-

    	 

    

 

Notwithstanding the provisions of Section
3.1 and of the preceding paragraph, if all Securities of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order and Opinion
of Counsel otherwise required pursuant to such preceding paragraph at or prior to the authentication of each Security of such series
if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to
be issued.

 

Each Security shall be dated the date of
its authentication.

 

No Security shall be entitled to any benefit
under this Indenture or be valid or obligatory for any purpose unless there appears on such Security a certificate of authentication
substantially in the form provided for herein executed by the Trustee by manual signature, and such certificate upon any Security
shall be conclusive evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never issued and sold by the Company,
and the Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.9, for all purposes of this
Indenture such Security shall be deemed never to have been authenticated and delivered hereunder and shall never be entitled to
the benefits of this Indenture.

 

Neither the Company nor the Trustee shall
have any responsibility for any defect in the CUSIP number that appears on any Security, check, advice of payment or redemption
notice, and any such document may contain a statement to the effect that CUSIP numbers have been assigned by an independent service
for convenience of reference and that neither the Company nor the Trustee shall be liable for any inaccuracy in such numbers.

 

Section 3.4 Temporary Securities.

 

Pending the preparation of definitive Securities
of any series, the Company may execute, and upon Company Order the Trustee shall authenticate and deliver, temporary Securities
which are printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized denomination, substantially
of the tenor of the definitive Securities in lieu of which they are issued and with such appropriate insertions, omissions, substitutions
and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities.

 

If temporary Securities of any series are
issued, the Company will cause definitive Securities of that series to be prepared without unreasonable delay. After the preparation
of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities
of such series upon surrender of the temporary Securities of such series at the office or agency of the Company in a Place of Payment
for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series,
the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

 

Section 3.5 Registration; Registration
of Transfer and Exchange.

 

The Company shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office and in any other office or agency of the
Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of Securities and of
transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided.

 

Upon surrender for registration of transfer
of any Security of a series at the office or agency of the Company in a Place of Payment for that series, the Company shall execute,
and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities
of the same series, of any authorized denominations and of like tenor and aggregate principal amount.

 

    	-21-

    	 

    

 

At the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of like tenor and aggregate
principal amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Securities that the Holder making
the exchange is entitled to receive. All Securities issued upon any registration of transfer or exchange of Securities shall be
the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Securities surrendered upon such registration of transfer or exchange.

 

Every Security presented or surrendered
for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied
by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder
thereof or its attorney duly authorized in writing. No service charge shall be made for any registration of transfer or exchange
of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Securities, other than exchanges pursuant to Section 3.4,
9.6 or 11.7 not involving any transfer.

 

If the Securities of any series (or of any
series and specified tenor) are to be redeemed in part, the Company shall not be required (A) to issue, register the transfer of
or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning
at the opening of business 15 days before the day of the mailing of a notice of redemption of any such Securities selected for
redemption under Section 11.3 and ending at the close of business on the day of such mailing, or (B) to register the transfer of
or exchange any Security so selected for redemption in whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

The provisions of clauses (1), (2), (3)
and (4) below shall apply only to Global Securities:

 

(1)Each Global Security authenticated
under this Indenture shall be registered in the name of the Depositary designated for such Global Security or a nominee thereof
and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single
Security for all purposes of this Indenture.

 

(2)Notwithstanding any other
provision in this Indenture, no Global Security may be exchanged in whole or in part for Securities registered, and no transfer
of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary (i) has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act, (B) there
shall have occurred and be continuing an Event of Default with respect to such Global Security or (C) there shall exist such circumstances,
if any, in addition to or in lieu of the foregoing as have been specified for this purpose as contemplated by Section 3.1.

 

(3)Subject to clause (2) above,
any exchange of a Global Security for other Securities may be made in whole or in part, and all Securities issued in exchange for
a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct.

 

(4)Every Security authenticated
and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any portion thereof, whether
pursuant to this Section, Section 3.4, 3.6, 9.6 or 11.7 or otherwise, shall be authenticated and delivered in the form of, and
shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global
Security or a nominee thereof.

 

Section 3.6 Mutilated, Destroyed, Lost
and Stolen Securities.

 

If any mutilated Security is surrendered
to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

    	-22-

    	 

    

 

If there shall be delivered to the Company
and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and the
Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series
and of like tenor and principal amount and bearing a number not contemporaneously outstanding.

 

In case any such mutilated, destroyed, lost
or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security.

 

Upon the issuance of any new Security under
this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be
imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith.

 

Every new Security of any series issued
pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual
obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that series
duly issued hereunder.

 

The provisions of this Section are exclusive
and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities.

 

Section 3.7 Payment of Interest;
Interest Rights Preserved.

 

Except as otherwise provided as contemplated
by Section 3.1 with respect to any series of Securities, interest on any Security which is payable, and is punctually paid or duly
provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest.

 

Any interest on any Security of any series
which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted
Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been
such Holder, and such Defaulted Interest may be paid by the Company, at its election in each case, as provided in clause (1) or
(2) below:

 

(1)The Company may elect to
make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed
to be paid on each Security of such series and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or
shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest, which shall be not more than 15 days and
not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the name and
at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be given to each Holder of Securities of such series in the manner set forth in Section 1.6, not less than 10 days
prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor
having been so mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).

 

    	-23-

    	 

    

 

(2)The Company may make payment
of any Defaulted Interest on the Securities of any series in any other lawful manner not inconsistent with the requirements of
any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after
notice given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed
practicable by the Trustee.

 

Subject to the foregoing provisions of this
Section, each Security delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security.

 

Subject to the provisions of Section 14.2,
in the case of any Security (or any part thereof) which is converted after any Regular Record Date and on or prior to the next
succeeding Interest Payment Date (other than any Security the principal of (or premium, if any, on) which shall become due and
payable, whether at Stated Maturity or by declaration of acceleration or otherwise prior to such Interest Payment Date), interest
whose Stated Maturity is on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such conversion
and such interest (whether or not punctually paid or duly provided for) shall be paid to the Person in whose name that Security
(or any one or more Predecessor Securities) is registered at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence or in Section 14.2, in the case of any Security (or any part thereof)
which is converted, interest whose Stated Maturity is after the date of conversion of such Security (or such part thereof) shall
not be payable.

 

Section 3.8 Persons Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of principal of and any premium
and (subject to Section 3.7) any interest on such Security and for all other purposes whatsoever, whether or not such Security
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.

 

Section 3.9 Cancellation.

 

All Securities surrendered for payment,
redemption, registration of transfer or exchange or for credit against any sinking fund payment shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any 
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Company
may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee)
for cancellation any Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities
so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section, except as expressly permitted by this Indenture. All canceled Securities held
by the Trustee shall be disposed of in accordance with its customary procedures.

 

Section 3.10 Computation of Interest.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day
year of twelve 30-day months.

 

ARTICLE
4

SATISFACTION AND DISCHARGE

 

Section 4.1 Satisfaction and Discharge
of Indenture.

 

This Indenture shall upon Company Request
cease to be of further effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly
provided for), and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture, when

 

    	-24-

    	 

    

 

(1)either

 

(A)all Securities theretofore
authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated
and held in trust by the Trustee or the Company and thereafter repaid to the Company or discharged from such trust, as provided
in Section 10.3) have been delivered to the Trustee for cancellation; or

 

(B)all such Securities not
theretofore delivered to the Trustee for cancellation

 

(i)have become due and payable,
or

 

(ii)will become due and payable
at their Stated Maturity within one year, or

 

(iii)are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name,
and at the expense, of the Company,

 

and the Company, in the case of
(i), (ii) or (iii) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose money
in an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee
for cancellation, for principal and any premium and interest to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

 

(2)the Company has paid or
caused to be paid all other sums payable hereunder by the Company; and

 

(3)the Company has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture have been complied with.

 

Notwithstanding the satisfaction and discharge
of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Trustee to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (1) of this
Section, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive.

 

Section 4.2 Application of Trust Money.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including
the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and
any premium and interest for whose payment such money has been deposited with the Trustee.

 

ARTICLE
5

REMEDIES

 

Section 5.1 Events of Default.

 

“Event of Default,” wherever
used herein with respect to Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be occasioned by the provisions of Article 15 or be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body), unless in the Board Resolution, supplemental indenture or Officers’ Certificate establishing such
series, it is provided that such series shall not have the benefit of said Event of Default:

 

    	-25-

    	 

    

 

(1)default in the payment
of any interest upon any Security of that series when it becomes due and payable, and continuance of such default for a period
of 60 days; or

 

(2)default in the payment
of the principal of or any premium on any Security of that series at its Maturity; or

 

(3)default in the deposit
of any sinking fund payment, when and as due by the terms of a Security of that series; or

 

(4)default in the performance,
or breach, of any covenant or warranty of the Company in this Indenture (other than a covenant or warranty a default in whose performance
or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in this Indenture solely
for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in principal amount of the Outstanding Securities of that series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

 

(5)the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of the Company in an involuntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order adjudging
the Company a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment
or composition of or in respect of the Company under any applicable Federal or State law, or appointing a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its property,
or ordering the winding up or liquidation of its affairs, and the continuance of any such decree or order for relief or any such
other decree or order unstayed and in effect for a period of 90 consecutive days; or

 

(6)the commencement by the
Company of a voluntary case or proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of
a decree or order for relief in respect of the Company in an involuntary case or proceeding under any applicable Federal or State
bankruptcy, insolvency, reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding
against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable Federal
or State law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability
to pay its debts generally as they become due, or the taking of corporate action by the Company in furtherance of any such action;
or

 

(7)any other Event of Default
provided with respect to Securities of that series in the Board Resolution, supplemental indenture or Officers’ Certificate
establishing that series.

 

    	-26-

    	 

    

 

Section 5.2 Acceleration of Maturity;
Rescission and Annulment.

 

(a)Unless the Board Resolution, supplemental
indenture or Officers’ Certificate establishing such series provides otherwise, if an Event of Default (other than an Event
of Default specified in Section 5.1(5) or 5.1(6)) with respect to Securities of any series at the time Outstanding occurs and is
continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities
of that series may declare the principal amount of all the Securities of that series (or, if any Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof),
and premium, if any, together with accrued and unpaid interest, if any, thereon, to be due and payable immediately, by a notice
in writing to the Company (and to the Trustee if given by the Holders), and upon any such declaration such principal amount (or
specified amount), and premium, if any, together with accrued and unpaid interest, if any, thereon, shall become immediately due
and payable. If an Event of Default specified in Section 5.1(5) or 5.1(6) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms thereof), and
premium, if any, together with accrued and unpaid interest, if any, thereon, shall automatically, and without any declaration or
other action on the part of the Trustee or any Holder, become immediately due and payable. Any payments by the Company on the Securities
following any such acceleration will be subject to the subordination provisions of Article 15 to the extent provided therein.

 

(b)Notwithstanding the foregoing, at
the election of the Company, the sole remedy with respect to an Event of Default for the failure by the Company to comply with
its obligations under Section 314(a)(1) of the Trust Indenture Act relating to the Company’s failure to file any documents
or reports that the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act or of its covenants
set forth in Section 7.4 (any such Event of Default, a “Reporting Default”), shall for the first 180 calendar days
after the occurrence of such Reporting Default  consist exclusively of the right to receive
additional interest (the “Additional Interest”) on the Securities at an annual rate equal to (i) 0.25% of the principal
amount of the Securities for the first 90 calendar days after the occurrence of such Reporting Default and (ii) 0.50% of the principal
amount of the Securities from the 91st day to, and including, the 180th day after the occurrence of such Reporting Default. If
the Company so elects, the Additional Interest shall accrue on all Outstanding Securities from and including the date on which
such Reporting Default first occurs until such violation is cured or waived and shall be payable as provided in Section 3.7. On
the 181st day after such Reporting Default (if such violation is not cured or waived prior to such 181st calendar day), then the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding securities may declare the principal of, and
premium, if any, together with accrued and unpaid interest, if any, on all such Securities to be due and payable immediately.

 

If the Company elects to pay the Additional
Interest as the sole remedy for the Reporting Default, the Company shall notify in writing, by a certificate, the Holders, the
Paying Agent and the Trustee of such election at any time on or before the close of business on the first Business Day following
the date on which such Event of Default first occurs. Unless and until a Responsible Officer of the Trustee receives at the Corporate
Trust Office such a certificate, the Trustee may assume without inquiry that Additional Interest is not payable. The Company shall
pay the Additional Interest semi-annually in arrears, with the first semi-annual payment due on the first Interest Payment Date
following the date of such Reporting Default, in the same manner as described on the face of the Security.

 

(c)At any time after such a declaration
of acceleration with respect to Securities of any series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may rescind and annul such declaration
and its consequences if

 

(1)the Company has paid or
deposited with the Trustee a sum sufficient to pay

 

(A)all overdue interest on
all Securities of that series,

 

(B)the principal of (and
premium, if any, on) any Securities of that series which have become due otherwise than by such declaration of acceleration and
any interest thereon at the rate or rates prescribed therefor in such Securities,

 

(C)to the extent that payment
of such interest is lawful, interest upon overdue interest at the rate or rates prescribed therefor in such Securities, and

 

(D)all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel;
and

 

    	-27-

    	 

    

 

(2)all Events of Default with
respect to Securities of that series, other than the non-payment of the principal of Securities of that series that have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 

No such rescission shall affect any subsequent
default or impair any right consequent thereon.

 

Section 5.3 Collection of Indebtedness
and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(1)default is made in the
payment of any interest on any Security when such interest becomes due and payable and such default continues for a period of 30
days, or

 

(2)default is made in the
payment of the principal of (or premium, if any, on) any Security at the Maturity thereof, the Company will, upon demand of the
Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities
for principal and any premium and interest and, to the extent that payment of such interest shall be legally enforceable, interest
on any overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor in such Securities,
and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

 

If an Event of Default with respect to Securities
of any series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights
of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to
protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in
aid of the exercise of any power granted herein, or to enforce any other proper remedy.

 

Section 5.4 Trustee May File Proofs of
Claim.

 

In case of any judicial proceeding relative
to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered,
by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture 
Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall
be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the
same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. No
provision of this Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder
thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member
of a creditors’ or other similar committee.

 

Section 5.5 Trustee May Enforce Claims
Without Possession of Securities.

 

All rights of action and claims under this
Indenture or the Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its
own name as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders
of the Securities in respect of which such judgment has been recovered.

 

    	-28-

    	 

    

 

Section 5.6 Application of Money Collected.

 

Any money collected by the Trustee pursuant
to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution
of such money on account of principal or any premium or interest, upon presentation of the Securities and the notation thereon
of the payment if only partially paid and upon surrender thereof if fully paid:

 

FIRST: To the payment of all amounts due
the Trustee under Section 6.7;

 

SECOND: Subject to Article 15, to the payment
of the amounts then due and unpaid for principal of and any premium, if any, and interest on the Securities in respect of which
or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal and any premium, if any, and interest, respectively; and

 

THIRD: The balance, if any, to the Company
or any other Person or Persons entitled thereto.

 

Section 5.7 Limitation on Suits.

 

No Holder of any Security of any series
shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment
of a receiver or trustee, or for any other remedy hereunder, unless

 

(1)such Holder has previously
given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that series;

 

(2)the Holders of at least
25% in aggregate principal amount of the Outstanding Securities of that series shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee hereunder;

 

(3)such Holder or Holders
have offered to the Trustee reasonable indemnity against the costs, expenses and liabilities to be incurred in compliance with
such request;

 

(4)the Trustee for 60 days
after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding; and

 

(5)no direction inconsistent
with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount
of the Outstanding Securities of that series;

 

it being understood and intended that no one
or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture
to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference
over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal
and ratable benefit of all of such Holders.

 

Section 5.8 Unconditional Right of Holders
to Receive Principal, Premium and Interest and to Convert.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal
of and any premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities expressed in such
Security (or, in the case of redemption, on the Redemption Date), to convert such Securities in accordance with Article 14 to the
extent that such right to convert is applicable to such Security, and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

 

    	-29-

    	 

    

 

Section 5.9 Restoration of Rights and
Remedies.

 

If the Trustee or any Holder has instituted
any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any
reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination
in such proceeding, the Company, the Trustee and the Holders shall be restored severally and respectively to their former positions
hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

 

Section 5.10 Rights and Remedies Cumulative.

 

Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right
or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every other right and
remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right
or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

 

Section 5.11 Delay or Omission Not Waiver.

 

No delay or omission of the Trustee or of
any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any such right or
remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article
or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the
Trustee (subject to the limitations contained in this Indenture) or by the Holders, as the case may be.

 

Section 5.12 Control by Holders.

 

The Holders of a majority in principal amount
of the Outstanding Securities of any series shall have the right to direct the time, method and place of conducting any proceeding
for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities
of such series, provided that

 

(1)such direction shall not
be in conflict with any rule of law or with this Indenture and the Trustee shall not have determined that the action so directed
would be unjustly prejudicial to Holders of Securities of that series, or any other series, not taking part in such direction;
and

 

(2)the Trustee may take any
other action deemed proper by the Trustee that is not inconsistent with such direction or this Indenture.

 

Section 5.13 Waiver of Past Defaults.

 

The Holders of not less than a majority
in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series
waive any past default hereunder with respect to such series and its consequences, except

 

(1)a default in the payment
of the principal of or any premium or interest on any Security of such series as and when the same shall become due and payable
by the terms thereof, otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all matured
installments of interest, principal and premium, if any, has been deposited with the Trustee), or

 

(2)to the extent such right
is applicable to such Security, a failure by the Company on request to convert any Security into Common Stock; or

 

    	-30-

    	 

    

 

(3)in respect of a covenant
or provision hereof which under Article 9 cannot be modified or amended without the consent of the Holder of each Outstanding Security
of such series affected.

 

Upon any such waiver, such default shall
cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

 

Section 5.14 Undertaking for Costs.

 

In any suit for the enforcement of any right
or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee,
a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs
against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither
this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such
an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in
accordance with Article 14.

 

Section 5.15 Waiver of Usury, Stay or
Extension Laws.

 

The Company covenants (to the extent that
it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner  whatsoever
claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so)
hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law
had been enacted.

 

ARTICLE
6

THE TRUSTEE

 

Section 6.1 Certain Duties and Responsibilities.

 

The duties and responsibilities of the Trustee
shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the
Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section.

 

Section 6.2 Notice of Defaults.

 

If a default occurs hereunder with respect
to Securities of any series, the Trustee shall give the Holders of Securities of such series notice of such default as and to the
extent provided by the Trust Indenture Act; provided, however, that except in the case of a default in the payment
of principal of (or premium, if any) or interest on any Securities of such series or in the payment of any sinking fund installment
or any conversion right applicable to Securities of such series, the Trustee shall be protected in withholding such notice if and
so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the holders of Securities of such series; provided, further, however, that
in the case of any default of the character specified in Section 5.1(4) with respect to Securities of such series, no such notice
to Holders shall be given until at least 60 days after the occurrence thereof. For the purpose of this Section, the term “default”
means any event that is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities
of such series.

 

    	-31-

    	 

    

 

Except with respect to Section 10.1, the
Trustee shall have no duty to inquire as to the performance of the Company with respect to the covenants contained in Article 10.
In addition, the Trustee shall not be deemed to have knowledge of an Event of Default except (i) any Default or Event of Default
occurring pursuant to Sections 5.1(1), 5.1(2) and 5.1(3) (defaults in payments on the Securities) or (ii) any Default or Event
of Default of which the Trustee shall have received written notification or obtained actual knowledge.

 

Delivery of reports, information and documents
to the Trustee under Section 7.4 is for informational purposes only and the Trustee’s receipt of the foregoing shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including
the Company’s compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively
on Officers’ Certificates).

 

Section 6.3 Certain Rights of Trustee.

 

Subject to the provisions of Section 6.1:

 

(1)in the absence of bad faith
on the part of the Trustee, the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document believed by it to be genuine and to have been signed or presented by the proper party
or parties;

 

(2)any request or direction
of the Company mentioned herein shall be sufficiently evidenced by a Company Request or Company Order, and any resolution of the
Board of Directors shall be sufficiently evidenced by a Board Resolution;

 

(3)whenever in the administration
of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting
any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) is entitled to and may, in the absence
of bad faith on its part, rely upon an Officers’ Certificate;

 

(4)the Trustee may consult
with counsel and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection
in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

 

(5)the Trustee shall be under
no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the
Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity against
the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction;

 

(6)the Trustee shall not be
bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit,
and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records
and premises of the Company, personally or by agent or attorney; and

 

(7)the Trustee may execute
any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or attorneys and
the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care
by it hereunder.

 

Section 6.4 Not Responsible for Recitals
or Issuance of Securities.

 

The recitals contained herein and in the
Securities, except the Trustee’s certificates of authentication, shall be taken as the statements of the Company, and neither
the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations
as to the validity, sufficiency or priority of this Indenture or of the Securities. Neither the Trustee nor any Authenticating
Agent shall be accountable for the use or application by the Company of Securities or the proceeds thereof.

 

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Section 6.5 May Hold Securities and
Act as Trustee under Other Indentures.

 

The Trustee, any Authenticating Agent, any
Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the
owner or pledgee of Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. Subject to the
limitations imposed by the Trust Indenture Act, nothing in this Indenture shall prohibit the Trustee from becoming and acting as
trustee under other indentures under which other securities, or certificates of interest of participation in other securities,
of the Company are outstanding in the same manner as if it were not Trustee hereunder.

 

Section 6.6 Money Held in Trust.

 

Money held by the Trustee in trust hereunder
need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest
on any money received by it hereunder except as otherwise agreed with the Company.

 

Section 6.7 Compensation and Reimbursement.

 

The Company agrees:

 

(1)to pay to the Trustee from
time to time reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust);

 

(2)except as otherwise expressly
provided herein, to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or
made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses
and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its negligence
or bad faith; and

 

(3)to indemnify the Trustee
for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising
out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses
of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties
hereunder.

 

When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 5.1(5) or Section 5.1(6) hereof occurs, the expenses and the compensation
for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any applicable bankruptcy, insolvency, reorganization or similar law.

 

Section 6.8 Conflicting Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act and there is an Event of Default under the Securities of that series, the
Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions
of, the Trust Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed
to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one series.

 

    	-33-

    	 

    

 

Section 6.9 Corporate Trustee Required;
Eligibility.

 

There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee hereunder 
for Securities of one or more other series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture
Act to act as such and has (or if the Trustee is a member of a bank holding company system, its bank holding company has) a combined
capital and surplus of at least $50,000,000. If any such Person or bank holding company publishes reports of condition at least
annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section
and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person or bank holding company
shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at
any time the Trustee with respect to the Securities of any series shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter specified in this Article.

 

Section 6.10 Resignation and Removal;
Appointment of Successor.

 

No resignation or removal of the Trustee
and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by
the successor Trustee in accordance with the applicable requirements of Section 6.11. The Trustee may resign at any time with respect
to the Securities of one or more series by giving written notice thereof to the Company. If the instrument of acceptance by a successor
Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

 

The Trustee may be removed at any time with
respect to the Securities of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and to the Company.

 

If at any time:

 

(1)the Trustee shall fail
to comply with Section 6.8 after written request therefor by the Company or by any Holder who has been a bona fide Holder of a
Security for at least six months, or

 

(2)the Trustee shall cease
to be eligible under Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder,
or

 

(3)the Trustee shall become
incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed
or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,

 

then, in any such case, (A) the Company by
a Board Resolution may remove the Trustee with respect to all Securities, or (B) subject to Section 5.14, any Holder who has been
a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition
any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor
Trustee or Trustees.

 

If the Trustee shall resign, be removed
or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect
to the Securities of that or those series (it being understood that any such successor Trustee may be appointed with respect to
the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities
of any particular series) and shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to
the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment
in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of
such series and to that extent supersede the successor Trustee appointed by the Company. If no successor Trustee with respect to
the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, the retiring Trustee may petition, or any Holder who has been a bona fide Holder of a Security of such
series for at least six months may petition, on behalf of himself and all others similarly situated, any court of competent jurisdiction
for the appointment of a successor Trustee with respect to the Securities of such series.

 

    	-34-

    	 

    

 

The Company shall give notice of each resignation
and each removal of the Trustee with respect to the Securities of any series and each appointment of a successor Trustee with respect
to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice
shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

 

Section 6.11 Acceptance of
Appointment by Successor.

 

In case of the appointment hereunder of
a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver
to the Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of
the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall 
become vested with all the rights, powers, -36- trusts and duties of the retiring Trustee; but, on the request of the Company
or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument transferring
to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee hereunder.

 

In case of the appointment hereunder of
a successor Trustee with respect to the Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto
wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary
or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary
or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder
separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment
of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates.

 

Upon request of any such successor Trustee,
the Company shall execute any and all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. No successor Trustee
shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under
this Article.

 

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Section 6.12 Merger, Conversion, Consolidation
or Succession to Business.

 

Any corporation into which the Trustee may
be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation
to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee (including the administration of the trust created by this Indenture), shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any
paper or any further act on the part of any of the parties hereto. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself
authenticated such Securities. In the event that any Securities shall not have been authenticated by such predecessor Trustee,
any such successor Trustee may authenticate and deliver such Securities in either its own name or that of a predecessor Trustee,
with the full force and effect which this Indenture provides for the certificate of authentication of the Trustee.

 

Section 6.13 Preferential Collection
of Claims Against Company.

 

If and when the Trustee shall be or become
a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust
Indenture Act regarding the collection of claims against the Company (or any such other obligor).

 

Section 6.14 Appointment of Authenticating
Agent.

 

The Trustee may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act on behalf of the Trustee to authenticate
Securities of such series issued upon original issue and upon exchange, registration of transfer or partial redemption thereof
or pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall
be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and
shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof
or the District of Columbia, authorized under such laws to act as Authenticating Agent, having (or if the Authenticating Agent
is a member of a bank holding company system, its bank holding company has) a  combined capital
and surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State authority. If such Authenticating
Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining
authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed
to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately
in the manner and with the effect specified in this Section.

 

Any corporation into which an Authenticating
Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or
corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall
be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee
or the Authenticating Agent.

 

An Authenticating Agent may resign at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time terminate the agency of an
Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice
of resignation or upon such a termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Company and shall give notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment
hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally
named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

    	-36-

    	 

    

 

 

The Trustee agrees to pay to each Authenticating
Agent from time to time reasonable compensation for its services under this Section, and the Trustee shall be entitled to be reimbursed
for such payments, subject to the provisions of Section 6.7.

 

If an appointment with respect to one or
more series is made pursuant to this Section 6.14, the Securities of such series may have endorsed thereon, in lieu of the Trustee’s
certificate of authentication, an alternative certificate of authentication in the following form:

 

This is one of the Securities of the series
designated therein referred to in the within-mentioned Indenture.

 

	 	By:	 
	 	 	As Authenticating Agent
	 	 	 
	 	By:	 
	 	 	Authorized Officer

 

ARTICLE
7

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

 

Section 7.1 Company to Furnish Trustee
Names and Addresses of Holders.

 

The Company will furnish or cause to be
furnished to the Trustee

 

(1)semi-annually, not later
than 15 days after the Regular Record Date for each respective series of Securities, a list, in such form as the Trustee may reasonably
require, of the names and addresses of the Holders of Securities of each series as of such Regular Record Date, as the case may
be, or if there is no Regular Record Date for such series of Securities, semi-annually, and

 

(2)at such other times as
the Trustee may request in writing, within 30 days after the receipt by the Company of any such request, a list of similar form
and content as of a date not more than 15 days prior to the time such list is furnished;

 

(3)provided that no
such list need be furnished by the Company to the Trustee so long as the Trustee is acting as Security Registrar.

 

Section 7.2 Preservation of
Information; Communications to Holders.

 

The Trustee shall preserve, in as current
a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee
as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as Security Registrar.
The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished.

 

The rights of Holders to communicate with
other Holders with respect to their rights under this Indenture or under the Securities, and the corresponding rights and privileges
of the Trustee, shall be as provided by the Trust Indenture Act. Every Holder of Securities, by receiving and holding the same,
agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made pursuant to the Trust Indenture
Act.

 

Section 7.3 Reports by Trustee.

 

The Trustee shall transmit to Holders such reports concerning
the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.

 

    	-37-

    	 

    

 

Reports so required to be transmitted at
stated intervals of not more than 12 months shall be transmitted no later than July 15 in each calendar year, commencing with the
first July 15 after the first issuance of Securities pursuant to this Indenture.

 

A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which any Securities are listed with
the Commission and with the Company. The Company will notify the Trustee when any Securities are listed on any stock exchange.

 

Section 7.4 Reports by Company.

 

Any information, documents or other reports
that the Company shall file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee
within 15 days after the same is filed with the Commission; provided that any such information, documents or reports filed
or furnished with the Commission pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed
to be filed with the Trustee as of the time such information, documents or reports are filed or furnished via EDGAR.

 

ARTICLE
8

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

 

Section 8.1 Company May Consolidate,
etc., Only on Certain Terms.

 

The Company shall not consolidate with or
merge into any other Person (other than a Subsidiary of the Company) (in a transaction in which the Company is not the surviving
corporation) or convey, transfer or lease its properties and assets substantially as an entirety to any Person (other than a Subsidiary
of the Company), unless:

 

(1)in case the Company shall
consolidate with or merge into another Person (in a transaction in which the Company is not the surviving corporation) or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the Person formed by such consolidation
or into which the Company is merged or the Person which acquires by conveyance or transfer, or which leases, the properties and
assets of the Company substantially as an entirety shall be a corporation, limited liability company partnership, trust or other
business entity, shall be organized and validly existing under the laws of the United States of America, any State thereof or the
District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in
form satisfactory to the Trustee, the due and punctual payment of the principal of and any premium and interest on all the Securities
and the performance or observance of every covenant of this Indenture on the part of the Company to be performed or observed and
the conversion rights shall be provided for in accordance with Article 14, if applicable, or as otherwise specified pursuant to
Section 3.1, by supplemental indenture satisfactory in form to the Trustee, executed and delivered to the Trustee, by the Person
(if other than the Company) formed by such consolidation or into which the Company shall have been merged or by the Person which
shall have acquired the Company’s assets;

 

(2)immediately after giving
effect to such transaction and treating any indebtedness which becomes an obligation of the Company or any Subsidiary as a result
of such transaction as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event of Default,
and no event which, after notice or lapse of time or both, would become an Event of Default, shall have occurred and be continuing;
and

 

(3)the Company has delivered
to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, conveyance,
transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
comply with this Article and that all conditions precedent herein provided for relating to such transaction have been complied
with.

 

    	-38-

    	 

    

 

Section 8.2 Successor Substituted.

 

Upon any consolidation of the Company with,
or merger of the Company into, any other Person or any conveyance, transfer or lease of the properties and assets of the Company
substantially as an entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into which the
Company is merged or to which such conveyance, transfer or  lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and the Securities.

 

ARTICLE
9

SUPPLEMENTAL INDENTURES

 

Section 9.1 Supplemental Indentures Without
Consent of Holders.

 

Without the consent of any Holders, the
Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)to evidence the succession
of another Person to the Company, or successive successions, and the assumption by any such successor of the covenants of the Company
herein and in the Securities in compliance with Article 8; or

 

(2)to add to the covenants
of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit
of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such
series) or to surrender any right or power herein conferred upon the Company; or

 

(3)to add any additional Events
of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events of Default are to be
for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included
solely for the benefit of such series); or

 

(4)to add to or change any
of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of Securities in
bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the
issuance of Securities in uncertificated form; or

 

(5)to add to, change or eliminate
any of the provisions of this Indenture in respect of one or more series of Securities, provided that any such addition,
change or elimination (A) shall neither (i) apply to any Security of any series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of any such Security with respect
to such provision or (B) shall become effective only when there is no such Security Outstanding; or

 

(6)to secure the Securities,
including provisions regarding the circumstances under which Collateral may be released or substituted; or

 

(7)to add or provide for a
guaranty of the Securities or additional obligors on the Securities; or

 

(8)to establish the form or
terms of Securities of any series as permitted by Sections 2.1 and 3.1; or

 

    	-39-

    	 

    

 

(9)to evidence and provide
for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or

 

(10)to cure any ambiguity,
to correct or supplement any provision herein which may be defective or inconsistent with any other provision herein, or to make
any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant
to this clause (10) shall not adversely affect the interests of the Holders of Securities of any series in any material respect;
or

 

(11)to supplement any of the
provisions of the Indenture to such extent as shall be necessary to permit or facilitate the defeasance and discharge of any series
of Securities pursuant to Articles 4 and 13, provided that any such action shall not adversely affect the interests of the
Holders of Securities of such series or any other series of Securities in any material respect.

 

Section 9.2 Supplemental Indentures with
Consent of Holders.

 

With the consent of the Holders of a majority
in principal amount of the Outstanding Securities of each series affected by such supplemental indenture, by Act of said Holders
delivered to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under
this Indenture; provided, however, that no such supplemental indenture shall, without the consent of the Holder of
each Outstanding Security affected thereby,

 

(1)change the Stated Maturity
of the principal of, or any installment of principal of or interest on, any Security, or reduce the principal amount thereof or
the rate of interest thereon or any premium payable upon the redemption thereof, or reduce the amount of the principal of an Original
Issue Discount Security or any other Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.2, or change the place of payment or the coin or currency in which, any Security or any premium or
interest thereon is payable, or impair the right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or modify the provisions of this Indenture with
respect to the subordination of such  series of Securities in a manner materially adverse
to the Holders of Securities of such series, or, in the case of Securities of any series that are convertible into Securities or
other securities of the Company, adversely affect the right of Holders to convert any of the Securities of such series other than
as provided in or pursuant to this Indenture, or

 

(2)reduce the percentage in
principal amount of the Outstanding Securities of any series, the consent of whose Holders is required for any such supplemental
indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain defaults hereunder and their consequences) provided for in this Indenture, or

 

(3)modify any of the provisions
of this Section, Section 5.13 or Section 10.8, except to increase any such percentage or to provide that certain other provisions
of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected thereby;
provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes
in the references to “the Trustee” and concomitant changes in this Section and Section 10.8, or the deletion of this
proviso, in accordance with the requirements of Sections 6.11 and 9.1(8), or

 

(4)if applicable, make any
change that adversely affects the right to convert any security as provided in Article 14 or pursuant to Section 3.1 (except as
permitted by Section 9.1(9)).

 

A supplemental indenture which changes or
eliminates any covenant or other provision of this Indenture which has expressly been included solely for the benefit of one or
more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to
such covenant or other provision, shall be deemed not to affect the rights under this Indenture of the Holders of Securities of
any other series. It shall not be necessary for any Act of Holders under this Section to approve the particular form of any proposed
supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof.

 

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Section 9.3 Execution of Supplemental
Indentures.

 

In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this
Indenture, the Trustee shall be entitled to receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by this Indenture.
The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

Section 9.4 Effect of Supplemental Indentures.

 

Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part
of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder
shall be bound thereby.

 

Section 9.5 Conformity with Trust Indenture
Act.

 

Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act.

 

Section 9.6 Reference in Securities to
Supplemental Indentures.

 

Securities of any series authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the Trustee,
bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall
so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the Company, to any such
supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Securities of such series.

 

Section 9.7 Subordination Unimpaired.

 

No provision in any supplemental indenture
that affects the superior position of the holders of Senior Debt shall be effective against holders of Senior Debt.

 

ARTICLE
10

COVENANTS

 

Section 10.1 Payment of Principal, Premium
and Interest.

 

The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal of and any premium and interest on the
Securities of that series in accordance with the terms of the Securities and this Indenture.

 

Section 10.2 Maintenance of Office
or Agency.

 

The Company will maintain in each Place
of Payment for any series of Securities an office or agency where Securities of that series may be presented or surrendered for
payment, where Securities of that series may be surrendered for registration of transfer or exchange, where Securities of that
series may be surrendered for conversion and where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all
such presentations, surrenders, notices and demands. Unless otherwise provided in a supplemental indenture or pursuant to Section
3.1 hereof, the Place of Payment for any series of Securities shall be the Corporate Trust Office of the Trustee.

 

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The Company may also from time to time designate
one or more other offices or agencies where the Securities of one or more series may be presented or surrendered for any or all
such purposes and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in each Place of Payment for
Securities of any series for such purposes. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

Section 10.3 Money for Securities Payments
to be Held in Trust.

 

If the Company shall at any time act as
its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or any premium
or interest on any of the Securities of that series, segregate and hold in trust for the benefit of the Persons entitled thereto
a sum sufficient to pay the principal and any premium and interest so becoming due until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more
Paying Agents for any series of Securities, it will, on or prior to each due date of the principal of or any premium or interest
on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided
by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

 

The Company will cause each Paying Agent
for any series of Securities other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent
shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the provisions
of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Company (or
any other obligor upon the Securities of that series) in the making of any payment in respect of the Securities of that series,
upon the written request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

 

The Company may at any time, for the purpose
of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying
Agent to pay, to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by the Trustee upon
the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying
Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money.

 

Any money deposited with the Trustee or
any Paying Agent, or then held by the Company, in trust for the payment of the principal of or any premium or interest on any Security
of any series and remaining unclaimed for a period ending on the earlier of the date that is ten Business Days prior to the date
such money would escheat to the State or two years after such principal, premium or interest has become due and payable shall be
paid to the Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a newspaper published in the English language, customarily
published on each Business Day and of general circulation in each Place of Payment, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance
of such money then remaining will be repaid to the Company.

 

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Section 10.4 Statement by Officers as
to Default.

 

The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate,
stating whether or not to the best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such defaults and the nature and status thereof of
which they may have knowledge. The fiscal year of the Company currently ends on December 31; and the Company will give the Trustee
prompt written notice of any change of its fiscal year.

 

Section 10.5 Existence.

 

Subject to Article 8, the Company will do
or cause to be done all things necessary to preserve and keep in full force and effect its existence.

 

Section 10.6 Maintenance of Properties.

 

The Company will cause all properties used
or useful in the conduct of its business to be maintained and kept in good condition, repair and working order and supplied with
all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof,
all as, and to the extent, in the judgment of the Company may be necessary so that the business carried on in connection therewith
may be properly and advantageously conducted at all times; provided, however, that nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if such discontinuance is, in the
judgment of the Company, desirable in the conduct of its business and not disadvantageous in any material respect to the Holders.

 

Section 10.7 Payment of Taxes and Other
Claims.

 

The Company will pay or discharge or cause
to be paid or discharged, before the same shall become delinquent, (1) all taxes, assessments and governmental charges levied or
imposed upon the Company or upon the income, profits or property of the Company, and (2) all lawful claims for labor, materials
and supplies which, if unpaid, might by law become a lien upon the property of the Company; provided, however, that
the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim
(i) whose amount, applicability or validity is being contested in good faith by appropriate proceedings or (ii) if the failure
to pay or discharge would not have a material adverse effect on the assets, business, operations, properties or condition (financial
or otherwise) of the Company and its subsidiaries, taken as a whole.

 

Section 10.8 Waiver of Certain Covenants.

 

Except as otherwise specified as contemplated
by Section 3.1 for Securities of such series, the Company may, with respect to the Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided pursuant to Section 3.1(19), 9.1(2),
9.1(7), 10.6 or 10.7 for the benefit of the Holders of such series if before the time for such compliance the Holders of at least
a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders, either waive such compliance
in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect
such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

 

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ARTICLE
11

REDEMPTION OF SECURITIES

 

Section 11.1 Applicability of
Article.

 

Securities of any series that are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise specified as contemplated
by Section 3.1 for such Securities) in accordance with this Article.

 

Section 11.2 Election to Redeem; Notice
to Trustee.

 

The election of the Company to redeem any
Securities shall be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.
In case of any redemption at the election of the Company of less than all the Securities of any series (including any such redemption
affecting only a single Security), the Company shall, at least 45 days prior to the Redemption Date fixed by the Company (unless
a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount of
Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to be redeemed. In the case of any
redemption of Securities prior to the expiration of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance
with such restriction.

 

Section 11.3 Selection by Trustee
of Securities to Be Redeemed.

 

If less than all the Securities of any series
are to be redeemed (unless all the Securities of such series and of a specified tenor are to be redeemed or unless such redemption
affects only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series not previously called for redemption, by lot, or
in the Trustee’s discretion, on a pro-rata basis, provided that the unredeemed portion of the principal amount of
any Security shall be in an authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be redeemed (unless such redemption affects
only a single Security), the particular Securities to be redeemed shall be selected not more than 45 days prior to the Redemption
Date by the Trustee, from the Outstanding Securities of such series and specified tenor not previously called for redemption in
accordance with the preceding sentence.

 

If any Security selected for partial redemption
is converted in part before termination of the conversion right with respect to the portion of the Security so selected, the converted
portion of such Security shall be deemed (so far as may be) to be the portion selected for redemption. Securities that have been
converted during a selection of Securities to be redeemed shall be treated by the Trustee as Outstanding for the purpose of such
selection.

 

The Trustee shall promptly notify the Company
in writing of the Securities selected for redemption as aforesaid and, in case of any Securities selected for partial redemption
as aforesaid, the principal amount thereof to be redeemed.

 

The provisions of the two preceding paragraphs
shall not apply with respect to any redemption affecting only a single Security, whether such Security is to be redeemed in whole
or in part. In the case of any such redemption in part, the unredeemed portion of the principal amount of the Security shall be
in an authorized denomination (which shall not be less than the minimum authorized denomination) for such Security.

 

For all purposes of this Indenture, unless
the context otherwise requires, all provisions relating to the redemption of Securities shall relate, in the case of any Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed.

 

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Section 11.4 Notice of
Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date, unless a shorter period is
specified in the Securities to be redeemed, to each Holder of Securities to be redeemed, at its address appearing in the Security
Register.

 

All notices of redemption shall state:

 

(1)the Redemption Date,

 

(2)the Redemption Price (including
accrued interest, if any),

 

(3)if less than all the Outstanding
Securities of any series consisting of more than a single Security are to be redeemed, the identification (and, in the case of
partial redemption of any such Securities, the principal amounts) of the particular Securities to be redeemed and, if less than
all the Outstanding Securities of any series consisting of a single Security are to be redeemed, the principal amount of the particular
Security to be redeemed,

 

(4)in case any Security is
to be redeemed in part only, that on and after the Redemption Date, upon surrender of such Security, the Holder of such Security
will receive, without charge, a new Security or Securities of authorized denominations for the principal amount thereof remaining
unredeemed,

 

(5)that on the Redemption
Date the Redemption Price will become due and payable upon each such Security to be redeemed and, if applicable, that interest
thereon will cease to accrue on and after said date,

 

(6)the place or places where
each such Security is to be surrendered for payment of the Redemption Price,

 

(7)if applicable, the conversion
price or conversion rate, as the case may be, the date on which the right to convert the principal of the Securities or the portions
thereof to be redeemed will terminate, and the place or places where such Securities may be surrendered for conversion,

 

(8)that the redemption is
for a sinking fund, if such is the case, and

 

(9)the CUSIP number or numbers
and/or common codes of the Security being redeemed.

 

Notice of redemption of Securities to be
redeemed at the election 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 and shall be irrevocable.

 

Section 11.5 Deposit of Redemption Price.

 

On or prior to any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate
and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which are to be redeemed on that date.

 

If any Security called for redemption is
converted, any money deposited with the Trustee or with a Paying Agent or so segregated and held in trust for the redemption of
such Security shall (subject to the right of any Holder of such Security to receive interest as provided in the last paragraph
of Section 3.7) be paid to the Company on Company Request, or if then held by the Company, shall be discharged from such trust.

 

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Section 11.6 Securities Payable on Redemption
Date.

 

Notice of redemption having been given as
aforesaid, the 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 (unless the Company shall default in the payment of the Redemption Price and accrued interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest to the Redemption Date; provided,
however, that, unless otherwise specified as contemplated by Section 3.1, installments of interest whose Stated Maturity is
on or prior to the Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, registered
as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.7.

 

If any Security called for redemption shall
not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid, bear interest from the Redemption
Date at the rate prescribed therefor in the Security.

 

Section 11.7 Securities Redeemed in Part.

 

Any Security which is to be redeemed only
in part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by,
or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the Holder thereof or
its attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Security without service charge, a new Security or Securities of the same series and of like tenor, of any authorized
denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

 

ARTICLE
12

SINKING FUNDS

 

Section 12.1 Applicability of Article.

 

The provisions of this Article shall be
applicable to any sinking fund for the retirement of Securities of any series except as otherwise specified as contemplated by
Section 3.1 for such Securities.

 

The minimum amount of any sinking fund payment
provided for by the terms of any Securities is herein referred to as a “mandatory sinking fund payment,” and any payment
in excess of such minimum amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment.” If provided for by the terms of any Securities, the cash amount of any sinking fund payment may be subject
to reduction as provided in Section 12.2. Each sinking fund payment shall be applied to the redemption of Securities as provided
for by the terms of such Securities.

 

Section 12.2 Satisfaction of Sinking
Fund Payments with Securities.

 

The Company (1) may deliver Outstanding
Securities of a series (other than any previously called for redemption) and (2) may apply as a credit Securities of a series which
have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of
permitted optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part
of any sinking fund payment with respect to any Securities of such series required to be made pursuant to the terms of such Securities
as and to the extent provided for by the terms of such Securities; provided that the Securities to be so credited have not
been previously so credited. The Securities to be so credited shall be received and credited for such purpose by the Trustee at
the Redemption Price, as specified in the Securities so to be redeemed, for redemption through operation of the sinking fund and
the amount of such sinking fund payment shall be reduced accordingly.

 

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Section 12.3 Redemption of Securities
for Sinking Fund.

 

Not fewer than 60 days prior to each sinking
fund payment date for any Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the portion thereof, if
any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting
Securities pursuant to Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Not fewer than 30 days
prior to each such  sinking fund payment date, the Trustee shall select the Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section 11.3 and cause notice of the redemption thereof
to be given in the name of and at the expense of the Company in the manner provided in Section 11.4. Such notice having been duly
given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.6 and 11.7.

 

ARTICLE
13

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 13.1 Company’s Option to
Effect Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at
any time, to have Section 13.2 or Section 13.3 applied to any Securities or any series of Securities, as the case may be, designated
pursuant to Section 3.1 as being defeasible pursuant to such Section 13.2 or 13.3, in accordance with any applicable requirements
provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article. Any such election shall
be evidenced by a Board Resolution or in another manner specified as contemplated by Section 3.1 for such Securities.

 

Section 13.2 Defeasance and Discharge.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case may be, the Company shall
be deemed to have been discharged from its obligations, and the provisions of Article 15 shall cease to be effective, with respect
to such Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied (hereinafter
called “Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have paid and discharged
the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and
this Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder:

 

(1)the rights of Holders of
such Securities to receive, solely from the trust fund described in Section 13.4 and as more fully set forth in such Section, payments
in respect of the principal of and any premium and interest on such Securities when payments are due,

 

(2)the Company’s obligations
with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3, and, if applicable, Article 14,

 

(3)the rights, powers, trusts,
duties and immunities of the Trustee hereunder, and

 

(4)this Article.

 

Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities notwithstanding the prior exercise
of its option (if any) to have Section 13.3 applied to such Securities.

 

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Section 13.3 Covenant Defeasance.

