Document:

Pledge Agreement, dated as of May 5, 2006

 Exhibit 10.5 
 PLEDGE AGREEMENT 
 THIS PLEDGE AGREEMENT (this
“Agreement”) is dated as of May 5, 2006, and entered into by and between STANDARD PACIFIC CORP., a Delaware corporation (the “Company”); and those subsidiaries of the Company listed on the
signature pages hereof or which may hereafter become a party hereto pursuant to Section 16 (each of which is a “Pledgor Subsidiary;” and the Company and each Pledgor Subsidiary are each a
“Pledgor” and collectively, “Pledgor”), and BANK OF AMERICA, N.A., a national banking association, as collateral agent for and representative of (in such capacity herein called “Collateral
Agent” ) the Creditors defined below. 
 RECITALS 
 1. Reference is hereby made to (a) that certain Revolving Credit Agreement dated as of August 31, 2005, among Company, the Lenders
defined therein, and Bank of America, N.A., as Administrative Agent, as amended on May 5, 2006, and as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the
indebtedness thereunder (the “Revolving Credit Agreement”), (b) that certain Term Loan A Credit Agreement dated as of May 5, 2006, among Company, the Lenders defined therein, and Bank of America, N.A., as
Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness thereunder (the “Term Loan A Credit Agreement”), and
(c) that certain Term Loan B Credit Agreement dated as of May 5, 2006, among Company, the Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended,
and all restatements thereof and any agreement that refinances the indebtedness thereunder (the “Term Loan B Credit Agreement”), and (d) that certain Indenture dated as of April 1, 1999, between the Company and J.P.
Morgan Trust Company, National Association, as Trustee (and, in connection with the Eleventh Supplemental Indenture referenced below, the Pledgor Subsidiaries and certain other Subsidiaries of the Company, as guarantors), as supplemented by that
certain First Supplemental Indenture dated as of April 13, 1999, Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of
March 4, 2003, Fifth Supplemental Indenture dated as of May 12, 2003, Sixth Supplemental Indenture dated as of September 23, 2003, Seventh and Eighth Supplemental Indentures, each dated as of March 11, 2004, Ninth and Tenth
Supplemental Indentures, each dated as of August 1, 2005, and Eleventh Supplemental Indenture dated as of February 22, 2006, as at any time amended, modified, supplemented, renewed or extended (collectively, the
“Indenture”). 
 2. Capitalized terms used herein shall, unless otherwise indicated, have the respective
meanings set forth in the Term Loan B Credit Agreement as in effect on the date hereof. 
 3. Each Pledgor is the legal and
beneficial owner of (a) the shares of stock (the “Pledged Shares”) described as owned by such Pledgor in Part A of Schedule 1 attached hereto and issued by the corporations named therein, and
(b) the partnership interests in limited

 
partnerships or general partnerships, as the case may be, and membership interests in limited liability companies, if any, described as owned by such Pledgor in Part B of
Schedule 1 attached hereto (collectively, the “Pledged Interests”). 
 4. The Credit Documents
require that each Pledgor shall grant to Collateral Agent, for the equal and ratable benefit of the Creditors holding Qualified Obligations, the Liens contemplated by this Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, each Pledgor
hereby agrees with Collateral Agent, for the equal and ratable benefit of the Creditors holding Qualified Obligations, as follows: 
 1. Definitions. As used herein, the following terms have the following meanings: 
 “Additional Covered Obligations” shall have the meaning set forth in the Collateral Agency Agreement as in effect on the date hereof. 
 “Certificate Delivery Date” means the date of delivery of each certificate delivered under Section 8.1(d) of the Term Loan B Credit Agreement. 
 “Collateral Agency Agreement” means that certain Collateral Agent and Intercreditor Agreement dated the date hereof,
by and among Bank of America, N.A., as Collateral Agent, Bank of America, N.A., as Administrative Agent under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement, J. P. Morgan Trust Company, National
Association, as Trustee under the Indenture, the Company, and each Pledgor Subsidiary, as amended, modified, supplemented, renewed or extended. 
 “Credit Documents” means, in respect of each Creditor Group, the instruments, documents and agreements evidencing the obligations and indebtedness of the Company and the Pledgor
Subsidiaries owed to such Creditor Group under the respective “Loan Documents” (as defined in the Revolving Credit Agreement, the Term Loan A Credit Agreement or the Term Loan B Credit Agreement) or under the Indenture and the respective
series of Notes, in each case together with any respective guarantees thereof, or evidencing Additional Covered Obligations, and in any event includes the Existing Credit Documents. 
 “Creditor” means each person which is the holder of any indebtedness or other obligation represented by Credit
Documents representing Obligations, including (a) Bank of America, N.A., as Administrative Agent under the Revolving Credit Agreement, together with the “Lenders ,” “Issuing Banks ,” and “Swing Line
Lender” referenced in such agreement or from time to time party thereto, and those persons entitled to indemnification of any character under such agreement, (b) Bank of America, N.A., as Administrative Agent under the Term Loan A
Credit Agreement, together with the “Lenders” referenced in such agreement or from time to time party thereto, and those persons entitled to indemnification of any character under such agreement, (c) Bank of America, N.A., as
Administrative Agent under the Term Loan B Credit Agreement, together with the “Lenders” referenced in such agreement or from time to time party thereto, and those persons entitled to indemnification of any character under such
agreement, (d) J.P. Morgan Trust Company, National Association, as Trustee under the Indenture in respect of each series of Notes referred to in the definition of “Creditor Groups” and the holders of such Notes, and
(e) any Creditor Representative in respect of any Additional Covered Obligations and the holders of such obligations, in each case including their respective successors, assigns and replacements. 

 “Creditor Group” means any of each of the following groups:

 (a) the Administrative Agent, the Lenders, the Issuing Banks and the Swing Line Lender under and as defined in the Revolving
Credit Agreement; 
 (b) the Administrative Agent and the Lenders under and as defined in the Term Loan A Credit Agreement;

 (c) the Administrative Agent and the Lenders under and as defined in the Term Loan B Credit Agreement; 
 (d) the Trustee for and the holders of the Company’s 7% Senior Notes Due 2015; 
 (e) the Trustee for and the holders of the Company’s 6  1/4% Senior Notes Due 2014; 
 (f) the Trustee for and the holders of the Company’s 7  3/4% Senior Notes due 2013; 
 (g) the Trustee for and the holders of the Company’s 6  7/8% Senior Notes due 2011; 
 (h) the Trustee for and the holders of the Company’s 6  1/2% Senior Notes due 2010; 
 (i) the Trustee for and the holders of the Company’s 5  1/8% Senior Notes due 2009; 
 (j) the Trustee for and the holders of the Company’s 6  1/2% Senior Notes due 2008; and 
 (k) the Creditor Representative for and the holders of each other class of senior indebtedness of the Company which is hereafter registered
as Additional Covered Obligations pursuant to the Collateral Agency Agreement; in each case together with any trustee, administrative agent or other creditor representative thereof, and any issuing banks, swap counterparties, indemnitees, or other
persons entitled to the benefit of the Collateral. 
 “Creditor Representative” means (a) the
Administrative Agent under and as defined in the Revolving Credit Agreement, (b) the Administrative Agent under and as defined in the Term Loan A Credit Agreement, (c) the Administrative Agent under and as defined in the Term Loan B Credit
Agreement, (d) the Trustee under the Indenture, and (e) the administrative agent, trustee or other representative of any Additional Covered Obligations. 
 “Event of Default” means the occurrence of any Event of Default or defined event of default under any Credit Document. 
 “Existing Credit Documents” means (a) the Revolving Credit Agreement and the “Loan Documents” (as
such term is defined in the Revolving Credit Agreement), (b) the Term Loan A Credit Agreement and the “Loan Documents” (as such term is defined in the Term Loan A Credit Agreement), (c) the Term Loan B Credit Agreement and the
“Loan Documents” (as such term is defined in the Term Loan B Credit Agreement), (d) the Indenture and the Existing Notes of the Company, and (e) all guarantees of such obligations issued by the Company or any of its Subsidiaries
in respect of the foregoing, including the Existing Guarantees. 

 “Existing Guarantees” means guaranties or guarantees of the
Obligations entered into by certain Subsidiaries of the Company dated as of a date on or prior to this Agreement, including the following guaranties or guarantees by the subsidiaries of the Company named therein, in each case as at any time amended,
modified, supplemented, renewed or extended: 
 (a) Continuing Guaranty dated as of August 31, 2005 (as supplemented as of
the date hereof) with respect to the Revolving Credit Agreement; 
 (b) Continuing Guaranty of even date herewith with respect
to the Term Loan A Credit Agreement; 
 (c) Continuing Guaranty of even date herewith with respect to the Term Loan B Credit
Agreement; and 
 (d) the guarantee obligations contained in the Eleventh Supplemental Indenture dated as of February 22,
2006 included in the Indenture with respect to the Existing Notes. 
 “Existing Notes” means each series
of Notes referred to in clauses (d) through (j) of the definition of “Creditor Groups.” 
 “Hedge
Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under any Swap Contract (as defined in the Revolving Credit Agreement as in effect on the date hereof) entered into with any Person who is
entitled to the benefits of this Agreement and the Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement. 
 “Indenture” has the meaning set forth in the Recitals hereto. 
 “Lien” means any lien or security interest. 
 “New Guarantee” means a
guaranty of any Obligations hereafter executed by any Subsidiary of the Company, in each case as at any time amended, modified, supplemented, renewed or extended. 
 “Notes” means the Existing Notes and, from and after the inclusion of any other series of notes registered as Additional Covered Obligations pursuant to the Collateral Agency
Agreement, each such other series of notes. 
 “Obligations” means, collectively, all obligations and
indebtedness of the Company or any of the Pledgor Subsidiaries which are owed to any Creditor under the Credit Documents. 
 “Pledgee Subsidiary” means each direct or indirect Subsidiary of the Company that (a) holds title to Real Estate Inventory constituting ten percent (10%) or more of the GAAP Value of all Real Estate
Inventory owned by all Subsidiaries of the Company (other than (i) Excluded Subsidiaries and (ii) any Subsidiary that is a direct or indirect Subsidiary of another Subsidiary if all the shares of stock, other securities, partnership
interests or membership interests, as applicable, of such other Subsidiary are pledged hereunder) or (b) is required to meet the Requisite Collateral Coverage; provided however, for purposes of determining if any Person is required to be
a Pledgee Subsidiary, such Person will be deemed to own all of the Real Estate Inventory of its direct and indirect Subsidiaries (other than Excluded Subsidiaries). 