 

Upon the Company’s exercise of its
option (if any) to have this Section applied to any Securities or any series of Securities, as the case maybe,

 

(1)the Company shall be released
from its obligations under Sections 10.6 and 10.7 and any covenants provided pursuant to Sections 3.1(19), 9.1(2) or 9.1(7) for
the benefit of the Holders of such Securities,

 

(2)the occurrence of any event
specified in Sections 5.1(4) (with respect to any of Sections 10.6 and 10.7 and any such covenants provided pursuant to Section
3.1(19), 9.1(2) or 9.1(7)) and the occurrence of any Event of Default specified pursuant to Section 3.1, shall be deemed not to
be or result in an Event of Default, and

 

(3)the provisions of Article
15 shall cease to be effective,

 

in each case with respect to such Securities
or series of Securities as provided in this Section on and after the date the conditions set forth in Section 13.4 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to
such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.1(4) and the occurrence of any Event
of Default specified pursuant to Section 3.1) or Article 15, whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein
or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby.

 

Section 13.4 Conditions to Defeasance
or Covenant Defeasance.

 

The following shall be the conditions to
the application of Section 13.2 or Section 13.3 to any Securities or any series of Securities, as the case may be:

 

(1)The Company shall irrevocably
have deposited or caused to be deposited with the Trustee (or another trustee which satisfies the requirements contemplated by
Section 6.9 and agrees to comply with the provisions of this Article applicable to it) as trust funds in trust for the purpose
of making the following payments, specifically pledged as security for, and dedicated solely to, the benefits of the Holders of
such Securities,

 

(A)in the case of Securities
of a series denominated in currency of the United States of America,

 

(i)cash in currency of the United
States of America in an amount, or

 

(ii)U.S. Government Obligations
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, an amount in cash, or

 

(iii)a combination thereof,
or

 

(B)in the case of Securities
of a series denominated in currency other than that of the United States of America,

 

(i)cash in the currency in which
such series of Securities is denominated in an amount, or

 

    	-48-

    	 

    

 

(ii)Foreign Government Obligations
which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will provide, not
later than one day before the due date of any payment, an amount in cash, or

 

(iii)a combination thereof,

 

in each case sufficient, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such Securities on the respective Stated Maturities, in accordance with the terms
of this Indenture and such Securities.

 

(2)In the event of an election
to have Section 13.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel stating that

 

(A)the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or

 

(B)since the date of this
instrument, there has been a change in the applicable Federal income tax law,

 

(C)in either case (A) or
(B) to the effect that, and based thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain
or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the
case if such deposit, Defeasance and discharge were not to occur.

 

(3)In the event of an election
to have Section 13.3 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered
to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal
income tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to such Securities and will
be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit
and Covenant Defeasance were not to occur.

 

(4)The Company shall have
delivered to the Trustee an Officers’ Certificate to the effect that neither such Securities nor any other Securities of
the same series, if then listed on any securities exchange, will be delisted as a result of such deposit.

 

(5)No event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to such Securities or any other Securities shall
have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1(5) and
(6), at any time on or prior to the 90th day after the date of such deposit (it being understood that this condition shall not
be deemed satisfied until after such 90th day).

 

(6)Such Defeasance or Covenant
Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust Indenture Act (assuming all
Securities are in default within the meaning of such Act).

 

(7)Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound.

 

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(8)Such Defeasance or Covenant
Defeasance shall not result in the trust arising from such deposit constituting an investment company within the meaning of the
Investment Company Act unless such trust shall be registered under such Act or exempt from registration thereunder.

 

(9)At the time of such deposit,

 

(A)no default in the payment
of any principal of or premium or interest on any Senior Debt shall have occurred and be continuing,

 

(B)no event of default with
respect to any Senior Debt shall have resulted in such Senior Debt becoming, and continuing to be, due and payable prior to the
date on which it would otherwise have become due and payable (unless payment of such Senior Debt has been made or duly provided
for), and

 

(C)no other event of default
with respect to any Senior Debt shall have occurred and be continuing permitting (after notice or lapse of time or both) the holders
of such Senior Debt (or a trustee on behalf of such holders) to declare such Senior Debt due and payable prior to the date on which
it would otherwise have become due and payable.

 

(10)The Company shall have
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent with
respect to such Defeasance or Covenant Defeasance have been complied with.

 

Section 13.5 Deposited Money, U.S. Government
Obligations and Foreign Government Obligations to be Held in Trust; Miscellaneous Provisions.

 

Subject to the provisions of the last paragraph
of Section 10.3, all money, U.S. Government Obligations and Foreign Government Obligations (including the proceeds thereof) deposited
with the Trustee or other qualifying trustee (solely for purposes of this Section and Section 13.6, the Trustee and any such other
trustee are referred to collectively as the “Trustee”) pursuant to Section 13.4 in respect of any Securities shall
be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and any premium and interest,
but money so held in trust need not be segregated from other funds except to the extent required by law. Money, U.S. Government
Obligations and Foreign Government Obligations so held in trust shall not be subject to the provisions of Article 15.

 

The Company shall pay and indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against the U.S. Government Obligations or Foreign Government
Obligations deposited pursuant to Section 13.4 or the principal and interest received in respect thereof other than any such tax,
fee or other charge which by law is for the account of the Holders of Outstanding Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to time upon Company Request any money, U.S. Government
Obligations or Foreign Government Obligations held by it as provided in Section 13.4 with respect to any Securities which, in the
opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered
to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant
Defeasance, as the case may be, with respect to such Securities.

 

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Section 13.6 Reinstatement.

 

If the Trustee or the Paying Agent is unable
to apply any money in accordance with this Article with respect to any Securities by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under this Indenture
and such Securities from which the Company has been discharged or released pursuant to Section 13.2 or 13.3 shall be revived and
reinstated as though no deposit had occurred pursuant to this Article with respect to such Securities, until such time as the Trustee
or Paying Agent is permitted to apply all money held in trust pursuant to Section 13.5 with respect to such Securities in accordance
with this Article; provided, however, that if the Company makes any payment of principal of or any premium or interest
on any such Security following such reinstatement of its obligations, the Company shall be subrogated to the rights (if any) of
the Holders of such Securities to receive such payment from the money so held in trust.

 

ARTICLE
14

CONVERSION OF SECURITIES

 

Section 14.1 Applicability of Article.

 

The provisions of this Article shall be
applicable to the Securities of any series which are convertible into shares of Common Stock of the Company, and the issuance of
such shares of Common Stock upon the conversion of such Securities, except as otherwise specified as contemplated by Section 3.1
for the Securities of such series.

 

Section 14.2 Exercise of Conversion Privilege.

 

In order to exercise a conversion privilege,
the Holder of a Security of a series with such a privilege shall surrender such Security to the Company at the office or agency
maintained for that purpose pursuant to Section 10.2, accompanied by a duly executed conversion notice to the Company substantially
in the form set forth in Section 2.6 stating that the Holder elects to convert such Security or a specified portion thereof. Such
notice shall also state, if different from the name and address of such Holder, the name or names (with address) in which the certificate
or certificates for shares of Common Stock, which shall be issuable on such conversion, shall be issued. Securities surrendered
for conversion shall (if so required by the Company or the Trustee) be duly endorsed by or accompanied by instruments of transfer
in forms satisfactory to the Company  and the Trustee duly executed by the Holder or its attorney
duly authorized in writing; and Securities so surrendered for conversion (in whole or in part) during the period from the close
of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date (excluding Securities
or portions thereof called for redemption during the period beginning at the close of business on a Regular Record Date and ending
at the opening of business on the first Business Day after the next succeeding Interest Payment Date, or if such Interest Payment
Date is not a Business Day, the second such Business Day) shall also be accompanied by payment in funds acceptable to the Company
of an amount equal to the interest payable on such Interest Payment Date on the principal amount of such Security then being converted,
and such interest shall be payable to such Holder notwithstanding the conversion of such Security, subject to the provisions of
Section 3.7 relating to the payment of Defaulted Interest by the Company. As promptly as practicable after the receipt of such
notice and of any payment required pursuant to a Board Resolution and, subject to Section 3.3, set forth, or determined in the
manner provided, in an Officers’ Certificate, or established in one or more indentures supplemental hereto setting forth
the terms of such series of Security, and the surrender of such Security in accordance with such reasonable regulations as the
Company may prescribe, the Company shall issue and shall deliver, at the office or agency at which such Security is surrendered,
to such Holder or on its written order, a certificate or certificates for the number of full shares of Common Stock issuable upon
the conversion of such Security (or specified portion thereof), in accordance with the provisions of such Board Resolution, Officers’
Certificate or supplemental indenture, and cash as provided therein in respect of any fractional share of such Common Stock otherwise
issuable upon such conversion. Such conversion shall be deemed to have been effected immediately prior to the close of business
on the date on which such notice and such payment, if required, shall have been received in proper order for conversion by the
Company and such Security shall have been surrendered as aforesaid (unless such Holder shall have so surrendered such Security
and shall have instructed the Company to effect the conversion on a particular date following such surrender and such Holder shall
be entitled to convert such Security on such date, in which case such conversion shall be deemed to be effected immediately prior
to the close of business on such date) and at such time the rights of the Holder of such Security as such Security Holder shall
cease and the person or persons in whose name or names any certificate or certificates for shares of Common Stock of the Company
shall be issuable upon such conversion shall be deemed to have become the Holder or Holders of record of the shares represented
thereby. Except as set forth above and subject to the final paragraph of Section 3.7, no payment or adjustment shall be made upon
any conversion on account of any interest accrued on the Securities (or any part thereof) surrendered for conversion or on account
of any dividends on the Common Stock of the Company issued upon such conversion.

 

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In the case of any Security which is converted
in part only, upon such conversion the Company shall execute and the Trustee shall authenticate and deliver to or on the order
of the Holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations,
in aggregate principal amount equal to the unconverted portion of such Security.

 

Section 14.3 No Fractional Shares.

 

No fractional share of Common Stock of the
Company shall be issued upon conversions of Securities of any series. If more than one Security shall be surrendered for conversion
at one time by the same Holder, the number of full shares which shall be issuable upon conversion shall be computed on the basis
of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted hereby) so surrendered.
If, except for the provisions of this Section 14.3, any Holder of a Security or Securities would be entitled to a fractional share
of Common Stock of the Company upon the conversion of such Security or Securities, or specified portions thereof, the Company shall
pay to such Holder an amount in cash equal to the current market value of such fractional share computed, (i) if such Common Stock
is listed or admitted to unlisted trading privileges on a national securities exchange or market, on the basis of the last reported
sale price regular way on such exchange or market on the last trading day prior to the date of conversion upon which such a sale
shall have been effected, or (ii) if such Common Stock is not at the time so listed or admitted to unlisted trading privileges
on a national securities exchange or market, on the basis of the average of the bid and asked prices of such Common Stock in the
over-the-counter market, on the last trading day prior to the date of conversion, as reported by the National Quotation Bureau,
Incorporated or similar organization if the National Quotation Bureau, Incorporated is no longer reporting such information, or
if not so available, the fair market price as determined by the Board of Directors. For purposes of this Section, “trading
day” shall mean each Monday, Tuesday, Wednesday, Thursday and Friday other than any day on which the Common Stock is not
traded on the principal exchange or market on which the Common Stock is then traded or quoted.

 

Section 14.4 Adjustment of Conversion
Price or Conversion Rate.

 

The conversion price or conversion rate,
as the case may be, of Securities of any series that is convertible into Common Stock of the Company shall be adjusted for any
stock dividends, stock splits, reclassifications, combinations or similar transactions in accordance with the terms of the supplemental
indenture or Board Resolutions setting forth the terms of the Securities of such series.

 

Whenever the conversion price or conversion
rate, as the case may be, is adjusted, the Company shall compute the adjusted conversion price or conversion rate, as the case
may be, in accordance with terms of the applicable Board Resolution or supplemental indenture and shall prepare an Officers’
Certificate setting forth the adjusted conversion price or conversion rate, as the case may be, and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed at each office or agency maintained
for the purpose of conversion of Securities pursuant to Section 10.2 and, if different, with the Trustee. The Company shall forthwith
cause a notice setting forth the adjusted conversion price or conversion rate, as the case may be, to be mailed, first class postage
prepaid, to each Holder of Securities of such series at its  address appearing on the Security
Register and to any conversion agent other than the Trustee.

 

Section 14.5 Notice of Certain Corporate
Actions.

 

In case:

 

(1)the Company shall declare
a dividend (or any other distribution) on its Common Stock payable otherwise than in cash out of its retained earnings (other than
a dividend for which approval of any shareholders of the Company is required) that would require an adjustment pursuant to Section
14.4; or

 

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(2)the Company shall authorize
the granting to all or substantially all of the holders of its Common Stock of rights, options or warrants to subscribe for or
purchase any shares of capital stock of any class or of any other rights (other than any such grant for which approval of any shareholders
of the Company is required); or

 

(3)of any reclassification
of the Common Stock of the Company (other than a subdivision or combination of its outstanding shares of Common Stock, or of any
consolidation, merger or share exchange to which the Company is a party and for which approval of any shareholders of the Company
is required), or of the sale of all or substantially all of the assets of the Company; or

 

(4)of the voluntary or involuntary
dissolution, liquidation or winding up of the Company;

 

then the Company shall cause to be filed with
the Trustee, and shall cause to be mailed to all Holders at their last addresses as they shall appear in the Security Register,
at least 20 days (or 10 days in any case specified in clause (1) or (2) above) prior to the applicable record date hereinafter
specified, a notice stating (i) the date on which a record is to be taken for the purpose of such dividend, distribution, rights,
options or warrants, or, if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled
to such dividend, distribution, rights, options or warrants are to be determined, or (ii) the date on which such reclassification,
consolidation, merger, share exchange, sale, dissolution, liquidation or winding up is expected to become effective, and the date
as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for
securities, cash or other property deliverable upon such reclassification, consolidation, merger, share exchange, sale, dissolution,
liquidation or winding up. If at any time the Trustee shall not be the conversion agent, a copy of such notice shall also forthwith
be filed by the Company with the Trustee.

 

Section 14.6 Reservation of Shares of
Common Stock.

 

The Company shall at all times reserve and
keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose of effecting the
conversion of Securities, the full number of shares of Common Stock of the Company then issuable upon the conversion of all outstanding
Securities of any series that has conversion rights.

 

Section 14.7 Payment of Certain Taxes
upon Conversion.

 

Except as provided in the next sentence,
the Company will pay any and all taxes that may be payable in respect of the issue or delivery of shares of its Common Stock on
conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax which may be payable in respect
of any transfer involved in the issue and delivery of shares of its Common Stock in a name other than that of the Holder of the
Security or Securities to be converted, and no such issue or delivery shall be made unless and until the person requesting such
issue has paid to the Company the amount of any such tax, or has established, to the satisfaction of the Company, that such tax
has been paid.

 

Section 14.8 Nonassessability.

 

The Company covenants that all shares of
its Common Stock that may be issued upon conversion of Securities will upon issue in accordance with the terms hereof be duly and
validly issued and fully paid and nonassessable.

 

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Section 14.9 Provision in Case of Consolidation,
Merger or Sale of Assets.

 

In case of any consolidation or merger of
the Company with or into any other Person, any merger of another Person with or into the Company (other than a merger which does
not result in any reclassification, conversion, exchange or cancellation of outstanding shares of Common Stock of the Company)
or any conveyance, sale, transfer or lease of all or substantially all of the assets of the Company, the Person formed by such
consolidation or resulting from such merger or which acquires such assets, as the case may be, shall execute and deliver to the
Trustee a supplemental indenture providing that the Holder of each Security of a series then Outstanding that is convertible into
Common Stock of the Company shall have the right thereafter (which right shall be the exclusive conversion right thereafter available
to said Holder), during the period such Security shall be convertible, to convert such Security only into the kind and amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease by a holder
of the number of shares of Common Stock of the Company into which such Security might have been converted immediately prior to
such consolidation, merger, conveyance, sale, transfer or lease, assuming such holder of Common Stock of the Company (i) is not
a Person with which the Company consolidated or merged with or into or which merged into or  with
the Company or to which such conveyance, sale, transfer or lease was made, as the case may be (a “Constituent Person”),
or an Affiliate of a Constituent Person and (ii) failed to exercise his rights of election, if any, as to the kind or amount of
securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer or lease (provided
that if the kind or amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale,
transfer, or lease is not the same for each share of Common Stock of the Company held immediately prior to such consolidation,
merger, conveyance, sale, transfer or lease by others than a Constituent Person or an Affiliate thereof and in respect of which
such rights of election shall not have been exercised (“Non-electing Share”), then for the purpose of this Section
14.9 the kind and amount of securities, cash and other property receivable upon such consolidation, merger, conveyance, sale, transfer
or lease by the holders of each Non-electing Share shall be deemed to be the kind and amount so receivable per share by a plurality
of the Non-electing Shares). Such supplemental indenture shall provide for adjustments which, for events subsequent to the effective
date of such supplemental indenture, shall be as nearly equivalent as may be practicable to the adjustments provided for in this
Article or in accordance with the terms of the supplemental indenture or Board Resolutions setting forth the terms of such adjustments.
The above provisions of this Section 14.9 shall similarly apply to successive consolidations, mergers, conveyances, sales, transfers
or leases. Notice of the execution of such a supplemental indenture shall be given by the Company to the Holder of each Security
of a series that is convertible into Common Stock of the Company as provided in Section 1.6 promptly upon such execution.

 

Neither the Trustee nor any conversion agent,
if any, shall be under any responsibility to determine the correctness of any provisions contained in any such supplemental indenture
relating either to the kind or amount of shares of stock or other securities or property or cash receivable by Holders of Securities
of a series convertible into Common Stock of the Company upon the conversion of their Securities after any such consolidation,
merger, conveyance, transfer, sale or lease or to any such adjustment, but may accept as conclusive evidence of the correctness
of any such provisions, and shall be protected in relying upon, an Opinion of Counsel with respect thereto, which the Company shall
cause to be furnished to the Trustee upon request.

 

Section 14.10 Duties of Trustee Regarding
Conversion.

 

Neither the Trustee nor any conversion agent
shall at any time be under any duty or responsibility to any Holder of Securities of any series that is convertible into Common
Stock of the Company to determine whether any facts exist which may require any adjustment of the conversion price or conversion
rate, as the case may be, or with respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, whether herein or in any supplemental indenture, any resolutions of the Board of Directors or written instrument executed
by one or more officers of the Company provided to be employed in making the same. Neither the Trustee nor any conversion agent
shall be accountable with respect to the validity or value (or the kind or amount) of any shares of Common Stock of the Company,
or of any securities or property, which may at any time be issued or delivered upon the conversion of any Securities and neither
the Trustee nor any conversion agent makes any representation with respect thereto. Subject to the provisions of Section 6.1, neither
the Trustee nor any conversion agent shall be responsible for any failure of the Company to issue, transfer or deliver any shares
of its Common Stock or stock certificates or other securities or property upon the surrender of any Security for the purpose of
conversion or to comply with any of the covenants of the Company contained in this Article 14 or in the applicable supplemental
indenture, resolutions of the Board of Directors or written instrument executed by one or more duly authorized officers of the
Company.

 

Section 14.11 Repayment of Certain
Funds upon Conversion.

 

Any funds which at any time shall have been
deposited by the Company or on its behalf with the Trustee or any other paying agent for the purpose of paying the principal of,
and premium, if any, and interest, if any, on any of the Securities (including, but not limited to, funds deposited for the sinking
fund referred to in Article 12 hereof and funds deposited pursuant to Article 13 hereof) and which shall not be required for such
purposes because of the conversion of such Securities as provided in this Article 14 shall after such conversion be repaid to the
Company by the Trustee upon the Company’s written request.

 

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ARTICLE
15

SUBORDINATION OF SECURITIES

 

Section 15.1 Agreement of Subordination.

 

Except as otherwise provided in a supplemental
indenture or pursuant to Section 3.1, the Company covenants and agrees, and each Holder of Securities issued hereunder by its acceptance
thereof likewise covenants and agrees, that all Securities shall be issued subject to the provisions of this Article 15; and each
Person holding any Security, whether upon original issue or upon transfer, assignment or exchange thereof, accepts and agrees to
be bound by such provisions.

 

The payment of the principal of, premium,
if any, and interest on all Securities (including, but not limited to, the redemption price with respect to the Securities called
for redemption in accordance with Article 11 as provided in the Indenture) issued hereunder shall, to the extent and in the manner
hereinafter set forth, be subordinated and subject in right of payment to the prior payment in full of all Senior Debt, whether
outstanding at the date of this Indenture or thereafter incurred.

 

No provision of this Article 15 shall prevent
the occurrence of any default or Event of Default hereunder.

 

Section 15.2 Payments to Holders.

 

No payment shall be made with respect to
the principal of, or premium, if any, or interest on the Securities (including, but not limited to, the redemption price with respect
to the Securities to be called for redemption in accordance with Article 11 as provided in the Indenture), except payments and
distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, if:

 

(i)a default in the payment
of principal, premium, if any, interest, rent or other obligations due on any Senior Debt occurs and is continuing (or, in the
case of Senior Debt for which there is a period of grace, in the event of such a default that continues beyond the period of grace,
if any, specified in the instrument or lease evidencing such Senior Debt) (a “Payment Default”), unless and until such
default shall have been cured or waived or shall have ceased to exist; or

 

(ii)a default, other than a
Payment Default, on any Designated Senior Debt occurs and is continuing that then permits holders of such Designated Senior Debt
to accelerate its maturity and the Trustee receives a notice of the default (a “Payment Blockage Notice”) from a holder
of Designated Senior Debt, a Representative of Designated Senior Debt or the Company (a “Non-Payment Default”).

 

If the Trustee receives any Payment Blockage
Notice pursuant to clause (ii) above, no subsequent Payment Blockage Notice shall be effective for purposes of this Section unless
and until at least 365 days shall have elapsed since the initial effectiveness of the immediately prior Payment Blockage Notice.
No Non-Payment Default that existed or was continuing on the date of delivery of any Payment Blockage Notice to the Trustee shall
be, or be made, the basis for a subsequent Payment Blockage Notice.

 

The Company may and shall resume payments
on and distributions in respect of the Securities upon the earlier of:

 

(2)in the case of any Payment
Default, the date upon which the Payment Default is cured or waived or ceases to exist, or

 

    	-55-

    	 

    

 

(3)in the case of a Non-Payment
Default, the earlier of (a) the date upon which such Non-Payment Default is cured, waived or ceases to exist or (b) 179 days after
the date on which the applicable Payment Blockage Notice is received by the Trustee,

 

unless this Article 15 otherwise prohibits
the payment or distribution at such time.

 

Upon any payment or distribution of assets
of the Company of any kind or character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy, insolvency, reorganization,
liquidation, receivership or other proceedings, or upon an assignment for the benefit of creditors or any marshalling of the assets
and liabilities of the Company, or otherwise, all amounts due or to become due upon all Senior Debt shall first be paid in full
in cash or other payment satisfactory to the holders of such Senior Debt, or payment thereof in accordance with its terms provided
for in cash or other payment satisfactory to the holders of such Senior Debt, before any payment is made on account of the principal
of, premium, if any, or interest on the Securities (except payments made pursuant to Article 4 from monies deposited with the Trustee
pursuant thereto prior to commencement of proceedings for such dissolution, winding-up, liquidation, reorganization, assignment
for the benefit of creditors or the marshalling of assets and liabilities of the Company); and upon any such dissolution, winding-up,
liquidation, reorganization, assignment for the benefit of creditors or marshalling of assets and liabilities of the Company or
bankruptcy, insolvency, receivership or other proceeding, any payment by the Company, or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, to which the Holders of the Securities or the Trustee would
be entitled, except for the provision of this Article 15, shall (except as aforesaid) be paid by the Company or by any receiver,
trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or distribution, or by the Holders of the
Securities or by the Trustee under this Indenture if received by them or it, directly to the holders of Senior Debt (pro rata to
such holders on the basis of the respective amounts of Senior Debt held by such holders, or as otherwise required by law or a court
order) or their Representative or Representatives, or to the trustee or trustees under any indenture pursuant to which any instruments
evidencing any Senior Debt may have been issued, as their respective interests may appear, to the extent necessary to pay all Senior
Debt in full, in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to any concurrent payment
or distribution to or for the holders of Senior Debt, before any payment or distribution or provision therefor is made to the Holders
of the Securities or to the Trustee.

 

For purposes of this Article 15, the words,
“cash, property or securities” shall not be deemed to include shares of stock of the Company as reorganized or readjusted,
or securities of the Company or any other corporation provided for by a plan of reorganization or readjustment, the payment of
which is subordinated at least to the extent provided in this Article 15 with respect to the Securities to the payment of all Senior
Debt which may at the time be outstanding; provided that (i) the Senior Debt is assumed by the new corporation, if any,
resulting from any reorganization or readjustment, and (ii) the rights of the holders of Senior Debt (other than leases which are
not assumed by the Company or the new corporation, as the case may be) are not, without the consent of such holders, altered by
such reorganization or readjustment. The consolidation of the Company with, or the merger of the Company into, another corporation
or the liquidation or dissolution of the Company  following the conveyance or transfer of
its property as an entirety, or substantially as an entirety, to another corporation upon the terms and conditions provided for
in Article 8 shall not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this Section 15.2
if such other corporation shall, as a part of such consolidation, merger, conveyance or transfer, comply with the conditions stated
in Article 8.

 

In the event of the acceleration of the
Securities because of an Event of Default, no payment or distribution shall be made to the Trustee or any Holder of Securities
in respect of the principal of, premium, if any, or interest on the Securities (including, but not limited to, the redemption price
with respect to the Securities called for redemption in accordance with Article 11 as provided in the Indenture), except payments
and distributions made by the Trustee as permitted by the first or second paragraph of Section 15.5, until all Senior Debt has
been paid in full in cash or other payment satisfactory to the holders of Senior Debt or such acceleration is rescinded in accordance
with the terms of this Indenture. If payment of the Securities is accelerated because of an Event of Default, the Company shall
promptly notify holders of Senior Debt of the acceleration.

 

    	-56-

    	 

    

 

In the event that, notwithstanding the foregoing
provisions, any payment or distribution of assets of the Company of any kind or character, whether in cash, property or securities
(including, without limitation, by way of setoff or otherwise), prohibited by the foregoing, shall be received by the Trustee or
the Holders of the Securities before all Senior Debt is paid in full in cash or other payment satisfactory to the holders of such
Senior Debt, or provision is made for such payment thereof in accordance with its terms in cash or other payment satisfactory to
the holders of such Senior Debt, such payment or distribution shall be held in trust for the benefit of and shall be paid over
or delivered to the holders of Senior Debt or their Representative or Representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any Senior Debt may have been issued, as their respective interests may
appear, as calculated by the Company, for application to the payment of all Senior Debt remaining unpaid to the extent necessary
to pay all Senior Debt in full in cash or other payment satisfactory to the holders of such Senior Debt, after giving effect to
any concurrent payment or distribution to or for the holders of such Senior Debt.

 

Nothing in this Section 15.2 shall apply
to claims of, or payments to, the Trustee under or pursuant to Section 6.7. This Section 15.2 shall be subject to the further provisions
of Section 15.5.

 

Section 15.3 Subrogation of Securities.

 

Subject to the payment in full of all Senior
Debt, the rights of the Holders of the Securities shall be subrogated to the extent of the payments or distributions made to the
holders of such Senior Debt pursuant to the provisions of this Article 15 (equally and ratably with the holders of all indebtedness
of the Company which by its express terms is subordinated to other indebtedness of the Company to substantially the same extent
as the Securities are subordinated and is entitled to like rights of subrogation) to the rights of the holders of Senior Debt to
receive payments or distributions of cash, property or securities of the Company applicable to the Senior Debt until the principal,
premium, if any, and interest on the Securities shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of the Senior Debt of any cash, property or securities to which the Holders of the Securities or the
Trustee would be entitled except for the provisions of this Article 15, and no payment over pursuant to the provisions of this
Article 15, to or for the benefit of the holders of Senior Debt by Holders of the Securities or the Trustee, shall, as between
the Company, its creditors other than holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment by the
Company to or on account of the Senior Debt; and no payments or distributions of cash, property or securities to or for the benefit
of the Holders of the Securities pursuant to the subrogation provisions of this Article 15, which would otherwise have been paid
to the holders of Senior Debt shall be deemed to be a payment by the Company to or for the account of the Securities. It is understood
that the provisions of this Article 15 are and are intended solely for the purposes of defining the relative rights of the Holders
of the Securities, on the one hand, and the holders of the Senior Debt, on the other hand.

 

Nothing contained in this Article 15 or
elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its creditors other than
the holders of Senior Debt, and the Holders of the Securities, the obligation of the Company, which is absolute and unconditional,
to pay to the Holders of the Securities the principal of (and premium, if any) and interest on the Securities as and when the same
shall become due and payable in accordance with their terms, or is intended to or shall affect the relative rights of the Holders
of the Securities and creditors of the Company other than the holders of the Senior Debt, nor shall anything herein or therein
prevent the Trustee or the Holder of any Security from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article 15 of the holders of Senior Debt in respect of cash, property
or securities of the Company received upon the exercise of any such remedy.

 

Upon any payment or distribution of assets
of the Company referred to in this Article 15, the Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities
shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such bankruptcy, dissolution,
winding-up, liquidation or reorganization proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidating
trustee, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders of the securities,
for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of the Senior Debt and other
indebtedness of the Company, the amount thereof or payable thereon and all other facts pertinent thereto or to this Article 15.

 

    	-57-

    	 

    

 

Section 15.4 Authorization to Effect
Subordination.

 

Each Holder of a Security by the holder’s
acceptance thereof authorizes and directs the Trustee on the holder’s behalf to take such action as may be necessary or appropriate
to effectuate the subordination as provided in this Article 15 and appoints the Trustee to act as the holder’s attorney-in-fact
for any and all such purposes. If the Trustee does not file a proper proof of claim or proof of debt in the form required in any
proceeding referred to in Section 5.4 hereof at least 30 days before the expiration of the time to file such claim, the holders
of any Senior Debt or their representatives are hereby authorized to file an appropriate claim for and on behalf of the Holders
of the Securities.

 

Section 15.5 Notice to Trustee.

 

The Company shall give prompt written notice
in the form of an Officers’ Certificate to a Responsible Officer of the Trustee and to any Paying Agent of any fact known
to the Company which would prohibit the making of any payment of monies to or by the Trustee or any Paying Agent in respect of
the Securities pursuant to the provisions of this Article 15. Notwithstanding the provisions of this Article 15 or any other provision
of this Indenture, the Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the making
of any payment of monies to or by the Trustee in respect of the Securities pursuant to the provisions of this Article 15, unless
and until a Responsible Officer of the Trustee shall have received written notice thereof at the Corporate Trust Office from the
Company (in the form of an Officers’ Certificate) or a Representative or a holder or holders of Senior Debt or from any trustee
therefor; and before the receipt of any such written notice, the Trustee, subject to the provisions of Section 6.1, shall be entitled
in all respects to assume that no such facts exist; provided that if on a date not fewer than two Business Days prior to
the date upon which by the terms hereof any such monies may become payable for any purpose (including, without limitation, the
payment of the principal of, or premium, if any, or interest on any Security) the Trustee shall not have received, with respect
to such monies, the notice provided for in this Section 15.5, then, anything herein contained to the contrary notwithstanding,
the Trustee shall have full power and authority to receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or after such prior date.

 

Notwithstanding anything in this Article
15 to the contrary, nothing shall prevent any payment by the Trustee to the Holders of monies deposited with it pursuant to Section
4.1, and any such payment shall not be subject to the provisions of Section 15.1 or 15.2.

 

The Trustee, subject to the provisions of
Section 6.1, shall be entitled to rely on the delivery to it of a written notice by a Representative or a person representing himself
to be a holder of Senior Debt (or a trustee on behalf of such holder) to establish that such notice has been given by a Representative
or a holder of Senior Debt or a trustee on behalf of any such holder or holders. The Trustee shall not be required to make any
payment or distribution to or on behalf of a holder of Senior Debt pursuant to this Article 15 unless it has received satisfactory
evidence as to the amount of Senior Debt held by such person, the extent to which such person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such person under this Article 15.

 

Section 15.6 Trustee’s Relation
to Senior Debt.

 

The Trustee in its individual capacity shall
be entitled to all the rights set forth in this Article 15 in respect of any Senior Debt at any time held by it, to the same extent
as any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of its rights as such holder.

 

With respect to the holders of Senior Debt,
the Trustee undertakes to perform or to observe only such of its covenants and obligations as are specifically set forth in this
Article 15, and no implied covenants or obligations with respect to the holders of Senior Debt shall be read into this Indenture
against the Trustee. The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior Debt and, subject to the
provisions of Section 6.1, the Trustee shall not be liable to any holder of Senior Debt (i) for any failure to make any payments
or distributions to such holders or (ii) if it shall pay over or deliver to Holders of Securities, the Company or any other Person
money or assets to which any holder of Senior Debt shall be entitled by virtue of this Article 15 or otherwise.

 

    	-58-

    	 

    

 

Section 15.7 No Impairment of Subordination.

 

No right of any present or future holder
of any Senior Debt to enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by any act
or failure to act on the part of the Company or by any act or failure to act, in good faith, by any such holder, or by any noncompliance
by the Company, the Trustee or any Holder of Securities with the terms, provisions and covenants of this Indenture, regardless
of any knowledge thereof which any such holder may have or otherwise be charged with.

 

Section 15.8 Certain Conversions/Exchanges
Deemed Payment.

 

For the purposes of this Article 15 only,
(1) the issuance and delivery of junior securities upon conversion or exchange of Securities in accordance with Article 14 or otherwise
(except upon conversion of the Securities in accordance with their terms) shall not be deemed to constitute a payment or distribution
on account of the principal of (or premium, if any) or interest on Securities or on account of the purchase or other 
acquisition of Securities, and (2) the payment, issuance or delivery of cash (except in satisfaction of fractional shares
pursuant to Section 14.3), property or securities (other than junior securities) upon conversion or exchange of a Security shall
be deemed to constitute payment on account of the principal of such Security. For the purposes of this Section 15.8, the term “junior
securities” means (a) shares of any stock of any class of the Company, or (b) securities of the Company which are subordinated
in right of payment to all Senior Debt which may be outstanding at the time of issuance or delivery of such securities to substantially
the same extent as, or to a greater extent than, the Securities are so subordinated as provided in this Article. Nothing contained
in this Article 15 or elsewhere in this Indenture or in the Securities is intended to or shall impair, as among the Company, its
creditors other than holders of Senior Debt and the Holders of Securities, the right, which is absolute and unconditional, of the
Holder of any Security to convert such Security in accordance with Article 14.

 

Section 15.9 Article Applicable to Paying
Agents.

 

If at any time any Paying Agent other than
the Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this
Article shall (unless the context otherwise requires) be construed as extending to and including such Paying Agent within its meaning
as fully for all intents and purposes as if such Paying Agent were named in this Article in addition to or in place of the Trustee;
provided, however, that the first paragraph of Section 15.5 shall not apply to the Company or any Affiliate of the
Company if the Company or such Affiliate acts as Paying Agent. The Trustee shall not be responsible for the actions or inactions
of any other Paying Agents (including the Company if acting as its own Paying Agent) and shall have no control of any funds held
by such other Paying Agents.

 

Section 15.10 Senior Debt Entitled to
Rely.

 

The holders of Senior Debt (including, without
limitation, Designated Senior Debt) shall have the right to rely upon this Article 15, and no amendment or modification of the
provisions contained herein shall diminish the rights of such holders unless such holders shall have agreed in writing thereto.

 

Section 15.11 Reliance on Judicial Order
or Certificate of Liquidating Agent.

 

Upon any payment or distribution of assets
of the Company referred to in this Article, the Trustee and the Holders shall be entitled to rely upon any order or decree entered
by any court of competent jurisdiction in which such dissolution, winding up, liquidation, reorganization, assignment for the benefit
of creditors or marshalling of assets and liabilities of the Company or bankruptcy, insolvency, receivership or other like proceeding
is pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver, assignee for the benefit of
creditors, agent or other person making such payment or distribution, delivered to the Trustee or to the Holders, for the purpose
of ascertaining the persons entitled to participate in such payment or distribution, the holders of Senior Debt and other indebtedness
of the Company, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article.

 

    	-59-

    	 

    

 

Section 15.12 Trust Monies Not Subordinated.

 

Notwithstanding anything contained herein
to the contrary, payments from money, U.S. Government Obligations and/or Foreign Government Obligations held in trust under Article
4 or Article 13 by the Trustee for the payment of the principal of, premium, if any, and interest on the Securities shall not be
subordinated to the prior payment in full of any Senior Debt of the Company or subject to the restrictions set forth in this Article
15, and none of the Holders shall be obligated to pay over any such amount to the Company or any holder of Senior Debt of the Company
or any other creditor of the Company.

 

[The remainder of this page is intentionally left blank.]

 

    	-60-

    	 

    

 

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

 

	
         

        
	B. RILEY FINANCIAL, INC.
	 	 
	 	By:	 
	 	 	 
	 	Title:	 
	 	 	 
	 	 	 
	 	 	 
	 	By:	 
	 	 	 
	 	Title:EX-10.21

 Exhibit 10.21 
  

 
  

$1,336,666,666 
 THIRD AMENDED AND
RESTATED CREDIT AGREEMENT 
 among 

LENNAR CORPORATION, as Borrower, 

and 
 The Several Lenders from
Time to Time Parties Hereto, 
 and 

JPMORGAN CHASE BANK, N.A., 
 as
Swingline Lender, Issuing Lender, and Administrative Agent 
 and 

HSBC BANK USA, FIFTH THIRD BANK and WELLS FARGO BANK, N.A., as Documentation Agents 

Dated as of April 17, 2015 
  

 
  

J.P. MORGAN SECURITIES LLC, as Sole Bookrunner and Arranger 

and 
 BANK OF AMERICA, N.A., 

CITIBANK, N.A., 
 DEUTSCHE BANK
SECURITIES, INC., 
 PNC BANK, NATIONAL ASSOCIATION, 

RBC CAPITAL MARKETS, and 
 THE ROYAL
BANK OF SCOTLAND PLC, 
 as Syndication Agents 

and 
 MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 CITIGROUP GLOBAL MARKETS INC., 

DEUTSCHE BANK SECURITIES, INC., 

PNC BANK, NATIONAL ASSOCIATION, 

RBC CAPITAL MARKETS, and 
 RBS
SECURITIES INC., 
 as Lead Arrangers 

 TABLE OF CONTENTS 

 

							
	 		 		Page	 
	 SECTION 1.
		 DEFINITIONS
		 	1	  
	 1.1
		 Defined Terms
		 	1	  
	 1.2
		 Other Definitional Provisions
		 	21	  
	 SECTION 2.
		 AMOUNT AND TERMS OF COMMITMENTS
		 	22	  
	 2.1
		 Commitments
		 	22	  
	 2.2
		 Procedure for Revolving Loan Borrowing
		 	23	  
	 2.3
		 Swingline Commitment
		 	24	  
	 2.4
		 Procedure for Swingline Borrowing; Refunding of Swingline Loans
		 	24	  
	 2.5
		 Commitment Fees, etc.
		 	25	  
	 2.6
		 Termination or Reduction of Commitments
		 	25	  
	 2.7
		 Optional Prepayments
		 	26	  
	 2.8
		 Mandatory Prepayments
		 	26	  
	 2.9
		 Conversion and Continuation Options
		 	27	  
	 2.10
		 Limitations on Eurodollar Tranches
		 	27	  
	 2.11
		 Interest Rates and Payment Dates
		 	27	  
	 2.12
		 Computation of Interest and Fees
		 	28	  
	 2.13
		 Inability to Determine Interest Rate
		 	28	  
	 2.14
		 Pro Rata Treatment and Payments
		 	29	  
	 2.15
		 Requirements of Law
		 	30	  
	 2.16
		 Taxes
		 	31	  
	 2.17
		 Indemnity
		 	34	  
	 2.18
		 Change of Lending Office
		 	34	  
	 2.19
		 Replacement of Lenders
		 	35	  
	 2.20
		 Defaulting Lenders
		 	35	  
	 2.21
		 Increase in Commitments
		 	37	  
	 SECTION 3.
		 LETTERS OF CREDIT
		 	38	  
	 3.1
		 L/C Commitment
		 	38	  
	 3.2
		 Procedure for Issuance of Letter of Credit
		 	38	  
	 3.3
		 Fees and Other Charges
		 	39	  
	 3.4
		 L/C Participations
		 	39	  
	 3.5
		 Reimbursement Obligation of the Borrower
		 	40	  
	 3.6
		 Obligations Absolute
		 	40	  
	 3.7
		 Letter of Credit Payments
		 	41	  
	 3.8
		 Applications
		 	41	  
	 SECTION 4.
		 REPRESENTATIONS AND WARRANTIES
		 	41	  
	 4.1
		 Financial Statement
		 	41	  
	 4.2
		 No Material Adverse Change
		 	41	  
	 4.3
		 Organization, Powers, and Capital Stock
		 	42	  
	 4.4
		 Authorization; and Validity of this Agreement; Consents; etc.
		 	42	  
	 4.5
		 Compliance with Laws and Other Requirements
		 	43	  
	 4.6
		 Litigation
		 	43	  
	 4.7
		 No Default
		 	43	  
	 4.8
		 Title to Properties
		 	43	  
	 4.9
		 Tax Liability
		 	44	  

							
	 4.10
		 Regulations U and X; Investment Company Act
		 	44	  
	 4.11
		 Pension Plan
		 	44	  
	 4.12
		 Subsidiaries; Joint Ventures
		 	44	  
	 4.13
		 Environmental Compliance
		 	45	  
	 4.14
		 No Misrepresentation
		 	45	  
	 4.15
		 Solvent
		 	45	  
	 4.16
		 Foreign Direct Investment Regulations
		 	45	  
	 4.17
		 Relationship of the Loan Parties
		 	45	  
	 4.18
		 Insurance
		 	45	  
	 4.19
		 Foreign Asset Control Regulations
		 	46	  
	 SECTION 5.
		 CONDITIONS PRECEDENT
		 	46	  
	 5.1
		 Conditions to Initial Extension of Credit
		 	46	  
	 5.2
		 Conditions to Each Extension of Credit
		 	47	  
	 SECTION 6.
		 AFFIRMATIVE COVENANTS
		 	48	  
	 6.1
		 Reporting Requirements
		 	48	  
	 6.2
		 Payment of Taxes and Other Potential Liens
		 	50	  
	 6.3
		 Preservation of Existence
		 	50	  
	 6.4
		 Maintenance of Properties
		 	51	  
	 6.5
		 Access to Premises and Books
		 	51	  
	 6.6
		 Notices
		 	51	  
	 6.7
		 Addition and Removal of Guarantors
		 	51	  
	 6.8
		 Compliance with Laws and Other Requirements
		 	52	  
	 6.9
		 Use of Proceeds
		 	52	  
	 SECTION 7.
		 NEGATIVE COVENANTS
		 	52	  
	 7.1
		 Financial Condition Covenants
		 	52	  
	 7.2
		 Liens and Encumbrances
		 	53	  
	 7.3
		 Limitation on Fundamental Changes
		 	53	  
	 7.4
		 Permitted Investments
		 	54	  
	 7.5
		 No Margin Stock
		 	55	  
	 7.6
		 Mortgage Banking Subsidiaries’ Capital Ratio
		 	55	  
	 7.7
		 Prepayment of Indebtedness
		 	55	  
	 7.8
		 Pension Plan
		 	55	  
	 7.9
		 Transactions with Affiliates
		 	55	  
	 7.10
		 Foreign Assets Control Regulations
		 	56	  
	 SECTION 8.
		 EVENTS OF DEFAULT
		 	56	  
	 SECTION 9.
		 THE AGENTS
		 	58	  
	 9.1
		 Appointment
		 	58	  
	 9.2
		 Delegation of Duties
		 	59	  
	 9.3
		 Exculpatory Provisions
		 	59	  
	 9.4
		 Reliance by Administrative Agent
		 	59	  
	 9.5
		 Notice of Default
		 	59	  
	 9.6
		 Non-Reliance on Agents and Other Lenders
		 	60	  
	 9.7
		 Indemnification
		 	60	  
	 9.8
		 Administrative Agent in Its Individual Capacity
		 	60	  
	 9.9
		 Successor Administrative Agent
		 	61	  
	 9.10
		 Documentation Agent and Syndication Agent
		 	61	  

  
 ii 

							
	 SECTION 10.
		 MISCELLANEOUS
		 	61	  
	 10.1
		 Amendments and Waivers
		 	61	  
	 10.2
		 Notices
		 	62	  
	 10.3
		 No Waiver; Cumulative Remedies
		 	64	  
	 10.4
		 Survival of Representations and Warranties
		 	64	  
	 10.5
		 Payment of Expenses and Taxes
		 	64	  
	 10.6
		 Successors and Assigns; Participations and Assignments
		 	65	  
	 10.7
		 Adjustments; Set-off
		 	68	  
	 10.8
		 Counterparts
		 	68	  
	 10.9
		 Severability
		 	69	  
	 10.10
		 Integration
		 	69	  
	 10.11
		 GOVERNING LAW
		 	69	  
	 10.12
		 Submission To Jurisdiction; Waivers
		 	69	  
	 10.13
		 Acknowledgements
		 	70	  
	 10.14
		 Releases of Guarantees
		 	70	  
	 10.15
		 Confidentiality
		 	70	  
	 10.16
		 WAIVERS OF JURY TRIAL
		 	71	  
	 10.17
		 USA Patriot Act
		 	71	  

  
 iii 

			
	 SCHEDULES:

		
	 1.1A
		 Commitments

	 1.1B
		 Existing Liens

	 1.1C
		 Original Guarantors

	 3.1
		 Existing LCs

	 4.6
		 Litigation

	 4.12
		 Subsidiaries

	 5.1
		 Lenders Requesting Notes

	 7.4
		 Existing Investments

	
	 EXHIBITS:

		
	 A
		 Form of Guarantee Agreement

	 B
		 Form of Compliance Certificate

	 C
		 Reserved

	 D
		 Form of Assignment and Assumption

	 E
		 Form of New Lender Supplement

	 F-1
		 Form of Legal Opinion of Clifford Chance

	 F-2
		 Form of Legal Opinion (Internal Counsel)

	 G-1-4
		 Forms of U.S. Tax Certificates

	 H
		 Form of Letter of Credit Application

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”), dated as of
April 17, 2015, among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), and
JPMORGAN CHASE BANK, N.A., as Swingline Lender, Issuing Lender and Administrative Agent (hereinafter defined). 
 Borrower, various lenders,
and JPMorgan Chase Bank, N.A., as administrative agent for such lenders are parties to that certain Second Amended and Restated Credit Agreement, dated as of June 25, 2014 (as amended, supplemented or otherwise modified through the date hereof,
the “Second Amended Credit Agreement”). Administrative Agent and Borrower and the undersigned Lenders, being all of the Lenders directly affected by this Agreement and constituting in excess of the Required Lenders to amend the
Second Amended Credit Agreement, now desire to amend and restate the Second Amended Credit Agreement in its entirety in accordance with the terms and provisions contained herein. 

A new Lender, Fifth Third Bank, has become a Lender hereunder with the Commitment set forth on Schedule 1.1A attached hereto.
Schedule 1.1A attached hereto sets forth the Commitments of the Class A Lenders (as defined herein) and the Class B Lenders (attached hereto). 

The parties hereto hereby agree as follows: 

SECTION 1. DEFINITIONS 
 1.1
Defined Terms. As used in this Agreement, the terms listed in this Section 1.1 shall have the respective meanings set forth in this Section 1.1. 

“ABR”: for any day, a rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the
Eurodollar Rate that would be calculated as of such day (or, if such day is not a Business Day, as of the next preceding Business Day) in respect of a proposed Eurodollar Loan with a one-month Interest Period plus 1.0%. Any change in the ABR
due to a change in the Prime Rate, the Federal Funds Effective Rate or such Eurodollar Rate shall be effective as of the opening of business on the day of such change in the Prime Rate, the Federal Funds Effective Rate or such Eurodollar Rate,
respectively. 
 “ABR Loans”: Loans the rate of interest applicable to which is based upon the ABR. 

“Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, successors and assigns, as the
administrative agent for the Lenders under this Agreement and the other Loan Documents. 
 “Affiliate”: as to any Person,
any Person (a) which directly, or indirectly through one or more intermediaries, Controls, or is Controlled by, or is under common Control with such Person, or (b) which directly, or indirectly through one or more intermediaries, owns
beneficially or of record twenty percent (20%) or more of the Voting Stock of such Person. 
 “Agents”: the collective
reference to the Syndication Agents, the Documentation Agents and the Administrative Agent. 
 “Agreement”: as defined in
the preamble hereto. 

  
 1 

 “Anti-Corruption Laws”: all laws, rules, and regulations of any jurisdiction
applicable to the Borrower or its Subsidiaries from time to time concerning or relating to bribery or corruption. 
 “Anti-Terrorism
Order”: means Executive Order No. 13,224, 66 Fed. Reg. 49,079 (2001), issued by the President of the United States of America (Executive Order Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit,
or Support Terrorism). 
 “Applicable Margin”: 

(a) for each Class A Loan, the rate per annum set forth in the pricing grid below, except as set forth in the proviso below: 

 

													
	 Leverage Ratio
	 	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
ABR Loans	 	 	Commitment
Fee Rate	 
	>55%	 	 	2.00	% 	 	 	1.00	% 	 	 	0.35	% 
	>40% but £55%	 	 	1.75	% 	 	 	0.75	% 	 	 	0.30	% 
	£40%	 	 	1.50	% 	 	 	0.50	% 	 	 	0.25	% 

 provided that at any time that Borrower has an Investment Grade Rating, the Applicable Margin for each
Class A Loan shall mean the following: 
  

											
	 Applicable

Margin for
 Eurodollar

Loans
	 	 	Applicable
Margin for
ABR Loans	 	 	Commitment
Fee Rate	 
	 	1.25	% 	 	 	0.25	% 	 	 	0.20	% 

 (b) for each Class B Loan, the rate per annum set forth in the pricing grid below, 

 

													
	 Leverage Ratio
	 	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for
ABR Loans	 	 	Commitment
Fee Rate	 
	>55%	 	 	2.25	% 	 	 	1.25	% 	 	 	0.40	% 
	>40% but £55%	 	 	2.00	% 	 	 	1.00	% 	 	 	0.35	% 
	£40%	 	 	1.75	% 	 	 	0.75	% 	 	 	0.30	% 

 “Application”: an application requesting the Issuing Lender to issue a
Letter of Credit, substantially in the form of Exhibit H attached hereto or in such other form as the Issuing Lender and Borrower may agree upon from time to time. 

  
 2 

 “Approved Fund”: any entity that is engaged in making, purchasing, holding or
investing in bank loans and similar extensions of credit in the ordinary course of business and that is administered or managed by (a) a Lender, (b) an Affiliate of Lender or (c) an entity or an Affiliate of an entity that administers
or manages a Lender. 
 “Assignee”: as defined in Section 10.6(b). 

“Assignment and Assumption”: an Assignment and Assumption, substantially in the form of Exhibit D. 

“Authorized Financial Officer”: any of the chief financial officer, treasurer or controller of the Borrower. 

“Available Commitment”: as to any Class A Lender, such Lender’s Class A Available Commitment and, as to any
Class B Lender, such Lender’s Class B Available Commitment. 
 “Basel III”: the third of the so-called Basel Accords
issued by the Basel Committee on Banking Supervision. 
 “Benefitted Lender”: as defined in Section 10.7(a).

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

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day specified by the Borrower as a date on which the Borrower requests the relevant Lenders to
make Loans hereunder. 
 “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New
York City are authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a day for trading by and between
banks in Dollar deposits in the interbank eurodollar market. 
 “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”: as to any Person, any obligations under a lease that is required to be capitalized for
financial reporting purposes in accordance with GAAP. 
 “Capital Stock”: any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred stock, but excluding any debt securities convertible into such equity. 

“Cash Equivalents”: (i) short-term obligations of, or fully guaranteed by, the United States of America,
(ii) commercial paper rated A-2 or better by S&P or P-2 or better by Moody’s, (iii) demand deposit accounts maintained in the ordinary course of business (whether domestic or foreign), (iv) certificates of deposit issued by
and time deposits with commercial banks (whether domestic or foreign) having capital and surplus in excess of $100,000,000, and (v) money market funds investing in various asset classes, including substantially all the assets of which are
described in the preceding clauses. 

  
 3 

 “Change of Control”: (a) the acquisition of ownership, directly or
indirectly, beneficially or of record, by any Person or group (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder as in effect on the date hereof), of Equity Interests representing more than fifty percent
(50%) of the Voting Stock of the Borrower; or (b) occupation of a majority of the seats (other than vacant seats) on the board of directors of Borrower by Persons who were neither (i) directors on the Closing Date, (ii) directors
whose election or nomination was approved by individuals referred to in the foregoing clause (i) constituting at the time of such election or nomination at least a majority of the board of directors, nor (iii) directors whose election or
nomination was approved by individuals referred to in the foregoing clauses (i) and/or (ii) constituting at the time of such election or nomination at least a majority of the board; in each case, other than any transaction where: 

(x) the Borrower becomes a direct or indirect wholly-owned Subsidiary of a holding company and either (i) the direct or
indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Borrower’s Voting Stock immediately prior to that transaction or (ii) the shares of the
Borrower’s Voting Stock outstanding immediately prior to such transaction are converted into or exchanged for a majority of the Voting Stock of such holding company immediately after giving effect to such transaction; or 

(y) both (i) Stuart Miller, together with members of his immediate family, directly or indirectly, becomes the beneficial
owner of more than 50%, but less than 66 2/3%, of the Borrower’s outstanding Voting Stock (measured by voting power rather than number
of shares) and (ii) immediately after such transaction or transactions, the Class A Common Stock is listed for trading on the New York Stock Exchange or The Nasdaq Global Market. 

“Change in Status”: an event that results in a Subsidiary that was a Guarantor, for legitimate business reasons, without any
intent to avoid any requirements of this Agreement, ceasing to have an obligation under this Agreement to be a Guarantor, which legitimate business reasons may include (i) the entry by such Subsidiary into a bona fide agreement with an
unaffiliated third person for legitimate business reasons as a result of which a wholly-owned Subsidiary that was a Guarantor either (A) becomes a non-wholly-owned Subsidiary, (B) is required not to be a Guarantor or (C) otherwise
becomes a Designated Subsidiary, (ii) a Guarantor ceasing to be a Material Subsidiary or (iii) the sale or other disposition of a Guarantor. 

“Class”: when used in reference to any Revolving Loan, refers to whether such Revolving Loan is a Class A Revolving Loan
or Class B Revolving Loan; when used in reference to any Commitment, refers to whether such Commitment is a Class A Commitment or Class B Commitment; and, when used in reference to any Lender, refers to whether such Lender is a Class A
Lender or a Class B Lender. 
 “Class A Available Commitment”: as to any Class A Lender at any time, an amount equal
to the excess, if any, of (a) such Class A Lender’s Commitment then in effect over (b) such Class A Lender’s Percentage Interest of the Outstanding Amount. 

“Class A Commitment”: as to any Class A Lender, the obligation of such Class A Lender, if any, to make Class A
Revolving Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Class A Commitment” opposite such Class A Lender’s name
on Schedule 1.1A or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Class A Commitments
is $1,176,666,666. 

  
 4 

 “Class A Commitment Period”: the period from and including the Closing Date to
the Class A Termination Date. 
 “Class A Lender”: any Lender that holds a Class A Commitment. 

“Class A Revolving Loan”: each Revolving Loan made by a Class A Lender. 

“Class A Termination Date”: June 25, 2019, subject, however, to earlier termination of the Total Commitments pursuant of
the terms of this Agreement. 
 “Class B Available Commitment”: as to any Class B Lender at any time, an amount equal to
the excess, if any, of (a) such Class B Lender’s Commitment then in effect over (b) such Class B Lender’s Percentage Interest of the Outstanding Amount. 

“Class B Commitment”: as to any Class B Lender, the obligation of such Class B Lender, if any, to make Class B Revolving
Loans and participate in Swingline Loans and Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Class B Commitment” opposite such Class B Lender’s name on Schedule 1.1A
or in the Assignment and Assumption pursuant to which such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. The original aggregate amount of the Class B Commitments is $160,000,000. 

“Class B Commitment Period”: the period from and including the Closing Date to the Class B Termination Date. 

“Class B Lender”: any Lender that holds a Class B Commitment. 

“Class B Revolving Loan”: each Revolving Loan made by a Class B Lender. 

“Class B Termination Date”: June 25, 2018, subject, however, to earlier termination of the Total Commitments pursuant of
the terms of this Agreement. 
 “Closing Date”: the date on which the conditions precedent set forth in
Section 5.1 shall have been satisfied, which date is April 17, 2015. 
 “Code”: the Internal Revenue Code
of 1986, as amended from time to time. 
 “Commercial Subsidiary”: a Subsidiary of the Borrower which has engaged in or
hereafter engages in, as its principal business, the development, investment and management of commercial or mixed use properties and activities that are incidental or ancillary thereto. 

“Commitment”: with respect to each Class A Lender, such Class A Lender’s Class A Commitment and with
respect to each Class B Lender, such Class B Lender’s Class B Commitment. The original amount of the Total Commitment is $1,336,666,666. 

“Commitment Fee Rate”: the rate per annum as set forth in the fee grid set forth above in the definition of “Applicable
Margin”. 
 “Commitment Period”: as the context may require, the Class A Commitment Period or the Class B
Commitment Period. 

  
 5 

 “Competitor”: any Person that is (i) a Homebuilder or (ii) engaged
primarily in the business of investing in distressed real estate and not a banking institution, life insurance company, or other similar financial institution that ordinarily is engaged in the business of making real estate loans. 

“Compliance Certificate”: a certificate duly executed by a Responsible Officer and an Authorized Financial Officer
substantially in the form of Exhibit B. 
 “Connection Income Taxes”: Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated EBITDA”:
for any period, (a) Consolidated Net Income plus (b) to the extent deducted from revenues in determining Consolidated Net Income: (i) interest expense, (ii) expense for income taxes paid or accrued,
(iii) depreciation, (iv) amortization, (v) non-cash (including impairment) charges, (vi) extraordinary losses, and (vii) loss (gain) on early extinguishment of indebtedness, minus (c) to the extent added to
revenues in determining Consolidated Net Income, (i) non-cash gains and extraordinary gains (including for the avoidance of doubt, gains relating to the release of any tax asset valuation reserves), (ii) interest income and
(iii) benefit for income taxes. 
 “Consolidated Indebtedness”: at any date, without duplication (a) all funded
debt of the Borrower and the Ratio Subsidiaries determined on a consolidated basis; plus (b) funded debt of Joint Ventures to the extent any Loan Party has a Contingent Obligation with respect thereto, minus Joint Venture
Reimbursement Obligations up to a maximum of $75,000,000; plus (c) the sum of (i) all reimbursement obligations with respect to drawn Financial Letters of Credit and drawn Performance Letters of Credit and (ii) the
maximum amount available to be drawn under all undrawn Financial Letters of Credit, in each case issued for the account of, or guaranteed by, the Borrower or the Ratio Subsidiaries; plus (d) funded debt of third parties to the extent
that (A) the Borrower or a Ratio Subsidiary has a Contingent Obligation with respect thereto and (B) such Contingent Obligation has been called (to the extent of the portion called); and plus (e) all Hedging Obligations of the
Borrower and the Ratio Subsidiaries. 
 “Consolidated Interest Incurred”: for any period, the aggregate amount (without
duplication and determined in each case in accordance with the Borrower’s GAAP financial statements) of interest incurred (whether expensed or capitalized, paid, accrued, or scheduled to be paid or accrued, during such period) by the Borrower
or a Ratio Subsidiary during such period, including (a) the interest portion of all deferred payment obligations and (b) all commissions, discounts, and other fees and charges (excluding premiums) owed with respect to bankers’
acceptances and letter of credit financings (including, without limitation, letter of credit fees) and Hedging Obligations minus interest income of the Borrower and the Ratio Subsidiaries, in each case to the extent attributable to such
period; provided that interest between the Borrower or a Ratio Subsidiary to the Borrower or a Ratio Subsidiary shall be excluded. 

“Consolidated Net Income”: for any period, the net income (or loss) attributable to the Borrower and the Ratio Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Tangible Net Worth”: at any
date, the consolidated stockholders’ equity, less intangible assets, of the Borrower and the Ratio Subsidiaries determined in accordance with GAAP before non-controlling interest, all determined as of such date. 

“Contingent Obligation”: of a Person, any agreement, undertaking or arrangement by which such Person assumes, guarantees,
endorses, contingently agrees to purchase or provide funds for the payment of, or otherwise becomes or is contingently liable upon, the Indebtedness of any other Person, or agrees to maintain the net worth or working capital or other financial
condition of any other Person to 

  
 6 

 
enable such person to pay Indebtedness, or otherwise assures any creditor with respect to Indebtedness of such other Person against loss, including, without limitation, any comfort letter,
operating agreement, take-or-pay contract, “put” agreement or other similar arrangement, provided that, without limitation of the foregoing, a “bad acts” or completion guarantee or similar arrangement shall not constitute
a Contingent Obligation except to the extent of amounts then due and payable thereunder. 
 “Control”: the possession,
directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and
“Controlled” have meanings correlative thereto. 
 “Default”: any event or circumstance that, with the
giving of notice or passage of time, or both, would become an Event of Default. 
 “Defaulting Lender”: any Lender, as
determined by Administrative Agent in its reasonable discretion (or by the Required Lenders in their reasonable discretion in the event that the Lender in question is also Administrative Agent), that has (a) failed to fund any portion of its
Revolving Loans or participations in Letters of Credit or Swingline Loans within three (3) Business Days of the date required to be funded by it hereunder unless such Lender notifies the Administrative Agent and the Borrower in writing that
such failure is the result of such Lender’s good faith 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; (b) notified Borrower, Administrative Agent, the Issuing Lenders, the Swingline Lender or any Lender in writing that it does not intend to comply with any funding obligations under this Agreement or has made a public
statement to the effect that it does not intend to comply with its funding obligations under this Agreement or under other agreements generally in which it commits to extend credit unless such Lender notifies the Administrative Agent and the
Borrower in writing that such announcement is the result of such Lender’s good faith 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; (c) failed, within three (3) Business Days after written request by Administrative Agent (or Required Lenders) (or, in the event that the Lender in question is also Administrative Agent,
the Required Lenders) to confirm that it will comply with the terms of this Agreement relating to its obligations to fund prospective loans and participations in then-outstanding Letters of Credit and Swingline Loans (provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by Administrative Agent); (d) otherwise failed to pay over to Administrative Agent or any other Lender any other amount required to be
paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute; or (e) become the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee or
custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment or has a parent company that has become the subject of a bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee or custodian appointed for it, or has taken any action in furtherance of, or indicating its consent to, approval of or acquiescence in any such proceeding or appointment; provided that a Lender
shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority 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 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. 
 “Designated Subsidiaries”: as of any date, any
Subsidiary that is prohibited from delivering a Guarantee Agreement by law, rule, regulation or an agreement with a Person not Affiliated with the Borrower. 

  
 7 

 “Documentation Agents”: collectively, HSBC BANK USA, Fifth Third Bank and Wells
Fargo Bank, N.A. 
 “Dollars” and “$”: dollars in lawful currency of the United States. 

“Eligible Assignee”: any of (i) a Lender or a Lender Affiliate, (ii) a commercial bank organized under the laws of
the United States, or any State thereof, and having (x) total assets in excess of $1,000,000,000 and (y) a combined capital and surplus of at least $250,000,000; (iii) a commercial bank organized under the laws of any other country
which is a member of the Organization of Economic Cooperation and Development (“OECD”), or a political subdivision of any such country, and having (x) total assets in excess of $1,000,000,000 and (y) a combined capital and
surplus of at least $250,000,000, provided that such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of OECD; (iv) a life insurance company organized under the
laws of any State of the United States, or organized under the laws of any country and licensed as a life insurer by any State within the United States and having admitted assets of at least $1,000,000,000; (v) a nationally or internationally
recognized investment banking company or other financial institution in the business of making, investing in or purchasing loans, or an Affiliate thereof organized under the laws of any State of the United States or any other country which is a
member of OECD, and licensed or qualified to conduct such business under the laws of any such State and having (1) total assets of at least $1,000,000,000 and (2) a net worth of at least $250,000,000; or (vi) an Approved Fund. In no
event shall a Defaulting Lender be deemed to be an Eligible Assignee. 
 “Environmental Laws”: any and all foreign,
Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law (including common law) regulating, relating to or imposing liability
or standards of conduct concerning protection of human health or the environment, as now or may at any time hereafter be in effect. 

“ERISA”: the Employee Retirement Income Security Act of 1974, as amended from time to time. 

“Eurocurrency Reserve Requirements”: for any day as applied to a Eurodollar Loan, the aggregate (without duplication) of the
maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any regulations of the Board or other Governmental Authority having jurisdiction
with respect thereto dealing with reserve requirements prescribed for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board) maintained by a member bank of the Federal Reserve System. 

“Eurodollar Base Rate”: with respect to each Interest Period pertaining to a Eurodollar Loan, the London interbank offered
rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for deposits in Dollars) for a period equal to such Interest Period commencing on the first day of such Interest Period
appearing on the Reuters Screen LIBOR01 Page or LIBOR02 Page as of 11:00 A.M., London time, two (2) Business Days prior to the beginning of such Interest Period (or, in the event such rate does not appear on a Reuters page or screen, on any
successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; in
each case the “LIBO Screen Rate”); provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement; provided further that if the LIBO Screen Rate shall not be
available at 

  
 8 

 
such time for such Interest Period (an “Impacted Interest Period”) with respect to deposits in Dollars then the Eurodollar Base Rate shall be the Interpolated Rate; provided that
if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Eurodollar Loans”: Loans the rate of interest applicable to which is based upon the Eurodollar Rate. 

“Eurodollar Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum
determined for such day in accordance with the following formula: 
  

	
	 Eurodollar Base Rate

	 1.00 - Eurocurrency Reserve Requirements

 “Eurodollar Tranche”: the collective reference to Eurodollar Loans the then current Interest
Periods with respect to all of which begin on the same date and end on the same later date (whether or not such Loans shall originally have been made on the same day). 

“Event of Default”: any of the events specified in Section 8. 

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

“Excluded Taxes”: any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans, any Letter of Credit or Commitments pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loans, any Letter of Credit or Commitments (other than pursuant to an assignment request by the Borrower under Section 2.19) or (ii) such Lender changes its lending office, except
in each case to the extent that, pursuant to Section 2.16, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit
or Commitment or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.16(e) or Section 2.16(f) and (d) any U.S. Federal
withholding Taxes imposed under FATCA. 
 “Existing LCs”: as defined in Section 3.1. 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version) and
any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(i) of the Code. 

“Federal Funds Effective Rate”: for any day, the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers, 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 of the quotations for the day of such transactions received by JPMorgan Chase Bank, N.A. from three federal funds brokers of recognized standing selected by it; provided, that, if the Federal Funds Effective Rate shall be less than zero,
such rate shall be deemed to be zero for purposes of this Agreement. 

  
 9 

 “Financial Letter of Credit”: a letter of credit that is not a Performance
Letter of Credit. 
 “Funding Office”: the office of the Administrative Agent specified in Section 10.2 or such
other office as may be specified from time to time by the Administrative Agent as its funding office by written notice to the Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States of America as in effect at the time any determination
is made or financial statement is required hereunder as promulgated by the American Institute of Certified Public Accountants, the Accounting Principles Board, the Financial Accounting Standards Board or any other body existing from time to time
which is authorized to establish or interpret such principles, applied on a consistent basis throughout any applicable period, subject to any change required by a change in GAAP; provided, however, that if any change in generally
accepted accounting principles from those applied in preparing the financial statements referred to in Section 4.1 affects any financial calculation contained herein, (i) Borrower, the Lenders and Administrative Agent hereby agree
to make such amendments hereto to the effect that each relevant provision is not more or less restrictive than such provision as in effect on the date hereof using generally accepted accounting principles consistent with those reflected in such
financial statements, and (ii) pending the effectiveness of such amendment, (a) Borrower shall not be in default hereunder if, solely as a result of such change in generally accepted accounting principles, Borrower is not in compliance
with any such provision contained herein and (b) GAAP will be interpreted as it was in effect prior to such amendment. 

“Governmental Authority”: any nation or government, any state or other political subdivision thereof, any central bank (or
similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock
or capital ownership or otherwise, by any of the foregoing. 
 “Guarantee Agreement”: the Third Amended and Restated
Guarantee Agreement to be executed and delivered by each Guarantor, substantially in the form of Exhibit A. 

“Guarantors”: each wholly-owned Subsidiary of Borrower except Mortgage Banking Subsidiaries, Rialto Subsidiaries, Designated
Subsidiaries, Commercial Subsidiaries, Multi-Family Subsidiaries, Sunstreet Subsidiaries and Subsidiaries that are not Material Subsidiaries. The original Guarantors are indicated on Schedule 1.1C to this Agreement. 

“Hedging Obligations”: of a Person, any and all obligations of such Person, whether absolute or contingent and howsoever and
whensoever created, arising evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor), (a) under any and all agreements, devices or arrangements designed to protect at least one of the
parties thereto from the fluctuations of interest rates, commodity prices, exchange rates or forward rates applicable to such party’s assets, liabilities, or exchange transaction, including, but not limited to, dollar-denominated or
cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate currency or interest rate options, puts and warrants, and (b) any and all cancellations, buy
backs, reversals, terminations or assignments of any of the foregoing. 
 “Homebuilder”: any Person that is listed on the
most recent Builder 100 list published by Builder magazine, ranked by revenues or closings (or if such list is no longer published, identified in such other published list or through such other means as is mutually agreed by the Administrative Agent
and the Borrower) or any Affiliate of such Person. 

  
 10 

 “Impacted Interest Period” has the meaning assigned to it in the definition of
“Eurodollar Base Rate.” 
 “Increased Facility Closing Date”: as defined in Section 2.21. 

“Indebtedness”: of any Person at any date, without duplication, (a) all liabilities and obligations, contingent or
otherwise, of such Person, (i) in respect of borrowed money, (ii) evidenced by bonds, notes, debentures or similar instruments, (iii) representing the balance deferred and unpaid of the purchase price of any property or services,
except (A) those incurred in the ordinary course of its business that would constitute ordinarily a trade payable to trade creditors and (B) liabilities related to consolidated inventory not owned (but specifically excluding from such
exception the deferred purchase price of Real Estate), (iv) evidenced by bankers’ acceptances, (v) consisting of obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property now or
hereafter owned or acquired by such Person, except Liens described in clause (p) of the definition of “Permitted Liens”, (vi) consisting of Capitalized Lease Obligations (including any Capitalized Leases entered into as a part of
a sale/leaseback transaction), (vii) consisting of liabilities and obligations under any receivable sales transactions, (viii) consisting of a Financial Letter of Credit (but excluding Performance Letters of Credit and performance or
surety bonds) or a reimbursement obligation of such Person with respect to any Financial Letter of Credit (but excluding Performance Letters of Credit and performance or surety bonds), (ix) consisting of Hedging Obligations, (x) consisting
of Off-Balance Sheet Liabilities or (xi) consisting of Contingent Obligations; and (b) 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. 
 “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 the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other Taxes. 

“Interest Coverage Ratio”: as of any date, for the applicable period, the ratio of (a) Consolidated EBITDA to
(b) Consolidated Interest Incurred. 
 “Interest Coverage Trigger”: as defined in Section 7.1(a). 

“Interest Payment Date”: (a) as to any ABR Loan (other than any Swingline Loan), the last Business Day of each March,
June, September and December to occur while such Loan is outstanding and the final maturity date of such Loan, (b) as to any Eurodollar Loan having an Interest Period of three months or less, the last day of such Interest Period, (c) as to
any Eurodollar Loan having an Interest Period longer than three months, each day that is three months (or, if such day is not a Business Day, the following Business Day), or a whole multiple thereof, after the first day of such Interest Period and
the last day of such Interest Period, (d) as to any Loan (other than any Revolving Loan that is an ABR Loan and any Swingline Loan), the date of any repayment or prepayment made in respect thereof and (e) as to any Swingline Loan, the day
that such Loan is required to be repaid. 
 “Interest Period”: as to any Eurodollar Loan, (a) initially, the period
commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending one, two, three or six months thereafter (or, such other period as may be agreed to by all Lenders), as selected by the Borrower in
its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Eurodollar Loan and ending one,
two, three or six months thereafter (or, such other 

  
 11 

 
period as may be agreed to by all Lenders), as selected by the Borrower by irrevocable notice to the Administrative Agent not later than 11:00 A.M., New York City time, on the date that is two
(2) Business Days prior to the last day of the then current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

(i) if any Interest Period would otherwise end on a day that is not a Business Day, such Interest Period shall be extended to
the next succeeding Business Day unless the result of such extension would be to carry such Interest Period into another calendar month in which event such Interest Period shall end on the immediately preceding Business Day; 

(ii) the Borrower may not select an Interest Period that would extend beyond the Class A Termination Date with respect to
Class A Revolving Loans or the Class B Termination Date with respect to Class B Revolving Loans; and 
 (iii) any
Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar
month. 
 “Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number
of decimal places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between:
(a) the LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is available for deposits in Dollars) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that
LIBO Screen Rate is available for deposits in Dollars) that exceeds the Impacted Interest Period, in each case, at such time. 

“Investment”: (a) the purchase or other acquisition of capital stock or other securities of another Person, (b) a
loan, advance, extension of credit (by way of guaranty or otherwise) or capital contribution to another Person or (c) the purchase or other acquisition of assets of another Person that constitute a business unit. For purposes hereof, the book
value of any Investment shall be calculated in accordance with GAAP. 
 “Investment Grade Rating”: a senior unsecured
public debt rating of BBB- or higher from S&P and Baa3 or higher from Moody’s. 
 “Issuance Date”: the date
of issuance of a Letter of Credit by an Issuing Lender. 
 “Issuing Lender”: JPMorgan Chase Bank, N.A. in its capacity as
issuer of any Letter of Credit and any other Lender approved by the Administrative Agent (such approval not to be unreasonably withheld) and the Borrower that has agreed in its sole discretion to act as an “Issuing Lender” hereunder, or
any of their respective affiliates, on such terms agreed to by the parties, in each case in its capacity as issuer of any Letter of Credit, and which are identified from time to time in a notice sent by Borrower to the Administrative Agent. Each
reference herein to “the Issuing Lender” shall be deemed to be a reference to the relevant Issuing Lender. 
 “Joint
Venture”: a joint venture (whether in the form of a corporation, a partnership, limited liability company or otherwise) (a) to which the Borrower or a Joint Venture Subsidiary is or becomes a party (other than tenancies in common),
(b) whether or not Borrower is required to consolidate the joint venture in its financial statements in accordance with GAAP, and (c) in which the Borrower or any Joint Venture Subsidiary has or will have a total investment exceeding
$25,000 or which has total assets plus contingent liabilities exceeding $100,000. For the purposes of this definition, the Borrower’s or Joint 

  
 12 

 
Venture Subsidiary’s investment in a joint venture shall be deemed to include any Securities of the joint venture owned by the Borrower or any Joint Venture Subsidiary, any loans, advances
or accounts payable to the Borrower or any Joint Venture Subsidiary from the joint venture, any commitment or other agreement by the Borrower or any Joint Venture Subsidiary to provide funds or credit to the joint venture and the Borrower’s or
Joint Venture Subsidiary’s share of the undistributed profits of the joint venture. 
 “Joint Venture Reimbursement
Obligations”: in the case of the Indebtedness of any Joint Venture, the obligation of any partner or joint venturer not Affiliated with the Borrower to reimburse the Borrower or a Subsidiary for liabilities that the Borrower or a Subsidiary
may incur in connection with a guaranty of any Indebtedness of such Joint Venture. 
 “Joint Venture Subsidiary”: a
Subsidiary of the Borrower which is a partner, shareholder or other equity owner in a Joint Venture which is not a Loan Party. 

“L/C Commitment”: $500,000,000. 

“L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the
then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. Notwithstanding anything to the contrary herein, the L/C Obligations of
JPMorgan Chase Bank, N.A., as Issuing Lender, shall at no time be greater than $200,000,000. 
 “L/C Participants”: the
collective reference to all the Lenders other than the Issuing Lender. 
 “Lead Arrangers”: collectively, J.P. Morgan
Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Citigroup Global Markets Inc., Deutsche Bank Securities, Inc., PNC Bank, National Association, RBC Capital Markets, and RBS Securities Inc. 

“Lenders”: as defined in the preamble hereto and, as the context requires, includes the Swingline Lender. 

“Letters of Credit”: as defined in Section 3.1(a). 

“Leverage Ratio”: the ratio, as of any date, of (a) Consolidated Indebtedness (excluding the Rialto Guaranty)
minus the sum of (i) Unrestricted Cash and (ii) cash and Cash Equivalents of consolidated Joint Ventures (not to exceed Joint Venture Indebtedness), to the extent the sum of (i) and (ii) exceed the Required Liquidity,
divided by (b) Consolidated Indebtedness plus Consolidated Tangible Net Worth, plus, at any time when the Borrower has an Investment Grade Rating, the lesser of fifty percent (50%) of subordinated debt and
$300,000,000. 
 “Lien”: any mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, charge,
encumbrance, lien (statutory or other), preference, priority or other security agreement or similar preferential arrangement of any kind or nature whatsoever (including without limitation any conditional sale or other title retention agreement, any
financing lease having substantially the same economic effect as any of the foregoing, and the authorized filing by or against a Person of any financing statement as debtor under the Uniform Commercial Code or comparable law of any jurisdiction).
For the avoidance of doubt, a restriction, covenant, easement, right of way, or similar encumbrance affecting any interest in real property owned by a Loan Party and which does not secure an obligation to pay money is not a Lien. 

  
 13 

 “Liquidity”: at any time, the sum of all Unrestricted Cash held by the Borrower
and the Ratio Subsidiaries. 
 “Loan”: any Revolving Loan made by any Lender or Swingline Loan made by the Swingline Lender
pursuant to this Agreement. 
 “Loan Documents”: this Agreement, the Guarantee Agreement, the Notes and any amendment,
waiver, supplement or other modification to any of the foregoing. 
 “Loan Parties”: as of any date, the Borrower and the
Guarantors. 
 “Mandatory Prepayment and Leverage Ratio Event”: as defined in Section 7.1(a). 

“Material Adverse Effect”: since the date of the audited financial statements most recently delivered prior to the Closing
Date: (a) a change, event or circumstance that could reasonably be expected to result in a material adverse effect on the financial condition of Borrower and its Subsidiaries, taken as a whole; (b) a material impairment of the ability of
the Loan Parties, taken as a whole, to perform the payment or other material obligations under the Loan Documents; or (c) a material adverse effect upon the legality, validity, binding effect, or enforceability against Borrower or any other
Loan Party of any material obligations of Borrower or any other Loan Party under any Loan Document to which it is a party. 

“Material Subsidiaries”: as of any date, each Subsidiary of Borrower (other than the Mortgage Banking Subsidiaries, Rialto
Subsidiaries, Designated Subsidiaries, Commercial Subsidiaries, Multi-Family Subsidiaries and Sunstreet Subsidiaries) that has a Net Worth (excluding ownership interests in, or intercompany indebtedness of, other Subsidiaries) of $10,000,000 or more
as of such date; provided that, in no event may there exist wholly-owned Subsidiaries of the Borrower (other than the Mortgage Banking Subsidiaries, Rialto Subsidiaries, Designated Subsidiaries, Commercial Subsidiaries, Multi-Family Subsidiaries and
Sunstreet Subsidiaries) that have, in the aggregate, a Net Worth in excess of $75,000,000 that are not Guarantors. 
 “Mortgage
Banking Subsidiary”: a Subsidiary of the Borrower which is engaged or hereafter engages in the mortgage banking business, including the origination, servicing, packaging and/or selling of mortgages on residential single- and multi-family
dwellings and/or commercial property. 
 “Multi-Family Subsidiary”: a Subsidiary of the Borrower which has engaged in or
hereafter engages in, as its principal business, the development, investment and management of multi-family rental properties and activities that are incidental or ancillary thereto. 

“Net Worth”: at any date, with respect to any Person the amount of consolidated stockholders’ equity, less intangible
assets, of such Person and its consolidated Subsidiaries as shown on its balance sheet as of such date in accordance with GAAP. 

“New Lender”: as defined in Section 2.21. 

“New Lender Supplement”: as defined in Section 2.21. 

“Non-Guarantor Subsidiaries”: as of any date, the Mortgage Banking Subsidiaries, the Rialto Subsidiaries, the Designated
Subsidiaries, the Commercial Subsidiaries, the Multi-Family Subsidiaries, the Sunstreet Subsidiaries and Subsidiaries that are not Material Subsidiaries. 

  
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 “Non-Recourse Indebtedness”: Indebtedness pursuant to which the lender(s) have
recourse only to (i) specific assets or properties or (ii) a Person that owns only specific assets or properties, all of which secure the same Indebtedness. 

“Non-U.S. Lender”: as defined in Section 2.16(d). 

“Notes”: the collective reference to any promissory note evidencing Loans. 

“Obligations”: all advances to, and debts, liabilities and obligations of, Borrower and Guarantors arising under any loan
document for this Agreement or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against Borrower or any Guarantor or any Affiliate thereof of any proceeding under any bankruptcy or insolvency naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding. 
 “Off-Balance Sheet Liabilities”: of a Person, (a) any repurchase
obligation or liability of such Person or any of its Subsidiaries with respect to accounts or notes receivable sold by such Person or any of its Subsidiaries, (b) any liability of such Person or any of its Subsidiaries under any financing
lease, any synthetic lease (under which all or a portion of the rent payments made by the lessee are treated, for tax purposes, as payments of interest, notwithstanding that the lease may constitute an operating lease under GAAP) or any other
similar lease transaction, or (c) any obligations of such Person or any of its Subsidiaries arising with respect to any other transaction which is the functional equivalent of or takes the place of borrowing and which has an actual or implied
interest component but which does not constitute a liability on the consolidated balance sheets of such Person and its Subsidiaries. 

“Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a result of a present or former connection between
such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security
interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document). 

“Other Taxes”: any and all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that
arise from any payment made under, 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, except any such Taxes that
are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

“Outstanding Amount”: as of any date, the aggregate principal amount of Loans outstanding after giving effect to any
borrowings, repayments and prepayments on such date plus the amount of L/C Obligations outstanding on such date after giving effect to any issuance or reimbursements made on such date. 

“Participant”: as defined in Section 10.6(c). 

“Participant Register”: as defined in Section 10.6(c). 

“PBGC”: the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA (or any successor).

  
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 “Percentage Interest”: as to any Lender at any time, the percentage which such
Lender’s Commitment then constitutes of the Total Commitments or, at any time after the Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Loans then outstanding constitutes
of the aggregate principal amount of the Loans then outstanding; provided, that, in the event that the Loans are paid in full prior to the reduction to zero of the Outstanding Amount, the Percentage Interests shall be determined in a manner
designed to ensure that the remaining Outstanding Amount shall be held by the Lenders on a comparable basis. 
 “Performance Letter
of Credit”: a letter of credit issued to insure (i) the completion of improvements and infrastructure; (ii) maintenance of improvements and infrastructure; or (iii) other similar obligations incurred in the ordinary course of
business, in each case only to the extent such letter of credit does not insure obligations constituting Indebtedness. 
 “Permitted
Investments”: (a) readily marketable, direct, full faith, and credit obligations of the United States, or obligations guaranteed by the full faith and credit of the United States, maturing within not more than one (1) year from
the date of acquisition; (b) short term certificates of deposit and time deposits, which mature within one (1) year from the date of issuance and which are maintained with a Lender, a domestic or foreign commercial bank having capital and
surplus in excess of $100,000,000 or are fully insured by the Federal Deposit Insurance Corporation; (c) commercial paper or master notes maturing in 365 days or less from the date of issuance rated either “P-2” or better by
Moody’s, or “A-2” or better by S&P); (d) debt instruments of a domestic or foreign issuer which mature in one (1) year or less and which are rated “A” or better by Moody’s or S&P on the date of
acquisition of such investment; (e) demand deposit accounts which are maintained in the ordinary course of business (whether domestic or foreign); (f) short term tax exempt securities including municipal notes, commercial paper, auction
rate floaters, and floating rate notes rated either “P-2” or better by Moody’s or “A-2” or better by S&P which mature in one (1) year or less; (g) marketable direct obligations issued by any state of the United
States or any political subdivision of any such state or any public instrumentality thereof maturing within not more than one (1) year from the date of acquisition thereof and, at the time of acquisition, having one (1) of the two
(2) highest ratings obtainable from any two of S&P, Moody’s, or Fitch (or, if at any time no two (2) of the foregoing shall be rating such obligations, then from such other nationally recognized rating services acceptable to
Administrative Agent); (h) investment grade bonds, other than domestic corporate bonds issued by Borrower or any of its Affiliates, maturing no more than ten (10) years after the date of acquisition thereof and, at the time of acquisition,
having a rating of at least A or the equivalent from any two (2) of S&P, Moody’s, or Fitch (or, if at any time no two (2) of the foregoing shall be rating such obligations, then from such other nationally recognized rating
services acceptable to Administrative Agent); and (i) shares of money market, mutual, or similar funds which invest primarily in securities of the type described in clauses (a) through (h) above. 

“Permitted Liens”: 

(a) Liens existing on the date of this Agreement and described on Schedule 1.1B hereto; 

(b) Liens imposed by governmental authorities for taxes, assessments or other charges not yet subject to penalty or which are being contested
in good faith and by appropriate proceedings, if adequate reserves with respect thereto are maintained on the books of the Borrower in accordance with GAAP; 

(c) statutory liens of carriers, warehousemen, mechanics, materialmen, landlords, repairmen or other like Liens arising by operation of law in
the ordinary course of business provided that (i) the underlying obligations are not overdue for a period of more than 60 days or (ii) such Liens are being contested in good faith and by appropriate proceedings and adequate reserves
with respect thereto are maintained on the books of the Borrower in accordance with GAAP; 

  
 16 

 (d) Liens securing the performance of bids, trade contracts (other than borrowed money), leases,
statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature incurred in the ordinary course of business; 

(e) easements, rights-of-way, zoning restrictions, assessment district or similar Liens in connection with municipal financing or community
development bonds, and similar restrictions, encumbrances or title defects which, singly or in the aggregate, do not in any case materially detract from the value of the Real Estate subject thereto (as such Real Estate is used by any Loan Party) or
interfere with the ordinary conduct of the business of the Loan Parties; 
 (f) Liens arising by operation of law in connection with
judgments, only to the extent, for an amount and for a period not resulting in an event of default hereunder with respect thereto; 
 (g)
pledges or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security legislation; 

(h) Liens securing Indebtedness of a Person existing at the time such Person becomes a Loan Party or is merged with or into a Loan Party and
Liens on assets or properties at the time of acquisition thereof, provided that such Liens were in existence prior to the date of such acquisition, merger or consolidation, were not incurred in anticipation thereof and do not extend to any
other assets; 
 (i) Liens against the ownership interest of a Loan Party in a Joint Venture or Non-Guarantor Subsidiary; 

(j) Liens arising pursuant to vexatious, frivolous or meritless claims, suits, actions or filings, or other similar bad faith actions, taken
by a Person not an Affiliate of the Borrower; provided that a Loan Party is disputing such Lien in good faith and by appropriate proceedings; 

(k) Liens securing Hedging Obligations arising in the ordinary course of business of a Loan Party and not for speculative purposes; 

(l) Liens securing obligations of a Loan Party arising in connection with letters of credit and/or letter of credit facilities; 

(m) Liens on model homes; 
 (n)
Liens securing Non-Recourse Indebtedness; 
 (o) Liens incurred in connection with the acquisition of an asset (including via license, lease
or other arrangement), provided that such Lien (i) is incurred at the time of such acquisition or within 180 days thereof and (ii) such Lien encumbers only the asset so acquired; 

(p) Liens securing obligations of any Loan Party to any third party in connection with (i) Profit and Participation Agreements,
(ii) any option or right of first refusal to purchase real property granted to a developer or seller of real property that arises as a result of the non-use or non-development of such real property by a Loan Party, or (iii) joint
development agreements with third parties to perform and/or pay for or reimburse the costs of construction and/or development related to or benefiting any Loan Party’s property and property belonging to such third parties, in each case entered
into in the ordinary course of such Loan Party’s business; 

  
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 (q) Liens securing other Indebtedness or obligations in an amount not in excess of $50,000,000 in
the aggregate; 
 (r) Liens on cash and Cash Equivalents securing obligations arising under total return swaps, repurchase agreements and
other similar transactions entered into by the Borrower or any other Loan Party with respect to debt securities owned by the Borrower or any other Loan Party; and 

(s) Liens securing Indebtedness incurred to refinance any Indebtedness that was previously so secured and permitted hereunder (which
refinancing Indebtedness may exceed the amount refinanced, provided such refinancing Indebtedness is otherwise permitted under this Agreement) in a manner no more adverse to the Lenders than the terms of the Liens securing such refinanced
Indebtedness. 
 “Person”: any natural person, corporation, limited liability company, trust, joint venture, association,
company, partnership, governmental authority or other entity. 
 “Plan”: any employee benefit plan as defined in
Section 3(3) of ERISA, other than a multiemployer plan (as defined in Section 3(37) of ERISA), that is subject to Title IV of ERISA or Section 412 of the Code in respect of which any Loan Party or any ERISA Affiliate is an
“employer” as defined in Section 3(5) of ERISA. 
 “Prime Rate”: the rate of interest per annum publicly
announced from time to time by JPMorgan Chase Bank, N.A., as its prime rate in effect at its principal office in New York City (the Prime Rate not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection
with extensions of credit to debtors). 
 “Profit and Participation Agreement”: an agreement, secured by a deed of trust,
mortgage or other Lien against a property or asset, with respect to which the purchaser of such property or asset agrees to pay the seller of such property or asset a profit, price, premium participation or other similar amount in respect of such
property or asset. 
 “Ratio Subsidiaries”: as of any date, the Subsidiaries of the Borrower except Mortgage Banking
Subsidiaries, Rialto Subsidiaries and Designated Subsidiaries, and, from and after March 1, 2015, Commercial Subsidiaries, Multi-Family Subsidiaries and Sunstreet Subsidiaries. 

“Real Estate”: land, rights in land and interests therein (including, without limitation, leasehold interests), and
equipment, structures, improvements, furnishings, fixtures and buildings (including a mobile home of the type usually installed on a developed site) located on or used in connection with land, rights in land or interests therein (including leasehold
interests), but shall not include Mortgages or interests therein. 
 “Recipient”: (a) the Administrative Agent,
(b) any Lender and (c) any Issuing Lender, as applicable. 
 “Refunded Swingline Loans”: as defined in
Section 2.4. 
 “Register”: as defined in Section 10.6(b). 

“Regulations U and X”: Regulations U and X of the Board as in effect from time to time. 

  
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 “Reimbursement Obligation”: the obligation of the Borrower to reimburse the
Issuing Lender pursuant to Section 3.5 for amounts drawn under Letters of Credit. 
 “Reportable Event”: 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 by regulation waived the requirement of Section 4043(a) of
ERISA that it be notified within 30 days of the occurrence of such event, provided, however, that a failure to meet the minimum funding standard of Section 412 of the Code and of Section 302 of ERISA shall be a Reportable Event
regardless of the issuance of any such waiver of the notice requirement in accordance with either Section 4043(a) of ERISA or Section 412(d) of the Code. 

“Required Lenders”: at any time, the holders of more than fifty percent (50%) of the Total Commitments then in effect
or, if the Commitments have been terminated, the Outstanding Amount at such time. 
 “Required Liquidity”: as of any date,
(a) $10,000,000 plus (b) if, as of the end of the fiscal quarter most recently ended, the Interest Coverage Ratio was less than 1.50 to 1.00, an amount equal to 1.00x Consolidated Interest Incurred for the last twelve months then
ended. 
 “Requirement of Law”: as to any Person, the Certificate of Incorporation and
By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other Governmental Authority, in each case
applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer”: the chief executive officer or president or executive vice president of the Borrower. 

“Revolving Loans”: as defined in Section 2.1(a). 

“Rialto Guaranty”: the Guaranty Agreement dated as of September 30, 2010 made by the Borrower in respect of a loan to
Rialto Regi, LLC in the original principal amount of $125,395,423. 
 “Rialto Subsidiaries”: as of any date, a Subsidiary
of Borrower which is engaged or hereafter engages in originating, underwriting, acquiring, owning, financing, selling, managing and/or servicing real estate assets, third party capital, commercial and residential real estate loans and/or mortgage
backed securities. 
 “Sanctions”: 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. 

“Sanctioned Country”: at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person”: at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained
by the Office of Foreign Assets Control of the U.S. Department of the Treasury, the U.S. Department of State, the, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person controlled by any such Person.

 “SEC”: the Securities and Exchange Commission, any successor thereto and any analogous Governmental Authority. 

  
 19 

 “Second Amended Credit Agreement”: as defined in the preamble hereto. 

“Significant Subsidiaries”: as of any date, any Loan Party that has either (i) $100,000,000 or more of assets or
(ii) stockholder’s equity constituting five percent (5%) or more of consolidated stockholders equity of Borrower before non-controlling interest. 

“Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the amount of the
“present fair saleable value” of the assets of such Person will, as of such date, exceed the amount of all “liabilities of such Person, contingent or otherwise”, as of such date, as such quoted terms are determined in accordance
with applicable federal and state laws governing determinations of the insolvency of debtors, (b) the present fair saleable value of the assets of such Person will, as of such date, be greater than the amount that will be required to pay the
probable liability of such Person on its debts as such debts become absolute and matured, (c) such Person will not have, as of such date, an unreasonably small amount of capital with which to conduct its business, and (d) such Person does
not intend to, and does not believe that it will incur debts beyond such Person’s ability to pay such debts as they mature. For purposes of this definition, (i) “debt” means liability on a “claim”, and
(ii) “claim” means any (x) right to payment, whether or not such a right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured or unsecured or
(y) right to an equitable remedy for breach of performance if such breach gives rise to a right to payment, whether or not such right to an equitable remedy is reduced to judgment, fixed, contingent, matured or unmatured, disputed, undisputed,
secured or unsecured. 
 “Subsidiary”: as to any Person, a corporation, partnership, joint venture, limited liability
company, or other business entity (except for Persons which would not be considered a Subsidiary of such Person but for the application of FASB Interpretation No. 46 or EITF 04-5 issued by the Financial Accounting Standards Board and the
Emerging Issues Task Force, as such interpretations or pronouncements may be amended or modified from time to time) of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or
other governing body (other than securities or interests having such power only by reason of the happening of a contingency) are at the time beneficially owned by such Person. 

“Sunstreet Subsidiary”: a Subsidiary of the Borrower which has engaged in or hereafter engages in, as part of its principal
business, the installation, development, ownership, servicing, sale or lease of solar power systems or sale of solar power for homeowners and activities that are incidental or ancillary thereto. 

“Swingline Commitment”: the obligation of the Swingline Lender to make Swingline Loans pursuant to Section 2.3 in
an aggregate principal amount at any one time outstanding not to exceed $50,000,000. 
 “Swingline Exposure”: at any time,
the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender in respect of any Swingline Loan shall be its Percentage Interest of the principal amount of such Swingline Loan. 

“Swingline Lender”: JPMorgan Chase Bank, N.A., in its capacity as the lender of Swingline Loans. 