 “Qualified Obligations” means: 
 (a) in the case of each Creditor Group holding Term Credit Obligations, all principal Obligations owed to such Creditor Group which are
outstanding immediately prior to the delivery of a Trigger Notice, together with interest, fees, premiums, indemnification claims, and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event;

 (b) in the case of each Creditor Group holding Revolving Credit Obligations, all principal Obligations owed to such Creditor
Group which are outstanding immediately prior to the delivery of a Trigger Notice (including, without duplication, the amount of any letters of credit and related reimbursement obligations or other liquidated or contingent obligations issued under
the related Credit Documents) (to the extent entitled to the benefit of the relevant Credit Documents) together with interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such principal, whether arising
before or after a Trigger Event; and 
 (c) in the case of each Creditor Group holding Hedge Obligations, the net close-out
amount and unpaid amounts owed to such Creditor Group immediately prior to the delivery of a Trigger Notice (as if such Hedge Obligations were then terminated), as calculated by Collateral Agent, together with any interest, fees, premiums,
indemnification claims and reasonable costs and expenses allocable to such close-out amount (or unpaid amount) included in the Hedge Obligations, whether arising before or after a Trigger Event. 
 “Requisite Collateral Coverage” means Pledgee Subsidiaries owning, on an aggregate basis as of any date of
determination, no less than sixty-five percent (65%) of the GAAP Value of all Real Estate Inventory owned by all Subsidiaries of the Company. 
 “Revolving Credit Agreement” has the meaning set forth in the Recitals hereto. 
 “Revolving Credit Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under (a) the Revolving Credit Agreement and the Loan Documents
described therein, and (b) any other Credit Documents hereafter entitled to the benefits of this Agreement and the Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement under (and to the extent) which
revolving credit facilities are provided to the Company or any of its Subsidiaries. 
 “Term Loan A Credit
Agreement” has the meaning set forth in the Recitals hereto. 
 “Term Loan B Credit
Agreement” has the meaning set forth in the Recitals hereto. 
 “Term Credit Obligations”
means all obligations and indebtedness of the Company and its Subsidiaries, the holders of which are entitled to the benefits of this Agreement and the Collateral Agency Agreement pursuant to Section 4 of the Collateral Agency Agreement
and which are not Revolving Credit Obligations or Hedge Obligations. 

 “Trigger Event” means any of the following: 
 (a) the occurrence of any default under any Credit Document consisting of a bankruptcy, insolvency or similar event with respect to the
Company or any Subsidiary having assets in excess of $100,000,000, provided that in the case of the commencement of any involuntary bankruptcy with respect to the Company or any such Subsidiary, no Trigger Event shall be deemed to have occurred
unless and until the shortest period of grace, applicable to an involuntary bankruptcy default and provided for in the then applicable Credit Documents, has expired; or 
 (b) the actual acceleration of any Obligations in a principal amount in excess of $100,000,000 by the holder or holders thereof or their representatives. 
 “Trigger Notice” means a written notice from any Creditor to the Collateral Agent that a Trigger Event has occurred.

 “Trustee” means J.P. Morgan Trust Company, National Association, in its capacity as trustee under the
Indenture and its successors, assigns and replacements in such capacity. 
 2. Pledge of Security. Each Pledgor
hereby pledges and assigns to Collateral Agent, for the equal and ratable benefit of the Creditors, and hereby grants to Collateral Agent, for the equal and ratable benefit of the Creditors, a Lien in, all of such Pledgor’s right, title, and
interest in and to the following (the “Collateral”): 
 (a) the Pledged Shares and the certificates
representing the Pledged Shares and any interest or securities entitlement of such Pledgor in the entries on the books of any financial or securities intermediary pertaining to the Pledged Shares; 
 (b) the Pledged Interests, including without limitation all of such Pledgor’s right, title, and interest as a partner in the issuer of
such Pledged Interests (if it is a partnership) or as a member of the issuer of such Pledged Interests (if it is a limited liability company), whether such right, title, and interest arises under any partnership agreement or limited liability
company agreement (any such agreement being a “Formation Agreement”) or otherwise; 
 (c) all additional
shares of, and all securities convertible into and warrants, options, and other rights to purchase or otherwise acquire, stock of any issuer of the Pledged Shares from time to time acquired by such Pledgor in any manner (which shares shall be deemed
to be part of the Pledged Shares), the certificates or other instruments representing such additional shares, securities, warrants, options, or other rights and any interest of such Pledgor in the entries on the books of any financial intermediary
pertaining to such additional shares; 
 (d) all dividends, cash, warrants, rights, instruments, and other property or proceeds
from time to time received or otherwise distributed in respect of or in exchange for any or all of the Collateral referenced in clauses (a), (b), and (c) above; 
 (e) all of such Pledgor’s right, title and interest in and to all stock or other ownership record books relating to any of the
Collateral; and 
 (f) to the extent not covered by clauses (a) through (e) above, all
proceeds of any or all of the foregoing Collateral. For purposes of this Agreement, the term “proceeds” includes whatever is receivable or received when Collateral or proceeds are sold, exchanged, collected, or otherwise
disposed of, whether such disposition is voluntary or involuntary, and includes, without limitation, proceeds of any indemnity or guaranty payable to such Pledgor or Collateral Agent from time to time with respect to any of the Collateral.

 3. Security for Obligations. This Agreement secures, and the Collateral is
collateral security for, the prompt payment or performance in full when due, whether at stated maturity, by required prepayment, declaration, acceleration, demand, or otherwise (including the payment of amounts that would become due but for the
operation of the automatic stay under Section 362(a) of the Bankruptcy Code, 11 U.S.C. §362(a)), of all of the Obligations and all renewals or extensions thereof, whether for principal, interest (including without limitation
interest that, but for the filing of a petition in bankruptcy with respect to any Pledgor, would accrue on such obligations), fees, expenses, indemnities, or otherwise, whether voluntary or involuntary, direct or indirect, absolute or contingent,
liquidated or unliquidated, whether or not jointly owed with others, and whether or not from time to time decreased or extinguished and later increased, created, or incurred (but in each case (for purposes of determinations on and after the
occurrence of a Trigger Event) subject to the limitations on the principal amount of Obligations set forth in the definition of “Qualified Obligations”), and all or any portion of such obligations or liabilities that are
paid, to the extent all or any part of such payment is avoided or recovered directly or indirectly from Collateral Agent or any Creditor as a preference, fraudulent transfer, or otherwise (all such obligations and liabilities being the
“Underlying Debt”), and all payment obligations of the Company or any other Pledgor now or hereafter existing under Section 13 of this Agreement (all such obligations of Pledgors, together with the
Underlying Debt, being the “Secured Obligations”). 
 4. Delivery of Collateral. All
certificates or instruments representing or evidencing the Collateral shall be delivered to and held by or on behalf of Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery or, as applicable, shall be accompanied
by the applicable Pledgor’s endorsement, where necessary, or duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to Collateral Agent. Collateral Agent shall have the right, at any time in its
discretion and without notice to any Pledgor, to transfer to or to register in the name of Collateral Agent or any of its nominees any or all of the Collateral, subject only to the revocable rights specified in Section 7(a). In
addition, Collateral Agent shall have the right at any time to exchange certificates or instruments representing or evidencing Collateral for certificates or instruments of smaller or larger denominations. 
 5. Representations and Warranties. Each Pledgor represents and warrants, as of the date hereof, that: 
 (a) Due Authorization, etc. of Collateral. All of the Pledged Shares and Pledged Interests have been duly authorized
and validly issued and are fully paid and nonassessable. 
 (b) Description of Collateral. The Pledged
Shares and Pledged Interests (i) constitute all of the issued and outstanding shares of stock of each of the Pledgee Subsidiaries, (ii) there are no outstanding warrants, options or other rights to purchase, or other agreements outstanding
with respect to, or property that is now or hereafter convertible into, or that requires the issuance or sale of, any Pledged Shares, and (iii) together with the Pledged Interests are sufficient to satisfy the Requisite Collateral Coverage.

 (c) Ownership of Collateral. Each Pledgor is the legal, record, and beneficial owner of the Collateral
listed next to its name on Schedule 1, free and clear of any Lien except for the Lien created by this Agreement. 

 (d) Governmental Authorizations. No authorization, approval, or other
action by, and no notice to or filing with, any Governmental Authority is required for either (i) the pledge by any Pledgor of the Collateral pursuant to this Agreement and the grant by any Pledgor of the Lien granted hereby, (ii) the
execution, delivery, or performance of this Agreement by any Pledgor, or (iii) the exercise by Collateral Agent of the voting or other rights, or the remedies in respect of the Collateral, provided for in this Agreement (except as may be
required in connection with a disposition of Collateral by laws affecting the offering and sale of securities generally). 
 (e)
Perfection. The pledge of the Collateral pursuant to this Agreement creates a valid and perfected first priority Lien in the Collateral, securing the payment of the Secured Obligations. 
 (f) Margin Regulations. The pledge of the Collateral pursuant to this Agreement does not violate Regulation T,
U, or X of the Board of Governors of the Federal Reserve System. 
 6. Assurances and Covenants of each
Pledgor. 
 (a) Transfers and Other Liens. No Pledgor shall: 
 (i) sell, assign (by operation of law or otherwise), pledge, or hypothecate or otherwise dispose of, or grant any option with respect to,
any of the Collateral except for the Lien created under this Agreement; provided that each Pledgor may sell or dispose of any Collateral so long as, (A) both before and after giving effect to such sale or disposition, (x) no Default
or Event of Default exists and (y) Pledgors have satisfied the Requisite Collateral Coverage or (B) such sale or disposition is authorized pursuant to Section 7(b) of the Collateral Agency Agreement, and in either case upon
such permitted sale or disposition any assets so sold or disposed as permitted by this Section 6(a) shall be released from the Lien of this Agreement as provided in Section 17; or 
 (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral, except for the Lien created under this Agreement.

 (b) Additional Collateral – Existing Pledgee Subsidiaries. Each Pledgor shall (i) cause each
issuer of Pledged Shares or Pledged Interests not to issue any stock or other securities in addition to or in substitution for the Pledged Shares or Pledged Interests issued by such issuer, except to such Pledgor and (ii) pledge hereunder
pursuant to Section 6(d), promptly upon its acquisition (directly or indirectly) thereof, any and all additional shares of stock or other securities or interests of each issuer of Pledged Shares or Pledged Interests. 

(c) Additional Collateral – New Pledgee Subsidiaries. The Company shall pledge, or cause a Pledgor Subsidiary
to pledge, the shares of stock, other securities partnership interests or membership interests, as the case may be, of any additional Subsidiary that is described as the issuer of Pledged Shares or Pledged Interests in a Pledge and Security
Amendment executed and delivered from time to time by the Company or such Pledgor Subsidiary, in order to maintain, at each Certificate Delivery Date (and determined as of the end of the latest fiscal quarter preceding such Certificate Delivery
Date), the Requisite Collateral Coverage. 

 (d) Pledge Amendments. Each Pledgor shall, upon obtaining any
additional shares of stock or other securities or interests required to be pledged hereunder as provided in Section 6(b), promptly (and in any event on or before five (5) Business Days after obtaining such securities) deliver
to Collateral Agent a Pledge and Security Amendment, duly executed by such Pledgor, in substantially the form of Exhibit A attached hereto (a “Pledge and Security Amendment”), in respect of the additional
Pledged Shares or Pledged Interests to be pledged pursuant to this Agreement. Each Pledgor shall, upon pledging any additional shares of stock, other securities partnership interests or membership interests, as the case may be, of any additional
Subsidiary pursuant to Section 6(b), deliver to the Collateral Agent a Pledge and Security Amendment, duly executed by such Pledgor, in respect of the additional Pledged Shares or Pledged Interests to be pledged pursuant to this
Agreement. Each Pledgor hereby authorizes Collateral Agent to attach each Pledge and Security Amendment to this Agreement and agrees that all Pledged Shares listed on any Pledge and Security Amendment delivered to Collateral Agent shall for all
purposes hereunder be considered Collateral; provided that the failure of any Pledgor to execute a Pledge and Security Amendment with respect to any additional Pledged Shares pledged pursuant to this Agreement shall not impair the Lien of
Collateral Agent therein or otherwise adversely affect the rights and remedies of Collateral Agent hereunder with respect thereto. 
 (e) Taxes and Assessments. Each Pledgor shall pay promptly when due all taxes, assessments and governmental charges or levies imposed upon, and all claims against, the Collateral, except to the extent the validity
thereof is being contested in good faith and by appropriate proceedings and in which reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP, have been made or provided therefor; provided that each
Pledgor shall in any event pay such taxes, assessments, charges, levies, or claims not later than five (5) days prior to the date of any proposed sale under any judgement, writ, or warrant of attachment entered or filed against such Pledgor or
any of the Collateral as a result of the failure to make such payment. 
 (f) Further Assurances
Perfection. Each Pledgor shall from time to time, at the expense of Pledgors, promptly execute and deliver all further instruments and documents, and take all further action, that may be necessary or desirable, or that Collateral
Agent may reasonably request, in order to perfect and protect any Lien granted or purported to be granted hereby or to enable Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting
the generality of the foregoing, each Pledgor will: 
 (i) authenticate and file, or authorize Collateral Agent to file, such
financing or continuation statements, or amendments thereto, and such other instruments or notices, as may be necessary or desirable, or as Collateral Agent may reasonably request, in order to perfect and preserve the Liens granted or purported to
be granted hereby 
 (ii) provide the Collateral Agent, on a timely basis, with any documents as may be required under the Trust
Indenture Act of 1939, as amended; 
 (iii) at Collateral Agent’s request, appear in and defend any action or proceeding
that may affect any Pledgor’s title to or Collateral Agent’s Lien in all or any part of the Collateral; and 

 (iv) take any and all action that may be necessary or appropriate to cause any partnership
or limited liability company to which any Pledgor is a partner or member, respectively, and which constitute Pledged Interests, to register the Lien of Collateral Agent in the Pledged Interests, including, without limitation, to deliver to such
partnership or limited liability company, as the case may be, instructions to register pledge substantially in the form of Exhibit B attached hereto and, to this end, cause such partnership or limited liability company to register
the Lien granted hereby upon the books of such partnership or limited liability company, as the case may be, in accordance with Article 8 of the Uniform Commercial Code, as adopted in the State of California (the
“Code”). 
 (g) Authorization to File Financing Statements. 
 (i) Each Pledgor hereby authorizes Collateral Agent to file one or more financing or continuation statements, and amendments thereto,
relative to all or any part of the Collateral, in such filing offices as Collateral Agent shall deem appropriate, and each Pledgor shall authenticate and deliver to Collateral Agent such financing or continuation statements, and amendments thereto,
promptly upon the request of Collateral Agent and, shall pay Collateral Agent’s reasonable costs and expenses incurred in connection therewith. 
 (ii) Each Pledgor hereby further authorizes Collateral Agent to file one or more financing or continuation statements, and amendments thereto, relative to all or any part of the Collateral without the
signature of such Pledgor, and each Pledgor agrees that a carbon, photographic, or other reproduction of this Agreement or of a financing statement authenticated by such Pledgor shall be sufficient as a financing statement and may be filed as a
financing statement in any and all jurisdictions. 
 (h) Formation
Agreements. Each Pledgor shall, at its expense, maintain each applicable Formation Agreement in full force and effect, without any cancellation, termination, amendment, supplement, or other modification of such Formation
Agreement, except as explicitly required by its terms (as in effect on the date hereof), except for amendments, supplements or other modifications that do not adversely affect the interests of the Creditors in any material respect and except for
Formation Agreements in respect of Pledged Interests of partnerships or limited liability companies that have been released from this Agreement under Section 17. 
 7. Voting Rights; Dividends; Etc. 
 (a) So long as no Trigger Event shall have occurred and be continuing: 
 (i) each
Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Collateral or any part thereof for any purpose not inconsistent with the terms of this Agreement or the Credit Documents; 
 (ii) each Pledgor shall be entitled to receive and retain, and to utilize free and clear of the Lien of this Agreement, any and all
dividends, cash, warrants, rights, instruments, and other property or proceeds from time to time received or otherwise distributed in respect of or in exchange for any Collateral; provided, however, that any and all such dividends,
distributions, property or proceeds paid or payable on the Collateral in the form of additional securities of a Pledgee Subsidiary shall be, and shall forthwith be delivered to Collateral Agent to

 
hold as Collateral and shall, if received by any Pledgor, be received in trust for the benefit of Collateral Agent, be segregated from the other property or funds of such Pledgor and be forthwith
delivered to Collateral Agent as Collateral in the same form as so received (with all necessary endorsements); and 
 (iii)
Collateral Agent shall promptly execute and deliver (or cause to be executed and delivered) to Pledgors all such proxies, dividend payment orders, and other instruments as any Pledgor may from time to time reasonably request for the purpose of
enabling such Pledgor to exercise the voting and other consensual rights which it is entitled to exercise pursuant to paragraph (i) above and to receive the dividend payments which it is authorized to receive and retain pursuant
to paragraph (ii) above. 
 (b) Upon the occurrence and during the continuation of a Trigger Event:

 (i) upon written notice from Collateral Agent to Pledgors, all rights of any Pledgor to exercise the voting and other
consensual rights which it would otherwise be entitled to exercise pursuant to Section 7(a)(i) shall cease, and all such rights shall thereupon become vested in Collateral Agent who shall thereupon have the sole right to exercise
such voting and other consensual rights; 
 (ii) all rights of any Pledgor to receive the dividends, cash, warrants, rights,
instruments, and other property or proceeds in respect of or in exchange for any Collateral which it would otherwise be authorized to receive and retain pursuant to Section 7(a)(ii) shall cease, and all such rights shall thereupon
become vested in Collateral Agent who shall thereupon have the sole right to receive and hold as Collateral such dividend payments; and 
 (iii) all dividends, cash, warrants, rights, instruments, and other property or proceeds in respect of or in exchange for any Collateral which are received by any Pledgor contrary to the provisions
of paragraph (ii) of this Section 7(b) shall be received in trust for the benefit of Collateral Agent, shall be segregated from other funds of such Pledgor and shall forthwith be paid over to Collateral Agent as
Collateral in the same form as so received (with any necessary endorsements). 
 (c) In order to permit Collateral Agent to
exercise the voting and other consensual rights which it may be entitled to exercise pursuant to Section 7(b)(i) and to receive all dividends and other distributions which it may be entitled to receive under
Section 7(a)(ii) or Section 7(b)(ii), (i) each Pledgor shall promptly execute and deliver (or cause to be executed and delivered) to Collateral Agent all such proxies, dividend payment orders, and other
instruments as Collateral Agent may from time to time reasonably request, and (ii) without limiting the effect of the immediately preceding clause (i), each Pledgor hereby grants to Collateral Agent an irrevocable proxy to vote
the Pledged Shares and to exercise all other rights, powers, privileges, and remedies to which a holder of the Pledged Shares would be entitled (including, without limitation, giving or withholding written consents of shareholders, calling special
meetings of shareholders, and voting at such meetings), which proxy shall be effective, automatically and without the necessity of any action (including any transfer of any Pledged Shares on the record books of the issuer thereof) by any other
Person (including the issuer of the Pledged Shares or any officer or agent thereof), upon the occurrence of a Trigger Event and which proxy shall only terminate upon the payment in full of the Secured Obligations or waiver or cure of such Trigger
Event. 