“Swingline Loans”: as defined in Section 2.3. 

“Swingline Participation Amount”: as defined in Section 2.4. 

  
 20 

 “Syndication Agents”: collectively, Bank of America, N.A., Citibank, N.A.,
Deutsche Bank Securities, Inc., PNC Bank, National Association, RBC Capital Markets and The Royal Bank of Scotland plc. 

“Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding),
assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date”: as the context requires, the Class A Termination Date or the Class B Termination Date. 

“Total Commitments”: at any time, the aggregate amount of the Commitments then in effect. 

“Transferee”: any Assignee, Participant or any counterparty (or its advisors) to any swap or derivative transaction relating
to the Borrower or any of its Affiliates or any of their respective obligations. 
 “Type”: as to any Loan, its nature as
an ABR Loan or a Eurodollar Loan. 
 “Uniform Commercial Code”: the Uniform Commercial Code, as the same may, from time to
time, be in effect in the State of New York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any collateral provided pursuant to this Agreement
is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of
the provisions hereof relating to such perfection or priority (but not attachment) and for purposes of definitions related to such provisions. 

“United States” or “U.S.”: the United States of America. 

“Unrestricted Cash”: cash and Cash Equivalents of the Borrower and Ratio Subsidiaries that are free and clear of all Liens
(other than bankers’ Liens) and not subject to any restrictions on the use thereof to pay Indebtedness and other obligations of the applicable Loan Party. 

“U.S. Tax Compliance Certificate”: as defined in Section 2.16(f)(ii)(C). 

“Voting Stock”: with respect to any Person, securities of any class of Capital Stock of such Person entitling the holders
thereof (other than preferred stock or similar securities that vote solely by reason of a contingency, such as bankruptcy) to vote in the election of members of the board of directors of such Person. 

1.2 Other Definitional Provisions. 

(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. 

  
 21 

 (b) As used herein and in the other Loan Documents, and any certificate or other document made or
delivered pursuant hereto or thereto, (i) accounting terms relating to any Loan Party not defined in Section 1.1 and accounting terms partly defined in Section 1.1, to the extent not defined, shall have the respective
meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”, (iii) the word “incur” shall be
construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall have correlative meanings), (iv) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital Stock, securities, accounts, leasehold interests and contract rights, and
(v) references to agreements or other Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Obligations as amended, supplemented, restated or otherwise modified from time to time. 

(c) The words “hereof”, “herein” and “hereunder” and words of similar import, when used in this Agreement, shall
refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless otherwise specified. 

(d) The meanings given to terms defined herein shall be equally applicable to both the singular and plural forms of such terms. 

SECTION 2. AMOUNT AND TERMS OF COMMITMENTS 

2.1 Commitments. 
 (a)
Subject to the terms and conditions hereof, each Lender severally agrees to make revolving credit loans (“Revolving Loans”) to the Borrower from time to time during the Commitment Period in an aggregate principal amount at any one
time outstanding which, when added to such Lender’s Percentage Interest of the sum of (i) the L/C Obligations then outstanding and (ii) the aggregate principal amount of the Swingline Loans then outstanding, and after giving effect to
the proposed Revolving Loan and application of the proceeds thereof to the repayment of any outstanding Obligations, does not exceed the amount of such Lender’s Commitment. During the Commitment Period the Borrower may use the Commitments by
borrowing, prepaying the Revolving Loans in whole or in part, and reborrowing, all in accordance with the terms and conditions hereof. The Revolving Loans may from time to time be Eurodollar Loans or ABR Loans, as determined by the Borrower and
notified to the Administrative Agent in accordance with Sections 2.2 and 2.9. 
 (b) Borrower shall repay (i) all
outstanding Class A Revolving Loans on the Class A Termination Date and (ii) all outstanding Class B Revolving Loans on the Class B Termination Date. Additionally, on the Class B Termination Date, if, after all outstanding Class B
Revolving Loans have been repaid, the outstanding Class A Revolving Loans, when added to the sum of (A) the L/C Obligations then-outstanding and (B) the aggregate principal amount of the Swingline Loans then-outstanding, exceeds the
aggregate amount of the Class A Commitments, the Borrower shall repay such portion of the outstanding Class A Revolving Loans as is sufficient to reduce the outstanding principal amount of the Class A Revolving Loans to an amount,
when added to the sum of (A) the L/C Obligations then-outstanding and (B) the aggregate principal amount of the Swingline Loans then-outstanding, equal to the aggregate amount of all Class A Commitments. 

  
 22 

 (c) Provided that Borrower has made the payments required pursuant to Section 2.1(b),
if any, on the Class B Termination Date: 
  

	 	(i)	the Commitments of all Class B Lenders shall terminate, the Commitments of all Class A Lenders shall continue on the terms herein set forth and the Total Commitments shall be reduced to an amount equal to the sum
of the Class A Commitments; 

  

	 	(ii)	the Percentage Interests of each Class A Lender shall be adjusted to reflect the termination of the Commitments of the Class B Lenders; 

 

	 	(iii)	subject to clause (ii) above, all Class A Revolving Loans shall be continued outstanding as Class A Revolving Loans held by the Class A Lenders ratably in accordance with their respective Percentage
Interest (after giving effect to the adjustment described in clause (ii) above); 

  

	 	(iv)	all outstanding Letters of Credit shall continue and be allocated among the Class A Lenders in accordance with each Class A Lender’s Percentage Interest (after giving effect to the adjustment described in
clause (ii) above); 

  

	 	(v)	each Class A Lender shall continue to have an obligation to make Revolving Loans pursuant to Section 2.4(b) and to purchase participation interests in outstanding Swingline Loans pursuant to
Section 2.4(c); and 

  

	 	(vi)	after giving effect to all of the foregoing, any unused Commitments shall continue as Class A Commitments. 

2.2 Procedure for Revolving Loan Borrowing. The Borrower may borrow under the Commitments during the Commitment Period on any Business
Day, provided that the Borrower shall give the Administrative Agent irrevocable notice (which notice must be received by the Administrative Agent (a) prior to 1:00 P.M., New York City time, three (3) Business Days prior to the
requested Borrowing Date, in the case of Eurodollar Loans, or (b) by 11:00 A.M., New York City time, on the requested Borrowing Date, in the case of ABR Loans), specifying (i) the amount and Type of Revolving Loans to be borrowed,
(ii) the requested Borrowing Date and (iii) in the case of Eurodollar Loans, the respective amounts of each such Type of Loan and the respective lengths of the initial Interest Period therefor. Any Revolving Loans made on the Closing Date
shall initially be ABR Loans. Each borrowing under the Commitments shall be in an amount equal to (x) in the case of ABR Loans, $1,000,000 or a whole multiple thereof (or, if the then aggregate Available Commitments are less than $1,000,000,
such lesser amount) and (y) in the case of Eurodollar Loans, $5,000,000 or a whole multiple of $1,000,000 in excess thereof; provided, that the Swingline Lender may request, on behalf of the Borrower, borrowings under the Commitments
that are ABR Loans in other amounts pursuant to Section 2.4. Upon receipt of any such notice from the Borrower, the Administrative Agent shall promptly notify each Lender thereof. Each Lender will make the amount of its pro rata
share of each borrowing available to the Administrative Agent for the account of the Borrower at the Funding Office prior to (i) 12:00 Noon, New York City time, in the case of Eurodollar Loans and (ii) 2:00 P.M., New York City time, in the
case of ABR Loans, on the Borrowing Date requested by the Borrower in funds immediately available to the Administrative Agent. Such borrowing will then be made available to the Borrower by the Administrative Agent crediting the account of the
Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent or by otherwise transferring such amounts as the Borrower
shall direct. 

  
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 2.3 Swingline Commitment. 

(a) Subject to the terms and conditions hereof, the Swingline Lender agrees to make a portion of the credit otherwise available to the Borrower
under the Commitments from time to time during the Commitment Period by making swing line loans (“Swingline Loans”) to the Borrower; provided that (i) the aggregate principal amount of Swingline Loans outstanding at any
time shall not exceed the Swingline Commitment then in effect (notwithstanding that the Swingline Loans outstanding at any time, when aggregated with the Swingline Lender’s other outstanding Revolving Loans, may exceed the Swingline Commitment
then in effect) and (ii) the Borrower shall not request, and the Swingline Lender shall not make, any Swingline Loan if, after giving effect to the making of such Swingline Loan, the aggregate amount of the Available Commitments would be less
than zero. During the Commitment Period, the Borrower may use the Swingline Commitment by borrowing, repaying and reborrowing, all in accordance with the terms and conditions hereof. Swingline Loans shall be ABR Loans only. 

(b) The Borrower shall repay to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the
Class A Termination Date, the tenth (10th) Business Day after such Swingline Loan is made, or the date that the next Revolving Loan is borrowed. 

2.4 Procedure for Swingline Borrowing; Refunding of Swingline Loans. 

(a) Whenever the Borrower desires that the Swingline Lender make Swingline Loans it shall give the Swingline Lender irrevocable telephonic
notice confirmed promptly in writing (which telephonic notice must be received by the Swingline Lender not later than 3:00 P.M., New York City time, on the proposed Borrowing Date), specifying (i) the amount to be borrowed and (ii) the
requested Borrowing Date (which shall be a Business Day during the Commitment Period). Each borrowing under the Swingline Commitment shall be in an amount equal to $500,000 or a whole multiple of $100,000 in excess thereof. Not later than 4:00 P.M.,
New York City time, on the Borrowing Date specified in a notice in respect of Swingline Loans, the Swingline Lender shall make available to the Administrative Agent at the Funding Office an amount in immediately available funds equal to the amount
of the Swingline Loan to be made by the Swingline Lender. The Administrative Agent shall make the proceeds of such Swingline Loan available to the Borrower on such Borrowing Date by depositing such proceeds in the account of the Borrower with the
Administrative Agent or as otherwise directed by the Borrower on such Borrowing Date in immediately available funds. 
 (b) The Swingline
Lender, at any time and from time to time in its sole and absolute discretion may, on behalf of the Borrower (which hereby irrevocably directs the Swingline Lender to act on its behalf), on one (1) Business Day’s notice given by the
Swingline Lender no later than 12:00 Noon, New York City time, request each Lender to make, and each Lender hereby agrees to make, a Revolving Loan, in an amount equal to such Lender’s Percentage Interest of the aggregate amount of the
Swingline Loans (the “Refunded Swingline Loans”) outstanding on the date of such notice, to repay the Swingline Lender. Each Lender shall make the amount of such Revolving Loan available to the Administrative Agent at the Funding
Office in immediately available funds, not later than 10:00 A.M., New York City time, one (1) Business Day after the date of such notice. The proceeds of such Revolving Loans shall be immediately made available by the Administrative Agent to
the Swingline Lender for application by the Swingline Lender to the repayment of the Refunded Swingline Loans. If the amounts received from the Lenders are not sufficient to repay in full such Refunded Swingline Loans, then the Borrower shall pay
such difference to the Administrative Agent within two (2) Business Days of notice from the Administrative Agent, which payments shall be made available by the Administrative Agent to the Swingline Lender to repay the Refunded Swingline Loans.

 (c) If prior to the time a Revolving Loan would have otherwise been made pursuant to Section 2.4(b), one of the events
described in Section 8(e) shall have occurred and be continuing with respect to the Borrower or if for any other reason, as determined by the Swingline Lender in its sole 

  
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discretion, Revolving Loans may not be made as contemplated by Section 2.4(b), each Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred
to in Section 2.4(b), purchase for cash an undivided participating interest in the then outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to
(i) such Lender’s Percentage Interest times (ii) the sum of the aggregate principal amount of Swingline Loans then outstanding that were to have been repaid with such Revolving Loans. 

(d) Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s Swingline Participation Amount, the
Swingline Lender receives any payment on account of the Swingline Loans, the Swingline Lender will distribute to such Lender its Swingline Participation Amount (appropriately adjusted, in the case of interest payments, to reflect the period of time
during which such Lender’s participating interest was outstanding and funded and, in the case of principal and interest payments, to reflect such Lender’s pro rata portion of such payment if such payment is not sufficient to
pay the principal of and interest on all Swingline Loans then due); provided, however, that in the event that such payment received by the Swingline Lender is required to be returned, such Lender will return to the Swingline Lender any
portion thereof previously distributed to it by the Swingline Lender. 
 (e) Each Lender’s obligation to make the Loans referred to in
Section 2.4(b) and to purchase participating interests pursuant to Section 2.4(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment,
defense or other right that such Lender or the Borrower may have against the Swingline Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to
satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement or any other Loan Document by the Borrower, any
other Loan Party or any other Lender or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

2.5 Commitment Fees, etc.  

(a) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee for the period from and including
the date hereof to but excluding the last day of the Commitment Period, computed at the applicable Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender during the period for which payment is made, payable
quarterly in arrears within three (3) Business Days of receipt an invoice from the Administrative Agent; provided, however, pursuant to Section 2.20, the Borrower shall not be obligated to pay a commitment fee for the account of any
Defaulting Lender. 
 (b) The Borrower agrees to pay to the Administrative Agent the fees in the amounts and on the dates as set forth in
any fee agreements with the Administrative Agent and to perform any other obligations contained therein. 
 2.6 Termination or Reduction
of Commitments. The Borrower shall have the right, upon not less than three (3) Business Days’ notice to the Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount of the Commitments;
provided that no such termination or reduction of Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Loans made on the effective date thereof, the Outstanding Amount would exceed the Total
Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Commitments then in effect. 

  
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 2.7 Optional Prepayments. The Borrower may at any time and from time to time prepay the
Loans, in whole or in part, without premium or penalty, upon irrevocable notice delivered to the Administrative Agent no later than 11:00 A.M., New York City time, three (3) Business Days prior thereto, in the case of Eurodollar Loans, and no
later than 11:00 A.M., New York City time, one (1) Business Day prior thereto, in the case of ABR Loans, which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans;
provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable thereto, the Borrower shall also pay any amounts owing pursuant to Section 2.17. Upon receipt of any such notice
the Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such notice shall be due and payable on the date specified therein, together with accrued interest to such date on the
amount prepaid. Partial prepayments of Revolving Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Partial prepayments of Swingline Loans shall be in an aggregate principal amount of $100,000 or a whole
multiple thereof. 
 2.8 Mandatory Prepayments. Subject to the provisions of this Section 2.8, if and to the extent at
the end of any fiscal quarter following the occurrence of a Mandatory Prepayment and Leverage Ratio Event: 
 (a) the sum of, in each case
without duplication, (i) the Indebtedness of Borrower and each Restricted Subsidiary secured by a Lien on assets of Borrower or a Restricted Subsidiary that does not constitute a Permitted Lien, plus (ii) the Outstanding Amount (excluding
the amount of L/C Obligations under Performance Letters of Credit) under this Agreement, exceeds 
 (b) 20% of Total Consolidated
Stockholders Equity (excluding non-controlling interests), the Borrower shall reduce the Outstanding Amount by the amount of such excess. 

For purposes of the foregoing, Indebtedness, Restricted Subsidiary, Lien, Permitted Lien and Total Consolidated Stockholders Equity shall have
the meanings given to such terms in the most restrictive outstanding indenture for Borrower’s senior notes. Commencing with the end of the fiscal quarter following satisfaction of the Interest Coverage Trigger for two consecutive quarters, the
provisions of this Section 2.8 shall no longer be applicable, unless and until a Mandatory Prepayment and Leverage Ratio Event thereafter occurs. 

Amounts to be applied in connection with prepayments made pursuant to this Section 2.8 shall be applied, first, to the
prepayment of Swingline Loans, second, to the prepayment of Revolving Loans, and third, that if the aggregate principal amount of Revolving Loans and Swingline Loans then-outstanding is less than the amount of such prepayments (because
L/C Obligations constitute a portion thereof), Borrower shall, to the extent of the balance, deposit an amount in cash equal to 100% of such L/C Obligations in a cash collateral account established with the Administrative Agent for the benefit of
the Lenders on terms and conditions satisfactory to the Administrative Agent. The application of any prepayment of Revolving Loans pursuant to Section 2.8 shall be made, first, to ABR Loans and, second, to Eurodollar Loans,
and in each case, shall be made pro rata between the Class A Revolving Loans and the Class B Revolving Loans based on each Lender’s Percentage Interest. Each prepayment of the Loans under Section 2.8 shall be accompanied by
accrued interest to the date of such prepayment on the amount prepaid. 

  
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 2.9 Conversion and Continuation Options. 

(a) The Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving the Administrative Agent prior irrevocable
notice of such election no later than 11:00 A.M., New York City time, on the proposed conversion date, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. The
Borrower may elect from time to time to convert ABR Loans to Eurodollar Loans by giving the Administrative Agent prior irrevocable notice of such election no later than 1:00 P.M., New York City time, on the third Business Day preceding the proposed
conversion date (which notice shall specify the length of the initial Interest Period therefor), provided that no ABR Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and the Required
Lenders have determined in their sole discretion not to permit such conversions. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

(b) Any Eurodollar Loan may be continued as such upon the expiration of the then current Interest Period with respect thereto by the Borrower
giving irrevocable notice to the Administrative Agent, in accordance with the applicable provisions of the term “Interest Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans,
provided that no Eurodollar Loan under a particular Facility may be continued as such when any Event of Default has occurred and is continuing and the Required Lenders have determined in their sole discretion not to permit such continuations,
and provided, further, that if the Borrower shall fail to give any required notice as described above in this paragraph or if such continuation is not permitted pursuant to the preceding proviso such Loans shall be automatically
converted to ABR Loans on the last day of such then expiring Interest Period. Upon receipt of any such notice the Administrative Agent shall promptly notify each relevant Lender thereof. 

2.10 Limitations on Eurodollar Tranches. Notwithstanding anything to the contrary in this Agreement, all borrowings, conversions and
continuations of Eurodollar Loans and all selections of Interest Periods shall be in such amounts and be made pursuant to such elections so that, (a) after giving effect thereto, the aggregate principal amount of the Eurodollar Loans comprising
each Eurodollar Tranche shall be equal to $5,000,000 or a whole multiple of $1,000,000 in excess thereof and (b) no more than fifteen Eurodollar Tranches shall be outstanding at any one time. 

2.11 Interest Rates and Payment Dates.  

(a) Each Eurodollar Loan shall bear interest during each Interest Period with respect thereto at a rate per annum equal to the Eurodollar Rate
determined for such Interest Period plus the Applicable Margin. 
 (b) Each ABR Loan shall bear interest at a rate per annum equal to the
ABR plus the Applicable Margin. 
 (c) (i) If all or a portion of the principal amount of any Loan or Reimbursement Obligation shall
not be paid when due (whether at the stated maturity, by acceleration or otherwise), all outstanding Loans and Reimbursement Obligations (whether or not overdue) shall bear interest at a rate per annum equal to (x) in the case of the Loans, the
rate that would otherwise be applicable thereto pursuant to the foregoing provisions of this Section plus two percent (2%) or (y) in the case of Reimbursement Obligations, the rate applicable to ABR Loans plus two percent
(2%), and (ii) if all or a portion of any interest payable on any Loan or Reimbursement Obligation or any commitment fee or other amount payable hereunder shall not be paid when due (whether at the stated maturity, by acceleration or
otherwise), after giving effect to any applicable grace period, such overdue amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus two percent (2%), in each case, with respect to clauses
(i) and (ii) above, from the date of such non-payment until such amount is paid in full. 

  
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 (d) Interest shall be payable in arrears on each Interest Payment Date, provided that
interest accruing pursuant to paragraph (c) of this Section 2.11 shall be payable from time to time on demand. 
 2.12
Computation of Interest and Fees.  
 (a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year
for the actual days elapsed, except that, with respect to (A) ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate, (B) the Applicable Margin related to Letters of Credit and (C) Letter of Credit fees,
shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. Interest and such fees shall accrue for each period from and including the first day of such period but excluding the last day of such
period. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency
Reserve Requirements shall become effective as of the opening of business on the day on which such change becomes effective. The Administrative Agent shall as soon as practicable notify the Borrower and the relevant Lenders of the effective date and
the amount of each such change in interest rate. 
 (b) Each determination of an interest rate by the Administrative Agent pursuant to any
provision of this Agreement shall be conclusive and binding on the Borrower and the Lenders in the absence of manifest error. The Administrative Agent shall, at the request of the Borrower, deliver to the Borrower a statement showing the quotations
used by the Administrative Agent in determining any interest rate pursuant to Section 2.11(a). 
 2.13 Inability to Determine
Interest Rate. If prior to the first day of any Interest Period: 
 (a) the Administrative Agent shall have determined (which
determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) the Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or to be determined for
such Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, the Administrative Agent shall give telecopy
or telephonic notice thereof to the Borrower and the relevant Lenders as soon as practicable thereafter. If such notice is given (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans,
(y) any Loans that were to have been converted on the first day of such Interest Period to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current
Interest Period, to ABR Loans. Until such notice has been withdrawn by the Administrative Agent, no further Eurodollar Loans shall be made or continued as such, nor shall the Borrower have the right to convert Loans to Eurodollar Loans. 

  
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 2.14 Pro Rata Treatment and Payments. 

(a) Except as set forth in Section 2.20 below, each borrowing by the Borrower from the Lenders hereunder, each payment by the
Borrower on account of any commitment fee and any reduction of the Commitments of the Lenders shall be made pro rata according to the respective Percentage Interests of the Lenders. 

(b) Each payment (including each prepayment) by the Borrower on account of principal of and interest on the Revolving Loans shall be made
pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Lenders. 
 (c) All
payments (including prepayments) to be made by the Borrower hereunder, whether on account of principal, interest, fees or otherwise, shall be made without setoff or counterclaim and shall be made prior to 2:00 P.M., New York City time, on the due
date thereof to the Administrative Agent, for the account of the Lenders, at the Funding Office, in Dollars and in immediately available funds. The Administrative Agent shall distribute such payments to each Lender promptly upon receipt in like
funds as received, net of any amounts owing by such Lender pursuant to Section 9.7. If any payment hereunder (other than payments on the Eurodollar Loans) becomes due and payable on a day other than a Business Day, such payment shall be
extended to the next succeeding Business Day. If any payment on a Eurodollar Loan becomes due and payable on a day other than a Business Day, the maturity thereof shall be extended to the next succeeding Business Day unless the result of such
extension would be to extend such payment into another calendar month, in which event such payment shall be made on the immediately preceding Business Day. In the case of any extension of any payment of principal pursuant to the preceding two
sentences, interest thereon shall be payable at the then applicable rate during such extension. 
 (d) Unless the Administrative Agent shall
have been notified in writing by any Lender prior to a borrowing that such Lender will not make the amount that would constitute its share of such borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender
is making such amount available to the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent
by the required time on the Borrowing Date therefor, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, at a rate equal to the greater of (i) the Federal Funds Effective Rate and (ii) a rate
determined by the Administrative Agent in accordance with banking industry rules on interbank compensation, for the period until such Lender makes such amount immediately available to the Administrative Agent. A certificate of the Administrative
Agent submitted to any Lender with respect to any amounts owing under this paragraph shall be conclusive in the absence of manifest error. If such Lender’s share of such borrowing is not made available to the Administrative Agent by such Lender
within three (3) Business Days after such Borrowing Date, the Administrative Agent shall also be entitled to recover such amount with interest thereon at the rate per annum applicable to ABR Loans under the relevant Facility, on demand, from
the Borrower. 
 (e) Unless the Administrative Agent shall have been notified in writing by the Borrower prior to the date of any payment
due to be made by the Borrower hereunder that the Borrower will not make such payment to the Administrative Agent, the Administrative Agent may assume that the Borrower is making such payment, and the Administrative Agent may, but shall not be
required to, in reliance upon such assumption, make available to the Lenders their respective pro rata shares of a corresponding amount. If such payment is not made to the Administrative Agent by the Borrower within three
(3) Business Days after such due date, the Administrative Agent shall be entitled to recover, on demand, from each Lender to which any amount which was made available pursuant to the preceding sentence, such amount with interest thereon at the
rate per annum equal to the daily average Federal Funds Effective Rate. Nothing herein shall be deemed to limit the rights of the Administrative Agent or any Lender against the Borrower. 

  
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 (f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.4(b), 2.4(c), 2.14(d), 2.14(e), 3.4(a) or 9.7, then the Administrative Agent may, in its discretion (notwithstanding any contrary provision of this Agreement), apply any amounts thereafter
received by the Administrative Agent, the Swingline Lender or the Issuing Lender for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 

2.15 Requirements of Law.  

(a) If (i) the adoption of or any change in any Requirement of Law or in the interpretation or application thereof or compliance by any
Lender or the Issuing Lender with any request or directive (whether or not having the force of law) from any central bank or other Governmental Authority made subsequent to the date hereof, (ii) the Dodd-Frank Wall Street Reform and Consumer
Protection Act or any requests, rules, guidelines, or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued or (iii) any requests, rules, guidelines or directives promulgated by the Bank for
International Settlements or the Basel Committee on Banking Supervision (or any successor or similar authority), in each case pursuant to Basel III, regardless of the date actually enacted, adopted or issued: 

(A) shall subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses
(b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital
attributable thereto; 
 (B) shall impose, modify or hold applicable any reserve, special deposit, compulsory loan or similar
requirement against assets held by, deposits or other liabilities in or for the account of, advances, loans or other extensions of credit by, or any other acquisition of funds by, any office of such Lender or the Issuing Lender that is not otherwise
included in the determination of the Eurodollar Rate; or 
 (C) shall impose on such Lender or the Issuing Lender any other
similar condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 

and the result of any of the foregoing is to increase the cost to such Lender, by an amount that such Lender or Issuing Lender or such other Recipient deems
to be material, of making, converting into, continuing or maintaining Eurodollar Loans or issuing or participating in Letters of Credit, or to reduce any amount receivable by such Lender or the Issuing Lender or such other Recipient hereunder in
respect thereof, then, in any such case, the Borrower shall promptly pay such Lender, the Issuing Lender or such other Recipient, as the case may be, upon its demand, any additional amounts necessary to compensate such Lender, the Issuing Lender or
such other Recipient, as the case may be for such increased cost or reduced amount receivable. If any Lender or Issuing Lender becomes entitled to claim any additional amounts pursuant to this paragraph, it shall promptly notify the Borrower by
providing a certificate along with reasonably detailed calculations of such additional amounts (with a copy to the Administrative Agent) of the event by reason of which it has become so entitled. 

(b) If any Lender or the Issuing Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital
or liquidity adequacy or in the interpretation or application thereof or compliance by such Lender or the Issuing Lender or any corporation controlling such Lender or the Issuing Lender with any request or directive regarding capital adequacy or
liquidity (whether or not having the force of law) from any Governmental Authority, including compliance (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act or any requests, rules, guidelines, or directives thereunder or issued in
connection therewith, regardless of the date enacted, adopted or issued and (ii) with 

  
 30 

 
any requests, rules, guidelines or directives promulgated by the Bank for International Settlements or the Basel Committee on Banking Supervision (or any successor or similar authority) pursuant
to Basel III, made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s, or Issuing Lender’s or such corporation’s capital as a consequence of its obligations hereunder or under or in
respect of any Letter of Credit to a level below that which such Lender, the Issuing Lender or such corporation could have achieved but for such adoption, change or compliance (taking into consideration such Lender’s, the Issuing Lender’s
or such corporation’s policies with respect to capital adequacy and liquidity) by an amount deemed by such Lender or the Issuing Lender to be material, then from time to time, after submission by such Lender or the Issuing Lender to the
Borrower by providing a certificate along with reasonably detailed calculations of such additional amounts (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall pay to such Lender or the Issuing Lender such
additional amount or amounts as will compensate such Lender, the Issuing Lender or such corporation for such reduction. 
 (c) A certificate
as to any additional amounts payable pursuant to this Section 2.15 submitted by any Lender or the Issuing Lender to the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error.
Notwithstanding anything to the contrary in this Section 2.15, the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section 2.15 for any amounts incurred more than six months prior
to the date that such Lender or the Issuing Lender notifies the Borrower of such Lender’s or the Issuing Lender’s intention to claim compensation therefor; provided that, if the circumstances giving rise to such claim have a
retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant to this Section 2.15 shall survive the termination of this Agreement and the
payment of the Loans and all other amounts payable hereunder. 
 2.16 Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or
withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding of any Tax from any such payment, then Borrower shall be entitled to make such deduction or withholding and shall timely pay
the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction
or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received had no such
deduction or withholding been made. 
 (b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in
accordance with applicable law. 
 (c) The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full
amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient,
whether or not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the
Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

  
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 (d) Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand
therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to
do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 10.6(c) relating to the maintenance of a Participant Register and (iii) any Taxes attributable to such Lender, in each
case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the
relevant Governmental Authority. 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 any Loan Document or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph
(d). 
 (e) A Lender that is entitled to an exemption from or reduction of non-U.S. withholding tax under the law of the jurisdiction in
which the Borrower is located, or any treaty to which such jurisdiction is a party, with respect to payments under any Loan Documents shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by
applicable law or reasonably requested by the Borrower, such properly completed and executed documentation prescribed by applicable law as will permit such payments to be made without withholding or at a reduced rate, provided that such
Lender is legally entitled to complete, execute and deliver such documentation and in such Lender’s judgment such completion, execution or submission would not materially prejudice the legal position of such Lender. 

(f) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Person, 

(i) any Lender that is a U.S. Person 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), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S.
Federal backup withholding tax; 
 (ii) any Non-U.S. Lender shall, to the extent it is legally entitled 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), whichever of the following is applicable: 
 (A) in the
case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN-E establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 (B) executed originals of IRS Form W-8ECI; 

  
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 (C) in the case of a Non-U.S. Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit G-1 to the effect that such Non-U.S. Lender is not a “bank” within the
meaning of Section 881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, or a “controlled foreign corporation” described in
Section 881(c)(3)(C) of the Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN-E; or 

(D) 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 Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-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 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 G-4 on
behalf of each such direct and indirect partner; 
 (iii) any Non-U.S. Lender shall, to the extent it is legally entitled 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 

(iv) If a payment made to a Lender under any Loan Document would be subject to U.S. Federal withholding tax imposed by
FATCA and the rules and regulations promulgated pursuant thereto 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 Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply
their its obligations under FATCA, to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this
clause (f), “FATCA” shall include any amendments made to FATCA after the date of this Agreement. For purposes of determining whether withholding Taxes will be imposed under FATCA, from and after the effective date of this Agreement, the
Borrower and the Administrative Agent shall treat (and the Lenders hereby authorize the Borrower and the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury
Regulation Section 1.1471-2(b)(2)(i). 
 In addition, each Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form
previously delivered by such Lender. Each Lender shall promptly notify the Borrower at any time it determines that it is no longer able to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by
the U.S. taxing authorities for such purpose). 

  
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 (g) If the Administrative Agent or any Lender determines, in its reasonable discretion, that it
has received a refund of any Tax as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.16, it shall pay over such refund to the Borrower (but only
to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.16 with respect to the tax giving rise to such refund), net of all out-of-pocket expenses of the Administrative Agent or such
Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender, agrees to repay the
amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is required to repay such
refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its Tax returns (or any other information relating to its Taxes which it deems confidential) to the
Borrower or any other Person. 
 (h) The agreements in this Section 2.16 shall survive the resignation or replacement of the
Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(i) For purposes of this Section 2.16, the term “Lender” includes an Issuing Lender and the term “applicable
law” includes FATCA. 
 2.17 Indemnity. The Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from,
any loss or expense that such Lender may sustain or incur as a consequence of (a) default by the Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after the Borrower has given a notice requesting the same in
accordance with the provisions of this Agreement, (b) default by the Borrower in making any prepayment of or conversion from Eurodollar Loans after the Borrower has given a notice thereof in accordance with the provisions of this Agreement or
(c) the making of a prepayment of Eurodollar Loans on a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that
would have accrued on the amount so prepaid, or not so borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a
failure to borrow, convert or continue, the Interest Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included
therein, if any) over (ii) the amount of interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the
interbank eurodollar market. A certificate as to any amounts payable pursuant to this Section submitted to the Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement
and the payment of the Loans and all other amounts payable hereunder. 
 2.18 Change of Lending Office. Each Lender agrees that, upon
the occurrence of any event giving rise to the operation of Section 2.15, 2.16(a) or 2.16(c) with respect to such Lender, it will, if requested by the Borrower, use reasonable efforts (subject to overall policy
considerations of such Lender) to designate another lending 

  
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office for any Loans affected by such event with the object of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such
Lender, cause such Lender and its lending office(s) to suffer no material economic, legal or regulatory disadvantage, and provided, further, that nothing in this Section shall affect or postpone any of the obligations of the Borrower
or the rights of any Lender pursuant to Section 2.15, 2.16(a) or 2.16(c). 
 2.19 Replacement of Lenders.
The Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.15, 2.16(a) or 2.16(c), (b) is a Defaulting Lender, or (c) does not consent to any
proposed amendment, supplement, modification, consent or waiver of any provision of this Agreement or any other Loan Document that requires the consent of each of the Lenders or each of the Lenders affected thereby (so long as the consent of the
Required Lenders (with the percentage in such definition being deemed to be 50% for this purpose) has been obtained), with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of
Law, (ii) prior to any such replacement, such Lender shall have taken no action under Section 2.18 so as to eliminate the continued need for payment of amounts owing pursuant to Section 2.15, 2.16(a) or
2.16(c), (iii) the replacement shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (iv) the Borrower shall be liable to such replaced Lender under
Section 2.17 if any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (v) the replacement shall be an Eligible Assignee reasonably satisfactory to
the Administrative Agent, (vi) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that the Borrower shall be obligated to pay the registration and processing
fee referred to therein), (vii) until such time as such replacement shall be consummated, the Borrower shall pay all additional amounts (if any) required pursuant to Section 2.15, 2.16(a) or 2.16(c), as the case may
be, and (viii) any such replacement shall not be deemed to be a waiver of any rights that the Borrower, the Administrative Agent or any other Lender shall have against the replaced Lender. 

2.20 Defaulting Lenders. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 
 (a) fees shall cease to accrue on the
unfunded portion of the Commitment of such Defaulting Lender pursuant to Sections 2.5(a) and 3.3(a); 
 (b) the
Commitment of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to
Section 10.1); 
 (c) if any Swingline Exposure or L/C Obligations exists at the time a Lender becomes a Defaulting Lender then:

 (i) all or any part of such Swingline Exposure and L/C Obligations shall be reallocated among the non-Defaulting Lenders
in accordance with their respective Percentage Interests only to the extent (A) no non-Defaulting Lender’s Percentage Interest (determined excluding the Commitments of Defaulting Lenders) of the Outstanding Amount exceeds such
non-Defaulting Lender’s Commitment and (B) the conditions set forth in Section 5.2 (other than 5.2(a)) are satisfied at such time; 

  
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 (ii) if the reallocation described in clause (i) above cannot, or can only
partially, be effected, Borrower shall within five (5) Business Days following notice by Administrative Agent (x) first, prepay such Swingline Exposure and (y) second, if requested by an Issuing Lender, cash collateralize such
Defaulting Lender’s Percentage Interest of outstanding L/C Obligations (after giving effect to any partial reallocation pursuant to clause (i) above) in accordance with the procedures set forth in Section 8 for so long as such
L/C Obligations are outstanding; 
 (iii) if Borrower cash collateralizes any portion of such Defaulting Lender’s
Percentage Interest of outstanding L/C Obligations pursuant to this Section 2.20(c), Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.3 with respect to such Defaulting
Lender’s Percentage Interest of outstanding L/C Obligations during the period such Defaulting Lender’s Percentage Interest of outstanding L/C Obligations are cash collateralized; 

(iv) if the Percentage Interest of outstanding L/C Obligations of the non-Defaulting Lenders are reallocated pursuant to this
Section 2.20(c), then the fees payable to the Lenders pursuant to Section 2.5 and Section 3.3 shall be adjusted in accordance with such non-Defaulting Lenders’ Percentage Interests; or 

(v) if any Defaulting Lender’s Percentage Interest of outstanding L/C Obligations are neither cash collateralized nor
reallocated pursuant to this Section 2.20(c), then, without prejudice to any rights or remedies of any Issuing Lender or any Lender hereunder, all commitment fees that otherwise would have been payable to such Defaulting Lender (solely
with respect to the portion of such Defaulting Lender’s Commitment that was utilized by such L/C Obligations) and letter of credit fees payable under Section 3.3 with respect to such Defaulting Lender’s L/C Obligations shall be
payable to each Issuing Lender until such L/C Obligations are cash collateralized and/or reallocated. 
 (d) so long as any Lender is a
Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and no Issuing Lender shall be required to issue, amend, renew or increase any Letter of Credit, unless it is satisfied that the related exposure will be
100%-covered by the Commitments of the non-Defaulting Lenders (and participating interests in any such newly issued or increased Letters of Credit or newly made Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent
with Section 2.20(c)(i) and/or, if requested by any Issuing Lender, cash collateral will be provided by Borrower in accordance with Section 2.20. 

(e) so long as any Lender is a Defaulting Lender, any amount payable to such Defaulting Lender hereunder (whether on account of principal,
interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 10.7 but excluding Section 2.19) shall, in lieu of being distributed to such Defaulting
Lender, be retained by Administrative Agent in a segregated account and, subject to any applicable requirements of law, be applied at such time or times as may be determined by Administrative Agent (i) first, to the payment of any
amounts owing by such Defaulting Lender to Administrative Agent hereunder, (ii) second, pro rata, to the payment of any amounts owing by such Defaulting Lender to any Issuing Lender hereunder, (iii) third, if
Administrative Agent or any Issuing Lender so requests, to be held in such account as cash collateral for future funding obligations of the Defaulting Lender in respect of any existing interest in Letters of Credit, (iv) fourth, to the
funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as reasonably determined by Administrative Agent, (v) fifth, to the payment of any amounts owing to the
Lenders or an Issuing Lender as a result of any judgment of a court of competent jurisdiction obtained by any Lender or such Issuing Lender against such Defaulting Lender as a result of 

  
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such Defaulting Lender’s breach of its obligations under this Agreement, (vi) sixth, to the payment of any amounts owing to Borrower as a result of any judgment of a court of
competent jurisdiction obtained by Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement, and (viii) seventh, to such Defaulting Lender or as otherwise
directed by a court of competent jurisdiction. 
 In the event that Administrative Agent, Borrower and the Issuing Lenders (as applicable) each agrees that
a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the L/C Obligations of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment and on such date such
Lender shall purchase at par such of the Loans of the other Lenders as Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Percentage Interest; provided that except to the extent
otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

2.21 Increase in Commitments. The Borrower may, at its option, at any time or from time to time prior to the Termination Date, increase
the Total Commitments by up to $263,333,334 (the “Commitment Increase”) to an aggregate principal amount not to exceed $1,600,000,000 by requesting the existing Lenders or new lenders to commit to any such increase; provided
that, (i) no Lender shall be required to commit to any such increase; (ii) no such increase shall become effective unless at the time thereof and after giving effect thereto (A) no Default or Event of Default shall have occurred and
be continuing, (B) each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects , and (C) Administrative Agent shall have received a certificate
from Borrower to the effect of (A) and (B) of clause (ii); and (iii) no new lender shall become a Lender pursuant to this Section 2.21 unless such lender is an Eligible Assignee and Administrative Agent shall have given
its prior written consent, which consent shall not be unreasonably withheld. Borrower shall be entitled to pay upfront or other fees to such lenders who extend credit pursuant to this Section 2.21 as Borrower and such lenders may agree.
Any increase in the Total Commitments shall be a Class A Commitment. Such increases in the Commitments shall become effective on the date (each such date, an “Increased Facility Closing Date”) specified in an activation notice
delivered to Administrative Agent no less than ten (10) Business Days prior to effective date of such notice specifying the amount of the increase and the effective date thereof. Each new lender that provides any part of any such increase in
the Commitments (a “New Lender”) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit E, whereupon such New Lender shall become a Lender for all
purposes and to the same extent as if originally a party hereto and shall be bound by and entitled to the benefits of this Agreement. Unless otherwise agreed by Administrative Agent, on each Increased Facility Closing Date, Borrower shall borrow
Revolving Loans under the relevant increased Commitments from each Lender participating in the relevant increase in an amount determined by reference to the amount of each Type of Loan (and, in the case of Eurodollar Loans, of each Eurodollar
Tranche) which would then have been outstanding from such Lender if (x) each such Type or Eurodollar Tranche had been borrowed or effected on such Increased Facility Closing Date and (y) the aggregate amount of each such Type or Eurodollar
Tranche requested to be so borrowed or effected had been proportionately increased, and, if applicable in connection with such increased Commitments, Borrower shall pay all amounts due under Section 2.17. The Eurodollar Base Rate
applicable to any Eurodollar Loan borrowed pursuant to the preceding sentence shall equal the rate then applicable to the Eurodollar Loans of the other Lenders in the same Eurodollar Tranche (or, until the expiration of the then-current Interest
Period, such other rate as shall be agreed upon between Borrower and the relevant Lender). 

  
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 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment.  
 (a)
Subject to the terms and conditions hereof, the Issuing Lender, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agrees to issue letters of credit (“Letters of Credit”) for the account of
the Borrower (and on behalf of the Borrower or any Subsidiary or Joint Venture) on any Business Day during the Commitment Period in such form as may be approved from time to time by the Issuing Lender acting reasonably; provided that the
Issuing Lender shall have no obligation to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations would exceed the L/C Commitment or (ii) the aggregate amount of the Available Commitments would be less
than zero. Each Letter of Credit shall (x) be denominated in Dollars and (y) expire no later than the date that is ten (10) Business Days prior to the Class A Termination Date. Notwithstanding that the Letter of Credit issued or
outstanding hereunder is in support of any obligations of, or is for the account of, a Subsidiary or Joint Venture, the Borrower shall be obligated to reimburse the Issuing Lender and the Lenders for any and all drawings under such Letter of Credit.
The Borrower hereby acknowledges that the issuance of Letters of Credit for the account of a Subsidiary or Joint Venture inures to the benefit of the Borrower, and that the Borrower’s business derives substantial benefits from the businesses of
such Subsidiary or Joint Venture. On the date hereof, the letters of credit issued under the Second Amended Credit Agreement set forth on Schedule 3.1 attached hereto (collectively, the “Existing LCs”) shall be continued from
the Second Amended Credit Agreement under this Agreement and from and after the date hereof, notwithstanding any language to the contrary contained in any of the Existing LCs, the Existing LCs shall be deemed Letters of Credit issued under this
Agreement, and Borrower shall execute such acknowledgments and agreements as Administrative Agent may reasonably request to evidence the foregoing. 

(b) The Issuing Lender shall not at any time be obligated to issue any Letter of Credit if such issuance would conflict with, or cause the
Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
 3.2 Procedure for Issuance
of Letter of Credit. The Borrower may from time to time request that the Issuing Lender issue a Letter of Credit by delivering (including via electronic delivery) to the Issuing Lender at its address for notices specified herein an Application
therefor, completed to the satisfaction of the Issuing Lender, and such information describing the purpose of the letter of credit and the location of the related project or development as the Issuing Lender may request. Upon receipt of any
Application, the Issuing Lender will process such Application and such information describing the purpose of the letter of credit and the location of the related project or development delivered to it in connection therewith in accordance with its
customary procedures and shall issue, unless the Issuing Lender has received written notice from any Lender, the Administrative Agent or the Borrower, at least one (1) Business Day prior to the requested date of issuance or amendment of the
applicable Letter of Credit, that one or more applicable conditions contained in Section 5.2 shall not be satisfied, the Letter of Credit requested thereby within two (2) Business Days after its receipt of the Application therefor
and all such requested information relating thereto by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such
Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit
(including the amount thereof). 

  
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 3.3 Fees and Other Charges.  

(a) The Borrower will pay a fee on the undrawn portion of all outstanding Letters of Credit at a per annum rate equal to the Applicable Margin
then in effect with respect to Eurodollar Loans, shared ratably among the Lenders, in accordance with their respective Commitments, and payable quarterly in arrears on calendar quarters and within three (3) Business Days of receipt an invoice
from Administrative Agent after the issuance date. In addition, the Borrower shall pay to the Issuing Lender for its own account (excluding, for any Issuing Lender, such Issuing Lender’s Commitment as a Lender) a fronting fee of 0.10% per
annum on the aggregate undrawn and unexpired amount of each Letter of Credit, payable quarterly in arrears on calendar quarters and within three (3) Business Days of receipt an invoice from Administrative Agent or the Issuing Lender after the
issuance date. 
 (b) In addition to the foregoing fees, the Borrower shall pay or reimburse the Issuing Lender for such normal and
customary costs and expenses approved by the Borrower as are incurred or charged by the Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

3.4 L/C Participations.  

(a) The Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue
Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account and risk an
undivided interest equal to such L/C Participant’s Percentage Interest in the Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and the amount of each draft paid by the Issuing Lender thereunder. Each
L/C Participant agrees with the Issuing Lender that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement (or in the event that any
reimbursement received by the Issuing Lender shall be required to be returned by it at any time), such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender’s address for notices specified herein an amount equal to
such L/C Participant’s Percentage Interest of the amount that is not so reimbursed (or is so returned). Each L/C Participant’s obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance,
including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lender, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a
Default or an Event of Default or the failure to satisfy any of the other conditions specified in Section 5, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement
or any other Loan Document by the Borrower, any other Loan Party or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing. 

(b) If any amount required to be paid by any L/C Participant to the Issuing Lender pursuant to Section 3.4(a) in respect of any
unreimbursed portion of any payment made by the Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three (3) Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender on
demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately
available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to
Section 3.4(a) is not made available to the Issuing Lender by such L/C Participant within three (3) Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on
demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans under this Agreement. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under
this Section 3.4 shall be conclusive in the absence of manifest error. 

  
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 (c) Whenever, at any time after the Issuing Lender has made payment under any Letter of Credit
and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.4(a), the Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or
otherwise, including proceeds of collateral applied thereto by the Issuing Lender), or any payment of interest on account thereof, the Issuing Lender will distribute to such L/C Participant its pro rata share thereof; provided,
however, that in the event that any such payment received by the Issuing Lender shall be required to be returned by the Issuing Lender, such L/C Participant shall return to the Issuing Lender the portion thereof previously distributed by the
Issuing Lender to it. 
 (d) Provided that Borrower has made the payments required pursuant to Section 2.1(b), on the Class B
Termination Date, all outstanding Letters of Credit shall continue and be allocated among the Class A Lenders in accordance with each Class A Lender’s Percentage Interest (after giving effect to the adjustment in such Percentage
Interest described in Section 2.1(c)(ii)). 
 3.5 Reimbursement Obligation of the Borrower. If any draft is paid under
any Letter of Credit, the Borrower shall reimburse the Issuing Lender through Administrative Agent if so requested by Administrative Agent on the Business Day next succeeding the Business Day on which such Issuing Lender notifies Borrower of the
date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) the draft so paid and (b) any costs and expenses described in Section 3.3(b) incurred by the Issuing Lender
in connection with such payment. Each such payment shall be made to the Issuing Lender or the Administrative Agent at its address for notices referred to herein in Dollars and in immediately available funds. Interest shall be payable on any such
amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.11(b) and (y) thereafter,
Section 2.11(c). Each Issuing Lender shall give the Administrative Agent and the Borrower written notice, within one (1) Business Day, of receipt of each draw request under any Letter of Credit, together with a copy of each such
draw request. 
 3.6 Obligations Absolute. The Borrower’s obligations under this Section 3 shall be absolute and
unconditional under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The
Borrower also agrees with the Issuing Lender that the Issuing Lender shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, (i) the validity or
genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, (ii) any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other
party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee, (iii) payment by the Issuing Lender under a Letter of Credit against
presentation of a draft or other document that does not strictly comply with the terms of such Letter of Credit (provided that where an original Letter of Credit is required by the terms thereof, an original or duplicate original which has been
indemnified by the beneficiary must be presented, and provided further that the foregoing shall not exculpate the Issuing Lender from liability to the Borrower for the Issuing Lender’s gross negligence or willful misconduct as may be finally
judicially determined in an independent action or proceeding brought by the Borrower against the Issuing Lender following payment of the Borrower’s Reimbursement Obligations), or (iv) any other event or circumstance whatsoever, whether or

  
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not similar to any of the foregoing, that might, but for the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s
obligations hereunder. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for
errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the bad faith, gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or
omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of bad faith, gross negligence or willful misconduct (as found by a final and nonappealable decision of a court
of competent jurisdiction), shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

3.7 Letter of Credit Payments. If any draft shall be presented for payment under any Letter of Credit, the Issuing Lender shall, within
one (1) Business Day after receipt thereof, notify the Borrower of the date and amount thereof together with a copy of such draft. The responsibility of the Issuing Lender to the Borrower in connection with any draft presented for payment under
any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such
presentment are substantially in conformity with such Letter of Credit. 
 3.8 Applications. To the extent that any provision of any
Application related to any Letter of Credit is inconsistent with the provisions of this Agreement, the provisions of this Agreement shall apply. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

To induce the Administrative Agent, the Issuing Lender and the Lenders to enter into this Agreement and to make the Loans and issue or
participate in the Letters of Credit, the Borrower hereby represents and warrants to the Administrative Agent, the Issuing Lender and each Lender that: 

4.1 Financial Statement. Borrower has furnished to the Lenders on or prior to the Closing Date a copy of the Form 10-K of Borrower and
its Subsidiaries for the period ended November 30, 2014; it being understood that such financial statements filed with or furnished to the SEC by the Borrower (and which are available online) shall be deemed to have been provided by the
Borrower. Such financial statements and the notes thereto, and any financial statements required to be delivered by Borrower hereunder and the notes thereto, fairly present in all material respects the consolidated financial position of Borrower and
its Subsidiaries as at the dates specified therein and the consolidated results of operations and cash flows for the periods then ended, all in conformity with GAAP. 