 (d) Notwithstanding any of the foregoing, each Pledgor agrees that this Agreement shall not
in any way be deemed to obligate Collateral Agent or any Creditor to assume any of such Pledgor’s obligations, duties, expenses, or liabilities arising out of this Agreement (including, without limitation, such Pledgor’s obligations as the
holder of the Pledged Shares and as holder of the Pledged Interests) or under any and all other agreements now existing or hereafter drafted or executed (collectively, the “Pledgor Obligations”) unless Collateral Agent
otherwise expressly agrees to assume any or all of said Pledgor Obligations in writing. Without limiting the generality of the foregoing, neither the grant of the Lien in the Collateral in favor of Collateral Agent as provided herein nor the
exercise by Collateral Agent of any of its rights hereunder nor any action by Collateral Agent in connection with a foreclosure on the Collateral shall be deemed to constitute Collateral Agent as a partner of any partnership or a member of any
limited liability company; provided, however, that in the event Collateral Agent elects to become a substituted partner of any partnership or a member of any limited liability company in place of Pledgor while a Trigger Event has occurred and
is continuing, Collateral Agent shall be entitled to and shall become such a substitute partner or member. 
 8.
Collateral Agent Appointed Attorney-in-Fact. Each Pledgor hereby irrevocably appoints Collateral Agent as such Pledgor’s attorney-in-fact, with full authority in the place and stead of such Pledgor and in the name of such Pledgor,
Collateral Agent or otherwise, from time to time in Collateral Agent’s discretion: 
 (a) to file one or more financing or
continuation statements, or amendments thereto, relative to all or any part of the Collateral without the signature of Pledgor; 
 (b) subsequent to a Trigger Event, to ask, demand, collect, sue for, recover, compound, receive, and give acquittance and receipts for moneys due and to become due under or in respect of any of the Collateral; 
 (c) subsequent to a Trigger Event, to receive, endorse, and collect any instruments made payable to any Pledgor representing any dividend
payment or other distribution in respect of the Collateral or any part thereof and to give full discharge for the same; and 
 (d) subsequent to a Trigger Event, to file any claims or take any action or institute any proceedings that Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of
Collateral Agent with respect to any of the Collateral. 
 9. Collateral Agent May Perform. If any Pledgor fails
to perform any agreement contained herein, then Collateral Agent may itself perform, or cause performance of, such agreement, and the expenses of Collateral Agent incurred in connection therewith shall be payable by such Pledgor under
Section 13(b). 
 10. Standard of Care. The powers conferred on Collateral Agent hereunder are solely
to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the exercise of reasonable care in the custody of any Collateral in its possession or under its control and the accounting for
moneys actually received by it hereunder, Collateral Agent shall have no duty as to any Collateral, it being understood that Collateral Agent shall have no responsibility for (a) ascertaining or taking action with respect to calls, conversions,
exchanges, maturities, tenders, or other matters relating to any Collateral, whether

 
or not Collateral Agent has or is deemed to have knowledge of such matters, (b) taking any necessary steps (other than steps taken in accordance with the standard of care set forth above to
maintain possession or control of the Collateral) to preserve rights against any parties with respect to any Collateral, (c) taking any necessary steps to collect or realize upon the Secured Obligations or any guarantee therefor, or any part
thereof, or any of the Collateral, or (d) initiating any action to protect the Collateral against the possibility of a decline in market value. Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation
of Collateral in its possession or control if such Collateral is accorded treatment substantially equal to that which Collateral Agent accords its own property consisting of negotiable securities. 
 11. Remedies. 
 (a) If any Trigger Event shall have occurred and be continuing, then Collateral Agent may exercise in respect of the Collateral, and in accordance with the terms and conditions of the Collateral Agency
Agreement, in addition to all other rights and remedies provided for herein or otherwise available to it, all the rights and remedies of a Collateral Agent on default under the Code (whether or not the Code applies to the affected Collateral), and
Collateral Agent may also in its sole discretion, without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any exchange or broker’s board or at any of Collateral
Agent’s offices or elsewhere, for cash, on credit, or for future delivery, at such time or times and at such price or prices and upon such other terms as Collateral Agent may deem commercially reasonable, irrespective of the impact of any such
sales on the market price of the Collateral. Collateral Agent or any Creditor may be the purchaser of any or all of the Collateral at any such sale and Collateral Agent, as agent for and representative of Creditors, shall be entitled, for the
purpose of bidding and making settlement or payment of the purchase price for all or any portion of the Collateral sold at any such public sale, to use and apply any of the Secured Obligations as a credit on account of the purchase price for any
Collateral payable by Collateral Agent at such sale. Each purchaser at any such sale shall hold the property sold absolutely free from any claim or right on the part of any Pledgor, and each Pledgor hereby waives (to the extent permitted by
applicable law) all rights of redemption, stay, and/or appraisal which it now has or may at any time in the future have under any rule of law or statute now existing or hereafter enacted. Each Pledgor agrees that, to the extent notice of sale shall
be required by law, at least ten (10) days’ prior notice to the applicable Pledgor of the time and place of any public sale or the time after which any private sale is to be made shall constitute reasonable notification. Collateral Agent
shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. Collateral Agent may adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may,
without further notice, be made at the time and place to which it was so adjourned. Each Pledgor hereby waives any claims against Collateral Agent arising by reason of the fact that the price at which any Collateral may have been sold at such a
private sale was less than the price which might have been obtained at a public sale, even if Collateral Agent accepts the first offer received and does not offer such Collateral to more than one offeree; provided however, that Pledgors do not waive
the requirements of Section 9-610 of the Code with respect to any sale or other disposition of the Collateral that is conducted under such Section. 

 (b) Each Pledgor recognizes that, by reason of certain prohibitions contained in the
Securities Act of 1933, as from time to time amended (the “Securities Act”), and applicable state securities laws, Collateral Agent may be compelled, with respect to any sale of all or any part of the Collateral conducted
without prior registration or qualification of such Collateral under the Securities Act and/or such state securities laws, to limit purchasers to those who will agree, among other things, to acquire the Collateral for their own account, for
investment and not with a view to the distribution or resale thereof. Each Pledgor acknowledges that any such private sales may be at prices and on terms less favorable than those obtainable through a public sale without such restrictions
(including, without limitation, a public offering made pursuant to a registration statement under the Securities Act) and, notwithstanding such circumstances, each Pledgor agrees that any such private sale shall be deemed to have been made in a
commercially reasonable manner and that Collateral Agent shall have no obligation to engage in public sales and no obligation to delay the sale of any Collateral for the period of time necessary to permit the issuer thereof to register it for a form
of public sale requiring registration under the Securities Act or under applicable state securities laws, even if such issuer would, or should, agree to so register it. 
 (c) If Collateral Agent determines to exercise its right to sell any or all of the Collateral, then upon Collateral Agent’s written request, each Pledgor shall and shall cause each issuer of any
Pledged Shares to be sold hereunder from time to time to furnish to Collateral Agent all such information as Collateral Agent may request in order to determine the number of shares and other instruments included in the Collateral which may be sold
by Collateral Agent in exempt transactions under the Securities Act and the rules and regulations of the Securities and Exchange Commission thereunder, as the same are from time to time in effect. 
 12. Application of Proceeds. All proceeds received by Collateral Agent in respect of any sale of, collection from, or other
realization upon all or any part of the Collateral shall be held and applied in accordance with the Collateral Agency Agreement. 
 13. Indemnity and Expenses. 
 (a) Each Pledgor agrees to indemnify Collateral Agent and each Creditor
from and against any and all claims, losses, and liabilities in any way relating to, growing out of, or resulting from this Agreement and the transactions contemplated hereby (including, without limitation, enforcement of this Agreement), except to
the extent such claims, losses, or liabilities result from Collateral Agent’s or such Creditor’s gross negligence or willful misconduct as finally determined by a court of competent jurisdiction. 
 (b) Pledgors shall pay to Collateral Agent upon demand the amount of any and all costs and expenses, including the reasonable fees and
expenses of its counsel and of any experts and agents, that Collateral Agent may incur in connection with (i) the administration of this Agreement, (ii) the custody or preservation of, or the sale of, collection from, or other realization
upon, any of the Collateral, (iii) the exercise or enforcement of any of the rights of Collateral Agent hereunder, or (iv) the failure by any Pledgor to perform or observe any of the provisions hereof. 
 14. Continuing Security Interest; Transfer of Loans. This Agreement shall create a continuing Lien in the Collateral and shall
(a) remain in full force and effect until the payment in full of all Term Loans (as defined in the Term Loan B Credit Agreement) and payment of all

 
other Obligations under and as defined in the Term B Credit Agreement then due and payable, (b) be binding upon each Pledgor, its successors and assigns, and (c) inure, together with
the rights and remedies of Collateral Agent hereunder, to the benefit of Collateral Agent and its successors, transferees, and assigns. Without limiting the generality of the foregoing clause (c), but subject to the relevant provisions
of the Credit Documents, any Creditor may assign or otherwise transfer any Secured Obligations held by it to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Creditor
herein or otherwise. Upon (i) the indefeasible payment in full of all Term Loans (as defined in the Term Loan B Credit Agreement) and (ii) payment of all other Obligations under and as defined in the Term Loan B Credit Agreement then due
and payable, the Lien granted hereby shall terminate and all rights to the Collateral shall revert to Pledgors (provided that, if an Event of Default then exists, such termination and reversion shall not occur until such time as no Event of Default
is continuing). In addition, the Lien granted hereby shall terminate and all rights to the Collateral shall revert to Pledgors under the circumstances provided in Section 7(b) of the Collateral Agency Agreement (if a release of all
Collateral is authorized thereunder) or Section 13 of the Collateral Agency Agreement. Upon any such termination Collateral Agent will, at Pledgors’ expense, execute and deliver to Pledgors such documents as Pledgors shall
reasonably request to evidence such termination and Pledgors shall be entitled to the return, upon their request and at their expense, against receipt and without recourse to Collateral Agent, of such Collateral as shall not have been sold or
otherwise applied pursuant to the terms hereof. 
 15. Collateral Agent as Collateral Agent. Collateral Agent has
been appointed to act as Collateral Agent hereunder by Creditors, subject to the terms and conditions of the Collateral Agency Agreement. Collateral Agent shall be obligated, and shall have the right hereunder, to make demands, to give notices, to
exercise or refrain from exercising any rights, and to take or refrain from taking any action (including, without limitation, the release or substitution of Collateral), solely in accordance with this Agreement and the Collateral Agency Agreement.

 16. Additional Pledgor Subsidiaries. The Company and the Pledgor Subsidiaries hereby agree that they shall,
concurrently with the pledge of Pledged Shares or Pledged Interests by any Subsidiary not theretofore a Pledgor Subsidiary (an “Additional Pledgor Subsidiary”), cause such Additional Pledgor Subsidiary to enter into a joinder
hereto, substantially in the form of Exhibit C, together with a Pledge Amendment in the form of Exhibit A, listing the Collateral to be pledged by such Additional Pledgor Subsidiary. Such Additional Pledgor Subsidiary
hereby authorizes Collateral Agent to attach each Pledge and Security Amendment to this Agreement and agrees that all Pledged Shares or Pledged Interests listed on any Pledge and Security Amendment delivered to Collateral Agent shall, for all
purposes hereunder, be considered Collateral. Such Additional Pledgor Subsidiary shall comply with the provisions of Section 4 with respect to delivery of the Pledged Shares. 
 17. Release of Collateral. Collateral shall be released from the Lien of this Agreement upon any of the following events:
(i) any sale or disposition of such Collateral as permitted by Section 6(a), such release to be confirmed by delivery to the Collateral Agent of a certificate of an officer of the Company stating that such Collateral is being
sold or disposed of as permitted by Section 6(a); (ii) delivery to the Collateral Agent of a certificate of an officer of the Company requesting the release of the shares of stock, other securities, partnership interests

 
or membership interests, as the case may be, issued by a Subsidiary identified in such certificate and stating that, on the date of certificate, (A) such Subsidiary owns less than 10% of the
Real Estate Inventory owned by the Company’s Subsidiaries (or such Subsidiary is a direct or indirect Subsidiary of another Subsidiary and all the shares of stock, other securities, partnership interests or membership interests, as applicable,
of such other Subsidiary are pledged hereunder) and (B) the Pledgee Subsidiaries (not including such Subsidiary) collectively own at least 65% of the Real Estate Inventory owned by the Company’s Subsidiaries (for purposes of the
foregoing clauses (A) and (B), in determining the amount of Real Estate Inventory owned by any Subsidiary, such Subsidiary will be deemed to own all of the Real Estate Inventory owned by its direct and indirect
Subsidiaries), (iii) upon termination of Liens pursuant to Section 14, (iv) as provided in Section 7(b) of the Collateral Agency Agreement, or (v) as provided in Section 7(a)(ii) of
this Agreement. Upon any release of Collateral pursuant to the terms of this Section 17, (i) the Collateral Agent shall thereupon return to the respective Pledgor or to its order any and all certificates and other instruments
evidencing or relating to such released Collateral and (ii) the Collateral Agent will, at Pledgors’ expense, file, or will authorize the respective Pledgor to file, an amendment to any financing statement releasing such Collateral.

 18. Amendments; Etc. No amendment, modification, termination, or waiver of any provision of this Agreement, and
no consent to any departure by Pledgor from the terms and conditions hereof, shall in any event be effective unless the same shall be in writing and signed by Collateral Agent and, in the case of any such amendment or modification, by Pledgors. Any
such waiver or consent shall be effective only in the specific instance and for the specific purpose for which it was given. 
 19. Notices. Any notice or other communication herein required or permitted to be given shall be in writing and (a) if to the Pledgors, shall be to the Company in accordance with the provisions of
Section 11.11 of the Term Loan B Credit Agreement; or (b) if to Collateral Agent or Creditors in accordance with the provisions of Section 14 of the Collateral Agency Agreement. 
 20. Failure or Indulgence Not Waiver; Remedies Cumulative. No failure or delay on the part of Collateral Agent in the exercise
of any power, right, or privilege hereunder shall impair such power, right, or privilege or be construed to be a waiver of any default or acquiescence therein, nor shall any single or partial exercise of any such power, right, or privilege preclude
any other or further exercise thereof or of any other power, right, or privilege. All rights and remedies existing under this Agreement are cumulative to, and not exclusive of, any rights or remedies otherwise available. 
 21. Severability. In case any provision in or obligation under this Agreement shall be invalid, illegal, or unenforceable in
any jurisdiction, the validity, legality, and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 22. Headings. Section and subsection headings in this Agreement are included herein for convenience of reference
only and shall not constitute a part of this Agreement for any other purpose or be given any substantive effect. 

 23. Governing Law; Terms. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF
THE PARTIES HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF CALIFORNIA WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES, EXCEPT TO THE EXTENT THAT THE CODE PROVIDES THAT THE
VALIDITY OR PERFECTION OF THE LIENS AND SECURITY INTERESTS HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR COLLATERAL ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN THE STATE OF CALIFORNIA. Unless otherwise defined herein,
terms used in Articles 8 and 9 of the Code are used herein as therein defined. 
 24. Consent to
Jurisdiction and Service of Process. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST PLEDGOR ARISING OUT OF OR RELATING TO THIS AGREEMENT MAY BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE OF CALIFORNIA, AND BY
EXECUTION AND DELIVERY OF THIS AGREEMENT EACH PLEDGOR ACCEPTS FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY
AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. Each Pledgor hereby agrees that service of all process in any such proceeding in any such court may be made by registered or certified mail, return receipt
requested, to such Pledgor at its address provided on the signature page hereof, such service being hereby acknowledged by such Pledgor to be sufficient for personal jurisdiction in any action against such Pledgor in any such court and to be
otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve process in any other manner permitted by law or shall limit the right of Collateral Agent to bring proceedings against any Pledgor in the courts
of any other jurisdiction. 
 25. Waiver of Jury Trial. EACH PLEDGOR AND COLLATERAL AGENT HEREBY AGREE TO WAIVE
THEIR RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS AGREEMENT. The scope of this waiver is intended to be all-encompassing of any and all disputes that may be filed in any court and that
relate to the subject matter of this transaction, including without limitation contract claims, tort claims, breach of duty claims, and all other common law and statutory claims. Each Pledgor and Collateral Agent each acknowledge that this waiver is
a material inducement for each Pledgor and Collateral Agent to enter into a business relationship, that each Pledgor and Collateral Agent have already relied on this waiver in entering into this Agreement and that each will continue to rely on this
waiver in their related future dealings. Each Pledgor and Collateral Agent further warrant and represent that each has reviewed this waiver with its legal counsel, and that each knowingly and voluntarily waives its jury trial rights following
consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS RENEWALS, SUPPLEMENTS, OR MODIFICATIONS TO THIS AGREEMENT.
In the event of litigation, this Agreement may be filed as a written consent to a trial by the court. 

 26. Counterparts. This Agreement may be executed in one or more counterparts
and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached
from multiple separate counterparts and attached to a single counterpart so that all signature pages are physically attached to the same document. 
 27. Limitation. It is the intention of each Pledgor Subsidiary, Collateral Agent, and each Creditor that the amount of the Secured Obligations shall be in, but not in excess of, the maximum
amount permitted by fraudulent conveyance, fraudulent transfer, or similar Laws applicable to each Pledgor Subsidiary. Accordingly, notwithstanding anything to the contrary contained in this Agreement or any other agreement or instrument executed in
connection with the payment of any of the Secured Obligations, the amount of the Secured Obligations shall be limited to that amount which after giving effect thereto would not (a) render any Pledgor Subsidiary insolvent, (b) result in the
fair saleable value of the assets of any Pledgor Subsidiary being less than the amount required to pay its debts and other liabilities (including contingent liabilities) as they mature, or (c) leave any Pledgor Subsidiary with unreasonably
small capital to carry out its business as now conducted and as proposed to be conducted, including its capital needs, as such concepts described in (a), (b), and (c) herein are determined under applicable Laws, if
the obligations of such Pledgor Subsidiary hereunder would otherwise be set aside, terminated, annulled, or avoided for such reason by a court of competent jurisdiction in a proceeding actually pending before such court. 
 [Remainder of Page Intentionally Left Blank; 
 Signature Pages to Follow] 

 IN WITNESS WHEREOF, each Pledgor and Collateral Agent have caused this Agreement to
be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above. 
 COMPANY:

 STANDARD PACIFIC CORP., a Delaware corporation 
  

			
	By:	 	 /s/ Andrew H. Parnes

		 	Andrew H. Parnes
		 	Executive Vice President-Finance and Chief Financial Officer
		
	By:	 	 /s/ John M. Stephens

		 	John M. Stephens
		 	Vice President and Corporate Controller

 Address for Notices: 
 Standard Pacific Corp. 
 15326 Alton Parkway 
 Irvine, California 92618-2338 
 Attn:
Mr. Andrew H. Parnes 
 Telephone: (949) 789-1616 
 Telecopier: (949) 789-1609 
 Signature Page to Pledge Agreement 

 PLEDGOR SUBSIDIARIES: 
 SP TEXAS INVESTMENTS, INC., a Delaware corporation 
 STANDARD PACIFIC OF TEXAS GP,
INC., a Delaware corporation 
  

			
	By:	 	 /s/ John M. Stephens

		 	Assistant Treasurer of each of the foregoing Pledgor Subsidiaries

 Address for each of the foregoing Pledgor Subsidiaries: 
 15326 Alton Parkway 
 Irvine, California 92618

 Attn: Clay A. Halvorsen, General Counsel 
 John Babel, Assistant General Counsel 
 Telephone: (949) 789-1618 
 Telecopier: (949) 789-1609 
 Signature Page to Pledge Agreement 

 COLLATERAL AGENT: 
 BANK OF AMERICA, N.A., a national banking association
  

			
	By:	 	 /s/ Eyal Namordi

	Name:	 	Eyal Namordi
	Title:	 	Vice President

 Notice Address: 
 Bank of America, N.A. 
 Agency Management 
 100 North Tryon Street, 14th Floor 
 NC1-007-14-24

 Charlotte, NC 28255 
 Attention:
Cindy K. Fisher 
 Telephone: (704) 387-5452 
 Telecopy: (704) 409-0180 
 Signature Page to Pledge Agreement 

 SCHEDULE 1 
 PART A 
  

												
	 Pledgor
	  	 Stock Issuer
	  	Class of
Stock	  	Stock
Certificate	  	Par
Value	  	Number of
Shares
	Standard Pacific Corp.	  	Standard Pacific of Arizona, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Standard Pacific of Las Vegas, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Standard Pacific of South Florida GP, Inc.	  	common	  	1	  	$	0.01	  	100
	Standard Pacific Corp	  	Westfield Homes USA, Inc.	  	common	  	1	  	$	0.01	  	100

 PART B 
 Limited Partnerships 
  

						
	 Pledgor
	  	 Limited Partnership
	  	Percentage
Interest*	 
	Standard Pacific of Texas GP, Inc.	  	Standard Pacific of Texas, L.P.	  	0.5	% 
	SP Texas Investments, Inc.	  	Standard Pacific of Texas, L.P.	  	99.5	% 

  

	*	100% of the partnership interests of Standard Pacific of Texas, L.P. is being pledged, of which 0.5% is held by Standard Pacific of Texas GP, Inc. as the General
Partner and 99.5% is held by SP Texas Investments, Inc. as the Limited Partner. 