4.2 No Material Adverse Change. There has been no material adverse change in the financial condition of Borrower and its Subsidiaries,
taken as a whole, since the date of the most recently delivered financial statements. 

  
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 4.3 Organization, Powers, and Capital Stock. Each of the Loan Parties (a) is a
corporation, limited partnership or limited liability company (as applicable) duly organized or formed, validly existing and in good standing under laws of its state of incorporation or formation, (b) has the power and authority to own or hold
under lease the properties it purports to own or hold under lease and to carry on its business as now conducted, (c) is duly qualified or licensed to transact business in every jurisdiction in which such qualification or licensing is necessary
to enable it to enforce all of its contracts and other rights and to avoid any penalty or forfeiture except in each case to the extent of omissions that would not have a Material Adverse Effect. All outstanding shares of Capital Stock of Borrower
are duly authorized, validly issued, fully paid, nonassessable, and issued in compliance with all applicable state and federal securities laws. 

4.4 Authorization; and Validity of this Agreement; Consents; etc.  

(a) Each of the Loan Parties has the power and authority to execute and deliver this Agreement, the Notes, the Guarantee Agreement and the
other Loan Documents to which it is a party and to perform all its obligations hereunder and thereunder. The execution and delivery by the Borrower of this Agreement and the Notes and by each of the Loan Parties of the Guarantee Agreements and the
other Loan Documents to which it is a party and its performance of its obligations hereunder and thereunder and any and all actions taken by the Loan Parties (i) have been duly authorized by all requisite corporate action or other applicable
limited partnership or limited liability company action, (ii) will not violate or be in conflict with (A) any provisions of law (including, without limitation, any applicable usury or similar law), (B) any order, rule, regulation,
writ, judgment, injunction, decree or award of any court or other agency of government, or (C) any provision of its certificate of incorporation or by-laws, certificate of limited partnership or limited partnership agreement, or articles or
certificate of formation or operating agreement (as applicable), (iii) will not violate, be in conflict with, result in a breach of or constitute a default under any material indenture, agreement or other instrument to which such Loan Party is
a party or by which it or any of its properties or assets is or may be bound (including without limitation any indentures pursuant to which any debt Securities of the Borrower have been issued), and (iv) except as otherwise contemplated by this
Agreement, will not result in the creation or imposition of any lien, charge or encumbrance upon, or any security interest in, any of its properties or assets. Each of this Agreement, the Notes, the Guarantee Agreement and the other applicable Loan
Documents has been duly executed and delivered by the applicable Loan Parties. The Loan Documents constitute legal, valid and binding obligations of the applicable Loan Parties enforceable against the applicable Loan Parties in accordance with their
terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally. 

(b) Neither the Borrower nor any Subsidiary is a party to any agreement or instrument or is subject to any charter or other restrictions that
could reasonably be expected to have a Material Adverse Effect. Neither the Borrower nor any other Loan Party is in default in the performance, observance or fulfillment of any of the obligations, covenants or conditions contained in any agreement
or instrument to which it is a party that would have a Material Adverse Effect, and consummation of the transactions contemplated hereby and in the other Loan Documents will not cause any Loan Party to be in material default under any material
indenture, agreement or other instrument to which such Loan Party is a party or by which it or any of its properties or assets is or may be bound (including without limitation any indentures pursuant to which any debt Securities of the Borrower have
been issued). 
 (c) No order, license, consent, approval, authorization of, or registration, declaration, recording or filing (except for
the filing of a Current Report on Form 8-K, and a Quarterly Report on Form 10-Q, in each case with the SEC) with, or validation of, or exemption by, any governmental or public authority (whether federal, state or local, domestic or foreign) or any
subdivision thereof is required in connection with, or as a condition precedent to, the due and valid execution, delivery and performance by any Loan Party of the Credit Agreement, the Notes, the Guarantee Agreements or the other Loan

  
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Documents, or the legality, validity, binding effect or enforceability of any of the respective terms, provisions or conditions thereof. To the extent that any franchises, licenses, certificates,
authorizations, approvals or consents from any federal, state or local (domestic or foreign) government, commission, bureau or agency are required for the acquisition, ownership, operation or maintenance by any Loan Party of properties now owned,
operated or maintained by any of them, those franchises, licenses, certificates, authorizations, approvals and consents have been validly granted, are in full force and effect and constitute valid and sufficient authorization therefor, except in
each case to the extent of omissions that would not have a Material Adverse Effect. 
 4.5 Compliance with Laws and Other
Requirements. Each Loan Party is in compliance with and conform to all statutes, laws, ordinances, rules, regulations, orders, restrictions and all other legal requirements of all domestic or foreign governments or any instrumentality thereof
having jurisdiction over the conduct of their respective businesses or the ownership of their respective properties, the violation of which would have a Material Adverse Effect, including, without limitation, regulations of the Board of Governors of
the Federal Reserve System, the Federal Interstate Land Sales Full Disclosure Act, the Florida Land Sales Act or any comparable statute in any other applicable jurisdiction. 

4.6 Litigation. There is no action, suit, proceeding or arbitration (whether or not purportedly on behalf of the Borrower or any of its
Subsidiaries) pending or, to the best knowledge of the Borrower, threatened against or affecting any Loan Party which could reasonably be expected to have a Material Adverse Effect. No Loan Party is in default with respect to any final judgment,
writ, injunction, decree, rule or regulation of any court or federal, state, municipal or other governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, which default would have a Material Adverse Effect.
Notwithstanding the foregoing, the litigation matters set forth on Schedule 4.6 attached hereto shall be excluded and excepted for all purposes of this Section 4.6. 

4.7 No Default. No event has occurred and is continuing that is a Default or an Event of Default. 

4.8 Title to Properties. Each of the Loan Parties has good and marketable fee title, or title insurable by a reputable and nationally
recognized title insurance company, to the Real Estate owned by it, and to all the other assets owned by it and either reflected on the balance sheet and related notes and schedules most recently delivered by the Borrower to the Lenders (the
“Recent Balance Sheet”) or acquired by it after the date of that balance sheet and prior to the date hereof, except for those properties and assets which have been disposed of since the date of the Recent Balance Sheet or which no longer
are used or useful in the conduct of its business and properties and assets the absence of which would not have a Material Adverse Effect. All such Real Estate and other assets owned by the Loan Parties are free and clear of all mortgages, Liens,
charges and other encumbrances (other than Permitted Liens), except (i) in the case of Real Estate, as reflected on title insurance policies insuring the interest of the applicable Loan Party in the Real Estate or in title insurance binders
issued with respect to the Real Estate (some of which title insurance binders have expired but were valid at the time of acquisition of the relevant Real Estate), and (ii) as reflected in the Recent Balance Sheet. 

  
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 4.9 Tax Liability. There have been filed all federal, state and local tax returns with
respect to the operations of the Loan Parties which are required to be filed, except where extensions of time to make those filings have been granted by the appropriate taxing authorities and the extensions have not expired or where failure to file
would not have a Material Adverse Effect. The Loan Parties have paid or caused to be paid to the appropriate taxing authorities all Taxes as shown on those returns and on any assessment received by any of them, to the extent that those Taxes have
become due, except for Taxes the failure to pay which do not violate the provisions of this Agreement. 
 4.10 Regulations U and X;
Investment Company Act.  
 (a) Neither the Borrower nor any other Loan Party is engaged principally, or as one of its important
activities, in the business of extending credit for the purpose of purchasing or carrying any margin stock (within the meaning of Regulation U or Regulation X). Margin stock (as defined in Regulation U) constitutes less than 25% of those assets of
the Loan Parties which are subject to any limitation on sale, pledge, or other restriction hereunder. 
 (b) No part of the proceeds of any
of the Loans will be used to purchase or carry any such margin stock or to extend credit to others for the purpose of purchasing or carrying any such margin stock. If requested by the Lenders, the Borrower shall furnish to the Lenders a statement in
conformity with the requirements of Federal Reserve Form U-1 referred to in Regulation U. No part of the proceeds of the Loans will be used for any purpose that violates, or which is inconsistent with, the provisions of Regulation X. 

(c) No Loan Party is an “investment company” or a company “controlled” by an “investment company” within the
meaning of the Investment Company Act of 1940, as amended. 
 4.11 Pension Plan. Neither the Borrower nor any other Loan Party is
executing or delivering any of the Loan Documents or entering into any of the transactions contemplated hereby, directly or indirectly, in connection with any arrangement or understanding in any respect involving any “employee benefit
plan” with respect to which the Borrower or any other Loan Party is a “party in interest” within the meaning of the Employee Retirement Income Security Act of 1974, or a “disqualified person”, within the meaning of the Code.
No Unfunded Liabilities exist with respect to any Plans except as would not have a Material Adverse Effect. Each Plan complies in all material respects with all applicable requirements of law and regulations, no Reportable Event has occurred with
respect to any Plan, neither the Borrower nor any other Loan Party nor any other members of the Controlled Group has withdrawn from any Plan or initiated steps to do so, and no steps have been taken to reorganize or terminate any Plan. 

4.12 Subsidiaries; Joint Ventures. As of the date hereof, Schedule 4.12 contains a complete and accurate list of (a) all
Subsidiaries of the Borrower, including, with respect to each Subsidiary, (i) its state of incorporation and (ii) the number and percentage of its shares owned by the Borrower and/or by any other Subsidiary, and (b) each Joint
Venture, including, with respect to each such Joint Venture, (i) its jurisdiction of organization and (ii) the number and percentage of its shares owned by the Borrower and/or by any other Subsidiary. All the outstanding shares of Capital
Stock of each Subsidiary of the Borrower are validly issued, fully paid and nonassessable, except as otherwise provided by state wage claim laws of general applicability. All of the outstanding shares of Capital Stock of each Subsidiary owned by the
Borrower or another Subsidiary as specified in Schedule 4.12 are owned free and clear of all Liens, security interests, equity or other beneficial interests, charges and encumbrances of any kind whatsoever, except for Permitted Liens. Neither the
Borrower nor any other Loan Party owns of record or beneficially any shares of the Capital Stock or other equity interests of any Subsidiary that is not a Guarantor, except Non-Guarantor Subsidiaries. 

  
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 4.13 Environmental Compliance. To the best of the Borrower’s knowledge and belief, no
Hazardous Substances in material violation of any Environmental Laws are present upon any of the Real Estate owned by any Loan Party or any Real Estate which is encumbered by any Mortgage held by any Loan Party, and neither the Borrower nor any
other Loan Party has received any notice to the effect that any of the Real Estate owned by the Borrower or any other Loan Party or any of their respective operations are not in compliance with any of the requirements of applicable Environmental
Laws or are the subject of any federal or state investigation evaluating whether any remedial action is needed to respond to a release of any Hazardous Substance into the environment which non-compliance or remedial action could be reasonably
expected to have a Material Adverse Effect. 
 4.14 No Misrepresentation. The certificates, schedules, exhibits, reports and other
documents provided or to be provided by any Loan Party in connection with the transactions contemplated hereby or thereby (including, without limitation, the negotiation of and compliance with the Loan Documents), taken as a whole, do not contain or
will not contain a misstatement of a material fact or omit to state a material fact required to be stated therein in order to make the statements contained therein, in the light of the circumstances under which made, not misleading. 

4.15 Solvent. Borrower and its Subsidiaries on a consolidated basis are Solvent. 

4.16 Foreign Direct Investment Regulations. Neither the making of the Loans or advances of credit nor the repayment thereof nor any
other transaction contemplated hereby will involve or constitute a violation by any Loan Party of any provision of the Foreign Direct Investment Regulations of the United States Department of Commerce or of any license, ruling, order, or direction
of the Secretary of Commerce thereunder. 
 4.17 Relationship of the Loan Parties. The Loan Parties are engaged as an integrated
group in the business of owning, developing and selling Real Estate and of providing the required services, credit and other facilities for those integrated operations. The Loan Parties require financing on such a basis that funds can be made
available from time to time to such entities, to the extent required for the continued successful operation of their integrated operations. The Loans and other advances of credit to be made to the Borrower under this Agreement are for the purpose of
financing the integrated operations of the Loan Parties, and the Loan Parties expect to derive benefit, directly or indirectly, from the Loans and other advances, both individually and as a member of the integrated group, since the financial success
of the operations of the Loan Parties is dependent upon the continued successful performance of the integrated group as a whole. 
 4.18
Insurance. The properties of the Loan Parties are insured with financially sound and reputable insurance companies, in such amounts, with such deductibles and covering such risks as are customarily carried by companies engaged in similar
businesses and owning similar properties in localities where the Loan Parties operate. 

  
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 4.19 Foreign Asset Control Regulations. Neither the execution and delivery of the Loan
Documents by Borrower or any other Loan Party nor the use of the proceeds by the Borrower of any Loan or any extension of credit, will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United
States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or the Anti-Terrorism Order or any enabling legislation or executive order relating to any of the same. Without limiting the generality of the foregoing, none of the Borrower,
any Loan Party nor any of their respective Subsidiaries (a) are or will become a blocked person described in Section 1 of the Anti-Terrorism Order or (b) to Borrower’s knowledge, engage or will engage in any dealings or
transactions or be otherwise associated with any such blocked person. 
 4.20 Anti-Corruption Laws and Sanctions. The Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the
Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the
Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will benefit from the credit facility established hereby, is a
Sanctioned Person. The Borrower shall not directly or indirectly utilize the proceeds of any Loan or Letter of Credit in a manner that will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. The agreement of each Lender to make the initial extension of credit requested to be
made by it is subject to the satisfaction, prior to or concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 

(a) Credit Agreement; Guarantee and Notes. The Administrative Agent shall have received (i) this Agreement, executed and delivered
by the Borrower and the Class A Lenders, which shall be in full force and effect, (ii) the Guarantee Agreement, executed and delivered by each Guarantor, which shall be in full force and effect, and (iii) a Note payable to the order
of each Lender that shall have requested a Note in accordance with this Agreement (which Lenders as of the Closing Date are identified on Schedule 5.1 attached hereto) and the Note payable to the Swingline Lender, which shall be in full
force and effect. 
 (b) Financial Statements. The Lenders shall have received filed form 10-K for the Borrower and its Subsidiaries
for the fiscal year ended November 30, 2014 (which financial statement shall be deemed delivered when filed with the SEC). 
 (c)
Fees. The Lenders and the Administrative Agent shall have received all fees required to be paid, and all expenses of the Administrative Agent for which invoices have been presented by 12:00 Noon, New York City time at least two
(2) Business Days prior to the Closing Date (including the reasonable fees and expenses of legal counsel to the Administrative Agent) on or before the Closing Date. 

  
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 (d) Closing Certificate; Certified Certificate of Incorporation; Good Standing
Certificates. The following supporting documents with respect to the Borrower and certain other Loan Parties: (i) a copy of its certificate or articles of incorporation or formation or certificate of limited partnership (as applicable)
certified as of a date reasonably close to the Closing Date to be a true and accurate copy by the Secretary of State of its state of incorporation or formation; (ii) a certificate of that Secretary of State, dated as of a date reasonably close
to the Closing Date, as to its existence and (if available) good standing; (iii) a certificate of the Secretary of State of each jurisdiction, other than its state of incorporation, in which it does business, as to its qualification as a
foreign corporation; (iv) a copy of its by-laws, partnership agreement or operating agreement (as applicable), certified by its secretary or assistant secretary, general partner, manager or other appropriate Person (as applicable) to be a true
and accurate copy of its by-laws, partnership agreement or operating agreement (as applicable) in effect on the Closing Date; (v) a certificate of its secretary or assistant secretary, general partner, manager or other appropriate Person (as
applicable), as to the incumbency and signatures of its officers or other Persons who have executed any documents on behalf of such Loan Party in connection with the transactions contemplated by this Agreement; (vi) a copy of resolutions of its
Board of Directors, certified by its secretary or assistant secretary to be a true and accurate copy of resolutions duly adopted by such Board of Directors, or other appropriate resolutions or consents of, its partners or members certified by its
general partner or manager (as applicable) to be true and correct copies thereof duly adopted, approved or otherwise delivered by its partners or members (to the extent necessary and applicable), each of which is certified to be in full force and
effect on the Closing Date, authorizing the execution and delivery by it of this Agreement and any Notes, Guarantee Agreement and other Loan Documents delivered on the Closing Date to which it is a party and the performance by it of all its
obligations thereunder; and (vii) such additional supporting documents and other information with respect to its operations and affairs as the Administrative Agent may reasonably request. 

(e) Legal Opinions. The Administrative Agent shall have received a favorable legal opinion of Clifford Chance LLP, counsel to the
Borrower and its Subsidiaries, substantially in the form of Exhibit F-1, and a favorable legal opinion from Borrower’s internal counsel, substantially in the form of Exhibit F-2. Such legal opinions shall cover such other matters
incident to the transactions contemplated by this Agreement as the Administrative Agent may reasonably require. 
 (f) Representations
and Warranties; No Defaults. Certificates signed by a duly authorized officer of the Borrower stating that: (i) the representations and warranties of the Borrower contained in Section 4 hereof are correct and accurate on and as
of the Closing Date as though made on and as of the Closing Date and (ii) no event has occurred and is continuing which constitutes an Event of Default or Default hereunder as of the Closing Date, or after giving effect to any extension of
credit on the Closing Date. 
 (g) Compliance Certificate. Delivery of a Compliance Certificate, substantially in the form of
Exhibit B, as of November 30, 2014. 
 (h) Additional Documents. Such other documents as the Administrative Agent, its
counsel or any Lender may reasonably request. 
 5.2 Conditions to Each Extension of Credit. The agreement of each Lender to make any
extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent: 

(a) Borrowing Request. The Administrative Agent shall have received notice of Borrower’s request for Revolving Loan as provided in
Section 2.2, Swingline Loan as provided in Section 2.3 or Letter of Credit request as provided in Section 3.2. 

  
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 (b) Representations and Warranties. Each of the representations and warranties made by any
Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, provided if any such representations and warranties are expressly made only as of a prior
date, such representations and warranties shall be true as of such prior date. 
 (c) No Default. No Default or Event of Default
shall have occurred and be continuing on such date or after giving effect to the extensions of credit requested to be made on such date. 

(d) Commitment. After giving effect to such Loan or Letter of Credit, (i) the L/C Obligations shall not exceed the L/C Commitment
and (ii) the aggregate outstanding principal amount of Loans shall not exceed the portion of the Total Commitments available for Loans. 
 Each
borrowing by and issuance of a Letter of Credit on behalf of the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date of such extension of credit that the conditions contained in this
Section 5.2 have been satisfied. 
 SECTION 6. AFFIRMATIVE COVENANTS 

Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount
(other than contingent obligations such as indemnities or increased costs) is owing to any Lender, the Issuing Lender or the Administrative Agent hereunder, Borrower shall and shall cause each Loan Party to: 

6.1 Reporting Requirements. Borrower shall maintain a standard system of accounting established and administered in accordance with
GAAP and shall cause to be delivered to the Administrative Agent (for prompt distribution by the Administrative Agent to Lenders): 
 (a) as
soon as available and in any event within 120 days after the end of each fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of that fiscal year and the related consolidated statements of
earnings, stockholders’ equity and cash flows for that fiscal year, all with accompanying notes and schedules, prepared in accordance with GAAP consistently applied and audited and reported upon by Deloitte & Touche or another firm of
independent certified public accountants of similar recognized standing selected by the Borrower and acceptable to the Administrative Agent (such audit report shall not be qualified by “going concern” or as to scope); the financial
statements filed with or furnished to the SEC by the Borrower (and which are available online) shall be deemed to have been provided by the Borrower under this reporting requirement; 

(b) as soon as available and in any event within 60 days after the end of each of the first three quarters, of each fiscal year of the
Borrower (commencing with the fiscal quarter ending February 28, 2015), a consolidated balance sheet of the Borrower and its Subsidiaries as of the end of that quarter, and the related consolidated statement of earnings and cash flows of the
Borrower and its Subsidiaries for the period from the beginning of the fiscal year to the end of that quarter, all prepared in accordance with GAAP consistently applied, unaudited but certified by an Authorized Financial Officer to fairly represent
in all material respects the consolidated financial position of Borrower and its Subsidiaries as at the dates 

  
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specified therein and the consolidated results of operations and cash flows for the periods then ended, all in conformity with GAAP; the financial statements filed with or furnished to the SEC by
the Borrower (and which are available online) shall be deemed to have been provided by the Borrower under this reporting requirement; 
 (c)
within 120 days after the end of each fiscal year of the Borrower, a letter signed by that firm of independent certified public accountants to the effect that, during the course of their examination, nothing came to their attention which caused them
to believe that any Event of Default has occurred, or if such Event of Default has occurred, specifying the facts with respect thereto; 

(d) within 120 days after the beginning of each fiscal year of the Borrower commencing on or after fiscal year 2015, a projection, in
reasonable detail and in form and substance satisfactory to the Administrative Agent, on a quarterly basis, of the cash flow, earnings and the balance sheet of the Borrower and its Subsidiaries for that fiscal year, accompanied by assumptions used;

 (e) promptly upon becoming available, copies of all financial statements, reports, notices and proxy statements sent by the Borrower to
its stockholders, and of all regular and periodic reports and other material (including copies of all registration statements and reports under the Securities Act of 1933, as amended (the “Securities Act”), and the Securities
Exchange Act of 1934, as amended) filed by the Borrower with or furnished to any securities exchange or any governmental authority or commission, except material filed with or furnished to governmental authorities or commissions relating to the
development of Real Estate in the ordinary course of the business of the Loan Parties and which does not relate to or disclose any Material Adverse Effect; the reports and financial statements filed with or furnished to the SEC by the Borrower (and
which are available online) shall be deemed to have been provided by the Borrower under these reporting requirements; 
 (f) as soon as
available and in any event within 60 days after the end of each of the first three quarters, and within 120 days after the end of the fourth quarter, of each fiscal year for the 10 largest homebuilding unconsolidated Joint Ventures, financial
information in the form represented in the quarterly financial statements filed with the SEC for the fiscal quarter ending February 28, 2015, and if the foregoing information is provided in such quarterly and annual financial statements filed
with the SEC, such filings shall be sufficient to satisfy this requirement; 
 (g) within 60 days after the end of each of the
Borrower’s first three fiscal quarters, and within 120 days after the end of each of the Borrower’s fiscal years (commencing with the fiscal quarter ending February 28, 2015 and fiscal year ending November 30, 2015), a Compliance
Certificate, including (i) calculations (in reasonable detail) and other information, if any, required to indicate whether Borrower is in compliance, as of the last day of such quarterly or annual period, as the case may be, with
Sections 7.1 and 7.6 and (ii) a statement, from the relevant signatories that, having read this Agreement, and based upon an examination which they deemed sufficient to enable them to make an informed statement, there does
not exist any Event of Default or Default, or if such Event of Default or Default has occurred, specifying the facts with respect thereto; 

(h) as soon as possible and in any event within 30 days after the Borrower knows that any Reportable Event has occurred with respect to any
Plan, a statement, signed by a Responsible Officer of the Borrower, describing said Reportable Event and the action which the Borrower proposes to take with respect thereto; 

(i) as soon as possible and in any event within 10 days after receipt thereof by the Borrower or any other Loan Party, a copy of (i) any
notice or claim to the effect that the Borrower or any other Loan Party is or may be liable to any Person as a result of the release by the Borrower, any other Loan 

  
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Party, or any other Person of any Hazardous Substance into the environment, and (ii) any notice alleging any violation of any Environmental law or any federal, state or local health or
safety law or regulation by the Borrower or any other Loan Party, which, in either case, could reasonably be expected to have a Material Adverse Effect; 

(j) within 60 days after the end of each of the Borrower’s first three fiscal quarters, and within 120 days after the end of each of the
Borrower’s fiscal years (commencing with the fiscal quarter ending February 28, 2015 and fiscal year ending November 30, 2015), in which there occurred an event that requires a Subsidiary that is not then a Guarantor to become a
Guarantor under this Agreement (as described in Section 6.7 below) (or at any time that the Borrower may elect to cause any other Subsidiary to be a Guarantor), the Borrower shall deliver to the Administrative Agent (i) a
Supplemental Guaranty, substantially in the form provided for in the Guarantee Agreement, executed by a duly authorized officer of such Subsidiary; (ii) a copy of the certificate of incorporation or other organizational document of such
Subsidiary, certified by the secretary of state or other official of the state or other jurisdiction of its incorporation; and (iii) representations and warranties from Borrower regarding such Guarantor’s formation, authority, execution,
delivery, non-contravention and enforceability of the Supplemental Guaranty as are delivered by the Borrower and Loan Parties at the Closing Date; and 

(k) such supplements to the aforementioned documents and additional information and reports as the Administrative Agent or any Lender may from
time to time reasonably require, subject in each case to any existing confidentiality agreements binding on any Loan Party. 
 6.2
Payment of Taxes and Other Potential Liens. Pay and discharge or cause to be paid and discharged promptly all taxes, assessments and governmental charges or levies imposed upon any Loan Party or upon any of their respective incomes or
receipts or upon any of their respective properties before the same shall become in default or past due, as well as all lawful claims for labor, materials and supplies or otherwise which, if unpaid, might result in the imposition of a Lien or charge
upon such properties or any part thereof; provided, however, that it shall not constitute a violation of the provisions of this provision if any Loan Party shall fail to perform any such obligation or to pay any such debt (except for
obligations for money borrowed), tax, assessment, governmental charge or levy or claim for labor, materials or supplies which is being contested in good faith, by proper proceedings diligently pursued, and as to which adequate reserves have been
provided. 
 6.3 Preservation of Existence. Do or cause to be done all things or proceed with due diligence with any actions or
courses of action which may be necessary to preserve and keep in full force and effect its existence under the laws of their respective states of incorporation or formation and all qualifications or licenses in jurisdictions in which such
qualification or licensing is required for the conduct of its business or in which the Lenders shall request such qualification (except omissions that would not have a Material Adverse Effect); provided, however, that nothing herein shall be
deemed to prohibit (a) a Loan Party from merging into or consolidating with any other Loan Party or any other Subsidiary of the Borrower; provided (i) the Borrower is the surviving entity in the case of a merger involving the
Borrower and (ii) the surviving entity in the case of a merger involving a Loan Party and a Subsidiary that is not a Loan Party is, or upon such merger becomes, a Loan Party or (b) a Subsidiary that is not a Loan Party from merging into or
consolidating with any other Subsidiary that is not a Loan Party. The Borrower will, and will cause each other Loan Party to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it
is presently conducted and ancillary and complementary business thereto and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted (except omissions that would not have a Material Adverse
Effect). The primary business of the Borrower and each other Loan Party shall at all times be the acquisition, development and sale of real estate assets and ancillary and complementary business thereto. 

  
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 6.4 Maintenance of Properties. Maintain all its properties and assets in good working
order and condition and make all necessary repairs, renewals and replacements thereof so that its business carried on in connection therewith may be properly conducted at all times; and maintain or require to be maintained (a) adequate
insurance, by financially sound and reputable insurers, on all properties of the Loan Parties which are of character usually insured by Persons engaged in the same or a similar business (including, without limitation, all Real Estate encumbered by
mortgages securing mortgage loans made by any Loan Party, to the extent normally required by prudent mortgagees, and all Real Estate which is subject of an equity investment by any Loan Party, to the extent normally carried by prudent
builder-developers) against loss or damage resulting from fire, defects in title or other risks insured against by extended coverage and of the kind customarily insured against by those Persons, (b) adequate public liability insurance against
tort claims which may be incurred by any Loan Party, and (c) such other insurance as may be required by law. Upon the request of the Administrative Agent, the Borrower will furnish to the Lenders full information as to the insurance carried.
Notwithstanding the foregoing provisions of this section, the Borrower shall be permitted to self-insure against all property and casualty risks associated with its construction of dwelling units up to a maximum aggregate construction exposure for
any project or development not to exceed at any time ten percent (10%) of Consolidated Tangible Net Worth. 
 6.5 Access to Premises
and Books. At all reasonable times and as often as any Lender may reasonably request, permit authorized representatives and agents (including accountants) designated by that Lender to (a) have access to the premises of the Borrower and each
other Loan Party and to their respective corporate books and financial records, and all other records relating to their respective operations and procedures, (b) make copies of or excerpts from those books and records and (c) upon
reasonable notice to the Borrower, discuss the respective affairs, finances and operations of the Loan Parties with, and to be advised as to the same by, their respective officers and directors. 

6.6 Notices. Give prompt written notice to the Administrative Agent of (a) any proceeding instituted by or against the Borrower or
any other Loan Party in any federal or state court or before any commission or other regulatory body, federal, state or local, or any such proceedings threatened against the Borrower or any other Loan Party in writing by any federal, state or other
governmental agency, in each case which would have a Material Adverse Effect, and (b) any other Event which could reasonably be expected to lead to or result in a Material Adverse Effect, or which, with or without the giving of notice or the
passage of time or both, would constitute an Event of Default. 
 6.7 Addition and Removal of Guarantors. Give the Administrative
Agent written notice of (a) the formation or acquisition of any Material Subsidiary, (b) the increase of the Net Worth of any Subsidiary that is not a Guarantor (other than a Mortgage Banking Subsidiary, Rialto Subsidiary, Designated
Subsidiary, Commercial Subsidiary, Multi-Family Subsidiary or Sunstreet Subsidiary) that results in such Subsidiary becoming a Material Subsidiary or (c) the increase in the aggregate Net Worth of all Subsidiaries (other than Mortgage Banking
Subsidiaries, Rialto Subsidiaries, Designated Subsidiaries, Commercial Subsidiaries, Multi-Family Subsidiaries or Sunstreet Subsidiaries) that are not Guarantors to an amount in excess of $75,000,000, in

  
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each case not later than ninety (90) days after such occurrence. In the case of an event described in clause (a) or (b) above, such Material Subsidiary shall be
required to become a Guarantor and, in the case of an event described in clause (c) above, the applicable Subsidiary or Subsidiaries selected by the Borrower necessary to satisfy the requirements of the proviso contained in the
definition of “Material Subsidiary” shall be required to become Guarantors, provided, however, that the Borrower may elect to cause a Subsidiary that is not required to be a Guarantor to become a Guarantor. Notwithstanding anything
to the contrary, if at any time or from time to time any event results in a Change in Status of a Guarantor, the Borrower shall deliver notice thereof to the Administrative Agent, including a reasonably detailed description of the Change in Status
and a statement of the effective date of the Change in Status. Such notice shall be delivered no later than 60 days after the end of the fiscal quarter during which such Change in Status occurs; provided, however, that with respect to
any Change in Status occurring during the last quarter of Borrower’s fiscal year, such notice shall be delivered no later than 120 days after the end of such final fiscal quarter. Each Change in Status event shall be effective as of the
effective date of such Change in Status, automatically, without any further action by any party to this Agreement, and the Subsidiary that is subject to such Change in Status shall no longer be a Guarantor. In connection with each Change in Status,
the Administrative Agent, on behalf of Lenders, shall promptly following receipt of written notice of Change in Status, execute and deliver to the Borrower a written confirmation of such Change in Status. Notwithstanding any other provision herein,
any Guarantor may be released from its Guarantee Agreement with the consent of the Required Lenders. 
 6.8 Compliance with Laws and
Other Requirements. Promptly and fully, comply with, conform to and obey all present and future laws, ordinances, rules, regulations, orders, writs, judgments, injunctions, decrees, awards and all other legal requirements applicable to the Loan
Parties and their respective properties, including, without limitation, Regulation Z of the Board of Governors of the Federal Reserve System, the Federal Interstate Land Sales Full Disclosure Act, ERISA, the Florida Land Sales Act or any similar
statute in any applicable jurisdiction, the violation of which would have a Material Adverse Effect on any Loan Party. The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 6.9
Use of Proceeds. Use and cause to be used the proceeds of the Loans for working capital and general corporate purposes including acquisitions. The Borrower will not request any Loan or Letter of Credit, and the Borrower shall not use, and
shall (a) procure that its Subsidiaries and its or their respective directors, officers and employees shall not use and (b) use commercially reasonable efforts to procure that its agents shall not use, the proceeds of any Loan or Letter of
Credit (i) in a manner that will violate any Anti-Corruption Laws, (ii) for the purpose of funding or financing any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country, or (iii) in any
manner that would result in the violation of any Sanctions applicable to any party hereto. 
 SECTION 7. NEGATIVE COVENANTS 

Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan or other amount
(other than contingent obligations such as indemnities and increased costs) is owing to any Lender, the Issuing Lender or the Administrative Agent hereunder: 

7.1 Financial Condition Covenants. Borrower shall not, 

  
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 (a) Maximum Leverage Ratio. as of the end of each fiscal quarter, permit the Maximum
Leverage Ratio to exceed 65%, provided, however, that (i) the Maximum Leverage Ratio may be reduced from time to time if Borrower fails to maintain for two consecutive fiscal quarters an Interest Coverage Ratio equal to or greater
than 2.25:1.00 for the last twelve (12) months then ended (the “Interest Coverage Trigger”; and such failure to satisfy the Interest Coverage Trigger for such two consecutive fiscal quarters shall be a “Mandatory
Prepayment and Leverage Ratio Event”) then, commencing with the fiscal quarter immediately following such Mandatory Prepayment and Leverage Ratio Event and continuing each quarter thereafter while a Mandatory Prepayment and Leverage Ratio
Event continues, the Maximum Leverage Ratio shall be reduced by 2.5% each quarter, but in no event shall the Maximum Leverage Ratio be reduced to less than 60%, and (ii) if at any time following a Mandatory Prepayment and Leverage Ratio Event,
Borrower satisfies the Interest Coverage Trigger for two consecutive quarters, then, commencing with the fiscal quarter immediately following satisfaction of the Interest Coverage Trigger for two consecutive quarters and each quarter thereafter, the
Maximum Leverage Ratio shall be increased by 2.5% per quarter, but in no event shall the Maximum Leverage Ratio exceed 65%. (By way of example, the first fiscal quarter following a Mandatory Prepayment and Leverage Ratio Event, the Maximum
Leverage Ratio shall be reduced from 65% by 2.5% to 62.5% for such quarter, and if the Mandatory Prepayment and Leverage Ratio Event continues, the Maximum Leverage Ratio shall be further reduced from 62.5% by 2.5% to 60% the next fiscal quarter and
shall continue at 60% for each fiscal quarter thereafter until the Interest Coverage Trigger is satisfied for two consecutive quarters. Commencing with the first fiscal quarter following satisfaction of the Interest Coverage Trigger for two
consecutive quarters after a Mandatory Prepayment and Leverage Ratio Event has occurred, the Maximum Leverage Ratio (if as of such quarter was 60%) shall be increased from 60% by 2.5% to 62.5% and so long as the Interest Coverage Trigger is
satisfied, the Maximum Leverage Ratio shall be increased from 62.5% by 2.5% to 65% the next fiscal quarter and shall continue for each quarter thereafter at 65% so long as no Mandatory Prepayment and Leverage Ratio Event subsequently occurs). 

(b) Interest Coverage/Liquidity Test. as of the end of each fiscal quarter, fail to maintain either (i) Liquidity in an amount
equal to or greater than 1.00x Consolidated Interest Incurred for the last twelve months then ended or (ii) an Interest Coverage Ratio of equal to or greater than 1.50:1.00 for the last twelve months then ended. 

(c) Minimum Net Worth Test. as of the end of each fiscal quarter, fail to maintain minimum Consolidated Tangible Net Worth of at least
the sum of (i) $1,459,657,000 plus (ii) the sum of (A) 50% of the cumulative Consolidated Net Income, from February 29, 2012, if positive, plus (B) 50% of the net cash proceeds from any equity offerings of Borrower from and
after February 29, 2012. 
 7.2 Liens and Encumbrances. Borrower shall not, nor shall it permit any other Loan Party to, grant
or suffer or permit to exist any Liens on any of its rights, properties or assets other than Permitted Liens. 
 7.3 Limitation on
Fundamental Changes. Borrower shall not, nor shall it permit any other Loan Party to, do any of the following: 
 (a) sell, assign,
lease or otherwise dispose of (whether in one transaction or in a series of transactions) all or substantially all of the assets (whether now owned or hereafter acquired) of the Loan Parties (on a consolidated basis) except for the sale of inventory
in the ordinary course of business; 
 (b) merge into or consolidate with any other Person or permit any other Person to merge into or
consolidate with it; 

  
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 (c) dissolve, liquidate or wind up its business by operation of law or otherwise; or 

(d) distribute to the stockholders of the Borrower any Securities of any Subsidiary that is a Guarantor; 

provided, however, that any Subsidiary or any other Person may merge into or consolidate with or may dissolve and liquidate into a Loan Party and any
Subsidiary that is not a Loan Party may merge into or consolidate with or may dissolve and liquidate into another Subsidiary that is not a Loan Party, if (and only if), (1) in the case of a merger or consolidation involving a Loan Party other
than the Borrower, the surviving Person is, or upon such merger or consolidation becomes, a Loan Party, (2) in the case of a merger or consolidation involving the Borrower, the Borrower is the surviving Person, (3) the character of the
business of the Borrower and the Subsidiaries on a consolidated basis will not be materially changed by such occurrence, and (4) such occurrence shall not constitute or give rise to an Event of Default. 

Nothing contained in this Section 7.3, however, shall restrict (i) any sale of assets among the Borrower and its Subsidiaries which is in the
ordinary course of business or is otherwise in compliance with all other provisions of this Agreement or (ii) any sale, assignment, lease or other disposition of one or more Non-Guarantor Subsidiaries together with any asset or property
ancillary or incidental to such disposition. 
 7.4 Permitted Investments. Borrower shall not, nor shall it permit any Ratio
Subsidiary to, make any Investment or otherwise acquire any interest in any Person, except: 
 (a) Investments in or loans or advances to
(i) Borrower, (ii) Joint Ventures or partners in Joint Ventures to which the Borrower or a Subsidiary is a party, (iii) Subsidiaries, and (iv) any Person which would become a Subsidiary or Joint Venture upon the making of such
investment; 
 (b) temporary cash Investments (including Permitted Investments); 

(c) Investments in mortgages, receivables, other securities or ownership interests, loans or advances made in connection with a strategy to
acquire land or other homebuilding assets through foreclosure or other exercise of remedies; 
 (d) receivables owing to Borrower or any
Guarantor if created or acquired in the ordinary course of business; 
 (e) Investments in securities of trade creditors or customers
received pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 

(f) lease, utility and other similar deposits in the ordinary course of business; 

(g) Investments made by Borrower or any Guarantor for consideration consisting only of common equity interests; 

(h) Investments or securities received in settlement of debts owing to Borrower or any Guarantor in the ordinary course of business; 

(i) Investments outstanding on the Closing Date, as set forth on Schedule 7.4; 

  
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 (j) loans to directors, officers, employees, agents, customers or suppliers in the ordinary
course of business not to exceed $10,000,000 in the aggregate at any time outstanding; 
 (k) Investments in Persons engaged in businesses
other than single-family homebuilding and the acquisition of land for single-family homebuilding (including the acquisition of land through the acquisition and foreclosure of liens on such land) at any time outstanding not to exceed ten percent
(10%) of Consolidated Tangible Net Worth as of the most recently ended fiscal quarter of the Borrower; and 
 (l) other Investments in
the aggregate amount not to exceed $50,000,000 at any time outstanding (with each Investment being valued as of the date made without subsequent regard to change in value). 

7.5 No Margin Stock. Borrower shall not, nor shall it permit any Loan Party to, use any of the proceeds of the Loans to purchase or
carry any “margin stock” (as defined in Regulation U). 
 7.6 Mortgage Banking Subsidiaries’ Capital Ratio. Borrower
shall not permit the ratio of the combined total Indebtedness of the Mortgage Banking Subsidiaries to the aggregate Net Worth of the Mortgage Banking Subsidiaries to exceed, at any time, twelve (12) to one (1). 

7.7 Prepayment of Indebtedness. If a Default has occurred and is continuing or an acceleration of the indebtedness under this Agreement
has occurred, Borrower shall not voluntarily prepay, or permit any Guarantor voluntarily to prepay, the principal amount, in whole or in part, of any indebtedness other than (a) indebtedness owed to each Lender hereunder or under some other
agreement between Borrower and such Lender, (b) indebtedness which ranks pari passu with the indebtedness incurred under this Agreement which is or becomes due and owing whether by reason of acceleration or otherwise and (c) indebtedness
which is exchanged for, or converted into, Capital Stock (or securities to acquire Capital Stock) of any Loan Party. 
 7.8 Pension
Plan. Borrower shall not, nor shall it permit any other Loan Party to, enter into, maintain or make contributions to, or permit any Subsidiary to enter into, maintain or make contributions to, directly or indirectly, any plan that is
subject to Title IV of ERISA, except for defined benefit pension plans of any Persons formed or acquired, directly or indirectly, by Borrower or any Subsidiary as permitted under this Agreement, or as may otherwise comply with the terms of
Section 4.11. 
 7.9 Transactions with Affiliates. Borrower shall not, not shall it permit any other Loan Party to, enter
into any transaction (including, without limitation, the purchase or sale of any property or service) with, or make any payment or transfer to, any Affiliate (or permit any Loan Party to do any of the foregoing), except in the ordinary course of
business and pursuant to the reasonable requirements of the Borrower’s or a Loan Party’s business and upon fair and reasonable terms no less favorable to the Borrower or such Loan Party than the Borrower or such Loan Party would obtain in
a comparable arms’-length transaction. 

  
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 7.10 Foreign Assets Control Regulations. The Borrower shall not use or permit the direct
use of the proceeds of any Loan or any extension of credit in any manner that will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B,
Chapter V, as amended) or the Anti-Terrorism Order or any enabling legislation or executive order relating to any of the same. Without limiting the foregoing, neither the Borrower nor any other Loan Party will permit itself nor any of its
Subsidiaries to (a) become a blocked person described in Section 1 of the Anti-Terrorism Order or (b) engage in any dealings or transactions or be otherwise associated with any person who is a blocked person after the Borrower or any
other Loan Party acquires knowledge that such person is a blocked person. 
 SECTION 8. EVENTS OF DEFAULT; REMEDIES 

If any of the following events shall occur and be continuing: 

(a) the Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or the
Borrower shall fail to pay any interest on any Loan or Reimbursement Obligation or any fees hereunder within five (5) Business Days after any such interest or fees becomes due in accordance with the terms hereof; or the Borrower shall fail to
pay any other amount payable hereunder or under any other Loan Document, within five (5) Business Days after notice that such other amount became due; or 

(b) any representation or warranty made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any
certificate, document or financial or other statement furnished by it at any time under or in connection with this Agreement or any such other Loan Document when made which shall be materially false or misleading when made if the same has a Material
Adverse Effect and, with respect to any matter which is reasonably capable of being cured, such Loan Party shall have failed to cure the occurrence causing the representation or warranty to be materially false or misleading within fifteen
(15) days after notice thereof by the Administrative Agent to Borrower; or 
 (c) any Loan Party shall default in the observance or
performance of any covenant contained in Section 6.9; or 
 (d) any Loan Party shall default in the observance or performance of
any other covenant contained in this Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 8), and such default shall continue unremedied for a period of thirty
(30) days after the Borrower has knowledge of such violation or should have known such violation exists; or 
 (e) any Loan Party shall
default in making any payment of any principal of any Indebtedness (including any Contingent Obligation, but excluding the Loans and Non-Recourse Indebtedness) beyond any applicable period of grace, or default shall be made with respect to the
performance of any other obligation incurred in connection with any such Indebtedness or Contingent Obligations beyond any applicable period of grace, and such Indebtedness or Contingent Obligation equals or exceeds $50,000,000, and the effect of
any of the foregoing defaults described in this Section 8(d) is to accelerate the maturity of such Indebtedness or Contingent Obligation or to cause such Indebtedness or Contingent Obligation to become due prior to its stated maturity, or any
such Indebtedness or Contingent Obligation shall not be paid when due and such default shall not have been remedied or cured by such Loan Party or waived by the obligee; or 

  
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 (f) (i) Borrower or any Significant Subsidiary shall commence any case, proceeding or other
action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with respect to it, or seeking to
adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets; or (ii) there shall be commenced against Borrower or any Significant Subsidiary any case, proceeding
or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains undismissed or undischarged for a period of 60 days; or
(iii) there shall be commenced against Borrower or any Significant Subsidiary any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar process against all or any substantial part of its
assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within 60 days from the entry thereof; or (iv) Borrower or any Significant Subsidiary shall take
any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the acts set forth in clause (i), (ii), or (iii) above; or (v) Borrower or any Significant Subsidiary shall generally not, or shall be
unable to, or shall admit in writing its inability to, pay its debts as they become due; or (vi) or Borrower or any Significant Subsidiary shall make a general assignment for the benefit of its creditors; or 

(g) one or more final non-appealable judgments or decrees shall be entered against any Loan Party involving in the aggregate a liability of
more than $50,000,000, and all such judgments or decrees shall not have been vacated, discharged, stayed or bonded pending appeal within 30 days from the entry thereof; provided, that the litigation matters set forth on Schedule 4.6 attached
hereto shall be excluded and excepted for all purposes of this Section 8(g); or 
 (h) any Loan Party shall be the subject of
any proceeding or investigation pertaining to the release by any Loan Party, any of its Subsidiaries or any other Person of any Hazardous Substance into the environment, or any violation of any Environmental Law or any federal, state or local health
or safety law or regulation, which, in either case, could reasonably be expected to have a Material Adverse Effect; or 
 (i) the guarantee
contained in Section 1 of the Guarantee Agreement shall cease, for any reason, to be in full force and effect or any Loan Party or any Affiliate of any Loan Party shall so assert (excluding release of any Loan Party in accordance with the Loan
Documents); or 
 (j) there shall occur any Change of Control of the Borrower; 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i) or (ii) of paragraph (f) above with respect
to the Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether
or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default, either or both of the
following actions may be taken: (i) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice to the Borrower declare the Commitments to be
terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, the Administrative Agent may, or upon the request of the Required Lenders, the Administrative Agent shall, by notice
to the Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding
Letters of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all 

  
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Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash
collateral account opened by the Administrative Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the
payment of drafts drawn under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and
under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under the other Loan
Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section,
presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower. 
 On and after the occurrence
of an Event of Default, the Administrative Agent shall apply all payments in respect of any Obligations in the following order: (i) first, to pay Obligations in respect of (A) any fees, expenses, reimbursements or indemnities then due to
the Administrative Agent, (B) any fees (other than commitment fees and Letter of Credit fees), expenses, reimbursements or indemnities then due to the Lenders and Issuing Lenders and (C) to pay commitment fees, Letter of Credit fees and
interest due in respect of Loans and Letters of Credit; (ii) second to the ratable payment or prepayment of principal outstanding on Loans and Letters of Credit; and (iii) third, to the ratable payment of all other Obligations. On or after
the occurrence of an Event of Default, all principal payments in respect of Loans shall be applied, first, to repay outstanding Swingline Loans, next outstanding ABR Loans and then to repay outstanding Eurodollar Loans, with those that have the
earlier expiring Interest Period being repaid prior to those that have later expiring Interest Periods. The order of priority set forth in this paragraph and the related provisions of this Agreement are set forth solely to determine the rights
and priorities of the Administrative Agent, the Lenders, and the Issuing Lenders as among themselves. The order of priority set forth in clause (i) may be changed only with the prior written consent of the Administrative Agent and the
order of priority of payments in respect of Letters of Credit may be changed only with the prior written consent of the Issuing Lenders. 