 Limited Liability Companies

 January 5, 2009 
 PLEDGE AMENDMENT 
 (to Pledge Agreement dated
May 5, 2006) 
 This Pledge Amendment, dated January 5, 2009, is delivered pursuant to
Section 6(d) of the Pledge Agreement referred to below. The undersigned hereby agrees that this Pledge Amendment may be attached to the Pledge Agreement dated as of May 5, 2006, between the undersigned, each other Pledgor
party thereto, and Bank of America, N.A., as Collateral Agent (the “Pledge Agreement;” capitalized terms defined therein being used herein as therein defined), and that the Pledged Shares and Pledged Interests listed on this
Pledge Amendment shall be deemed to be part of the Pledged Shares and Pledged Interests and shall become part of the Collateral and shall secure all Secured Obligations. 
 Attached hereto is an updated version of Schedule 1 to the Pledge Agreement reflecting all of the interests that have been pledged through the date hereof. 
  

			
	PLEDGOR:
	
	Standard Pacific of Orange County, Inc.
		
	By:	 	 /s/ John M. Stephens

	Name:	 	John M. Stephens
	Title:	 	Principal Financial & Accounting Officer

 PART A 
  

												
	Pledgor	  	Stock Issuer	  	 Class of    
 Stock    
	  	 Stock    
 Certificate    
 Nos.    
	  	Par
Value	  	Number of
Shares
	 Standard
Pacific of Orange County, Inc.
	  	Standard Pacific of Walnut Hills, Inc.	  	Common    	  	1    	  	$	0.01	  	100
	 	 	 	 	 	 
	 	  	 	  	 	  	 	  	 	 	  	 

 PART B 
 Limited Liability Companies 
  

						
	Pledgor	  	Limited Liability Company	  	Percent Interest	 
	 Standard
Pacific Corp.
	  	Standard Pacific of Tonner Hills, LLC	  	100	% 
	 	 	 
	 	  	 	  	 	 

 SCHEDULE 1 
 (Last Updated on January 5, 2008) 
 PART A 
  

													
	Pledgor	  	Stock Issuer	  	 Class of    
 Stock    
	  	 Stock    
 Certificate    
 Nos.    
	  	 Par    
 Value    
	  	Number of
Shares	 
	 Standard
Pacific Corp.
	  	Standard Pacific of Arizona, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Standard Pacific of Las Vegas, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Standard Pacific of South Florida GP, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Westfield Homes USA, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp.
	  	Standard Pacific of Texas, Inc.	  	common    	  	1    	  	$	0.01    	  	100	** 
	 Standard
Pacific of Orange County, Inc.
	  	Standard Pacific of Walnut Hills, Inc.	  	common    	  	1    	  	$	0.01    	  	100	  

  

	*	Previously pledged on May 5, 2006 

	**	Previously pledged on June 30, 2007 

 PART B 
 Limited Liability Companies 
  

						
	Pledgor	  	Limited Liability Company	  	Percent
Interest	 
	 Standard
Pacific Corp.
	  	Standard Pacific of Tonner Hills, LLC	  	100	% 
	 	 	 
	 	  	 	  	 	 
	 	 	 
	 	  	 	  	 	 

 COUNTERPART TO PLEDGE AGREEMENT 
 In witness whereof, the undersigned Additional Pledgor Subsidiary has caused this Pledge Agreement to be executed and delivered by its
officer thereunto duly authorized as of January 5, 2009, and has delivered herewith, all items required by Section 16 of this Pledge Agreement. 
  

					
	STANDARD PACIFIC OF ORANGE COUNTY, INC.
		
	By:	 	 /s/ John M. Stephens

		 	Name:	 	John M. Stephens
		 	Title:	 	Principal Financial & Accounting Officer

 Address for Notice: 
 26 Technology Drive 
 Irvine, California 92618-2338 
 Attn: John M. Stephens, SVP and CFO 

 August 21, 2009 
 PLEDGE AMENDMENT 
 (to Pledge Agreement dated
May 5, 2006) 
 This Pledge Amendment, dated August 21, 2009, is delivered pursuant to
Section 6(d) of the Pledge Agreement referred to below. The undersigned hereby agrees that this Pledge Amendment may be attached to the Pledge Agreement dated as of May 5, 2006, between the undersigned, each other Pledgor
party thereto, and Bank of America, N.A., as Collateral Agent (the “Pledge Agreement;” capitalized terms defined therein being used herein as therein defined), and that the Pledged Shares and Pledged Interests listed on this
Pledge Amendment shall be deemed to be part of the Pledged Shares and Pledged Interests and shall become part of the Collateral and shall secure all Secured Obligations. 
 Attached hereto is an updated version of Schedule 1 to the Pledge Agreement reflecting all of the interests that have been pledged through the date hereof. 
  

					
	 PLEDGOR:
  
 Standard Pacific of Orange County, Inc.
 Standard Pacific Investment Corp.

		
	By:	 	 /s/ John M. Stephens

		 	Name:	 	John M. Stephens
		 	Title:	 	Principal Financial & Accounting Officer

 PART B 
 Limited Liability Companies 
  

						
	Pledgor	  	Limited Liability Company	  	Percent Interest	 
	Standard Pacific of Orange County, Inc./Standard Pacific
Investment Corp.	  	Talega Associates, LLC	  	100	% 
	 	 	 
	 	  	 	  	 	 

 SCHEDULE 1 
 (Last Updated on August 21, 2009) 
 PART A 
  

													
	Pledgor	  	Stock Issuer	  	 Class of    
 Stock    
	  	 Stock    
 Certificate    
 Nos.    
	  	 Par    
 Value    
	  	Number of
Shares	 
	 Standard
Pacific Corp.
	  	Standard Pacific of Arizona, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Standard Pacific of Las Vegas, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Standard Pacific of South Florida GP, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp
	  	Westfield Homes USA, Inc.	  	common    	  	1    	  	$	0.01    	  	100	* 
	 Standard
Pacific Corp.
	  	Standard Pacific of Texas, Inc.	  	common    	  	1    	  	$	0.01    	  	100	** 
	 Standard
Pacific of Orange County, Inc.
	  	Standard Pacific of Walnut Hills, Inc.	  	common    	  	1    	  	$	0.01    	  	100	*** 

  

	*	Previously pledged on May 5, 2006 

	**	Previously pledged on June 30, 2007 

	***	Previously pledged on January 5, 2009 

 PART B 
 Limited Liability Companies 
  

						
	Pledgor	  	Limited Liability Company	  	Percent
Interest	 
	Standard Pacific Corp.	  	Standard Pacific of Tonner Hills, LLC	  	100	%*** 
	Standard Pacific of Orange County, Inc./Standard Pacific
Investment Corp.	  	Talega Associates, LLC	  	100	% 
	 	 	 
	 	  	 	  	 	 

  

	***	Previously pledged on January 5, 2009 

 COUNTERPART TO PLEDGE AGREEMENT 
 In witness whereof, the undersigned Additional Pledgor Subsidiary has caused this Pledge Agreement to be executed and delivered by its
officer thereunto duly authorized as of August 21, 2009, and has delivered herewith, all items required by Section 16 of this Pledge Agreement. 
  

					
	STANDARD PACIFIC INVESTMENT CORP.
		
	By:	 	 /s/ John M. Stephens

		 	Name:	 	John M. Stephens
		 	Title:	 	Principal Financial & Accounting Officer & Treasurer

 Address for Notice: 
 26 Technology Drive 
 Irvine, California 92618-2338 
 Attn: John M. Stephens, SVP and CFOCollateral Agent and Intercreditor Agreement dated as of May 5, 2006

 Exhibit 10.6 
 COLLATERAL AGENT AND INTERCREDITOR AGREEMENT 
 This Collateral Agent
and Intercreditor Agreement (this “Agreement”) dated as of May 5, 2006, is entered into by and among BANK OF AMERICA, N. A. , as Collateral Agent hereunder (the “Collateral Agent”); STANDARD PACIFIC CORP. , a
Delaware corporation (the “Company”); and those subsidiaries of the Company listed on the signature pages hereof or which may hereafter become a party hereto pursuant to Section 12 (each of which is a “Pledgor Subsidiary” as
defined below); and each of the following persons (each, in the capacities described below (together with the representatives of any future Additional Covered Obligations), a “Creditor Representative”): 
  

	 	(A)	Bank of America, N.A., in its capacity as Administrative Agent under the Revolving Credit Agreement, Term Loan A Credit Agreement and Term Loan B Credit
Agreement referred to below; and 

  

	 	(B)	 J.P. Morgan Trust Company, National Association (as successor in interest to Bank One Trust Company, N.A. and The First National Bank of
Chicago), in its capacity as trustee under the Indenture referred to below, pursuant to which the Company’s 7% Senior Notes Due 2015, 6- 1/4% Senior Notes Due 2014, 7- 3/4% Senior Notes due 2013, 6- 7/8% Senior Notes due 2011, 6- 1/2% Senior Notes due 2010, 5- 1/8% Senior Notes due 2009 and 6- 1/2% Senior Notes due 2008 (collectively the “Existing
Notes”) each were issued. 

 The parties hereto hereby agree with reference to
the following facts: 
 RECITALS 
  

	A.	Pursuant to the Credit Documents described herein, the Company and certain of its Pledgor Subsidiaries and other Subsidiaries have incurred indebtedness for borrowed
money, or have guaranteed such indebtedness incurred by the Company. 

  

	B.	The Term Loan B Credit Agreement referred to below requires that the Company and the Pledgor Subsidiaries grant liens in the stock (or other equity interests) of
certain Subsidiaries of the Company to secure the obligations of the Company and the respective Pledgor Subsidiaries under the Term Loan B Credit Agreement. 

  

	C.	The Revolving Credit Agreement, the Term Loan A Credit Agreement and the Indenture permit the liens securing Term Loan B Credit Agreement but only if such liens secure
the obligations under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Indenture on an equal and ratable basis. 

  

	D.	Substantially concurrently herewith, the Company and the Pledgor Subsidiaries shall enter into the Pledge Agreement to grant the liens in the Collateral to the
Collateral Agent for the mutual benefit of the Creditors. 

	E.	The Company and the Creditor Representatives party hereto as of the date hereof desire to provide that the liens granted under the Pledge Agreement and contemplated
hereby shall, to the extent of the Qualified Obligations, be equal, ratable and pari passu and to make provision for future Qualified Obligations incurred by the Company to have the benefit of such liens on the same equal, ratable and pari passu
basis. 

  

	F.	The Company and its Pledgor Subsidiaries may hereafter become entitled to the release of the Collateral subject to this Agreement, and further provision is made herein
for the effectuation of such a release. 

 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  

	1.	Definitions. As used herein, the following terms have the meanings set forth after each: 

 “Additional Covered Obligations” has the meaning set forth in Section 4 of this Agreement. 
 “Administrative Agent” means Bank of America, N.A., in its capacity as Administrative Agent and its successors, assigns and
replacements in such capacity, under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement, respectively. 
 “Bankruptcy Proceeding” means any bankruptcy or insolvency case or proceeding arising out of an occurrence described in clause (a) of the definition of Trigger Event. 
 “Cash Equivalent Investments” means (a) direct obligations of the United States Government or any agencies thereof and
obligations guaranteed by the United States Government, in each case having remaining terms to maturity of not more than 30 days; and (b) certificates of deposit, time deposits and acceptances, having remaining terms to maturity of not more
than 60 days issued by United States banks which have a combined capital and surplus of at least $1,000,000,000 and having an “A” rating or better assigned thereto by Standard & Poor’s Ratings Group, a Division of The McGraw
Hill Companies, Inc. or Moody’s Investors Service, Inc. 
 “Collateral” means the property of the Company
and the Pledgor Subsidiaries which is at any time subject to the Pledge Agreement. 
 “Collateral Agent” means
Bank of America, N.A., in its capacity as Collateral Agent and its successors, assigns and replacements in such capacity. 
 “Covered Obligations” means any Obligations (including Obligations owed to the Creditors under the Existing Credit Documents and Additional Covered Obligations) that would be Qualified Obligations from and after delivery of
a Trigger Notice. 
 “Credit Documents” means, in respect of each Creditor Group, the instruments, documents and
agreements evidencing the obligations and indebtedness of the Company

  

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and the Pledgor Subsidiaries owed to such Creditor Group under the respective “Loan Documents” (as defined in the Revolving Credit Agreement, the Term Loan A Credit Agreement or the
Term Loan B Credit Agreement) or under the Indenture and the respective series of Notes, in each case together with any respective guarantees thereof, or evidencing Additional Covered Obligations, and in any event includes the Existing Credit
Documents. 
 “Creditor” means each Person which is the holder of, or Creditor Representative with respect to,
any indebtedness or other obligation represented by Credit Documents representing Obligations, including (a) Bank of America, N.A., as Administrative Agent under the Revolving Credit Agreement, together with the “Lenders,”
“Issuing Banks,” and “Swing Line Lender” referenced in such credit agreement or from time to time party thereto, and those Persons entitled to indemnification of any character under such credit agreement, (b) Bank of
America, N.A., as Administrative Agent under the Term Loan A Credit Agreement, together with the “Lenders” referenced in such loan agreement or from time to time party thereto, and those Persons entitled to indemnification of any character
under such credit agreement, (c) Bank of America, N.A., as Administrative Agent under the Term Loan B Credit Agreement, together with the “Lenders” referenced in such credit agreement or from time to time party thereto, and those
Persons entitled to indemnification of any character under such credit agreement, (d) J.P. Morgan Trust Company, National Association, as Trustee under the Indenture in respect of each series of Notes referred to in the definition of
“Creditor Groups” and the holders of such Notes, and (e) any Creditor Representative in respect of any Additional Covered Obligations and the holders of such obligations, in each case including their respective successors, assigns and
replacements. 
 “Creditor Group” means any of each of the following groups: 
  

	 	(a)	the Administrative Agent, the Lenders, the Issuing Banks and the Swing Line Lender under the Revolving Credit Agreement; 

  

	 	(b)	the Administrative Agent and the Lenders under the Term Loan A Credit Agreement; 

  

	 	(c)	the Administrative Agent and the Lenders under the Term Loan B Credit Agreement; 

  

	 	(d)	the Trustee for and the holders of the Company’s 7% Senior Notes Due 2015; 

  

	 	(e)	 the Trustee for and the holders of the Company’s 6- 1/4% Senior Notes Due 2014; 

  

	 	(f)	 the Trustee for and the holders of the Company’s 7- 3/4% Senior Notes Due 2013; 

  

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	 	(g)	 the Trustee for and the holders of the Company’s 6- 7/8% Senior Notes due 2011; 

  

	 	(h)	 the Trustee for and the holders of the Company’s 6- 1/2 Senior Notes due 2010; 

  

	 	(i)	 the Trustee for and the holders of the Company’s , 5- 1/8% Senior Notes due 2009; 

  

	 	(j)	 the Trustee for and the holders of the Company’s 6- 1/2% Senior Notes due 2008; and 

  

	 	(k)	the Creditor Representative for and the holders of each other class of senior indebtedness of the Company which is hereafter registered as Additional Covered
Obligations pursuant to Section 4 hereof; in each case together with any trustee, administrative agent or other creditor representative thereof, and any issuing banks, swap counterparties, indemnitees, or other Persons entitled to the benefit
of the Collateral described in the relevant Credit Documents. 

 “Enforcement Order” has the
meaning set forth in Section 8(a) of this Agreement. 
 “Event of Default” means the occurrence of any
Event of Default or defined event of default under any Credit Document. 
 “Existing Credit Documents” means
(a) the Revolving Credit Agreement and the “Loan Documents” (as such term is defined in the Revolving Credit Agreement), (b) the Term Loan A Credit Agreement and the “Loan Documents” (as such term is defined in the Term
Loan A Credit Agreement), (c) the Term Loan B Credit Agreement and the “Loan Documents” (as such term is defined in the Term Loan B Credit Agreement), (d) the Indenture and the Existing Notes of the Company, and (e) all
guarantees of such obligations issued by the Company or any of its Subsidiaries in respect of the foregoing, including the Existing Guarantees. 
 “Existing Guarantees” means guaranties or guarantees of the Obligations entered into by certain subsidiaries of the Company dated as of a date on or prior to this Agreement, including the
following guaranties or guarantees by the subsidiaries of the Company named therein, in each case as at any time amended, modified, supplemented, renewed or extended: 
  

	 	(a)	Continuing Guaranty dated as of August 31, 2005 (as supplemented as of the date hereof) with respect to the Revolving Credit Agreement; 

 

	 	(b)	Continuing Guaranty of even date herewith with respect to the Term Loan A Credit Agreement; 

  

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	 	(c)	Continuing Guaranty of even date herewith with respect to the Term Loan B Credit Agreement; and 

  

	 	(d)	the guarantee obligations contained in the Eleventh Supplemental Indenture dated as of February 22, 2006 included in the Indenture with respect to the Existing
Notes. 

 “Hedge Obligations” means all obligations and indebtedness of the Company or any of its
Subsidiaries under any Swap Contract (as defined in the Revolving Credit Agreement as in effect on the date hereof) entered into with any Person who is entitled to the benefits of this Agreement pursuant to Section 4. 
 “Indenture” means that certain Indenture dated as of April 1, 1999, as supplemented by that certain First Supplemental
Indenture dated as of April 13, 1999, Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001, Fourth Supplemental Indenture dated as of March 4, 2003, Fifth
Supplemental Indenture dated as of May 12, 2003, Sixth Supplemental Indenture dated as of September 23, 2003, Seventh and Eighth Supplemental Indentures, each dated as of March 11, 2004, Ninth and Tenth Supplemental Indentures, each
dated as of August 1, 2005 and Eleventh Supplemental Indenture dated as of February 22, 2006, as at any time amended, modified, supplemented, renewed or extended. 
 “Majority Representatives” means, as of each date of determination, those Creditor Representatives representing
(a) prior to any Trigger Event, Creditors holding a majority of the principal amount of the Covered Obligations (including for this purpose the amount of any unfunded credit commitments (including undrawn letters of credit) which are Covered
Obligations and, with respect to any Hedge Obligations, the net close-out amount and unpaid amounts owed to the respective Creditors, calculated by the Collateral Agent as of the date of determination), and (b) following any Trigger Event and
subject to Section 8(a), Creditors holding a majority of the principal amount of the outstanding Qualified Obligations (including without duplication the amount of any letters of credit and related reimbursement obligations or other liquidated
or contingent obligations issued or arising under the related Credit Documents and, with respect to any Hedge Obligations, the close-out amount (and, if applicable, any unpaid amount) calculated by the Collateral Agent as of the date of
determination). 
 “New Guarantee” means a guaranty of any Obligations hereafter executed by any Subsidiary of
the Company, in each case as at any time amended, modified, supplemented, renewed or extended. 
 “Obligations”
means, collectively, all obligations and indebtedness of the Company or any of the Pledgor Subsidiaries which are owed to any Creditors under the Credit Documents. 
 “Pledge Agreement” means a Pledge Agreement of even date herewith among the Company, the Pledgor Subsidiaries and the Collateral Agent, granting a lien to the Collateral Agent for the
benefit of the holders of the Obligations, in each case as at any time amended, modified, supplemented, renewed or extended. 
  

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 “Pledgee Subsidiary” has the meaning set forth in the Pledge Agreement.

 “Qualified Obligations” means: 
  

	 	(a)	in the case of each Creditor Group holding Term Credit Obligations, all principal Obligations owed to such Creditor Group which are outstanding immediately prior to the
delivery of a Trigger Notice, together with interest, fees, premiums, indemnification claims, and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event; 

  

	 	(b)	in the case of each Creditor Group holding Revolving Credit Obligations, all principal Obligations owed to such Creditor Group which are outstanding immediately prior
to the delivery of a Trigger Notice (including without duplication the amount of any letters of credit and related reimbursement obligations or other liquidated or contingent obligations issued or arising under the related Credit Documents (to the
extent entitled to the benefit of the relevant Credit Documents)) together with interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such principal, whether arising before or after a Trigger Event; and

  

	 	(c)	in the case of each Creditor Group holding Hedge Obligations, the net close-out amount and unpaid amounts owed to such Creditor Group immediately prior to the delivery
of a Trigger Notice (as if such Hedge Obligations were then terminated), as calculated by the Collateral Agent, together with any interest, fees, premiums, indemnification claims and reasonable costs and expenses allocable to such close-out amount
(or unpaid amount) included in the Hedge Obligations, whether arising before or after a Trigger Event. 