SECTION 9. THE AGENTS 
 9.1
Appointment. Each Lender hereby irrevocably designates and appoints the Administrative Agent as the agent of such Lender under this Agreement and the other Loan Documents, and each such Lender irrevocably authorizes the Administrative Agent,
in such capacity, to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms of this
Agreement and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere in this Agreement, the Administrative Agent shall not have any duties or
responsibilities, except those expressly set forth herein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any other Loan
Document or otherwise exist against the Administrative Agent. 

  
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 9.2 Delegation of Duties. The Administrative Agent may execute any of its duties under
this Agreement and the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Administrative Agent shall not be responsible for the negligence or misconduct of any agents or attorneys in-fact selected by it with reasonable care. 

9.3 Exculpatory Provisions. Neither Administrative Agent nor any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates shall be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection with this Agreement
or any other Loan Document (except to the extent that any of the foregoing are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from its or such Person’s own bad faith, gross negligence or
willful misconduct) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any Loan Party or any officer thereof contained in this Agreement or any other Loan Document or in
any certificate, report, statement or other document referred to or provided for in, or received by the Agents under or in connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of any Loan Party a party thereto to perform its obligations hereunder or thereunder. The Agents shall not be under any obligation to any Lender to
ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to inspect the properties, books or records of any Loan Party. 

9.4 Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon
any instrument, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy or email message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the
proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent accountants and other experts selected by the Administrative Agent. The Administrative Agent may deem and treat the payee of
any Note as the owner thereof for all purposes unless a written notice of assignment, negotiation or transfer thereof shall have been filed with the Administrative Agent. The Administrative Agent shall be fully justified in failing or refusing to
take any action under this Agreement or any other Loan Document unless it shall first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be
indemnified to its satisfaction by the Lenders against any and all liability and expense that may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting,
or in refraining from acting, under this Agreement and the other Loan Documents in accordance with a request of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act
pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 
 9.5 Notice of Default. The
Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the Administrative Agent has received notice from a Lender or the Borrower referring to this Agreement, describing such
Default or Event of Default and stating that such notice is a “notice of default”. In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give notice thereof to the Lenders. The Administrative
Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so specified by this Agreement, all Lenders); provided that unless and until the Administrative
Agent shall have received such directions, the Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to such Default or Event of Default as it shall deem advisable in the best
interests of the Lenders. 

  
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 9.6 Non-Reliance on Agents and Other Lenders. Each Lender expressly acknowledges that
neither the Agents nor any of their respective officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates have made any representations or
warranties to it and that no act by any Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan Party, shall be deemed to constitute any representation or warranty by any Agents to any Lender. Each
Lender represents to any Agent that it has, independently and without reliance upon any Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it
will, independently and without reliance upon the any Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or
not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems necessary to inform itself as to the business, operations, property, financial and other condition and creditworthiness of the Loan
Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any
Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan Party or any affiliate of a Loan Party that may come into the possession of the
Administrative Agent or any of its officers, directors, employees, agents, advisors, attorneys-in-fact or affiliates. 

9.7 Indemnification. The Lenders agree to indemnify each Agent, the Issuing Lender (in its capacity as the Issuing Lender only), the
Lead Arrangers (in their respective capacities as an Arranger only) and their respective officers, directors, employees, affiliates, agents, advisors and controlling persons (each, an “Agent Indemnitee”) (to the extent not
reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Percentage Interests in effect on the date on which indemnification is sought under this Section 9.7, from
and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on,
incurred by or asserted against such Agent Indemnitee in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions
contemplated hereby or thereby or any action taken or omitted by such Agent Indemnitee under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from such Agent Indemnitee’s gross negligence,
bad faith or willful misconduct. The agreements in this Section 9.7 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

9.8 Administrative Agent in Its Individual Capacity. Each Agent and its affiliates may make loans to, accept deposits from and
generally engage in any kind of business with any Loan Party as though such Agent were not an Agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, 

  
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each Agent shall have the same rights and powers under this Agreement and the other Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the terms
“Lender” and “Lenders” shall include each Agent in its individual capacity. 
 9.9 Successor Administrative
Agent. The Administrative Agent may resign as Administrative Agent upon thirty (30) days’ notice to the Lenders and the Borrower. If the Administrative Agent shall resign as Administrative Agent under this Agreement and the other Loan
Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default under Section 8(a) or Section 8(e) with respect to the
Borrower shall have occurred and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of the
Administrative Agent, and the term “Administrative Agent” shall mean such successor agent effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be
terminated, without any other or further act or deed on the part of such former Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the
date that is thirty (30) days following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall assume and perform
all of the duties of the Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any retiring Administrative Agent’s resignation as Administrative Agent, the
provisions of this Section 9 and of Section 10.5 shall continue to inure to its benefit. 
 9.10 Documentation
Agents and Syndication Agents. None of the Documentation Agents nor any of the Syndication Agents shall have any duties or responsibilities hereunder in its capacity as such. 

SECTION 10. MISCELLANEOUS 
 10.1
Amendments and Waivers. Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance with the provisions of this Section 10.1. The Required Lenders
and each Loan Party party to the relevant Loan Document may, or, with the written consent of the Required Lenders, the Administrative Agent and each Loan Party party to the relevant Loan Document may, from time to time, (a) enter into written
amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in any manner the rights of the Lenders or of the Loan Parties
hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or the Administrative Agent, as the case may be, may specify in such instrument, any of the requirements of this Agreement or the other Loan Documents or
any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) forgive the principal amount or extend the final scheduled date of maturity
of any Loan, reduce the stated rate of any interest or fee payable hereunder (except (x) in connection with the waiver of applicability of any post-default increase in interest rates (which waiver shall be effective with the consent of the
Required Lenders) and (y) that any amendment or modification of defined terms used in the financial covenants in this Agreement shall not constitute a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the
scheduled date of any payment thereof, or increase the amount or extend the expiration date of any Lender’s Commitment, in each case without the written consent of each Lender directly affected thereby (except that 

  
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an increase in the available portion of any Commitment of any Lender pursuant to Section 2.20 shall not be deemed to constitute an increase of the Commitment of such Lender);
(ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the assignment
or transfer by the Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the collateral provided pursuant to this Agreement or release all or substantially all of the
Guarantors from their obligations under the Guarantee Agreement, in each case without the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 2.14 without the written consent of all the Lenders;
(v) amend, modify or waive any provision of Section 9 or any other provision of any Loan Document that affects the Administrative Agent without the written consent of the Administrative Agent; (vi) amend, modify or waive any
provision of Section 2.3 or 2.4 without the written consent of the Swingline Lender; or (vii) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lender. Any such waiver
and any such amendment, supplement or modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, the Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan
Parties, the Lenders and the Administrative Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no
such waiver shall extend to any subsequent or other Default or Event of Default, or impair any right consequent on a subsequent or other Default or Event of Default. 

10.2 Notices. All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including
by telecopy), and, unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when
received, addressed as follows in the case of Holdings, the Borrower and the Administrative Agent, and as set forth in an administrative questionnaire delivered to the Administrative Agent in the case of the Lenders, or to such other address as may
be hereafter notified by the respective parties hereto: 
  

			
	Borrower:		 Lennar Corporation
 700 Northwest 107th Avenue, Suite 400
 Miami, Florida 33172

			Attention: Bruce Gross, Chief Financial Officer
			Telecopy: 305-227-7115
			Telephone: 305-229-6428
			Email: bruce.gross@lennar.com
		
			with copies to:
		
			 Lennar Corporation
 700 Northwest 107th
Avenue, Suite 400
 Miami, Florida 33172

			Attention: Mark Sustana, General Counsel
			Telecopy: 305-229-6650
			Telephone: 305-229-6584
			Email: mark.sustana@lennar.com
		
			and:
		
			 Clifford Chance US LLP
 31 West 52nd
Street
 New York, New York 10019

			Attention: Jay Gavigan, Esq.
			Telecopy: 212-878-8375
			Telephone: 212-878-8531
			Email: jay.gavigan@cliffordchance.com

  
 62 

			
	Administrative Agent:		 JPMorgan Chase Bank, N.A.
 383 Madison Ave,
24th Floor
 New York, NY 10179

			Attention: Chiara Weisbrod Carter
			Telecopy: [                    ]
			Telephone: 212-622-6401
			Email: Chiara.w.carter@jpmorgan.com
		
			and:
		
			 JPMorgan Chase Bank, N.A.
 500 Stanton
Christiana Road, Ops 2, Floor 03
 Newark, DE 19713-2107

			Attention: John K. Enyam
			Telecopy: [                    ]
			Telephone: 302-634-833
			Email: john.enyam@jpmorgan.com
		
			with copies to:
		
			 Morrison & Foerster LLP
 707 Wilshire
Blvd., Suite 6000
 Los Angeles, CA 90017

			Attention: Marc D. Young, Esq.
			Telecopy: 213-892-5454
			Telephone: 213-892-5659
			Email: myoung@mofo.com

 provided that any notice, request or demand to or upon the Administrative Agent or the Lenders shall not be effective
until received, provided such notice, request or demand is received during the recipient’s normal business hours. 
 Notices and other
communications to the Lenders hereunder may be delivered or furnished by electronic communications pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Section
2 unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications
pursuant to procedures approved by it; provided that approval of such procedures may be limited to particular notices or communications. 

  
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 10.3 No Waiver; Cumulative Remedies. No failure to exercise and no delay in exercising, on
the part of the Administrative Agent or any Lender, any right, remedy, power or privilege hereunder or under the other Loan Documents shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or
privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies,
powers and privileges provided by law. 
 10.4 Survival of Representations and Warranties. All representations and warranties made
hereunder, in the other Loan Documents and in any document, certificate or statement delivered pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of
credit hereunder. 
 10.5 Payment of Expenses and Taxes. The Borrower agrees (a) to pay or reimburse the Administrative Agent
for all its reasonable and documented out-of-pocket costs and expenses incurred in connection with the syndication, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any
other documents prepared in connection herewith or therewith, and the administration of the transactions contemplated hereby and thereby, including the reasonable and documented fees and disbursements of counsel to the Administrative Agent and Lead
Arrangers and filing and recording fees and expenses, with statements with respect to the foregoing to be submitted to the Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter on
a quarterly basis or such other periodic basis as the Administrative Agent shall deem appropriate (but excluding any taxes or increased costs otherwise excluded in this Agreement including, for the avoidance of doubt, those taxes excluded by
Section 2.16(a), (c) or (d)), (b) to pay or reimburse the Administrative Agent and the Lenders for all their respective reasonable and documented out-of-pocket costs and expenses incurred in connection with the
enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the fees and disbursements of one law firm for the Administrative Agent and the Lenders, (c) to pay, indemnify, and
hold each Lender and the Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes (but excluding any taxes or
increased costs otherwise excluded in this Agreement including, for the avoidance of doubt, those taxes excluded by Section 2.16(a), (c) or (d)), if any, that may be payable or determined to be payable in connection
with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this Agreement, the other Loan
Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender, the Issuing Lenders, the Administrative Agent and the Lead Arrangers and their respective officers, directors, employees, affiliates, agents, advisors and
controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses (but excluding any taxes or increased costs
otherwise excluded in this Agreement including, for the avoidance of doubt, those taxes excluded by Section 2.16(a), (c) or (d)) or disbursements of any kind or nature whatsoever arising from any claim or suit, action
or other proceeding relating to (i) this Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or Letter of Credit (including any refusal by the Issuing
Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit), or (ii) the violation of, noncompliance with or liability
under, any Environmental Law applicable to the operations of any Loan Party or any of the Properties, including any of the foregoing relating to the use of proceeds of the Loans or Letter of Credit, whether or not such claim, litigation,
investigation or proceeding 

  
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is brought by Borrower or any other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto, together with the reasonable
fees and expenses of legal counsel in connection with claims, actions or proceedings by any Indemnitee against any Loan Party under any Loan Document (all the foregoing in this clause (d), collectively, the “Indemnified
Liabilities”), provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a
court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable law, the Borrower agrees not to assert and to cause its
Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines, liabilities, settlements, damages, costs
and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section 10.5 shall be payable not later than thirty
(30) days after written demand therefor. Statements payable by the Borrower pursuant to this Section 10.5 shall be submitted to the address of the Borrower set forth in Section 10.2, or to such other Person or address as
may be hereafter designated by the Borrower in a written notice to the Administrative Agent. The agreements in this Section 10.5 shall survive the termination of this Agreement and the repayment of the Loans and all other amounts payable
hereunder. 
 10.6 Successors and Assigns; Participations and Assignments. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written
consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder(s) to a Competitor without the
Borrower’s written consent or otherwise except in accordance with this Section. 
 (b)(i) Subject to the conditions set
forth in paragraph (b)(ii) below, any Lender may assign to one or more Eligible Assignees (each, an “Assignee”) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitments and
the Loans at the time owing to it) with the prior written consent of: 
 (A) the Borrower (such consent not to be
unreasonably withheld), provided that no consent of the Borrower shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund, or, if an Event of Default has occurred and is continuing, any other Person subject,
in the case of a Competitor, to the Borrower’s written consent; and 
 (B) the Administrative Agent, Swingline
Lender and the Issuing Lender (such consent not to be unreasonably withheld), provided that no consent of the Administrative Agent, Swingline Lender or the Issuing Lender shall be required for an assignment by a Lender to an Affiliate of such
Lender. 
 (ii) Assignments shall be subject to the following additional conditions: 

(A) except in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund or an assignment of the
entire remaining amount of the assigning Lender’s Commitments or Loans, the amount of the Commitments or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Assumption with respect to such
assignment is delivered to the 

  
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Administrative Agent) shall not be less than $5,000,000 unless each of the Borrower and the Administrative Agent otherwise consent, provided that (1) no such consent of the Borrower
shall be required if an Event of Default has occurred and is continuing and (2) such amounts shall be aggregated in respect of each Lender and its Affiliates or Approved Funds, if any; 

(B) (1) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption,
together with a processing and recordation fee of $3,500 and (2) the assigning Lender shall have paid in full any amounts owing by it to the Administrative Agent; 

(C) the Assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an administrative questionnaire
in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates and their related parties or their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable laws, including Federal and state securities laws; and 

(iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) below, from and after the effective date
specified in each Assignment and Assumption the Assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations of a Lender under this Agreement, and the
assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement (and, in the case of an Assignment and Assumption covering all of the assigning
Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.5). Any assignment or
transfer by a Lender of rights or obligations under this Agreement that does not comply with this Section 10.6 shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in
accordance with paragraph (c) of this Section 10.6. 
 (iv) The Administrative Agent, acting for this
purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amount of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). No transfer or assignment of a Lender’s participation hereunder shall be effective unless and until
recorded in the Register. The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Lender and the Lenders shall treat each Person whose name is recorded in the Register pursuant
to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. A copy of the Register shall be available for inspection by the Borrower at any reasonable time and from time to time on request.

 (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Lender and an Assignee, the
Assignee’s completed administrative questionnaire (unless the Assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section 10.6 and any written consent to such
assignment required by paragraph (b) of this Section 10.6, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning
Lender or the Assignee shall have failed to make any payment required to be made by it 

  
 66 

 
pursuant to Section 2.4(b), 2.4(c), 2.14(d), 2.14(e), 3.4, 3.5 or 9.7, the Administrative Agent shall have no obligation to accept such
Assignment and Assumption and record the information therein in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement
unless it has been recorded in the Register as provided in this paragraph. 
 (c)(i) Any Lender may, without the consent of
the Borrower or the Administrative Agent, the Issuing Lender or the Swingline Lender sell participations to one or more banks or other entities (a “Participant”) in all or a portion of such Lender’s rights and obligations under
this Agreement (including all or a portion of its Commitments and the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged, (B) such Lender shall remain solely responsible
to the other parties hereto for the performance of such obligations and (C) the Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided that such agreement may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver that (1) requires the
consent of each Lender directly affected thereby pursuant to clause (i) of the proviso to the second sentence of Section 10.1 and (2) directly affects such Participant. Subject to paragraph (c)(ii) of this Section, the Borrower
agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16 and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this
Section 10.6. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.7(b) as though it were a Lender, provided such Participant shall be subject to Section 10.7(a) as
though it were a Lender. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 2.19 with respect to any
Participant. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts of each
Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided that 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 that such disclosure is
necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. 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 such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(ii) A Participant shall not be entitled to receive any greater payment under Section 2.15 or 2.16 than the
applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the Borrower provides prior written consent that such Participant may be entitled to receive a greater payment under Section
2.15 or 2.16. Any Participant shall not be entitled to the benefits of Section 2.16 unless such Participant complies with Section 2.16(e) and (f). 

  
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 (d) Any Lender may at any time pledge or assign a security interest in all or any portion of
its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section 10.6 shall not apply to any such pledge or assignment of a
security interest; provided that no such pledge or assignment of a security interest shall release a Lender from any of its obligations hereunder or substitute any such pledgee or Assignee for such Lender as a party hereto. 

(e) The Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any Lender requiring Notes to facilitate
transactions of the type described in paragraph (d) above. 
 10.7 Adjustments; Set-off.
 
 (a) Except to the extent that this Agreement or a court order expressly provides for payments to be allocated to a particular Lender,
if any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant to Section 10.6), or receive any collateral in respect
thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8(e), or otherwise), in a greater proportion than any such payment
to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing
to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the
Lenders; provided, however, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the
extent of such recovery, but without interest. 
 (b) In addition to any rights and remedies of the Lenders provided by law, each Lender and
their respective Affiliates shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any Obligations becoming due and payable by the Borrower
(whether at the stated maturity, by acceleration or otherwise but after giving effect to any applicable period of grace), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand,
provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any Affiliate
thereof or any of their respective branches or agencies to or for the credit or the account of the Borrower. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender or its
Affiliate, provided that the failure to give such notice shall not affect the validity of such application. 
 10.8
Counterparts. This Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.
Delivery of an executed signature page of this Agreement by email or facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by all the parties shall be lodged
with the Borrower and the Administrative Agent. 

  
 68 

 10.9 Severability. Any provision of this Agreement that is prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provision in any other jurisdiction. 
 10.10 Integration. This Agreement and the other Loan
Documents represent the entire agreement of the Borrower, the Administrative Agent and the Lenders with respect to the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by the Administrative
Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other Loan Documents. 

10.11 GOVERNING LAW. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE
GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission To Jurisdiction;
Waivers. The Borrower hereby irrevocably and unconditionally: 
 (a) submits for itself and its property in any legal action or
proceeding relating to this Agreement and the other Loan Documents to which it is a party, or for recognition and enforcement of any judgment in respect thereof, to the non-exclusive general jurisdiction of
the courts of the State of New York, the courts of the United States for the Southern District of New York, and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or hereafter have to
the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by registered or certified mail
(or any substantially similar form of mail), postage prepaid, to the Borrower at its address set forth in Section 10.2 or at such other address of which the Administrative Agent shall have been notified pursuant thereto; 

(d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law or shall limit the
right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may have to claim or
recover in any legal action or proceeding referred to in this Section 10.12 any special, exemplary, punitive or consequential damages. 

  
 69 

 10.13 Acknowledgements. The Borrower hereby acknowledges that: 

(a) it has been advised by counsel in the negotiation, execution and delivery of this Agreement and the other Loan Documents; 

(b) neither the Administrative Agent nor any Lender has any fiduciary relationship with or duty to the Borrower arising out of or in
connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and the Borrower, on the other hand, in connection herewith or therewith is solely that of debtor and
creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by virtue of the transactions
contemplated hereby among the Lenders or among the Borrower and the Lenders. 
 10.14 Releases of Guarantees. Notwithstanding
anything to the contrary contained herein or in any other Loan Document, Administrative Agent is hereby irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by
Section 10.1) to take any action requested by Borrower having the effect of releasing any guarantee obligations to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been
consented to in accordance with Section 10.1, provided that releases of Guarantors must comply with Section 6.7 unless otherwise consented to by the Lenders in accordance with Section 10.1. 

10.15 Confidentiality. Each of the Administrative Agent and each Lender agrees to keep confidential all non-public information provided
to it by any Loan Party, the Administrative Agent or any Lender pursuant to or in connection with this Agreement that is designated by the provider thereof as confidential or as material and non-public information; provided that nothing
herein shall prevent the Administrative Agent or any Lender from disclosing any such information (a) to the Administrative Agent, any other Lender or any Affiliate thereof, (b) subject to an agreement to comply with the provisions of this
Section 10.15, to any actual or prospective Transferee, (c) to its employees, directors, agents, service providers, attorneys, accountants and other professional advisors or those of any of its Affiliates, (d) upon the request
or demand of any Governmental Authority, (e) in response to any order of any court or other Governmental Authority or as may otherwise be required pursuant to any Requirement of Law, (f) if required to do so in connection with any
litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of Insurance Commissioners or any similar organization or any nationally recognized rating agency that requires access to information
about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (i) in connection with the exercise of any remedy hereunder or under any other Loan Document or (j) if agreed by the Borrower in its
sole discretion, to any other Person. Borrower acknowledges that information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry is not non-public
information. 
 Each Lender acknowledges that information furnished to it pursuant to this Agreement or the other Loan Documents may include
material non-public information concerning the Borrower and its Affiliates and their related parties or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and
that it will handle such material non-public information in accordance with those procedures and applicable law, including Federal and state securities laws. 

  
 70 

 All information, including requests for waivers and amendments, furnished by the Borrower or the
Administrative Agent pursuant to, or in the course of administering, this Agreement or the other Loan Documents will be syndicate-level information, which may contain material non-public information about the Borrower and its Affiliates and their
related parties or their respective securities. Accordingly, each Lender represents to the Borrower and the Administrative Agent that it has identified in its administrative questionnaire a credit contact who may receive information that may contain
material non-public information in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 

10.16 WAIVERS OF JURY TRIAL. THE BORROWER, THE ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE
TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

10.17 USA Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender to identify the Borrower in accordance with the Patriot Act. 
 [Signatures appear on the next page.]

  
 71 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	LENNAR CORPORATION, as Borrower
		
	By:		 /s/ Jonathan M. Jaffe

	Name:		Jonathan M. Jaffe
	Title:		Vice President and Chief Operating Officer

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	JPMORGAN CHASE BANK, N.A.,
as Administrative Agent, Issuing Lender, Swingline Lender and as a Class A Lender
		
	By:		 /s/ Chiara Carter

	Name:		Chiara Carter
	Title:		Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	BANK OF AMERICA, N.A., as a Class A Lender
		
	By:		 /s/ Ann E. Kenzie             

	Name:		Ann E. Kenzie
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	CITIBANK, N.A., as a Class A Lender
		
	By:		 /s/ Lisa Huang

	Name:		Lisa Huang
	Title:		Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	Deutsche Bank AG New York Branch,
	as a Class A Lender
		
	By:		 /s/ Peter Cucchiara

	Name:		Peter Cucchiara
	Title:		Vice President
		
	By:		 /s/ Michael Winters

	Name:		Michael Winters
	Title:		Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	PNC BANK, NATIONAL ASSOCIATION,
as a Class A Lender
		
	By:		 /s/ J. Richard Litton

	Name:		J. Richard Litton
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Class A Lender
		
	By:		 /s/ Elena Bennett

	Name:		Elena Bennett
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	COMERICA BANK,
	as a Class A Lender
		
	By:		 /s/ Jonathan R. Ward

	Name:		Jonathan R. Ward
	Title:		Vice President – Western Market

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	TEXAS CAPITAL BANK, N.A.,
	as a Class A Lender
		
	By:		 /s/ Carolynn Alexander

	Name:		Carolynn Alexander
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	CAPITAL BANK, N.A.,
	as a Class A Lender
		
	By:		 /s/ Clay F. Wilson             

	Name:		Clay F. Wilson
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	REGIONS BANK,
	as a Class A Lender
		
	By:		 /s/ Randall S. Reid

	Name:		Randall S. Reid
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	CALIFORNIA BANK & TRUST,
	as a Class A Lender
		
	By:		 /s/ Aejea Lee             

	Name:		Aejea Lee
	Title:		Senior Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	TD BANK, N.A., as a Class A Lender
		
	By:		 /s/ Kristen Bowers             

	Name:		Kristen Bowers
	Title:		Assistant Vice President

 [Signatures continue on the next page.] 

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	HSBC BANK USA,
	as a Class A Lender
		
	By:		 /s/ Michael S. Wadler
            

	Name:		Michael S. Wadler
	Title:		Vice President

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	ROYAL BANK OF CANADA,
	as a Class A Lender
		
	By:		 /s/ Brian Gross

	Name:		Brian Gross
	Title:		Authorized Signatory

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	THE ROYAL BANK OF SCOTLAND PLC,
	as a Class A Lender
		
	By:		 /s/ Jeannine Pascal

	Name:		Jeannine Pascal
	Title:		Vice President

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 
			
	FIFTH THIRD BANK,
	as a Class A Lender
		
	By:		 /s/ Tatianna Carlson-Manne

	Name:		Tatianna Carlson-Manne
	Title:		Senior Vice President

  
 Signature page to Third
Amended and Restated Credit Agreement with Lennar Corporation 

 Schedule 1.1A 

Commitments 
  

							
	 Lender
	  	 Class A or Class B
	  	Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	Class A Lender	  	$	143,333,333	  
	 Citibank, N.A.
	  	Class A Lender	  	$	136,700,000	  
	 The Royal Bank of Scotland plc
	  	Class A Lender	  	$	125,000,000	  
	 Bank of America, N.A.
	  	Class A Lender	  	$	123,333,333	  
	 Deutsche Bank AG New York Branch
	  	Class A Lender	  	$	123,300,000	  
	 Royal Bank of Canada
	  	Class A Lender	  	$	100,000,000	  
	 Bank of Montreal
	  	Class B Lender	  	$	90,000,000	  
	 Fifth Third Bank
	  	Class A Lender	  	$	75,000,000	  
	 PNC Bank, National Association
	  	Class A Lender	  	$	75,000,000	  
	 Wells Fargo Bank, National Association
	  	Class A Lender	  	$	75,000,000	  
	 UBS Loan Finance LLC
	  	Class B Lender	  	$	70,000,000	  
	 HSBC Bank USA
	  	Class A Lender	  	$	50,000,000	  
	 TD Bank, N.A.
	  	Class A Lender	  	$	35,000,000	  
	 Texas Capital Bank
	  	Class A Lender	  	$	35,000,000	  
	 California Bank & Trust
	  	Class A Lender	  	$	20,000,000	  
	 Capital Bank, N.A.
	  	Class A Lender	  	$	20,000,000	  
	 Comerica Bank
	  	Class A Lender	  	$	20,000,000	  
	 Regions Bank
	  	Class A Lender	  	$	20,000,000	  
		  		  	  
	  
	 
	 Total Commitments
				$	1,336,666,666	  
		  		  	  
	  
	 

 Schedule 1.1B Existing Liens 

Liens in favor of PNC Bank, National Association and Comerica Bank pursuant to construction loan agreement dated as of December 20, 2012, by and between
PNC Bank, National Association and Comerica Bank and Lennar Avenue One, LLC, with an aggregate principal amount not to exceed $71,500,000. 
 Liens in favor
of California Bank & Trust pursuant to revolving loan promissory note dated as of November 1, 2012, by and between California Bank & Trust and Lennar Layton, LLC and Lennar Corporation, in the original commitment amount of
$25,000,000. 
 Liens in favor of California Bank & Trust pursuant to construction loan note dated as of August 29, 2013, by and between
California Bank & Trust and Lennar Lytle, LLC in the original principal amount of $15,000,000. 
 Liens in favor of Comerica Bank pursuant to
construction loan note dated as of August 29, 2013, by and between Comerica Bank and Lennar Lytle, LLC in the original principal amount of $15,000,000. 

Liens in favor of Comerica Bank pursuant to term loan agreement dated as of February 27, 2012, by and between Comerica Bank and PT Metro, LLC, in the
original principal amount of $25,000,000. 
 Liens in favor of Banc of America Leasing & Capital, LLC pursuant to promissory note dated as of
February 12, 2015, by and between Banc of America Leasing & Capital, LLC and USH Leasing, LLC, in the original principal amount of $21,250,000. 

Liens in favor of DH/JB Old Development, Inc. pursuant to amended and restated promissory note dated as of March 7, 2013, by and between DH/JB Old
Development, Inc. and Lennar Homes of Texas Land and Construction Ltd., in the original principal amount of $12,400,000. 
 Liens in favor of Camille O.
Hoffmann pursuant to amended and restated promissory note dated as of November 30, 2009, by and between Camille O. Hoffmann and Belle Meade Partners, LLC, in the original principal amount of $11,000,000. 

Liens in favor of Parcel 79, LLC and Parcel 115, LLC pursuant to deferred purchase money note dated as of July 11, 2013, by and between Parcel 79, LLC
and Parcel 115, LLC and U.S. Home Corporation, in the original principal amount of $913,500. 
 Liens in favor of 633-4S Ranch, Ltd. and Stahl Lane Ltd.
pursuant to non-negotiable non-recourse real estate lien note dated as of February 27, 2015, by and between 633-4S Ranch, Ltd. and Stahl Lane Ltd. and Lennar Homes of Texas Land and Construction, LTD, in the original principal amount of
$11,977,191.11. 

 Liens in favor of Texas Community Bank pursuant to real estate lien note dated as of February 27, 2015, by
and between Texas Community Bank and Lennar Homes of Texas Land and Construction, LTD, in the original principal amount of $10,200,000. 
 Liens in favor of
Lidera, LLC pursuant to two promissory notes dated as of March 18, 2015, by and between Lidera, LLC and Lennar Northwest, INC, in the original principal amount of $4,112,000. 

Liens in favor of McCune Realty Investment Co., L.P., Richard J. Hoeksema and Robert E. Stanley, Jr., Co-Trustees of the Robert and Margaret Stanley
Charitable Remainder Trust and Richard J. Hoeksema and Robert E. Stanley, Jr., Co-Trustees of the Margaret E. Stanley Residuary Trust pursuant to promissory note secured by deed of trust dated as of October 3, 2014, by and between McCune Realty
Investment Co., L.P., Richard J. Hoeksema and Robert E. Stanley, Jr., Co-Trustees of the Robert and Margaret Stanley Charitable Remainder Trust and Richard J. Hoeksema and Robert E. Stanley, Jr., Co-Trustees of the Margaret E. Stanley Residuary
Trust and Lennar Homes of California, Inc., in the original principal amount of $13,493,503. 
 Liens in favor of Garnkirk, Inc. pursuant to deferred
purchase money note dated as of March 4, 2014, by and between Garnkirk, Inc. and U.S. Home Corporation in the original principal amount of $10,000,000. 

Liens in favor of Villagio, L.L.C., pursuant to mortgage note dated as of August 14, 2014, by and between Villagio L.L.C., and U.S. Home Corporation in
the original principal amount of $6,900,000. 
 Liens in favor of Triple PG Family Limited Partnership pursuant to promissory note dated as of
September 10, 2013, by and between Triple PG Family Limited Partnership and Friendswood Development Company, LLC, in the original principal amount of $4,448,831. 

Liens in favor of Putnam at Tinton Falls Limited Liability Company, pursuant to note dated as of September 3, 2014, by and between Putnam at Tinton Falls
Limited Liability Company, and U.S. Home Corporation in the original principal amount of $4,000,000. 
 Liens in favor of Conroe Metro Development, LTD
pursuant to promissory note dated as of September 4, 2013, by and between Conroe Metro Development, LTD and Lennar Homes of Texas Land and Construction, Ltd, in the original principal amount of $3,632,340. 

Liens in favor of Dreamcraft Severn, LLC pursuant to non-recourse deferred assignment fee notes dated as of January 3, 2013, by and between Dreamcraft
Severn, LLC and U.S. Home Corporation, in the original principal amounts of $3,925,932 and $2,712,220.88. 
 Liens in favor of Southstar Limited
Partnership, pursuant to second installment non-recourse deferred purchase money note dated as of October 20, 2014, by and between Southstar Limited Partnership and U.S. Home Corporation in the original principal amount of $2,296,973. 

 Liens in favor of Las Ventanas Land Partners, Ltd pursuant to three notes dated as of June 4, 2013, by and
between Las Ventanas Land Partners, Ltd and Lennar Homes of Texas Land and Construction, Ltd, in the original aggregate principal amount of $1,713,000. 

Liens in favor of Seaside Acquisition LLC, pursuant to second closing second installment deferred purchase money note dated as of March 2, 2015, by and
between Seaside Acquisition LLC, and U.S. Home Corporation in the original principal amount of $1,738,002. 
 Liens in favor of Blue Stream LLC, pursuant to
non-recourse deferred purchase money note dated as of March 6, 2015, by and between Blue Stream LLC, and U.S. Home Corporation in the original principal amount of $2,150,000. 

Liens in favor of The Piedmont Bank, LTD pursuant to promissory note dated as of October 2013, by and between The Piedmont Bank and Lennar Georgia, Inc., in
the original principal amount of $1,000,000. 
 Liens in favor of KTS Holdings & Investments, LLC pursuant to agreement for purchase and sale of
real property dated as of July 12, 2013, by and between KTS Holdings & Investments, LLC and Lennar Homes, LLC. 
 Liens in favor of Marshall
Creek, LTD pursuant to builder agreement, by and between Marshall Creek, LTD and Lennar Homes, LLC in the original principal amount of $750,000. 
 Liens in
favor of Koch-Riva Properties Group, LLC pursuant to contingent non-recourse deferred promissory note dated as of February 10, 2015, by and between Koch-Riva Properties Group, LLC and U.S. Home Corporation in the original principal amount of
$400,000. 
 Liens in favor of SLV Capistara, LLC pursuant to master option agreement and related closing statement dated as of August 20, 2014, by and
between SLV Capistara, LLC and Lennar Homes, LLC in the original principal amount of $210,000. 
 Liens in favor of SLV Capistara, LLC pursuant to master
option agreement and related closing statement dated as of June 20, 2014, by and between SLV Capistara, LLC and Lennar Homes, LLC in the original principal amount of $1,260,000. 

Liens in favor of Margie McCracken pursuant to promissory note dated as of December 14, 2011, by and between Margie McCracken and Lennar Homes of Texas
Land and Construction, LTD., in the original principal amount of $1,000,000. 
 Liens in favor of Starwood Land Ventures, L.L.C., pursuant to sixteenth
amendment to master option agreement dated as of February 7, 2013, by and between Starwood Land Ventures, L.L.C. and Lennar Homes, LLC. 
 Liens in
favor of River Bend Community Development District pursuant to agreement for purchase and sale of real property dated as of July 12, 2012, by and between River Bend Community Development District and Lennar Homes, LLC. 

 Liens in favor of Kellogg-CCP, LLC pursuant to non-recourse deferred purchase money note (final installment)
dated as of May 17, 2013, by and between Kellogg-CCP, LLC and U.S. Home Corporation, in the original principal amount of $6,614,711. 
 Liens in favor
of Kellogg-CCP, LLC pursuant to non-recourse deferred purchase money note (second installment) dated as of May 17, 2013, by and between Kellogg-CCP, LLC and U.S. Home Corporation, in the original principal amount of $250,000. 

Liens in favor of Kellogg-CCP, LLC pursuant deferred purchase money note (final installment) dated as of June 27, 2014, by and between Kellogg-CCP, LLC
and U.S. Home Corporation, in the original principal amount of $1,513,000. 
 Liens in favor of Redhawk Communities, Inc. and Woods Canyon Associates, L.P.,
pursuant to secured purchase money promissory note dated as of September 3, 2014, by and between Redhawk Communities, Inc. and Woods Canyon Associates, L.P., and Lennar Homes of California, Inc., in the original principal amount of $500,000.

 Liens in favor of Rampart Holding, LLC, pursuant to promissory note dated as of July 23, 2014, by and between Rampart Holding, LLC and Lennar Homes
of Texas Land and Construction, LTD., in the original principal amount of $244,000. 
 Liens in favor of Wells Fargo Bank, National Association pursuant to
promissory note secured by mortgage dated as of September 25, 2014, by and between Wells Fargo Bank, National Association and UST Lennar PIS 12, LP, in the principal amount of $87,841,000 or so much thereof as may from time to time be owing.

 Liens on cash held by and for the benefit of, respectively each of, Berkeley Township, New Jersey, Borough of Tinton Falls, New Jersey, City of Fresno,
California, City of Indio, California, Frederick County, Maryland, Old Bridge Township, New Jersey, Plumsted Township, New Jersey, Town of LaGrange, New Jersey, Township of Jackson, New Jersey and to support performance obligations owed to each such
party. 
 Escrow deposits and restricted cash held in accounts maintained with each of Bank of America, California Bank & Trust, Christiana Trust,
Citibank, Citizens Bank, Comerica, Investors Bank, JPMorgan Chase, SunTrust Bank, TD Bank, Wells Fargo, and Wilmington Savings and Fund Society. 
 Liens in
favor of Heritage Isle at Viera Community Development District (Brevard County, Florida) Special Assessment Revenue Bonds, Series 2004B. 
 Liens in favor
of Palm Glades Community Development District (Miami-Dade County, Florida) Special Assessment Bonds, Series 2006B. 
 Liens in favor of Century Gardens at
Tamiami Community Development District (Miami-Dade County, Florida) Special Assessment Bonds, Series 2007B. 

 Liens in favor of Baywinds Community Development District (Homestead, Florida) Special Assessment Bonds, Series
2006B. 
 Liens in favor of East Homestead Community Development District (Homestead, Florida) Special Assessment Revenue Bonds, Series 2006B. 

 Schedule 1.1C    Guarantor Subsidiaries 

 

							
	 Name
	  	Ownership Percent	 	 	State of Incorporation
	 Aquaterra Utilities, Inc.
	  	 	100.000	% 	 	FL
	 Asbury Woods L.L.C.
	  	 	100.000	% 	 	IL
	 Astoria Options, LLC
	  	 	100.000	% 	 	DE
	 Aylon, LLC
	  	 	100.000	% 	 	DE
	 Bay Colony Expansion 369, Ltd.
	  	 	100.000	% 	 	TX
	 Bay River Colony Development, Ltd.
	  	 	100.000	% 	 	TX
	 BB Investment Holdings, LLC
	  	 	100.000	% 	 	NV
	 BCI Properties, LLC
	  	 	100.000	% 	 	NV
	 BPH I, LLC
	  	 	100.000	% 	 	NV
	 Bramalea California, Inc.
	  	 	100.000	% 	 	CA
	 Builders LP, Inc.
	  	 	100.000	% 	 	DE
	 Cambria L.L.C.
	  	 	100.000	% 	 	IL
	 Cary Woods, LLC
	  	 	100.000	% 	 	IL
	 Cherrytree II LLC
	  	 	100.000	% 	 	MD
	 CL Ventures, LLC
	  	 	100.000	% 	 	FL
	 Colonial Heritage LLC
	  	 	100.000	% 	 	VA
	 Concord Station, LLP
	  	 	100.000	% 	 	FL
	 Coto De Caza, Ltd., Limited Partnership
	  	 	100.000	% 	 	CA
	 Coventry L.L.C.
	  	 	100.000	% 	 	IL
	 Creekside Crossing, L.L.C.
	  	 	100.000	% 	 	IL
	 Darcy-Joliet, LLC
	  	 	100.000	% 	 	IL
	 DBJ Holdings, LLC
	  	 	100.000	% 	 	NV
	 Evergreen Village LLC
	  	 	100.000	% 	 	DE
	 F&R QVI Home Investments USA, LLC
	  	 	100.000	% 	 	DE
	 Fidelity Guaranty and Acceptance Corp.
	  	 	100.000	% 	 	DE
	 Fox-Maple Associates, LLC
	  	 	100.000	% 	 	NJ
	 Friendswood Development Company, LLC
	  	 	100.000	% 	 	TX
	 Garco Investments, LLC
	  	 	100.000	% 	 	FL
	 Greystone Construction, Inc.
	  	 	100.000	% 	 	AZ
	 Greystone Homes of Nevada, Inc.
	  	 	100.000	% 	 	DE
	 Greystone Homes, Inc.
	  	 	100.000	% 	 	DE
	 Greystone Nevada, LLC
	  	 	100.000	% 	 	DE
	 Greywall Club L.L.C.
	  	 	100.000	% 	 	IL
	 Haverton L.L.C.
	  	 	100.000	% 	 	IL
	 Heathcote Commons LLC
	  	 	100.000	% 	 	VA
	 Home Buyer's Advantage Realty, Inc.
	  	 	100.000	% 	 	TX
	 Homecraft Corporation
	  	 	100.000	% 	 	TX
	 HTC Golf Club, LLC
	  	 	100.000	% 	 	CO
	 Independence L.L.C.
	  	 	100.000	% 	 	VA
	 Lakelands at Easton, L.L.C.
	  	 	100.000	% 	 	MD
	 Legends Club, LLC
	  	 	100.000	% 	 	FL
	 Legends Golf Club, LLC
	  	 	100.000	% 	 	FL
	 Len Paradise, LLC
	  	 	100.000	% 	 	FL
	 Lencraft, LLC
	  	 	100.000	% 	 	MD
	 LENH I, LLC
	  	 	100.000	% 	 	FL
	 Lennar Aircraft I, LLC
	  	 	100.000	% 	 	DE
	 Lennar Arizona Construction, Inc.
	  	 	100.000	% 	 	AZ
	 Lennar Arizona, Inc.
	  	 	100.000	% 	 	AZ
	 Lennar Associates Management Holding Company
	  	 	100.000	% 	 	FL
	 Lennar Associates Management, LLC
	  	 	100.000	% 	 	DE
	 Lennar Buffington Colorado Crossing, L.P.
	  	 	100.000	% 	 	TX
	 Lennar Buffington Zachary Scott, L.P.
	  	 	100.000	% 	 	TX
	 Lennar Carolinas, LLC
	  	 	100.000	% 	 	DE
	 Lennar Central Park, LLC
	  	 	100.000	% 	 	DE
	 Lennar Central Region Sweep, Inc.
	  	 	100.000	% 	 	NV
	 Lennar Chicago, Inc.
	  	 	100.000	% 	 	IL
	 Lennar Colorado, LLC
	  	 	100.000	% 	 	CO
	 Lennar Communities Development, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Communities Nevada, LLC
	  	 	100.000	% 	 	NV
	 Lennar Communities of Chicago L.L.C.
	  	 	100.000	% 	 	IL
	 Lennar Communities, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Construction, Inc.
	  	 	100.000	% 	 	AZ
	 Lennar Coto Holdings, L.L.C.
	  	 	100.000	% 	 	CA
	 Lennar Developers, Inc.
	  	 	100.000	% 	 	FL
	 Lennar Family of Builders GP, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Family of Builders Limited Partnership
	  	 	100.000	% 	 	DE
	 Lennar Fresno, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Georgia, Inc.
	  	 	100.000	% 	 	GA
	 Lennar Hingham Holdings, LLC
	  	 	100.000	% 	 	DE
	 Lennar Hingham JV, LLC
	  	 	100.000	% 	 	DE
	 Lennar Homes Holding, LLC
	  	 	100.000	% 	 	DE

 Schedule 1.1C    Guarantor Subsidiaries 

 

							
	 Name
	  	Ownership Percent	 	 	State of Incorporation
	 Lennar Homes of Arizona, Inc.
	  	 	100.000	% 	 	AZ
	 Lennar Homes of California, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Homes of Tennessee, LLC
	  	 	100.00	% 	 	TN
	 Lennar Homes of Texas Land and Construction, Ltd.
	  	 	100.000	% 	 	TX
	 Lennar Homes of Texas Sales and Marketing, Ltd.
	  	 	100.000	% 	 	TX
	 Lennar Homes, LLC
	  	 	100.000	% 	 	FL
	 Lennar Imperial Holdings Limited Partnership
	  	 	100.000	% 	 	DE
	 Lennar Land Partners Sub II, Inc.
	  	 	100.000	% 	 	NV
	 Lennar Land Partners Sub, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Layton, LLC
	  	 	100.000	% 	 	DE
	 Lennar Mare Island, LLC
	  	 	100.000	% 	 	CA
	 Lennar Marina A Funding, LLC
	  	 	100.000	% 	 	DE
	 Lennar Massachusetts Properties, Inc.
	  	 	100.000	% 	 	DE
	 Lennar New Jersey Properties, Inc.
	  	 	100.000	% 	 	DE
	 Lennar New York, LLC
	  	 	100.000	% 	 	NY
	 Lennar Northeast Properties LLC
	  	 	100.000	% 	 	NJ
	 Lennar Northeast Properties, Inc.
	  	 	100.000	% 	 	NV
	 Lennar Northwest, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Pacific Properties Management, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Pacific Properties, Inc.
	  	 	100.000	% 	 	DE
	 Lennar Pacific, Inc.
	  	 	100.000	% 	 	DE
	 Lennar PI Acquisition, LLC
	  	 	100.000	% 	 	NJ
	 Lennar PI Property Acquisition, LLC
	  	 	100.000	% 	 	NJ
	 Lennar PIS Management Company, LLC
	  	 	100.000	% 	 	DE
	 Lennar PNW, Inc.
	  	 	100.000	% 	 	WA
	 Lennar Port Imperial South, LLC
	  	 	100.000	% 	 	DE
	 Lennar Realty, Inc.
	  	 	100.000	% 	 	FL
	 Lennar Renaissance, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Reno, LLC
	  	 	100.000	% 	 	NV
	 Lennar Riverside West Urban Renewal Company, L.L.C.
	  	 	100.000	% 	 	NJ
	 Lennar Riverside West, LLC
	  	 	100.000	% 	 	DE
	 Lennar Sacramento, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Sales Corp.
	  	 	100.000	% 	 	CA
	 Lennar San Jose Holdings, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Southland I, Inc.
	  	 	100.000	% 	 	CA
	 Lennar Southwest Holding Corp.
	  	 	100.000	% 	 	NV
	 Lennar Texas Holding Company
	  	 	100.000	% 	 	TX
	 Lennar Trading Company, LP
	  	 	100.000	% 	 	TX
	 Lennar West Valley, LLC
	  	 	100.000	% 	 	CA
	 Lennar.com Inc.
	  	 	100.000	% 	 	FL
	 LFS Holding Company, LLC
	  	 	100.000	% 	 	DE
	 LH Eastwind, LLC
	  	 	100.000	% 	 	FL
	 LHI Renaissance, LLC
	  	 	100.000	% 	 	FL
	 LNC at Meadowbrook, LLC
	  	 	100.000	% 	 	IL
	 LNC at Ravenna, LLC
	  	 	100.000	% 	 	IL
	 LNC Communities I, Inc.
	  	 	100.000	% 	 	CO
	 LNC Communities II, LLC
	  	 	100.000	% 	 	CO
	 LNC Communities III, Inc.
	  	 	100.000	% 	 	CO
	 LNC Communities IV, LLC
	  	 	100.000	% 	 	CO
	 LNC Communities V, LLC
	  	 	100.000	% 	 	CO
	 LNC Communities VI, LLC
	  	 	100.000	% 	 	CO
	 LNC Communities VII, LLC
	  	 	100.000	% 	 	CO
	 LNC Communities VIII, LLC
	  	 	100.000	% 	 	CO
	 LNC Northeast Mortgage, Inc.
	  	 	100.000	% 	 	DE
	 LNC Pennsylvania Realty, Inc.
	  	 	100.000	% 	 	PA
	 Long Beach Development, LLC
	  	 	100.000	% 	 	TX
	 Lori Gardens Associates II, LLC
	  	 	100.000	% 	 	NJ
	 Lori Gardens Associates III, LLC
	  	 	100.000	% 	 	NJ
	 Lorton Station, LLC
	  	 	100.000	% 	 	VA
	 Madrona Village L.L.C.
	  	 	100.000	% 	 	IL
	 Madrona Village Mews L.L.C.
	  	 	100.000	% 	 	IL
	 Mid-County Utilities, Inc.
	  	 	100.000	% 	 	MD
	 Mission Viejo 12S Venture, LP
	  	 	100.000	% 	 	CA
	 Mission Viejo Holdings, Inc.
	  	 	100.000	% 	 	CA
	 North American Asset Development Corporation
	  	 	100.000	% 	 	CA
	 North American Title Company, Inc. (CA)
	  	 	100.000	% 	 	CA
	 Northbridge L.L.C.
	  	 	100.000	% 	 	IL
	 Northeastern Properties LP, Inc.
	  	 	100.000	% 	 	NV
	 Palm Gardens At Doral Clubhouse, LLC
	  	 	100.000	% 	 	FL
	 Palm Gardens at Doral, LLC
	  	 	100.000	% 	 	FL
	 Palm Vista Preserve, LLC
	  	 	100.000	% 	 	FL

 Schedule 1.1C    Guarantor Subsidiaries 

 

							
	 Name
	  	Ownership Percent	 	 	State of Incorporation
	 PG Properties Holding, LLC
	  	 	100.000	% 	 	NC
	 Pioneer Meadows Development, LLC
	  	 	100.000	% 	 	NV
	 Pioneer Meadows Investments, LLC
	  	 	100.000	% 	 	NV
	 POMAC, LLC
	  	 	100.000	% 	 	MD
	 Prestonfield L.L.C.
	  	 	100.000	% 	 	IL
	 PT Metro, LLC
	  	 	100.000	% 	 	DE
	 Raintree Village II L.L.C.
	  	 	100.000	% 	 	IL
	 Raintree Village, L.L.C.
	  	 	100.000	% 	 	IL
	 Rivenhome Corporation
	  	 	100.000	% 	 	FL
	 Rutenberg Homes of Texas, Inc.
	  	 	100.000	% 	 	TX
	 Rutenberg Homes, Inc.
	  	 	100.000	% 	 	FL
	 Rye Hill Company, LLC
	  	 	100.000	% 	 	NY
	 S. Florida Construction II, LLC
	  	 	100.000	% 	 	FL
	 S. Florida Construction III, LLC
	  	 	100.000	% 	 	FL
	 S. Florida Construction, LLC
	  	 	100.000	% 	 	FL
	 San Felipe Indemnity Co., Ltd.
	  	 	100.000	% 	 	Bermuda
	 San Lucia, LLC
	  	 	100.000	% 	 	FL
	 Savell Gulley Development, LLC
	  	 	100.000	% 	 	TX
	 Scarsdale, LTD.
	  	 	100.000	% 	 	TX
	 Seminole/70th, LLC
	  	 	100.000	% 	 	FL
	 Siena at Old Orchard, LLC
	  	 	100.000	% 	 	IL
	 Spanish Springs Development, LLC
	  	 	100.000	% 	 	NV
	 Stoney Corporation
	  	 	100.000	% 	 	FL
	 Strategic Holdings, Inc.
	  	 	100.000	% 	 	NV
	 Strategic Technologies, LLC
	  	 	100.000	% 	 	FL
	 Summerfield Venture L.L.C.
	  	 	100.000	% 	 	IL
	 Summerwood, LLC
	  	 	100.000	% 	 	MD
	 Temecula Valley, LLC
	  	 	100.000	% 	 	DE
	 The LNC Northeast Group, Inc.
	  	 	100.000	% 	 	DE
	 The Preserve at Coconut Creek, LLC
	  	 	100.000	% 	 	FL
	 U.S. Home Corporation
	  	 	100.000	% 	 	DE
	 U.S. Home of Arizona Construction Co.
	  	 	100.000	% 	 	AZ
	 U.S. Home Realty, Inc.
	  	 	100.000	% 	 	TX
	 U.S.H. Los Prados, Inc.
	  	 	100.000	% 	 	NV
	 U.S.H. Realty, Inc.
	  	 	100.000	% 	 	MD
	 USH - Flag, LLC
	  	 	100.000	% 	 	FL
	 USH Equity Corporation
	  	 	100.000	% 	 	NV
	 USH Woodbridge, Inc.
	  	 	100.000	% 	 	TX
	 UST Lennar GP PIS 10, LLC
	  	 	100.000	% 	 	DE
	 UST Lennar GP PIS 7, LLC
	  	 	100.000	% 	 	DE
	 UST Lennar HW Scala SF Joint Venture
	  	 	100.00	% 	 	DE
	 WCP, LLC
	  	 	100.000	% 	 	SC
	 West Chocolate Bayou Development, LLC
	  	 	100.000	% 	 	TX
	 West Van Buren L.L.C.
	  	 	100.000	% 	 	IL
	 Westchase, Inc.
	  	 	100.000	% 	 	NV

 Schedule 3.1 

Lennar Corporation 
 Outstanding
LOCs as of April 16, 2015 
 Revolver Facility 
  

							
	 ISSUING ENTITY
	  	LOC NUMBER	    	LOC AMOUNT	 
	 BOA
	  	3128926	    	 	60,000.00	  
		  	3130445	    	 	60,592.50	  
		  		    	  
	  
	 
	 BOA Total
				 	120,592.50	  
		  		    	  
	  
	 
	 CALIFORNIA BANK & TRUST
		SB06-2130		 	45,000.00	  
			SB06-2155		 	3,351,312.39	  
			SB06-2177		 	923,525.35	  
			SB06-2237		 	829,969.00	  
			SB06-2238		 	1,617,257.00	  
			SB06-2261		 	123,994.00	  
		  		    	  
	  
	 
	 CALIFORNIA BANK & TRUST Total
				 	6,891,057.74	  
		  		    	  
	  
	 
	 DEUTSCHE
		S19371		 	1,016,508.00	  
			S19372		 	76,493.69	  
			S20053		 	31,400.00	  
			S20055		 	1,213,936.00	  
		  		    	  
	  
	 
	 DEUTSCHE Total
				 	2,338,337.69	  
		  		    	  
	  
	 
	 PNC BANK
		18120035-00-000		 	167,501.60	  
			18120188-00-000		 	53,625.00	  
			18120784-00-000		 	92,141.70	  
			18120847-00-000		 	268,249.62	  
			18120961-00-000		 	50,919.00	  
			18120962-00-000		 	277,995.00	  
			18121151-00-000		 	127,831.60	  
			18121354-00-000		 	98,861.00	  
			18122714-00-000		 	71,736.13	  
			18122715-00-000		 	363,529.12	  
			18122877-00-000		 	79,148.15	  
			18122878-00-000		 	339,630.00	  
			18123193-00-000		 	194,312.70	  
			18123194-00-000		 	62,418.13	  
			18123245-00-000		 	67,380.71	  
		  		    	  
	  
	 
	 PNC BANK Total
				 	2,315,279.46	  
		  		    	  
	  
	 
	 WELLS FARGO
		IS0027652U		 	64,205.00	  
			IS0119785U		 	82,242.63	  
			IS0137645U		 	27,010.00	  
			IS0154875U		 	52,103.30	  
			IS0160973U		 	30,409.44	  
			IS0214307U		 	1,321,216.44	  
			IS0214353U		 	853,690.83	  
			IS0276419U		 	941,222.84	  
			IS0276420U		 	1,159,845.76	  
		  		    	  
	  
	 
	 WELLS FARGO Total
				 	4,531,946.24	  
		  		    	  
	  
	 
	 Grand Total
				 	16,197,213.63	  
		  		    	  
	  
	 

 Schedule 4.6 

Litigation 
 U.S. Home Corp. and
Lennar Corp. v. Settlers Crossing, LLC, et al., Civil Action No. DKC 08-1863 (D. Md.) 
 Cortina, et al. v. North American Title Co., Case
No. 07CECG01169. (Fresno County Superior Ct., CA) 

 LENNAR MAJORITY-OWNED SUBSIDIARIES AS OF 03-12-15 

Schedule 4.12 Subsidiaries 
  

							
	 Company Name
	  	 State
	    	Ultimate %	 
	 308 Furman, Ltd.
	  	TX	    	 	100.000	% 
	 360 Developers, LLC
	  	FL	    	 	100.000	% 
	 Ann Arundel Farms, Ltd.
	  	TX	    	 	100.000	% 
	 Aquaterra Utilities, Inc.
	  	FL	    	 	100.000	% 
	 Asbury Woods L.L.C.
	  	IL	    	 	100.000	% 
	 Astoria Options, LLC
	  	DE	    	 	100.000	% 
	 Autumn Creek Development, Ltd.
	  	TX	    	 	100.000	% 
	 Aylon, LLC
	  	DE	    	 	100.000	% 
	 Bainebridge 249, LLC
	  	FL	    	 	100.000	% 
	 Bay Colony Expansion 369, Ltd.
	  	TX	    	 	100.000	% 
	 Bay River Colony Development, Ltd.
	  	TX	    	 	100.000	% 
	 BB Investment Holdings, LLC
	  	NV	    	 	100.000	% 
	 BCI Properties, LLC
	  	NV	    	 	100.000	% 
	 Bellagio Lennar, LLC
	  	FL	    	 	100.000	% 
	 Belle Meade LEN Holdings, LLC
	  	FL	    	 	100.000	% 
	 Belle Meade Partners, LLC
	  	FL	    	 	100.000	% 
	 Bonterra Lennar, LLC
	  	FL	    	 	100.000	% 
	 BPH I, LLC
	  	NV	    	 	100.000	% 
	 Bramalea California, Inc.
	  	CA	    	 	100.000	% 
	 Bressi Gardenlane, LLC
	  	DE	    	 	100.000	% 
	 Builders LP, Inc.
	  	DE	    	 	100.000	% 
	 Cambria L.L.C.
	  	IL	    	 	100.000	% 
	 Cary Woods, LLC
	  	IL	    	 	100.000	% 
	 Casa Marina Development, LLC
	  	FL	    	 	100.000	% 
	 Caswell Acquisition Group, LLC
	  	DE	    	 	100.000	% 
	 Cedar Lakes II, LLC
	  	NC	    	 	100.000	% 
	 Chancellor Place at Hamilton, LLC
	  	NJ	    	 	100.000	% 
	 Cherrytree II LLC
	  	MD	    	 	100.000	% 
	 CL Ventures, LLC
	  	FL	    	 	100.000	% 
	 Club Bonterra Lennar, LLC
	  	FL	    	 	100.000	% 
	 Coco Palm 82, LLC
	  	FL	    	 	100.000	% 
	 Colonial Heritage LLC
	  	VA	    	 	100.000	% 
	 Concord Station, LLP
	  	FL	    	 	100.000	% 
	 Coto De Caza, Ltd., Limited Partnership
	  	CA	    	 	100.000	% 
	 Coventry L.L.C.
	  	IL	    	 	100.000	% 
	 CP Red Oak Management, LLC
	  	TX	    	 	100.000	% 
	 CP Red Oak Partners, Ltd.
	  	TX	    	 	100.000	% 
	 CPFE, LLC
	  	MD	    	 	100.000	% 
	 Creekside Crossing, L.L.C.
	  	IL	    	 	100.000	% 

							
	 Crest at Fondren Holdings, LLC.
		DE		 	100.000	% 
	 Crest at Fondren Investor, LLC.
		DE		 	100.000	% 
	 CV Parcel, LLC
		FL		 	100.000	% 
	 Danville Tassajara Partners, LLC (inactive but not formally dissolved)
		DE		 	100.000	% 
	 Darcy-Joliet L.L.C.
		IL		 	100.000	% 
	 DBJ Holdings, LLC
		NV		 	100.000	% 
	 DCA Financial, LLC
		FL		 	100.000	% 
	 DTC Holdings of Florida, LLC
		FL		 	100.000	% 
	 Durrell 33, LLC
		NJ		 	100.000	% 
	 Eagle Bend Commercial, LLC
		CO		 	100.000	% 
	 Eagle Home Mortgage Holdings, LLC
		DE		 	100.000	% 
	 Eagle Home Mortgage of California, Inc.
		CA		 	100.000	% 
	 Eagle Mortgage Holdings, LLC
		DE		 	100.000	% 
	 Edgefield Holdings, LLC
		DE		 	100.000	% 
	 Edgewater Reinsurance, Ltd.
				 	100.000	% 
	 Estates Seven, LLC
		DE		 	100.000	% 
	 EV, LLC
		MD		 	100.000	% 
	 Evergreen Village LLC
		DE		 	100.000	% 
	 F&R Florida Homes, LLC
		FL		 	100.000	% 
	 F&R QVI Home Investments USA, LLC
		DE		 	100.000	% 
	 Fidelity Guaranty and Acceptance Corp.
		DE		 	100.000	% 
	 FLORDADE LLC
		FL		 	100.000	% 
	 Fox-Maple Associates, LLC
		NJ		 	100.000	% 
	 Friendswood Development Company, LLC
		TX		 	100.000	% 
	 Garco Investments, LLC
		FL		 	100.000	% 
	 Greystone Construction, Inc.
		AZ		 	100.000	% 
	 Greystone Homes of Nevada, Inc.
		DE		 	100.000	% 
	 Greystone Homes, Inc.
		DE		 	100.000	% 
	 Greystone Nevada, LLC
		DE		 	100.000	% 
	 Greywall Club L.L.C.
		IL		 	100.000	% 
	 Hammocks Lennar LLC
		FL		 	100.000	% 
	 Harveston, LLC
		DE		 	100.000	% 
	 Haverford Venture L.L.C.
		IL		 	100.000	% 
	 Haverton L.L.C.
		IL		 	100.000	% 
	 HCC Investors, LLC
		DE		 	100.000	% 
	 Heathcote Commons LLC
		VA		 	100.000	% 
	 Heritage of Auburn Hills, L.L.C.
		MI		 	100.000	% 
	 Hewitts Landing Trustee, LLC
		MA		 	100.000	% 
	 Home Buyer’s Advantage Realty, Inc.
		TX		 	100.000	% 
	 Homecraft Corporation
		TX		 	100.000	% 
	 HTC Golf Club, LLC
		CO		 	100.000	% 
	 HW SF, LLC
		TX		 	100.000	% 
	 Inactive Companies, LLC
		FL		 	100.000	% 

							
	 Independence L.L.C.
		VA		 	100.000	% 
	 Isles at Bayshore Club, LLC
		FL		 	100.000	% 
	 Kendall Hammocks Commercial, LLC
		FL		 	100.000	% 
	 LAC MOUNTAIN VIEW INVESTOR, LLC
		DE		 	100.000	% 
	 Lakelands at Easton, L.L.C.
		MD		 	100.000	% 
	 Lakeside Farm, LLC
		MD		 	100.000	% 
	 LCD Asante, LLC
		DE		 	100.000	% 
	 LCI Downtown Doral Investor, LLC
		DE		 	100.000	% 
	 LCI North DeKalb Investor GP, LLC
		DE		 	100.000	% 
	 LCI North DeKalb Investor LP, LLC
		DE		 	100.000	% 
	 Legends Club, LLC
		FL		 	100.000	% 
	 Legends Golf Club, LLC
		FL		 	100.000	% 
	 LEN - Belle Meade, LLC
		FL		 	100.000	% 
	 LEN - OBS Windemere, LLC
		DE		 	100.000	% 
	 LEN - Palm Vista, LLC
		FL		 	100.000	% 
	 LEN OT Holdings, LLC
		FL		 	100.000	% 
	 LEN Paradise Cable, LLC
		FL		 	100.000	% 
	 LEN Paradise Operating, LLC
		FL		 	100.000	% 
	 Len Paradise, LLC
		FL		 	100.000	% 
	 LEN-CG South, LLC
		FL		 	100.000	% 
	 Lencraft, LLC
		MD		 	100.000	% 
	 LENH I, LLC
		FL		 	100.000	% 
	 Len-Hawks Point, LLC
		FL		 	100.000	% 
	 Lennar - BVHP, LLC
		CA		 	100.000	% 
	 Lennar Aircraft I, LLC
		DE		 	100.000	% 
	 Lennar Arizona Construction, Inc.
		AZ		 	100.000	% 
	 Lennar Arizona, Inc.
		AZ		 	100.000	% 
	 Lennar Associates Management Holding Company
		FL		 	100.000	% 
	 Lennar Associates Management, LLC
		DE		 	100.000	% 
	 Lennar Avenue One, LLC
		DE		 	100.000	% 
	 Lennar Berkeley, LLC
		NJ		 	100.000	% 
	 Lennar Bridges, LLC
		CA		 	100.000	% 
	 Lennar Buffington Colorado Crossing, L.P.
		TX		 	100.000	% 
	 Lennar Buffington Zachary Scott, L.P.
		TX		 	100.000	% 
	 Lennar Carolinas, LLC
		DE		 	100.000	% 
	 Lennar Central Park, LLC
		DE		 	100.000	% 
	 Lennar Central Region Sweep, Inc.
		NV		 	100.000	% 
	 Lennar Central Texas, L.P.
		TX		 	100.000	% 
	 Lennar Chicago, Inc.
		IL		 	100.000	% 
	 Lennar Cobra, LLC
		DE		 	100.000	% 
	 Lennar Colorado Minerals LLC
		CO		 	100.000	% 
	 Lennar Colorado, LLC
		CO		 	100.000	% 
	 Lennar Commercial Investors, LLC
		FL		 	100.000	% 
	 Lennar Commercial Services, Inc.
		CA		 	100.000	% 

							
	 Lennar Commercial Services, LLC
		DE		 	100.000	% 
	 Lennar Communities Development, Inc.
		DE		 	100.000	% 
	 Lennar Communities Nevada, LLC
		NV		 	100.000	% 
	 Lennar Communities of Chicago L.L.C.
		IL		 	100.000	% 
	 Lennar Communities, Inc.
		CA		 	100.000	% 
	 Lennar Concord, LLC
		DE		 	100.000	% 
	 Lennar Construction, Inc.
		AZ		 	100.000	% 
	 Lennar Coto Holdings, L.L.C.
		CA		 	100.000	% 
	 Lennar Courts, LLC
		FL		 	100.000	% 
	 Lennar Developers, Inc.
		FL		 	100.000	% 
	 Lennar Ewing, LLC
		NJ		 	100.000	% 
	 Lennar Family of Builders GP, Inc.
		DE		 	100.000	% 
	 Lennar Family of Builders Limited Partnership
		DE		 	100.000	% 
	 Lennar Financial Services, LLC
		FL		 	100.000	% 
	 Lennar Flamingo, LLC
		FL		 	100.000	% 
	 Lennar Fresno, Inc.
		CA		 	100.000	% 
	 Lennar Gardens, LLC
		FL		 	100.000	% 
	 Lennar Georgia, Inc.
		GA		 	100.000	% 
	 Lennar Greer Ranch Venture, LLC
		CA		 	100.000	% 
	 Lennar Heritage Fields, LLC
		CA		 	100.000	% 
	 Lennar Hingham Holdings, LLC
		DE		 	100.000	% 
	 Lennar Hingham JV, LLC
		DE		 	100.000	% 
	 Lennar Homes Holding, LLC
		DE		 	100.000	% 
	 Lennar Homes NJ, LLC
		DE		 	100.000	% 
	 Lennar Homes of Arizona, Inc.
		AZ		 	100.000	% 
	 Lennar Homes of California, Inc.
		CA		 	100.000	% 
	 LENNAR HOMES OF TENNESSEE, LLC
		DE		 	100.000	% 
	 Lennar Homes of Texas Land and Construction, Ltd.
		TX		 	100.000	% 
	 Lennar Homes of Texas Sales and Marketing, Ltd.
		TX		 	100.000	% 
	 Lennar Homes, LLC
		FL		 	100.000	% 
	 Lennar HW Scala SF GP, LLC
		DE		 	100.000	% 
	 Lennar Illinois Trading Company, LLC
		IL		 	100.000	% 
	 Lennar Imperial Holdings Limited Partnership
		DE		 	100.000	% 
	 Lennar Insurance Services, Inc.
		FL		 	100.000	% 
	 Lennar International Holding, LLC
		DE		 	100.000	% 
	 Lennar International, LLC
		DE		 	100.000	% 
	 Lennar Lakeside Investor, LLC
		DE		 	100.000	% 
	 Lennar Land Partners Sub II, Inc.
		NV		 	100.000	% 
	 Lennar Land Partners Sub, Inc.
		DE		 	100.000	% 
	 Lennar Layton, LLC
		DE		 	100.000	% 
	 Lennar Long Beach Promenade Partners, LLC
		DE		 	100.000	% 
	 Lennar Lytle, LLC
		DE		 	100.000	% 
	 Lennar Mare Island, LLC
		CA		 	100.000	% 
	 Lennar Marina A Funding, LLC
		DE		 	100.000	% 

							
	 Lennar Massachusetts Properties, Inc.
		DE		 	100.000	% 
	 Lennar MF Holdings, LLC
		DE		 	100.000	% 
	 Lennar Middletown, LLC
		NJ		 	100.000	% 
	 Lennar Multifamily Communities, LLC
		DE		 	100.000	% 
	 Lennar Multifamily Living, LLC
		DE		 	100.000	% 
	 Lennar New Jersey Properties, Inc.
		DE		 	100.000	% 
	 Lennar New York, LLC
		NY		 	100.000	% 
	 Lennar Northeast Properties LLC
		NJ		 	100.000	% 
	 Lennar Northeast Properties, Inc.
		NV		 	100.000	% 
	 Lennar Northwest, Inc.
		DE		 	100.000	% 
	 Lennar Pacific Properties Management, Inc.
		DE		 	100.000	% 
	 Lennar Pacific Properties, Inc.
		DE		 	100.000	% 
	 Lennar Pacific, Inc.
		DE		 	100.000	% 
	 Lennar PI Acquisition, LLC
		NJ		 	100.000	% 
	 Lennar PI Property Acquisition, LLC
		NJ		 	100.000	% 
	 Lennar PIS Management Company, LLC
		DE		 	100.000	% 
	 Lennar PNW, Inc.
		WA		 	100.000	% 
	 Lennar Point, LLC
		NJ		 	100.000	% 
	 Lennar Port Imperial South, LLC
		DE		 	100.000	% 
	 Lennar Realty, Inc.
		FL		 	100.000	% 
	 Lennar Renaissance, Inc.
		CA		 	100.000	% 
	 Lennar Reno, LLC
		NV		 	100.000	% 
	 Lennar Rialto Investment LP
		DE		 	100.000	% 
	 Lennar Riverside West Urban Renewal Company, L.L.C.
		NJ		 	100.000	% 
	 Lennar Riverside West, LLC
		DE		 	100.000	% 
	 Lennar Sacramento, Inc.
		CA		 	100.000	% 
	 Lennar Sales Corp.
		CA		 	100.000	% 
	 Lennar San Jose Holdings, Inc.
		CA		 	100.000	% 
	 Lennar Southland I, Inc.
		CA		 	100.000	% 
	 Lennar Southwest Holding Corp.
		NV		 	100.000	% 
	 Lennar Spencer’s Crossing, LLC
		DE		 	100.000	% 
	 Lennar Texas Holding Company
		TX		 	100.000	% 
	 Lennar Trading Company, LP
		TX		 	100.000	% 
	 Lennar Ventures, LLC
		FL		 	100.000	% 
	 Lennar West Valley, LLC
		CA		 	100.000	% 
	 Lennar.com Inc.
		FL		 	100.000	% 
	 Lennar/LNR Camino Palomar, LLC
		CA		 	100.000	% 
	 Lennar/Shadeland, LLC
		PA		 	100.000	% 
	 Lennar-Lantana Boatyard, Inc.
		FL		 	100.000	% 
	 LEN-Ryan 1, LLC
		FL		 	100.000	% 
	 Len-Verandahs, LLP
		FL		 	100.000	% 
	 LFS Holding Company, LLC
		DE		 	100.000	% 
	 LFS Securities, LLC
		FL		 	100.000	% 

							
	 LH Eastwind, LLC
		FL		 	100.000	% 
	 LHC HP I, LLC
		DE		 	100.000	% 
	 LHC HP II, LLC
		DE		 	100.000	% 
	 LH-EH Layton Lakes Estates, LLC
		AZ		 	100.000	% 
	 LHI Renaissance, LLC
		FL		 	100.000	% 
	 LMC 1001 Olive Investor, LLC
		DE		 	100.000	% 
	 LMC 144th and Grant Investor, LLC
		DE		 	100.000	% 
	 LMC 2026 Madison Holdings, LLC
		DE		 	100.000	% 
	 LMC 2026 Madison Investor, LLC
		DE		 	100.000	% 
	 LMC 85 South Union Holdings, LLC
		DE		 	100.000	% 
	 LMC Axis Westminster Holdings, LLC
		DE		 	100.000	% 
	 LMC Berkeley I Investor, LLC
		DE		 	100.000	% 
	 LMC Berry Hill Lofts Holdings, LLC
		DE		 	100.000	% 
	 LMC Berry Hill Lofts Investor, LLC
		DE		 	100.000	% 
	 LMC Bloomington Holdings, LLC
		DE		 	100.000	% 
	 LMC Boca City Walk Developer, LLC
		DE		 	100.000	% 
	 LMC Boca City Walk Investor, LLC
		DE		 	100.000	% 
	 LMC Bolingbrook Holdings, LLC
		DE		 	100.000	% 
	 LMC Central at McDowell, LLC
		DE		 	100.000	% 
	 LMC Chandler and McClintock Holdings, LLC
		DE		 	100.000	% 
	 LMC Charlotte Ballpark Developer, LLC
		DE		 	100.000	% 
	 LMC Cityville Oak Park Holdings, LLC
		DE		 	100.000	% 
	 LMC Cityville Oak Park Investor, LLC
		DE		 	100.000	% 
	 LMC Edina Holdings, LLC
		DE		 	100.000	% 
	 LMC Emeryville I Lennar Investor, LLC
		DE		 	100.000	% 
	 LMC Gateway Investor, LLC
		DE		 	100.000	% 
	 LMC Gateway Venture, LLC
		DE		 	100.000	% 
	 LMC Gilman Square Investor, LLC
		DE		 	100.000	% 
	 LMC Hollywood Highland Investor, LLC
		DE		 	100.000	% 
	 LMC Malden Station Investor, LLC
		DE		 	100.000	% 
	 LMC Millenia Investor, LLC
		DE		 	100.000	% 
	 LMC Milpitas Holdings I, LLC
		DE		 	100.000	% 
	 LMC Parkfield Holdings, LLC
		DE		 	100.000	% 
	 LMC Taylor Street Holdings, LLC
		DE		 	100.000	% 
	 LMC Vallagio III Holdings, LLC
		DE		 	100.000	% 
	 LMC West Loop Investor, LLC
		DE		 	100.000	% 
	 LMI - Jacksonville Investor, LLC
		DE		 	100.000	% 
	 LMI - South Kings Development Investor, LLC
		DE		 	100.000	% 
	 LMI - West Seattle Holdings, LLC
		DE		 	100.000	% 
	 LMI - West Seattle Investor, LLC
		DE		 	100.000	% 
	 LMI - West Seattle, LLC
		DE		 	100.000	% 
	 LMI (150 OCEAN) INVESTOR, LLC
		DE		 	100.000	% 
	 LMI 99 Hudson Developer, LLC
		DE		 	100.000	% 
	 LMI 99 Hudson Investor, LLC
		DE		 	100.000	% 

							
	 LMI Cell Tower Investors, LLC
		DE		 	100.000	% 
	 LMI Collegedale Investor, LLC
		DE		 	100.000	% 
	 LMI Collegedale, LLC
		DE		 	100.000	% 
	 LMI Contractors, LLC
		DE		 	100.000	% 
	 LMI Glencoe Dallas Investor, LLC
		DE		 	100.000	% 
	 LMI Lakes West Covina Investor, LLC
		DE		 	100.000	% 
	 LMI Lakes West Covina, LLC
		DE		 	100.000	% 
	 LMI Largo Park Investor, LLC
		DE		 	100.000	% 
	 LMI Las Colinas Station, LLC
		DE		 	100.000	% 
	 LMI Little Italy Holdings, LLC
		DE		 	100.000	% 
	 LMI Naperville Investor, LLC
		DE		 	100.000	% 
	 LMI Pacific Tower, LLC
		DE		 	100.000	% 
	 LMI Park Central Investor, LLC
		DE		 	100.000	% 
	 LMI Park Central Two, LLC
		DE		 	100.000	% 
	 LMI Peachtree Corners Investor, LLC
		DE		 	100.000	% 
	 LMI Peachtree Corners, LLC
		DE		 	100.000	% 
	 LMI Pearl Apartment Homes Investor, LLC
		DE		 	100.000	% 
	 LMI Redwood City Investor, LLC
		DE		 	100.000	% 
	 LMI TEMPE 601 W. RIO SALADO INVESTOR, LLC
		DE		 	100.000	% 
	 LMI-AECOM Holdings, LLC
		DE		 	100.000	% 
	 LMI-AECOM Jersey City, LLC
		DE		 	100.000	% 
	 LMICS, LLC
		DE		 	100.000	% 
	 LMI-JC Developer, LLC
		DE		 	100.000	% 
	 LMI-JC, LLC
		DE		 	100.000	% 
	 LNC at Meadowbrook, LLC
		IL		 	100.000	% 
	 LNC at Ravenna, LLC
		IL		 	100.000	% 
	 LNC Communities I, Inc.
		CO		 	100.000	% 
	 LNC Communities II, LLC
		CO		 	100.000	% 
	 LNC Communities III, Inc.
		CO		 	100.000	% 
	 LNC Communities IV, LLC
		CO		 	100.000	% 
	 LNC Communities IX, LLC
		CO		 	100.000	% 
	 LNC Communities V, LLC
		CO		 	100.000	% 
	 LNC Communities VI, LLC
		CO		 	100.000	% 
	 LNC Communities VII, LLC
		CO		 	100.000	% 
	 LNC Communities VIII, LLC
		CO		 	100.000	% 
	 LNC Northeast Mortgage, Inc.
		DE		 	100.000	% 
	 LNC Pennsylvania Realty, Inc.
		PA		 	100.000	% 
	 Long Beach Development, LLC
		TX		 	100.000	% 
	 Longleaf Acquisition, LLC
		FL		 	100.000	% 
	 Lori Gardens Associates II, LLC
		NJ		 	100.000	% 
	 Lori Gardens Associates III, LLC
		NJ		 	100.000	% 
	 Lori Gardens Associates, L.L.C.
		NJ		 	100.000	% 
	 Lorton Station, LLC
		VA		 	100.000	% 
	 LW D’Andrea, LLC
		DE		 	100.000	% 

							
	 Madrona Ridge L.L.C.
		IL		 	100.000	% 
	 Madrona Village L.L.C.
		IL		 	100.000	% 
	 Madrona Village Mews L.L.C.
		IL		 	100.000	% 
	 Majestic Woods, LLC
		NJ		 	100.000	% 
	 Marble Mountain Partners, LLC
		DE		 	100.000	% 
	 Mid-County Utilities, Inc.
		MD		 	100.000	% 
	 Miralago West Lennar, LLC
		FL		 	100.000	% 
	 Mission Viejo 12S Venture, LP
		CA		 	100.000	% 
	 Mission Viejo Holdings, Inc.
		CA		 	100.000	% 
	 Moffett Meadows Partners, LLC
		DE		 	100.000	% 
	 NASSA LLC
		FL		 	100.000	% 
	 NC Crabtree Valley, LLC
		DE		 	100.000	% 
	 NC Properties I, LLC
		DE		 	100.000	% 
	 NC Properties II, LLC
		DE		 	100.000	% 
	 North American Advantage Insurance Services, LLC
		TX		 	100.000	% 
	 North American Asset Development Corporation
		CA		 	100.000	% 
	 North American Exchange Company
		CA		 	100.000	% 
	 North American National Title Solutions, LLC
		FL		 	100.000	% 
	 North American National Title Solutions, LLC
		DE		 	100.000	% 
	 North American National Title Solutions, LLC
		MD		 	100.000	% 
	 North American Services, LLC
		CA		 	100.000	% 
	 North American Title Agency, Inc.
		NJ		 	100.000	% 
	 North American Title Alliance, LLC
		FL		 	100.000	% 
	 North American Title Company (AZ)
		AZ		 	100.000	% 
	 North American Title Company (FL)
		FL		 	100.000	% 
	 North American Title Company (IL)
		IL		 	100.000	% 
	 North American Title Company (MD)
		MD		 	100.000	% 
	 North American Title Company (MN)
		MN		 	100.000	% 
	 North American Title Company (NV)
		NV		 	100.000	% 
	 North American Title Company (TX)
		TX		 	100.000	% 
	 North American Title Company of Colorado
		CO		 	100.000	% 
	 North American Title Company, Inc. (CA)
		CA		 	100.000	% 
	 North American Title Company, LLC (OH)
		OH		 	100.000	% 
	 North American Title Florida Alliance, LLC
		FL		 	100.000	% 
	 North American Title Group, Inc. (FL)
		FL		 	100.000	% 
	 North American Title Insurance Company
		CA		 	100.000	% 
	 North American Title, LLC (UT)
		UT		 	100.000	% 
	 North American Trust, Inc.
		FL		 	100.000	% 
	 Northbridge L.L.C.
		IL		 	100.000	% 
	 Northeastern Properties LP, Inc.
		NV		 	100.000	% 
	 OHC/Ascot Belle Meade, LLC
		FL		 	100.000	% 
	 One SR, L.P.
		TX		 	100.000	% 
	 Osceola Trace, LLC
		FL		 	100.000	% 
	 Palm Gardens At Doral Clubhouse, LLC
		FL		 	100.000	% 

							
	 Palm Gardens at Doral, LLC
		FL		 	100.000	% 
	 Palm Vista Preserve, LLC
		FL		 	100.000	% 
	 PD-Len Boca Raton, LLC
		DE		 	100.000	% 
	 PD-Len Delray, LLC
		DE		 	100.000	% 
	 PG Properties Holding, LLC
		NC		 	100.000	% 
	 Pioneer Meadows Development, LLC
		NV		 	100.000	% 
	 Pioneer Meadows Investments, LLC
		NV		 	100.000	% 
	 POMAC, LLC
		MD		 	100.000	% 
	 Port Imperial South Building 14, LLC
		NJ		 	100.000	% 
	 Prestonfield L.L.C.
		IL		 	100.000	% 
	 Providence Lakes, LLP
		FL		 	100.000	% 
	 PT Metro, LLC
		DE		 	100.000	% 
	 Raintree Village II L.L.C.
		IL		 	100.000	% 
	 Raintree Village L.L.C.
		IL		 	100.000	% 
	 Renaissance Joint Venture
		FL		 	100.000	% 
	 Reserve @ Pleasant Grove II LLC
		NJ		 	100.000	% 
	 Reserve @ Pleasant Grove LLC
		NJ		 	100.000	% 
	 Reserve at River Park, LLC
		NJ		 	100.000	% 
	 Reserve at South Harrison, LLC (inactive but not legally dissolved)
		NJ		 	100.000	% 
	 Rialto Capital Advisors of New York, LLC
		DE		 	100.000	% 
	 Rialto Capital Advisors, LLC
		DE		 	100.000	% 
	 Rialto Capital Management, LLC
		DE		 	100.000	% 
	 Rialto Capital Partners, LLC
		DE		 	100.000	% 
	 Rialto Capital Services, LLC
		DE		 	100.000	% 
	 Rialto Capital Servicing, LLC
		DE		 	100.000	% 
	 Rialto CMBS, LLC
		DE		 	100.000	% 
	 Rialto Corporation
		DE		 	100.000	% 
	 Rialto Holdings, LLC
		DE		 	100.000	% 
	 Rialto Investments, LLC
		DE		 	100.000	% 
	 RIALTO MEZZ HOLDINGS, LLC
		DE		 	100.000	% 
	 Rialto Mezz Partners GP, LLC
		DE		 	100.000	% 
	 Rialto Mortgage Finance, LLC
		DE		 	100.000	% 
	 Rialto Partners GP II, LLC
		DE		 	100.000	% 
	 Rialto Partners GP, LLC
		DE		 	100.000	% 
	 Rialto REGI, LLC
		FL		 	100.000	% 
	 Rialto RL CML 2009-1, LLC
		DE		 	100.000	% 
	 Rialto RL RES 2009-1, LLC
		DE		 	100.000	% 
	 rialtodemo
		DE		 	100.000	% 
	 Rivendell Joint Venture
		FL		 	100.000	% 
	 Rivenhome Corporation
		FL		 	100.000	% 
	 RL BB Clearwater, LLC
		FL		 	100.000	% 
	 RL BB FINANCIAL, LLC
		FL		 	100.000	% 
	 RL BB Ocala, LLC
		FL		 	100.000	% 

							
	 RL BB-AL, LLC
		AL		 	100.000	% 
	 RL BB-FL ALHI, LLC.
		FL		 	100.000	% 
	 RL BB-FL Hillsborough, LLC
		FL		 	100.000	% 
	 RL BB-GA, LLC
		GA		 	100.000	% 
	 RL BB-IL, LLC
		IL		 	100.000	% 
	 RL BB-IN KRE OP, LLC.
		DE		 	100.000	% 
	 RL BB-IN KRE RE, LLC.
		DE		 	100.000	% 
	 RL BB-IN KRE, LLC.
		DE		 	100.000	% 
	 RL BB-MD CSM, LLC
		MD		 	100.000	% 
	 RL BB-MD RML, LLC.
		MD		 	100.000	% 
	 RL BB-MS, LLC
		MS		 	100.000	% 
	 RL BB-NC BOL 18, LLC
		NC		 	100.000	% 
	 RL BB-NC BOL, LLC
		NC		 	100.000	% 
	 RL BB-NC BSA, LLC
		NC		 	100.000	% 
	 RL BB-NC CCR, LLC
		NC		 	100.000	% 
	 RL BB-NC FCI, LLC
		NC		 	100.000	% 
	 RL BB-NC, LLC
		NC		 	100.000	% 
	 RL BB-OH, LLC
		OH		 	100.000	% 
	 RL BB-SC Brooksa, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR II, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR III, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR IV, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR V, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR VI, LLC
		SC		 	100.000	% 
	 RL BB-SC CLR, LLC
		SC		 	100.000	% 
	 RL BB-SC CRRC, LLC
		SC		 	100.000	% 
	 RL BB-TN BRISTOL, LLC
		TN		 	100.000	% 
	 RL BB-TN RACEDAY TOWER, LLC
		TN		 	100.000	% 
	 RL BB-TN, LLC
		TN		 	100.000	% 
	 RL BB-TX, LLC
		TX		 	100.000	% 
	 RL BB-WV, LLC
		WV		 	100.000	% 
	 RL CMBS Holdings, LLC
		DE		 	100.000	% 
	 RL CMBS Investor, LLC
		DE		 	100.000	% 
	 RL REGI ARKANSAS, LLC
		AR		 	100.000	% 
	 RL REGI FINANCIAL, LLC
		FL		 	100.000	% 
	 RL REGI GEORGIA, LLC
		GA		 	100.000	% 
	 RL REGI KANSAS, LLC
		KS		 	100.000	% 
	 RL REGI LOUISIANA, LLC
		LA		 	100.000	% 
	 RL REGI MISSISSIPPI, LLC
		MS		 	100.000	% 
	 RL REGI MISSOURI, LLC
		MO		 	100.000	% 
	 RL REGI NORTH CAROLINA, LLC
		NC		 	100.000	% 
	 RL REGI SOUTH CAROLINA, LLC
		SC		 	100.000	% 
	 RL REGI TENNESSEE, LLC
		TN		 	100.000	% 
	 RL REGI VIRGINIA, LLC
		VA		 	100.000	% 

							
	 RL REGI-AL Carrington, LLC
		AL		 	100.000	% 
	 RL REGI-AL HMS, LLC
		AL		 	100.000	% 
	 RL REGI-AL HP, LLC.
		AL		 	100.000	% 
	 RL REGI-AR GBE, LLC
		AR		 	100.000	% 
	 RL REGI-FL APOPKA, LLC
		FL		 	100.000	% 
	 RL REGI-FL CRC, LLC
		FL		 	100.000	% 
	 RL REGI-FL CUTLER RIDGE, LLC
		FL		 	100.000	% 
	 RL Regi-FL ESH, LLC.
		FL		 	100.000	% 
	 RL REGI-FL FT. PIERCE, LLC
		FL		 	100.000	% 
	 RL REGI-FL GDL, LLC
		FL		 	100.000	% 
	 RL REGI-FL ITALIA, LLC
		FL		 	100.000	% 
	 RL REGI-FL PASCO COUNTY, LLC
		FL		 	100.000	% 
	 RL REGI-FL RDI, LLC
		FL		 	100.000	% 
	 RL REGI-FL RUSKIN, LLC
		FL		 	100.000	% 
	 RL REGI-FL SARASOTA, LLC
		FL		 	100.000	% 
	 RL REGI-FL TPL, LLC
		FL		 	100.000	% 
	 RL REGI-FL VARC, LLC
		FL		 	100.000	% 
	 RL REGI-GA AS VILLAS, LLC
		GA		 	100.000	% 
	 RL REGI-GA DRAD, LLC
		GA		 	100.000	% 
	 RL REGI-GA HAY DB, LLC
		GA		 	100.000	% 
	 RL REGI-GA KGI, LLC
		GA		 	100.000	% 
	 RL REGI-GA MHU, LLC
		GA		 	100.000	% 
	 RL REGI-GA RLR, LLC
		GA		 	100.000	% 
	 RL REGI-KS Conquest, LLC
		KS		 	100.000	% 
	 RL REGI-MO BRANSON, LLC
		MO		 	100.000	% 
	 RL REGI-MO GMB, LLC
		MO		 	100.000	% 
	 RL REGI-MO MOSCOW MILLS, LLC
		MO		 	100.000	% 
	 RL REGI-MO PIN OAK, LLC
		MO		 	100.000	% 
	 RL REGI-MS Double H, LLC
		MO		 	100.000	% 
	 RL REGI-MS OCEAN SPRINGS, LLC
		MS		 	100.000	% 
	 RL REGI-NC CIL, LLC
		NC		 	100.000	% 
	 RL REGI-NC CSP, LLC
		NC		 	100.000	% 
	 RL REGI-NC GTREE, LLC
		NC		 	100.000	% 
	 RL REGI-NC Little Wing, LLC.
		NC		 	100.000	% 
	 RL REGI-NC Mland, LLC
		NC		 	100.000	% 
	 RL REGI-NC MLD, LLC
		NC		 	100.000	% 
	 RL REGI-NC RALEIGH, LLC
		NC		 	100.000	% 
	 RL REGI-NC RFP, LLC
		NC		 	100.000	% 
	 RL REGI-NC SUGARM, LLC
		NC		 	100.000	% 
	 RL REGI-NM, LLC
		NM		 	100.000	% 
	 RL REGI-SC CTL, LLC
		SC		 	100.000	% 
	 RL Regi-SC CTL, LLC.
		SC		 	100.000	% 
	 RL REGI-SC LAKE E, LLC
		SC		 	100.000	% 
	 RL REGI-SC TCS, LLC
		SC		 	100.000	% 

							
	 RL Regi-SC TDG, LLC.
		SC		 	100.000	% 
	 RL REGI-SC TIG, LLC
		SC		 	100.000	% 
	 RL REGI-TN GVC, LLC
		TN		 	100.000	% 
	 RL REGI-TN OAK, LLC
		TN		 	100.000	% 
	 RL REGI-TN Sevierville, LLC
		TN		 	100.000	% 
	 RL REGI-TN SPRINGHILL, LLC
		TN		 	100.000	% 
	 RL REGI-TN WILLIAMSON, LLC
		TN		 	100.000	% 
	 RL REGI-VA GLENA, LLC
		VA		 	100.000	% 
	 RL-Regi-SC DDBS, LLC.
		SC		 	100.000	% 
	 RMF Alliance, LLC
		DE		 	100.000	% 
	 RMF Commercial, LLC
		DE		 	100.000	% 
	 RMF Partner, LLC
		DE		 	100.000	% 
	 RMF PR New York, LLC
		DE		 	100.000	% 
	 RMF Sub 1, LLC
		DE		 	100.000	% 
	 RMV, LLC
		MD		 	100.000	% 
	 Rocking Horse Minerals, LLC
		CO		 	100.000	% 
	 Rutenberg Homes of Texas, Inc.
		TX		 	100.000	% 
	 Rutenberg Homes, Inc. (Florida)
		FL		 	100.000	% 
	 Rye Hill Company, LLC
		NY		 	100.000	% 
	 S. Florida Construction II, LLC
		FL		 	100.000	% 
	 S. Florida Construction III, LLC
		FL		 	100.000	% 
	 S. Florida Construction, LLC
		FL		 	100.000	% 
	 San Felipe Indemnity Co., Ltd.
				 	100.000	% 
	 San Lucia, LLC
		FL		 	100.000	% 
	 Santa Ana Transit Village, LLC
		CA		 	100.000	% 
	 Savannah Development, Ltd.
		TX		 	100.000	% 
	 Savell Gulley Development, LLC
		TX		 	100.000	% 
	 SC 521 Indian Land Reserve South, LLC
		DE		 	100.000	% 
	 SC 521 Indian Land Reserve, LLC
		DE		 	100.000	% 
	 Scarsdale, LTD.
		TX		 	100.000	% 
	 Schulz Ranch Developers, LLC
		DE		 	100.000	% 
	 Seminole/70th, LLC
		FL		 	100.000	% 
	 Siena at Old Orchard L.L.C.
		IL		 	100.000	% 
	 South Development, LLC
		FL		 	100.000	% 
	 Southbank Holding, LLC
		FL		 	100.000	% 
	 Spanish Springs Development, LLC
		NV		 	100.000	% 
	 St. Charles Active Adult Community, LLC
		MD		 	100.000	% 
	 Stoney Corporation
		FL		 	100.000	% 
	 Stoney Holdings, LLC
		FL		 	100.000	% 
	 Stoneybrook Clubhouse, Inc.
		FL		 	100.000	% 
	 Stoneybrook Joint Venture
		FL		 	100.000	% 
	 Storey Lake Club, LLC
		FL		 	100.000	% 
	 Strategic Cable Technologies, L.P.
		TX		 	100.000	% 

							
	 Strategic Holdings, Inc. d/b/a Lennar Communications Ventures (LCV)
		NV		 	100.000	% 
	 Strategic Technologies, LLC
		FL		 	100.000	% 
	 Summerfield Venture L.L.C.
		IL		 	100.000	% 
	 Summerwood, LLC
		MD		 	100.000	% 
	 SunStreet Energy Group, LLC
		DE		 	100.000	% 
	 TCO QVI, LLC
		DE		 	100.000	% 
	 Temecula Valley, LLC
		DE		 	100.000	% 
	 Terra Division, LLC
		MN		 	100.000	% 
	 Texas-Wide General Agency, Inc.
		TX		 	100.000	% 
	 The Baywinds Land Trust
		FL		 	100.000	% 
	 The Bridges at Rancho Santa Fe Sales Company, Inc.
		CA		 	100.000	% 
	 The Bridges Club at Rancho Santa Fe, Inc.
		CA		 	100.000	% 
	 The LNC Northeast Group, Inc.
		DE		 	100.000	% 
	 The Oasis Club at LEN-CG South, LLC
		DE		 	100.000	% 
	 The Preserve at Coconut Creek, LLC
		FL		 	100.000	% 
	 Treviso Holding, LLC
		FL		 	100.000	% 
	 Tustin Villas Partners, LLC
		DE		 	100.000	% 
	 Tustin Vistas Partners, LLC
		DE		 	100.000	% 
	 U.S. Home Corporation
		DE		 	100.000	% 
	 U.S. Home of Arizona Construction Co.
		AZ		 	100.000	% 
	 U.S. Home Realty, Inc.
		TX		 	100.000	% 
	 U.S. Insurors, Inc.
		FL		 	100.000	% 
	 U.S.H. Los Prados, Inc.
		NV		 	100.000	% 
	 U.S.H. Realty, Inc.
		VA		 	100.000	% 
	 UAMC Holding Company, LLC
		DE		 	100.000	% 
	 Universal American Mortgage Company of California
		CA		 	100.000	% 
	 Universal American Mortgage Company, LLC
		FL		 	100.000	% 
	 USH - Flag, LLC
		FL		 	100.000	% 
	 USH (West Lake), Inc.
		NJ		 	100.000	% 
	 USH Equity Corporation
		NV		 	100.000	% 
	 USH Leasing, LLC
		DE		 	100.000	% 
	 USH LEE, LLC
		FL		 	100.000	% 
	 USH Woodbridge, Inc.
		TX		 	100.000	% 
	 UST Lennar GP PIS 10, LLC
		DE		 	100.000	% 
	 UST Lennar GP PIS 12, LLC
		DE		 	100.000	% 
	 UST Lennar GP PIS 14, LLC
		DE		 	100.000	% 
	 UST Lennar GP PIS 19, LLC
		DE		 	100.000	% 
	 UST Lennar GP PIS 7, LLC
		DE		 	100.000	% 
	 UST Lennar HW Scala SF Joint Venture, a Delaware general partnership
		DE		 	100.000	% 
	 UST Lennar PIS 10, LP
		DE		 	100.000	% 
	 UST Lennar PIS 12, LP
		DE		 	100.000	% 
	 UST Lennar PIS 14, LP
		DE		 	100.000	% 
	 UST Lennar PIS 19, LP
		DE		 	100.000	% 

							
	 UST Lennar PIS 7, LP
		DE		 	100.000	% 
	 UST Lennar PIS Joint Venture, LP
		DE		 	100.000	% 
	 Valencia at Doral, LLC
		FL		 	100.000	% 
	 Venetian Lennar LLC
		FL		 	100.000	% 
	 Vineyard Point 2009, LLC
		CA		 	100.000	% 
	 Vista Palms Clubhouse, LLC
		DE		 	100.000	% 
	 Waterview at Hanover, LLC
		NJ		 	100.000	% 
	 WCP, LLC
		SC		 	100.000	% 
	 West Chocolate Bayou Development, LLC
		TX		 	100.000	% 
	 West Lake Village, LLC
		NJ		 	100.000	% 
	 West Seattle Project X, LLC
		DE		 	100.000	% 
	 West Van Buren L.L.C.
		IL		 	100.000	% 
	 Westchase, Inc.
		NV		 	100.000	% 
	 Willowbrook Investors, LLC
		NJ		 	100.000	% 
	 Woodbridge Multifamily Developer I, LLC
		DE		 	100.000	% 
	 Wright Farm, L.L.C.
		VA		 	100.000	% 
	 Westchase, Ltd.
		TX		 	99.900	% 
	 RL CML 2009-1 Investments, LLC
		DE		 	98.220	% 
	 RL CML 2009-1, LLC
		DE		 	98.220	% 
	 RL RES 2009-1 Investments, LLC
		DE		 	98.220	% 
	 RL RES 2009-1, LLC
		DE		 	98.220	% 
	 LMC Emeryville I Investor, LLC
		DE		 	96.000	% 
	 RES/CML 2009-1 CO-INVESTMENTS, LP
		DE		 	81.003	% 
	 RES/CML INVESTMENTS, LLC
		DE		 	81.001	% 
	 Five Point Communities Management, Inc.
		DE		 	80.000	% 
	 Lennar Sierra Sunrise, LLC
		CA		 	80.000	% 
	 LMI Glenview Investor, LLC
		DE		 	80.000	% 
	 Portside Marina Developers, L.L.C.
		NJ		 	78.300	% 
	 Portside Shipyard Developers, L.L.C.
		NJ		 	78.300	% 
	 Portside SM Holdings, L.L.C.
		DE		 	78.300	% 
	 Candlestick Retail Member, LLC
		DE		 	68.750	% 
	 CP Development Co., LP
		DE		 	68.750	% 
	 CP/HPS Development Co. GP, LLC
		DE		 	68.750	% 
	 CP/HPS Development Co.-C, LLC
		DE		 	68.750	% 
	 HPS Development Co., LP
		DE		 	68.750	% 
	 HPS Vertical Development Co., LLC
		DE		 	68.750	% 
	 HPS Vertical Development Co.-B, LP
		DE		 	68.750	% 
	 HPS Vertical Development Co.-D/E, LLC
		DE		 	68.750	% 
	 HPS1 Block 1, LLC
		DE		 	68.750	% 
	 HPS1 Block 48-1A, LLC
		DE		 	68.750	% 
	 HPS1 Block 48-1B, LLC
		DE		 	68.750	% 
	 HPS1 Block 48-2A, LLC
		DE		 	68.750	% 
	 HPS1 Block 48-2B, LLC
		DE		 	68.750	% 
	 HPS1 Block 48-3A, LLC
		DE		 	68.750	% 

							
	 HPS1 Block 48-3B, LLC
		DE		 	68.750	% 
	 HPS1 Block 50, LLC
		DE		 	68.750	% 
	 HPS1 Block 51, LLC
		DE		 	68.750	% 
	 HPS1 Block 52, LLC
		DE		 	68.750	% 
	 HPS1 Block 53, LLC
		DE		 	68.750	% 
	 HPS1 Block 54, LLC
		DE		 	68.750	% 
	 HPS1 Block 55, LLC
		DE		 	68.750	% 
	 HPS1 Block 56/57, LLC
		DE		 	68.750	% 
	 The Shipyard Communities, LLC
		DE		 	68.750	% 
	 Lennar Sun Ridge LLC
		CA		 	66.670	% 
	 Portside SM Associates, L.L.C. (Roseland outside member)
		NJ		 	65.000	% 
	 Lennar Winncrest, LLC
		DE		 	62.500	% 
	 Winncrest Natomas, LLC
		NV		 	62.500	% 
	 Five Point Communities, LP
		DE		 	60.100	% 
	 LS College Park, LLC
		DE		 	51.080	% 

 Schedule 5.1 

Lenders Requesting Notes 
 Capital
Bank, N.A. 
 PNC Bank, National Association 
 Fifth Third Bank

 Citibank, N.A. 
 Regions Bank 

Wells Fargo Bank, N.A. 
 Deutsche Bank AG New York Branch 

 Schedule 7.4 Existing Investments 

Receivable pursuant to agreement dated as of March 31, 2010, by and between One Hackberry, LTD., PDC Properties, Inc., Lennar Texas Holding Company,
Papagolos Properties, LTD., and Lennar Homes of Texas Land and Construction, LTD. in the original principal amount of $2,000,000. 
 Receivable pursuant to
mortgage note dated as of February 28, 2014, by and between UST Lennar PIS 7, LP and LS-NJ Port Imperial, LLC, in the original principal amount of $24,750,000. 

Receivable pursuant to secured promissory note dated as of May 5, 2014, by and between Temecula Valley, LLC and
SAM-Horsethief, LLC, in the original principal amount of $5,040,000. 
 Receivable pursuant to promissory note dated
as of May 12, 2014, by and between Lennar Bridges, LLC and Bridges Calle Messina, LLC, in the original principal amount of $1,900,000. 
 Receivable
pursuant to promissory note dated as of January 30, 2015, by and between The Bridges Club at Rancho Santa Fe, INC and HCC Investors, in the original principal amount of $1,000,000. 

 EXHIBIT B 

FORM OF COMPLIANCE CERTIFICATE 
 JPMorgan
Chase Bank, N.A. 
 383 Madison Ave, 24th Floor 
 New York, NY
10179 
 Attention:    Chiara Carter 
  

	 	Re:	Lennar Corporation 

 Ladies and Gentlemen: 

This Compliance Certificate is made and delivered pursuant to that certain Third Amended and Restated Credit Agreement, dated as of
April 17, 2015 (as amended, modified, renewed or extended from time to time, the “Credit Agreement”) by and between Lennar Corporation, a Delaware corporation (“Borrower”), the lenders from time to time party thereto,
including the Swingline Lender and the Issuing Lender (“Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent (“Administrative Agent”). Reference is made to the Credit Agreement for full particulars relating to the
computations and certifications required herein. All capitalized terms used in this Compliance Certificate and not otherwise defined herein shall have the meanings assigned to them in the Credit Agreement. This Compliance Certificate relates to the
accounting period ending             , 20    . 
 The
undersigned hereby certify that the information set forth on Schedule 1 hereto (and on any additional schedules hereto setting forth further supporting detail) is true and accurate as of the end of such accounting period. 

The undersigned have reviewed the terms of the Credit Agreement, and based upon an examination which they deemed sufficient to enable them to
make an informed statement, hereby further certify that as of the date hereof no Default or Event of Default has occurred and is continuing [except as set forth in a separate attachment hereto describing in detail the nature of each condition or
event constituting an exception to the foregoing statement, the period during which it has existed and the action that Borrower is taking or proposes to take with respect to each such condition or event]. 

[Remainder of This Page Intentionally Left Blank] 

  
 117 

 IN WITNESS WHEREOF, the undersigned officers have signed this Compliance Certificate this
             day of             , 20    . 

 

			
	  

	By:		
	Title:		
	
	  

	By:		
	Title:		

 Schedule 1 

To Compliance Certificate 

(See attached spreadsheet) 

  
 Schedule 1 

 EXHIBIT D 

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                                  (the
“Assignor”) and
                                         (the
“Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Third Amended and Restated Credit Agreement identified below (as amended, supplemented, restated or otherwise modified from time
to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by each Assignee. The Standard Terms and Conditions set forth in Annex 1 are hereby agreed to and incorporated herein by reference and made a
part of this Assignment 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) the interest in and to all of the Assignor’s rights and obligations under the Credit Agreement and any other documents or instruments delivered pursuant thereto that represents the amount and percentage interests
identified below, of all of the Assignor’s outstanding rights and obligations under the respective facilities identified below (including, to the extent included in any such facilities, letters of credit and swingline loans), 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, but not limited to, 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 by the Assignor pursuant to clause (i) above (the rights and obligations sold and assigned by the Assignor to
the Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as an “Assigned Interest” and collectively the “Assigned Interests”). Such sale and assignment is without recourse
to the Assignor and, except as expressly provided in this Assignment, without representation or warranty by the Assignor. 
  

									
	1.				Assignor:				
	2.				Assignee:				

 [and is an Affiliate/Eligible Assignee of [identify Lender]1]]

  

							
			3.		Borrower:		Lennar Corporation
				
			4.		Administrative Agent:		JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement
				
			5.		Credit Agreement:		The Third Amended and Restated Credit Agreement dated April 17, 2015 by and among the Borrower, the Lenders parties thereto, including the Swingline Lender and the Issuing Lender, and the Administrative Agent, as the same may be
amended, supplemented, restated or otherwise modified from time to time.

  

	1 	Select as applicable. 

	6.	ASSIGNED INTEREST: 

  

															
	 Facility Assigned
	  	Aggregate Amount
of Commitment/
Loans for all
Lenders	 	  	Amount of
Commitment/
Loans Assigned	 	  	Percentage Assigned
of
Commitment/Loans2	 	 	CUSIP
Number
	 Revolving Loan Commitment
	  	$	        	  	  	$	        	  	  	 	    	% 	 	
					
	 Swingline Commitment
	  	$	 	  	  	$	 	  	  	 	    	% 	 	
					
	 L/C Commitment
	  	$	 	  	  	$	 	  	  	 	    	% 	 	

  

	7.	[TRADE
DATE:                                        
                     ]3 

 

	8.	EFFECTIVE DATE:             , 20     [TO BE INSERTED BY THE ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF
RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]4 

[Signature page follows.] 
  

 

	2 	Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	3 	To be completed if the Assignor and the Assignee intend that the minimum assignment amount is to be determined as of the Trade Date. 

	4 	Assignor shall pay a fee of $3,500 to the Administrative Agent in connection with the Assignment. 

 The terms set forth in this Assignment are hereby agreed to: 

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:		  

	Name:		  

	Title:		  

	
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:		  

	Name:		  

	Title:		  

	
	Consented to and Accepted:
	
	 JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

		
	By:		  

	Name:		  

	Title:		  

	
	[Consented to:]5
	
	BORROWER
	
	LENNAR CORPORATION
		
	By:		  

	Name:		  

	Title:		  

  

	5 	To be added only if the consent of the Borrower is required by the terms of the Credit Agreement. 

 ANNEX 1 

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 Interests, (ii) the Assigned Interests are free and clear of any lien, encumbrance or other adverse claim, (iii) it has full power and authority, and has taken all action necessary, to execute and
deliver this Assignment and to consummate the transactions contemplated hereby and (iv) that it is not a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or
in connection with any Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any other instrument or document delivered pursuant thereto, other than this Assignment
(herein collectively 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 to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it meets all requirements, if any, of an Eligible Assignee under the Credit
Agreement, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement and, to the extent of its Assigned Interests, 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 6.1 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 to purchase its Assigned Interests on the basis of which it has made such analysis and decision, (v) if such Assignee is not incorporated or organized under the laws of the United States of America
or any State thereof, attached to the Assignment is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by such Assignee, and (vi) it is not a Competitor, as defined in the
Credit Agreement; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time,
continue to make its own credit decisions in taking or not taking action under the Loan Documents, 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 each Assignee’s Assigned Interests (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 respective Assignee for amounts
which have accrued from and after the Effective Date. 
 3. General Provisions. This Assignment shall be binding upon, and inure
to the benefit of, the parties hereto and their respective successors and assigns. This Assignment 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 by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment. This Assignment shall be governed by, and construed in accordance with, the laws of the State of New York. 

 EXHIBIT E 

FORM OF NEW LENDER SUPPLEMENT 

Reference is made to the Third Amended and Restated Credit Agreement, dated as of April 17, 2015 (as amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”; unless otherwise defined herein, terms defined therein being used herein as therein defined), among LENNAR CORPORATION, a Delaware corporation (the
“Borrower”), the lenders or other financial institutions that are parties as lenders, including the Swingline Lender and the Issuing Lender (collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as
administrative agent for the Lenders (the “Administrative Agent”). 
 Upon execution and delivery of this New Lender
Supplement by the parties hereto as provided in Section 2.21 of the Credit Agreement, the undersigned hereby becomes a Lender thereunder having the Commitment set forth in Schedule 1 attached hereto and shall be bound by the obligations
in the Credit Agreement as a Lender and entitled to the benefits of the Credit Agreement, effective as of the Increased Facility Closing Date. 

THIS NEW LENDER SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

This New Lender Supplement may be executed by one or more of the parties hereto on any number of separate counterparts, and all of said
counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed signature page hereof by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart
hereof. 
 [Signature page follows.] 

 IN WITNESS WHEREOF, the parties hereto have caused this New Lender Supplement to be duly executed
and delivered by their proper and duly authorized officers as of this              day of             ,
201    . 
  

			
	  

	Name of Lender
		
	By:		  

	Name:		
	Title:		

  

			
	Accepted and agreed:
	
	LENNAR CORPORATION
		
	By:		  

	Name:		
	Title:		
	
	 JPMORGAN CHASE BANK, N.A., as Administrative Agent

		
	By:		  

	Name:		
	Title:		

  
 2 

 Attachment 1 

to Exhibit E 
 Commitment and
Notice Address 
  

							
	1.        		Name of Lender:		  
		 
			Notice Address:		  
		
			     Attention:
		  
		
			     Telephone:
		  
		
			     Facsimile:
		  
		
	2.        		Commitment:                     				

  
 3 

 Exhibit F-1 
  

			
			 CLIFFORD CHANCE US LLP
  

31 WEST 52ND STREET
 NEW YORK, NY 10019-6131

 
 TEL +1 212 878 8000

FAX +1 212 878 8375
  

www.cliffordchance.com

	
	
	
	
	

 April 17, 2015 
 JPMorgan
Chase Bank, N.A., as Administrative Agent 
 Each of the Lenders and Issuing Lenders party 

to the Third Amended and Restated Credit Agreement 
 referred to
below 
 Ladies and Gentlemen: 
 We have acted as New York
counsel to Lennar Corporation, a Delaware corporation (the “Borrower”), in connection with the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (the “Third Amended and Restated Credit
Agreement”) among the Borrower, the Lenders party thereto, the Issuing Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”). 

Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Third Amended and Restated Credit Agreement. This
opinion is delivered pursuant to Section 5.1(e) of the Third Amended and Restated Credit Agreement. 
 In rendering the opinions expressed below, we
have examined the following documents: 
  

	 	•	 	the Third Amended and Restated Credit Agreement; 

  

	 	•	 	the Revolving Loan Notes issued on the date hereof (the “Notes”) by the Borrower in favor of Capital Bank, N.A.; PNC Bank, National Association; Fifth Third Bank; Citibank, N.A.; Regions Bank; Wells
Fargo Bank, N.A.; and Deutsche Bank AG New York Branch; and 

  

	 	•	 	the Third Amended and Restated Guarantee Agreement dated as of April 17, 2015 (the “Third Amended and Restated Guarantee Agreement”) made by each Guarantor (as defined therein) in favor of the
Administrative Agent and certain other parties. 

 Each of the Borrower and each Guarantor is referred to herein as an
“Obligor.” Each of the Third Amended and Restated Credit Agreement, each Note, and the Third Amended and Restated Guarantee Agreement is referred to herein as a “Transaction Document.” 

We have also examined and relied upon such records and statements and certificates of public officials and representatives and officers of the Obligors and
other persons as we have deemed 

 CLIFFORD CHANCE US LLP 

 

 
necessary as a basis for the opinions expressed below. As to factual matters relevant to our opinions expressed below, we have, without independent investigation, relied upon the representations
and warranties made in or pursuant to the Transaction Documents. We have not reviewed the dockets or other records of any court, arbitrator or governmental or regulatory body or agency. 

In such examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted
to us as originals and the conformity with the originals of all documents submitted to us as certified or photostatic copies. 
 Except as expressly opined
on by us below, we have assumed, without investigation: (i) the due organization, valid existence and good standing of each party to the Transaction Documents; (ii) that each party to the Transaction Documents has requisite power and
authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party; (iii) that each Transaction Document has been duly authorized, executed and delivered by each party thereto; (iv) that each
Transaction Document constitutes a legal, valid and binding obligation of each party thereto; (v) that the execution, delivery and performance of the Transaction Documents by each party thereto do not contravene such party’s constitutional
documents, violate any law, rule or regulation applicable to such party or result in any conflict with or breach of any agreement or instrument to which such party is a party or by which such party is bound; (vi) that each party to the
Transaction Documents has obtained or made all consents, approvals, authorizations, filings, registrations, qualifications or recordations with each governmental authority required in connection with the execution, delivery and performance of the
Transaction Documents; and (vii) the accuracy and completeness as of the date hereof of the certificates and other information delivered to us by representatives and officers of each Obligor. 

Based upon the foregoing and subject to the qualifications and limitations set forth below, we are of the opinion that: 

 

	1.	The Borrower is a corporation validly existing and in good standing under the laws of the State of Delaware. 

  

	2.	The Borrower has all requisite power and authority to execute, deliver and perform its obligations under the Transaction Documents to which it is a party. 

 

	3.	The execution, delivery and performance by the Borrower of the Transaction Documents to which it is a party have been duly and validly authorized by all necessary action by the Borrower. 

 

	4.	The Borrower has duly executed and delivered each Transaction Document to which it is a party. 

  

	5.	Each Transaction Document is a legal, valid and binding obligation of each Obligor party thereto enforceable against such Obligor in accordance with its terms. 

 CLIFFORD CHANCE US LLP 

 

	6.	The execution and delivery by the Borrower of the Transaction Documents to which it is a party do not, and the performance by the Borrower of its obligations thereunder will not, violate the Borrower’s
constitutional documents or the Delaware General Corporation Law. 

  

	7.	The execution and delivery by each Obligor of the Transaction Documents to which it is a party do not, and the performance by such Obligor of its obligations thereunder will not, violate any Generally Applicable Law
(defined below). 

  

	8.	No consent, approval or authorization of, and no filing, registration, qualification or recordation with, United States federal or State of New York governmental authorities pursuant to any Generally Applicable Law is
required in connection with the execution, delivery and performance by any Obligor of the Transaction Documents to which it is a party, other than (a) those that are specified in the Transaction Documents and (b) those that have been duly
obtained, taken or made. 

  

	9.	To our knowledge, there is no action, suit, investigation, litigation or proceeding against the Borrower pending or threatened before any court, governmental agency or arbitrator that challenges the legality, validity
or enforceability against any Obligor of any Transaction Document. 

 As used herein, “Generally Applicable Law” means
any law otherwise included within the scope of this opinion that a New York lawyer exercising customary professional diligence would reasonably be expected to recognize as being applicable to the Obligors or the Transaction Documents and excluding
securities laws and any law that is applicable to the Obligors or the Transaction Documents solely because of the specific assets or business of any party to any of the Transaction Documents or any of its affiliates. 

As used herein, “to our knowledge” means the actual knowledge of facts and other information of each lawyer in our firm actively
involved in the transactions contemplated by the Third Amended and Restated Credit Agreement. 
 Our opinions set forth above are subject to the
following qualifications and limitations: 
  

	 	(a)	Our opinion set forth in paragraph 5 above is subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting the enforcement of creditors’ rights and
general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  

	 	(b)	We express no opinion as to any provision of a Transaction Document that provides the terms thereof may not be waived or modified except in writing, which may be limited under certain circumstances. 

 CLIFFORD CHANCE US LLP 

 

	 	(c)	We express no opinion as to any provision in a Transaction Document asserting that the partial invalidity of one or more provisions thereof shall not invalidate the remaining provisions thereof. 

 

	 	(d)	We express no opinion with respect to any indemnification or reimbursement obligation or limitation on liability contained in a Transaction Document, insofar as such provision provides exculpation or exemption from, or
requires indemnification or reimbursement of a party for, its own action or inaction, where such action or inaction involves such party’s gross negligence, recklessness or wilful or unlawful misconduct or to the extent any such provision is
contrary to public policy. 

  

	 	(e)	United States federal court jurisdiction is limited by 28 U.S.C. § 1332 where diversity of citizenship is lacking and, even where diversity exists, federal courts retain the power to transfer an action from one
federal court to another under 28 U.S.C. § 1404(a) or to dismiss by reason of the doctrine of forum non conveniens.  

  

	 	(f)	We express no opinion as to whether a United States federal court or state court outside of the State of New York would give effect to the choice of New York law provided for in a Transaction Document.

  

	 	(g)	We express no opinion as to any provision of a Transaction Document that purports to (i) grant rights of set-off to any person not a party thereto or (ii) permit set-off to be made without notice.

 The opinions expressed herein are limited to the federal laws of the United States, the laws of the State of New York and the Delaware
General Corporation Law. We are members of the bar of the State of New York; our opinions relating to the Delaware General Corporation Law are based solely on our prior experience with such laws as a result of advising on similar transactions. 

The opinions set forth herein are rendered as of the date hereof and we disclaim any undertaking to update this letter or otherwise advise you as to any
changes of law or fact that may hereafter be brought to our attention. 
 This opinion is rendered solely for your benefit in connection with the Third
Amended and Restated Credit Agreement and may not be relied upon by any other person or entity without our prior written consent in each instance, except that this opinion may be relied upon by any assignee, participant or transferee of a Lender or
any Issuing Lender. 
 Very truly yours, 

 Exhibit F-2 

April 17, 2015 
 JPMorgan Chase Bank, N.A., as
Administrative Agent 
 Each of the Lenders and Issuing Lenders party to the Third Amended and Restated Credit Agreement referred to below 

Ladies and Gentlemen: 
 I am the General Counsel
of Lennar Corporation, a Delaware corporation (the “Borrower”). I am providing the opinion below in connection with (i) the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (the “Third Amended
and Restated Credit Agreement”) among the Borrower, the Lenders party thereto, the Issuing Lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (in such capacity, the “Administrative Agent”),
(ii) the Third Amended and Restated Guarantee Agreement dated as of the date hereof (the “Third Amended and Restated Guarantee Agreement”) made by each of the parties listed on Schedule 1 hereto (the
“Guarantors”) in favor of the Administrative Agent and certain other parties, (iii) the Revolving Loan Notes dated the date hereof (the “Notes”) made by the Borrower in favor of Capital Bank, N.A.; PNC Bank,
National Association; Fifth Third Bank; Citibank, N.A.; Regions Bank; Wells Fargo Bank, N.A.; and Deutsche Bank AG New York Branch. 
 Each
of the Guarantors and the Borrower is referred to herein as an “Obligor”. Each of the Third Amended and Restated Credit Agreement, the Third Amended and Restated Guarantee Agreement, and the Notes is referred to herein as a
“Transaction Document”. Capitalized terms used herein and not otherwise defined shall have the meanings given such terms in the Third Amended and Restated Credit Agreement. 

I have examined and relied upon such records and statements and certificates of public officials and representatives and officers of the
Obligors and other persons as I have deemed necessary as a basis for the opinions expressed below. As to factual matters relevant to my opinions expressed below, I have, without independent investigation, relied upon the representations and
warranties made in or pursuant to the Transaction Documents. I have not reviewed the dockets or other records of any court, arbitrator or governmental or regulatory body or agency. 

In such examination, I have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all
documents submitted to me as originals and the conformity with the originals of all documents submitted to me as certified or photostatic copies. 

 April 17, 2015 

Page 2 
 Except as expressly opined on by me
below, I have assumed, without investigation: (i) the due organization, valid existence and good standing of each party to the Transaction Documents; (ii) that each party to the Transaction Documents has requisite power and authority to
execute, deliver and perform its obligations under the Transaction Documents to which it is a party; (iii) that each Transaction Document has been duly authorized, executed and delivered by each party thereto; (iv) that each Transaction
Document constitutes a legal, valid and binding obligation of each party thereto; (v) that the execution, delivery and performance of the Transaction Documents by each party thereto do not contravene such party’s constitutional documents,
violate any law, rule or regulation applicable to such party or result in any conflict with or breach of any agreement or instrument to which such party is a party or by which such party is bound; and (vi) that each party to the Transaction
Documents has obtained or made all consents, approvals, authorizations, filings, registrations, qualifications or recordations with each governmental authority required in connection with the execution, delivery and performance of the Transaction
Documents. 
 Based upon the foregoing, and such examination of law as I have deemed necessary, I am of the opinion as follows: 

 

	 	1.	Each Guarantor is validly existing in good standing or active status under the laws of the jurisdiction of its incorporation or formation. 

 

	 	2.	Each Guarantor has all requisite power and authority to execute, deliver and perform its obligations under the Third Amended and Restated Guarantee Agreement. 

 

	 	3.	The execution, delivery and performance by each Guarantor of the Third Amended and Restated Guarantee Agreement have been duly and validly authorized by all necessary action by such Guarantor. 

 

	 	4.	Each Guarantor has duly executed and delivered the Third Amended and Restated Guarantee Agreement. 

  

	 	5.	The execution and delivery by each Obligor of the Transaction Documents to which it is a party does not, and the performance by each Obligor of its obligations thereunder will not, violate such Obligor’s
constitutional documents. 

  

	 	6.	The execution, delivery and performance by each Obligor of its obligations under each of the Transaction Documents to which it is a party and the consummation of the transactions contemplated thereby will not result in
a breach of, a default under or the acceleration of (or entitle any party to accelerate) the maturity of any obligation of any Obligor under, or result in or require the creation of any lien upon or security interest in any property of any Obligor
pursuant to the terms of, any agreement or document specifically identified on Schedule 2 hereto. 

  

	 	7.	To my knowledge, there is no action, suit, investigation, litigation or proceeding against any Obligor pending or threatened before any court, governmental agency or arbitrator that challenges the legality, validity or
enforceability against any Obligor of any Transaction Document. 

 April 17, 2015 

Page 3 
 My opinions set forth above are subject to the following
qualifications and limitations: 
 My opinion set forth in paragraph 6 above excludes any financial covenants, ratios and other similar provisions relating
to quantitative and/or computational matters. 
 Please be advised that I am admitted to practice law in the State of New York and I have registered as
authorized house counsel in the State of Florida. 
 At your request, I hereby consent to reliance hereon by any future assignee of your interest in the
loans under the Third Amended and Restated Credit Agreement pursuant to an assignment that is made in accordance with the express provisions of the Third Amended and Restated Credit Agreement, on the condition and understand that (i) this
letter speaks only as of the date hereof, (ii) I have no responsibility or obligation to update this letter to take into account changes or absence of changes in law, facts or any other developments of which I may later become aware, and
(iii) any such reliance by a future assignee 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 assignee at
such time. 
 Except as provided above, this letter is given solely for your benefit and may not be relied upon by any other person for any purpose without
my prior written consent in each instance. I undertake no obligation to advise you of any subsequent changes in law or of any facts that may come to my attention after the date of this letter. 

Very truly yours, 

 SCHEDULE 1 

Guarantors 
  

			
	Name	 	 Jurisdiction of

Incorporation

	Aquaterra Utilities, Inc.	 	FL
	Asbury Woods L.L.C.	 	IL
	Astoria Options, LLC	 	DE
	Aylon, LLC	 	DE
	Bay Colony Expansion 369, Ltd.	 	TX
	Bay River Colony Development, Ltd.	 	TX
	BB Investment Holdings, LLC	 	NV
	BCI Properties, LLC	 	NV
	BPH I, LLC	 	NV
	Bramalea California, Inc.	 	CA
	Builders LP, Inc.	 	DE
	Cambria L.L.C.	 	IL
	Cary Woods, LLC	 	IL
	Cherrytree II LLC	 	MD
	CL Ventures, LLC	 	FL
	Colonial Heritage LLC	 	VA
	Concord Station, LLP	 	FL
	Coto De Caza, Ltd., Limited Partnership	 	CA
	Coventry L.L.C.	 	IL
	Creekside Crossing, L.L.C.	 	IL
	Darcy-Joliet, LLC	 	IL
	DBJ Holdings, LLC	 	NV
	Evergreen Village LLC	 	DE
	F&R QVI Home Investments USA, LLC	 	DE
	Fidelity Guaranty and Acceptance Corp.	 	DE
	Fox-Maple Associates, LLC	 	NJ
	Friendswood Development Company, LLC	 	TX
	Garco Investments, LLC	 	FL
	Greystone Construction, Inc.	 	AZ
	Greystone Homes of Nevada, Inc.	 	DE
	Greystone Homes, Inc.	 	DE
	Greystone Nevada, LLC	 	DE
	Greywall Club L.L.C.	 	IL
	Haverton L.L.C.	 	IL

 Schedule 1 
  

			
	Heathcote Commons LLC		VA
	Home Buyer’s Advantage Realty, Inc.		TX
	Homecraft Corporation		TX
	HTC Golf Club, LLC		CO
	Independence L.L.C.		VA
	Lakelands at Easton, L.L.C.		MD
	Legends Club, LLC		FL
	Legends Golf Club, LLC		FL
	Len Paradise, LLC		FL
	Lencraft, LLC		MD
	LENH I, LLC		FL
	Lennar Aircraft I, LLC		DE
	Lennar Arizona Construction, Inc.		AZ
	Lennar Arizona, Inc.		AZ
	Lennar Associates Management Holding Company		FL
	Lennar Associates Management, LLC		DE
	Lennar Buffington Colorado Crossing, L.P.		TX
	Lennar Buffington Zachary Scott, L.P.		TX
	Lennar Carolinas, LLC		DE
	Lennar Central Park, LLC		DE
	Lennar Central Region Sweep, Inc.		NV
	Lennar Chicago, Inc.		IL
	Lennar Colorado, LLC		CO
	Lennar Communities Development, Inc.		DE
	Lennar Communities Nevada, LLC		NV
	Lennar Communities of Chicago L.L.C.		IL
	Lennar Communities, Inc.		CA
	Lennar Construction, Inc.		AZ
	Lennar Coto Holdings, L.L.C.		CA
	Lennar Developers, Inc.		FL
	Lennar Family of Builders GP, Inc.		DE
	Lennar Family of Builders Limited Partnership		DE
	Lennar Fresno, Inc.		CA
	Lennar Georgia, Inc.		GA
	Lennar Hingham Holdings, LLC		DE
	Lennar Hingham JV, LLC		DE
	Lennar Homes Holding, LLC		DE
	Lennar Homes of Arizona, Inc.		AZ
	Lennar Homes of California, Inc.		CA
	Lennar Homes of Tennessee, LLC		TN
	Lennar Homes of Texas Land and Construction, Ltd.		TX

 Schedule 1 
  

			
	Lennar Homes of Texas Sales and Marketing, Ltd.		TX
	Lennar Homes, LLC		FL
	Lennar Imperial Holdings Limited Partnership		DE
	Lennar Land Partners Sub II, Inc.		NV
	Lennar Land Partners Sub, Inc.		DE
	Lennar Layton, LLC		DE
	Lennar Mare Island, LLC		CA
	Lennar Marina A Funding, LLC		DE
	Lennar Massachusetts Properties, Inc.		DE
	Lennar New Jersey Properties, Inc.		DE
	Lennar New York, LLC		NY
	Lennar Northeast Properties LLC		NJ
	Lennar Northeast Properties, Inc.		NV
	Lennar Northwest, Inc.		DE
	Lennar Pacific Properties Management, Inc.		DE
	Lennar Pacific Properties, Inc.		DE
	Lennar Pacific, Inc.		DE
	Lennar PI Acquisition, LLC		NJ
	Lennar PI Property Acquisition, LLC		NJ
	Lennar PIS Management Company, LLC		DE
	Lennar PNW, Inc.		WA
	Lennar Port Imperial South, LLC		DE
	Lennar Realty, Inc.		FL
	Lennar Renaissance, Inc.		CA
	Lennar Reno, LLC		NV
	Lennar Riverside West Urban Renewal Company, L.L.C.		NJ
	Lennar Riverside West, LLC		DE
	Lennar Sacramento, Inc.		CA
	Lennar Sales Corp.		CA
	Lennar San Jose Holdings, Inc.		CA
	Lennar Southland I, Inc.		CA
	Lennar Southwest Holding Corp.		NV
	Lennar Texas Holding Company		TX
	Lennar Trading Company, LP		TX
	Lennar West Valley, LLC		CA
	Lennar.com Inc.		FL
	LFS Holding Company, LLC		DE
	LH Eastwind, LLC		FL
	LHI Renaissance, LLC		FL
	LNC at Meadowbrook, LLC		IL
	LNC at Ravenna, LLC		IL

 Schedule 1 
  

			
	LNC Communities I, Inc.		CO
	LNC Communities II, LLC		CO
	LNC Communities III, Inc.		CO
	LNC Communities IV, LLC		CO
	LNC Communities V, LLC		CO
	LNC Communities VI, LLC		CO
	LNC Communities VII, LLC		CO
	LNC Communities VIII, LLC		CO
	LNC Northeast Mortgage, Inc.		DE
	LNC Pennsylvania Realty, Inc.		PA
	Long Beach Development, LLC		TX
	Lori Gardens Associates II, LLC		NJ
	Lori Gardens Associates III, LLC		NJ
	Lorton Station, LLC		VA
	Madrona Village L.L.C.		IL
	Madrona Village Mews L.L.C.		IL
	Mid-County Utilities, Inc.		MD
	Mission Viejo 12S Venture, LP		CA
	Mission Viejo Holdings, Inc.		CA
	North American Asset Development Corporation		CA
	North American Title Company, Inc. (CA)		CA
	Northbridge L.L.C.		IL
	Northeastern Properties LP, Inc.		NV
	Palm Gardens At Doral Clubhouse, LLC		FL
	Palm Gardens at Doral, LLC		FL
	Palm Vista Preserve, LLC		FL
	PG Properties Holding, LLC		NC
	Pioneer Meadows Development, LLC		NV
	Pioneer Meadows Investments, LLC		NV
	POMAC, LLC		MD
	Prestonfield L.L.C.		IL
	PT Metro, LLC		DE
	Raintree Village II L.L.C.		IL
	Raintree Village, L.L.C.		IL
	Rivenhome Corporation		FL
	Rutenberg Homes of Texas, Inc.		TX
	Rutenberg Homes, Inc.		FL
	Rye Hill Company, LLC		NY
	S. Florida Construction II, LLC		FL
	S. Florida Construction III, LLC		FL
	S. Florida Construction, LLC		FL

 Schedule 1 
  

			
	San Felipe Indemnity Co., Ltd.		Bermuda
	San Lucia, LLC		FL
	Savell Gulley Development, LLC		TX
	Scarsdale, LTD.		TX
	Seminole/70th, LLC		FL
	Siena at Old Orchard, LLC		IL
	Spanish Springs Development, LLC		NV
	Stoney Corporation		FL
	Strategic Holdings, Inc.		NV
	Strategic Technologies, LLC		FL
	Summerfield Venture L.L.C.		IL
	Summerwood, LLC		MD
	Temecula Valley, LLC		DE
	The LNC Northeast Group, Inc.		DE
	The Preserve at Coconut Creek, LLC		FL
	U.S. Home Corporation		DE
	U.S. Home of Arizona Construction Co.		AZ
	U.S. Home Realty, Inc.		TX
	U.S.H. Los Prados, Inc.		NV
	U.S.H. Realty, Inc.		MD
	USH - Flag, LLC		FL
	USH Equity Corporation		NV
	USH Woodbridge, Inc.		TX
	UST Lennar GP PIS 10, LLC		DE
	UST Lennar GP PIS 7, LLC		DE
	UST Lennar HW Scala SF Joint Venture		DE
	WCP, LLC		SC
	West Chocolate Bayou Development, LLC		TX
	West Van Buren L.L.C.		IL
	Westchase, Inc.		NV

 SCHEDULE 2 
  

	1.	Indenture, dated as of December 31, 1997, between the Borrower and Bank One Trust Company, N.A., as trustee. 

  

	2.	Indenture, dated April 28, 2005, between the Borrower and J.P. Morgan Trust Company, N.A., as trustee (relating to Lennar’s 5.60% Senior Notes due 2015). 

 

	3.	Indenture, dated April 26, 2006, between the Borrower and J.P. Morgan Trust Company, N.A., as trustee (relating to Lennar’s 6.50% Senior Notes due 2016). 

 

	4.	Indenture, dated April 30, 2009, between the Borrower and The Bank of New York Mellon, as trustee (relating to Lennar’s 12.25% Senior Notes due 2017). 

 

	5.	Indenture, dated May 4, 2010, between the Borrower and The Bank of New York Mellon, as trustee (relating to Lennar’s 6.95% Senior Notes due 2018). 

 

	6.	Indenture, dated November 10, 2010, between the Borrower and The Bank of New York Mellon, as trustee (relating to Lennar’s 2.75% Convertible Senior Notes due 2020). 

 

	7.	Indenture, dated November 23, 2011, between the Borrower and The Bank of New York Mellon, as trustee (relating to Lennar’s 3.25% Convertible Senior Notes due 2021). 

 

	8.	Indenture, dated July 20, 2012, between the Borrower and The Bank of New York Mellon Trust Company, N.A., as trustee (relating to Lennar’s 4.75% Senior Notes due 2017). 

 

	9.	Indenture, dated October 23, 2012, between the Borrower and The Bank of New York Mellon Trust Company, N.A., as trustee (relating to Lennar’s 4.75% Senior Notes due 2022). 

 

	10.	Indenture, dated February 4, 2013, between the Borrower and The Bank of New York Mellon Trust Company, N.A., as trustee (relating to the Borrower’s 4.125% Senior Notes due 2018). 

 

	11.	Eighth Supplemental Indenture, dated as of February 12, 2014, between the Borrower and The Bank of New York Mellon, as trustee (relating to the Borrower’s 4.500% Senior Notes due 2019). 

 

	12.	Ninth Supplemental Indenture, dated as of November 25, 2014, between the Borrower and The Bank of New York Mellon, as trustee (relating to the Borrower’s 4.500% Senior Notes due 2019). 

 

	13.	Borrower 2007 Equity Incentive Plan. 

  

	14.	Borrower 2012 Incentive Compensation Plan. 

 Schedule 2 
  

	15.	Borrower Nonqualified Deferred Compensation Plan 

  

	16.	Aircraft Time-Sharing Agreement, dated August 17, 2005, between U.S. Home Corporation and Stuart Miller. 

  

	17.	Amendment No. 1 to Aircraft Time-Sharing Agreement, dated September 1, 2005, between U.S. Home Corporation and Stuart Miller. 

 

	18.	Amended and Restated Aircraft Dry Lease Agreement, dated December 1, 2008, between U.S. Home Corporation and Stuart Miller. 

  

	19.	Membership Interest Purchase Agreement, dated as of November 30, 2007, by and among the Borrower, Lennar Homes of California, Inc., the Sellers named in the agreement and MS Rialto Residential Holdings, LLC.

  

	20.	Aircraft Time-Sharing Agreement, dated January 26, 2010, between U.S. Home Corporation and Richard Beckwitt. 

  

	21.	Indenture, dated November 13, 2013, among Rialto Holdings, LLC, Rialto Corporation, the Guarantors named therein and Wells Fargo Bank, National Association, as trustee (relating to the 7.00% Senior Notes due 2018).

  

	22.	Master Repurchase Agreement, dated November 21, 2013, among JPMorgan Chase Bank, N.A., as buyer and as administrative agent for the buyers, the buyers party thereto, and Universal American Mortgage Company of
California and Universal American Mortgage Company, LLC, as sellers. 

  

	23.	Amended and Restated Administration Agreement, dated as of December 20, 2014, by and among JPMorgan Chase Bank, N.A., as buyer and as administrative agent for the buyers, the buyers party thereto, and Universal
American Mortgage Company of California and Universal American Mortgage Company, LLC, as sellers. 

  

	24.	2013 Award Agreements for Stuart Miller, Rick Beckwitt, Jonathan Jaffe, Bruce Gross and Mark Sustana 

  

	25.	2014 Award Agreements for Stuart Miller, Rick Beckwitt, Jonathan Jaffe, Bruce Gross and Mark Sustana 

  

	26.	2015 Award Agreements for Stuart Miller, Rick Beckwitt, Jonathan Jaffe, Bruce Gross and Mark Sustana 

 EXHIBIT G-1 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the lenders or other financial institutions that are parties as lenders, including
the Swingline Lender and the Issuing Lender (collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.16 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 Loan(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 and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

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.
By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent, 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 in either of the two calendar years
preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings
given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:		  

	Name:		
	Title:		

 Date:              , 20[    ] 

 EXHIBIT G-2 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the lenders or other financial institutions that are parties as lenders, including
the Swingline Lender and the Issuing Lender (collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.16 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, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN-E. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, 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 in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit
Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:		  

	Name:		
	Title:		

 Date:              , 20[    ] 

 EXHIBIT G-3 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the lenders or other financial institutions that are parties as lenders, including
the Swingline Lender and the Issuing Lender (collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.16 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 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 is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 
 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 that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN-E 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, the undersigned shall promptly so inform such Lender 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 in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF PARTICIPANT]
		
	By:		  

	Name:		
	Title:		

 Date:              , 20[    ] 

 EXHIBIT G-4 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of April 17, 2015 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among LENNAR CORPORATION, a Delaware corporation (the “Borrower”), the lenders or other financial institutions that are parties as lenders, including
the Swingline Lender and the Issuing Lender (collectively, the “Lenders”), and JPMORGAN CHASE BANK, N.A., as administrative agent for the Lenders (the “Administrative Agent”). 

Pursuant to the provisions of Section 2.16 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) evidencing such Loan(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)
evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members 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 is a ten percent shareholder of the Borrower
within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Administrative Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from
each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN-E 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, the undersigned shall promptly so inform the Borrower and the Administrative
Agent, 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 in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit
Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF LENDER]
		
	By:		  

	Name:		
	Title:		

 Date:              , 20[    ] 

 EXHIBIT H 

FORM OF LETTER OF CREDIT APPLICATION 

[INSERT NAME OF L/C ISSUER] 

Letter of Credit number:
                     
 APPLICATION FOR
IRREVOCABLE STANDBY LETTER OF CREDIT 
  

									
	 Applicant (Full name and address): Lennar Corporation 700 NW 107th Avenue, Suite 400, Miami, Florida 33172
				 Issuing Bank:
  

[INSERT ADDRESS OF L/C ISSUER]

			
	 Date of Application:
				 Expiry Date:

					
									 Place of Expiry:

					
	 ̈		Issue by (air) mail		 ̈		 with brief advice by

teletransmission
		 Beneficiary (Full name and address):

					
	 ̈		Issue by teletransmission						
					
	 ̈		Issue by courier						
					
	 ̈		Applicant to arrange pick-up						
					
	 ̈		Issue by other (specify):						
		
	 Name, Address and Jurisdiction of Organization of any Affiliated Account Party for this Credit (or specify
“None”):
		
			
	 Confirmation of the Credit: 
				 Amount in Figures and Words (United States Dollars only):

					
	 ̈		not requested						
					
	 ̈		requested						
					
	 ̈		authorized if requested by Beneficiary						
		
	  ̈        Letter of credit to be issued with the terms
and conditions set forth in the attached specimen.
		
	
	 Credit available against the document(s) detailed herein:

  
 1 

			
	  ̈    Beneficiary’s sight draft(s) drawn on Issuing
Bank
  
  ̈    Original
Credit and any and all amendments to the Credit
  

 ̈    Beneficiary’s signed and dated statement, reading as follows:

 
  ̈    Other documents
(specify issuer(s) and data content):

	
	 Credit to be issued subject to (check one):

 

 ̈        International Standby Practices 1998,
International Chamber of Commerce Publication No. 590 (ISP98), or such later revision thereof as may be in effect when the Credit is issued.
  

 ̈        Uniform Customs and Practice for
Documentary Credits, 2007 Revision, International Chamber of Commerce Publication No. 600 (UCP 600), or such later revision thereof as may be in effect when the Credit is issued.

		
	
 ̈        See attached for additional instructions
		  ̈    Checkif only a single drawing for all or a portion of the
amount of the letter of credit is permitted

	
	 The undersigned requests you to issue your irrevocable Letter of Credit (herein called the “Credit”), substantially in
accordance with these instructions (marked (x) where appropriate). This application is an Application referred to in the Third Amended and Restated Credit Agreement dated as of April 17, 2015, as amended, supplemented or otherwise modified
from time to time, made by, amongst others, the undersigned and you.

  

					
		
			      Applicant’s Name: Lennar Corporation

			
			     By:		  

			     Print Name:
			     Title:

  
 2

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