 “Qualified Obligations” shall exclude claims of a Creditor Group that have been finally determined to be invalid and unenforceable by a court, or arbitral body, of competent jurisdiction, but shall include claims that are
reinstated, for example in the event that a payment received by Creditor Group prior to the delivery of the Trigger Notice is later held to be voidable as a preferential transfer under applicable bankruptcy law, with the effect that the Credit
Obligations of such Creditor Group are correspondingly reinstated. 
 “Register” means a register, in the form
of Exhibit A hereto, maintained by the Collateral Agent in which the Collateral Agent shall enter the name, address, telephone number, facsimile number, and representative capacity, if any of each Creditor Representative together with the original
principal amount of the secured Obligations owed to the related Creditor Group and, in the case of Revolving Credit Obligations, the commitment amount under the related Credit Documents. 
  

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 “Revolving Credit Agreement” means the Revolving Credit Agreement dated as
of August 31, 2005 among the Company, as Borrower, the Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as amended on May 5, 2006 and as at any time amended, modified, supplemented, renewed or extended, and
all restatements thereof and any agreement that refinances the indebtedness thereunder. 
 “Revolving Credit
Obligations” means all obligations and indebtedness of the Company or any of its Subsidiaries under (a) the Revolving Credit Agreement and the Loan Documents described therein, and (b) any other Credit Documents hereafter entitled
to the benefits of this Agreement pursuant to Section 4 under (and to the extent) which revolving credit facilities are provided to the Company or any of its Subsidiaries. 
 “Term Credit Obligations” means all obligations and indebtedness of the Company and its Subsidiaries, the holders of which
are entitled to the benefits of this Agreement pursuant to Section 4 and which are not Revolving Credit Obligations or Hedge Obligations. 
 “Term Loan A Credit Agreement” means the Term Loan A Credit Agreement dated as of May 5, 2006 among the Company, as Borrower, the Lenders referred to therein, and Bank of America,
N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness thereunder. 
 “Term Loan B Credit Agreement” means the Term Loan B Credit Agreement dated as of May 5, 2006 among the Company, as
Borrower, the Lenders referred to therein, and Bank of America, N.A., as Administrative Agent, as at any time amended, modified, supplemented, renewed or extended, and all restatements thereof and any agreement that refinances the indebtedness
thereunder. 
 “Trigger Event” means any of the following: 
  

	 	(a)	the occurrence of any default under any Credit Document consisting of a bankruptcy, insolvency or similar event with respect to the Company or any Subsidiary having
assets in excess of $100,000,000, provided that in the case of the commencement of any involuntary bankruptcy with respect to the Company or any such Subsidiary, no Trigger Event shall be deemed to have occurred unless and until the shortest period
of grace, applicable to an involuntary bankruptcy default and provided for in the then applicable Credit Documents, has expired; or 

  

	 	(b)	the actual acceleration of any Obligations in a principal amount in excess of $100,000,000 by the holder or holders thereof or their representatives.

 “Trigger Notice” means a written notice from any Creditor Representative to the Collateral
Agent that a Trigger Event has occurred. 
  

 7 

 “Trustee” means J.P. Morgan Trust Company, National Association, in its
capacity as trustee under the Indenture and its successors, assigns and replacements in such capacity. Unless otherwise indicated, capitalized terms used but not defined in this Agreement shall have the meanings given to them in the Revolving Credit
Agreement, as in effect on the date of this Agreement. As used herein, “liens” includes any liens or security interests. 
 2.
Granting of the Liens. Concurrently with the execution and delivery of this Agreement, the Company and each Pledgor Subsidiary shall execute and deliver to the Collateral Agent the Pledge Agreement, in form and substance acceptable to the
Creditor Representatives. The Collateral Agent is hereby authorized and directed to execute the Pledge Agreement, each instrument, document and agreement contemplated thereby to which the Collateral Agent is a named party, and each other instrument,
document or agreement with is incidental or reasonably related thereto. Upon execution and delivery of the Pledge Agreement, the Company and the Pledgor Subsidiaries shall deliver to the Collateral Agent the certificates or instruments representing
all of the issued and outstanding capital stock or other equity securities or partnership interests of each Pledgee Subsidiary. 
 3. Liens
Equal, Ratable and Pari Passu. 
  

	 	(a)	Subject to Section 4 hereof, the Creditor Representatives hereby agree on behalf of their respective Creditor Groups that the liens granted to and held by the
Collateral Agent, to the extent such liens secure Obligations, shall be for the equal, ratable and pari passu benefit of the Creditor Groups to the extent of their respective Covered Obligations (and, from and after delivery of a Trigger Notice,
Qualified Obligations). 

  

	 	(b)	In the event of any Enforcement Order or the payment of proceeds pursuant to Section 7(b)(ii), each Creditor Group shall be entitled to equal priority in
distribution through its Creditor Representative, ratably based upon the proportion that the Covered Obligations (and, from and after delivery of a Trigger Notice, Qualified Obligations) owed to each of the respective Creditor Groups bears to the
aggregate amount of the Covered Obligations (and, from and after delivery of a Trigger Notice, Qualified Obligations). In the event that Additional Covered Obligations become entitled to the benefits hereof in the manner contemplated by
Section 4, the related Creditors shall be entitled to equal priority, and ratable and pari passu distributions, as if the Creditor Representatives of such Creditors had been original parties to this Agreement; provided, however, that Creditors
holding Additional Covered Obligations shall not be entitled to receive any proceeds of Collateral that were properly distributed to other Creditors, pursuant to this Agreement, prior to such Additional Covered Obligations becoming “Additional
Covered Obligations” in accordance with the terms of this Agreement 

  

 8 

	 	(c)	The relative priority of such liens shall apply irrespective of the time, order or manner of attachment or perfection of such liens and shall not be affected by any
bankruptcy, insolvency or similar event with respect to the Company or any Subsidiary. 

  

	 	(d)	Because a credit bid by one or more Creditor Representatives or Creditors at a foreclosure sale with respect to any portion of the Collateral might be used to evade or
otherwise circumvent the requirements of equal, ratable and pari passu distributions contemplated by this Agreement, the parties hereto agree that no sale of any portion of the Collateral shall be subject to credit bidding unless all Creditor
Representatives consent in writing, such consent not to be unreasonably withheld. Each of the parties from time to time hereto agrees that this is a commercially reasonable restriction on sales of the Collateral. 

  

	 	(e)	For purposes of determining the amounts to be distributed pursuant to Section 3 and Section 8(c), the Collateral Agent shall be entitled to establish a
“record date,” as the effective date of the calculations upon which distributions are based, not more than ninety (90) days prior to the anticipated date of distribution hereunder. Upon request of the Collateral Agent, the Creditor
Representatives shall immediately furnish to the Collateral Agent all information regarding the Obligations of the Creditors represented by such Creditor Representatives, respectively, as Collateral Agent shall reasonably request.

 4. Designation of Additional Covered Obligations. The aggregate principal amount of indebtedness which may become
Covered Obligations (and which may become, from and after delivery of a Trigger Notice, Qualified Obligations) is unlimited, but indebtedness shall become Covered Obligations (and thereafter Qualified Obligations) only upon its becoming subject to
the terms and conditions set forth in this Section 4. The Company may from time to time by resolution of its board of directors (or any duly authorized committee thereof) designate any senior indebtedness of Company or other senior obligations
of Company as Covered Obligations hereunder (“Additional Covered Obligations”). In order to designate any such senior indebtedness or other obligations as Additional Covered Obligations, the Company shall deliver to the Collateral Agent:

  

	 	(a)	a certified copy of a resolution of its board of directors (or any duly authorized committee thereof) designating the additional indebtedness as Additional Covered
Obligations; 

  

 9 

	 	(b)	a certificate of the chief financial officer, controller or treasurer of the Company (i) stating that, as of the date of such certificate, immediately after giving
effect to the incurrence of the proposed Additional Covered Obligations, no Trigger Event has occurred in respect of any then Covered Obligation and that the incurrence by the Company and its Subsidiaries of such Additional Covered Obligations does
not result in a default under the Credit Documents evidencing all outstanding Covered Obligations and (ii) setting forth sufficient details regarding the proposed Additional Covered Obligations to allow the Collateral Agent to record such
Additional Covered Obligations in the Register, including the nature of the Additional Covered Obligations and the name, address and contact information of the Creditor Representative with respect to such Additional Covered Obligations; and

  

	 	(c)	a joinder hereto, substantially in the form of Exhibit B hereto, executed by any Creditor Representative representing the interests of the proposed Additional Covered
Obligations, or by the holders of such Additional Covered Obligations and acknowledged by the Collateral Agent. 

 Upon the
receipt by the Collateral Agent of a certificate from the Company’s chief financial officer, controller or treasurer stating that the foregoing conditions precedent have been satisfied (the “Obligations Certificate”), and unless the
Collateral Agent has then received written notice from the Company, any Subsidiary, or any Creditor Representative that a Trigger Event has occurred, the Collateral Agent shall promptly record the particulars of the proposed Additional Covered
Obligations in the Register (upon which recordation they shall constitute Covered Obligations), and shall promptly inform in writing each of the Company and the Creditor Representatives of such recordation. The Company may, from time to time,
examine the Register during normal business hours of the Collateral Agent upon reasonable prior notice. 
 Each of the Obligations, Creditor
Representatives and like information specifically described in the Recitals hereto or elsewhere in this Agreement as of the date hereof shall be deemed to be Covered Obligations and set forth in the Register. The Collateral Agent shall also note in
the Register changes, additions or deletions to any of the information relating to the Covered Obligations (or from and after delivery of a Trigger Notice Qualified Obligations) promptly upon the Collateral Agent’s receiving written notice
thereof from the related Creditor Representative. The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Collateral Agent and each Creditor may conclusively presume that each Person whose name is
recorded in the Register is qualified as the Creditor Representative hereunder for the related Covered Obligations (or Qualified Obligations) for all purposes under this Agreement. The Register shall be kept as part of the Collateral Agent’s
official records and shall be available for inspection at the Collateral Agent’s office upon request by any Creditor Representative during the normal business hours and with reasonable prior notice. The Collateral Agent may conclusively rely
upon the accuracy of the information certified to it by each Creditor Representative and shall have no duty whatsoever to independently confirm its accuracy. 
 5. Sharing of Proceeds; Turnover. Each of the Creditor Representatives agrees on behalf of its Creditor Group that in the event that such Creditor Group receives, from any realization upon the
liens granted under the Pledge Agreement, a greater amount than the amount to which that

  

 10 

 
Creditor Group is entitled pursuant to Sections 3, 7(b) or 8(c), as applicable, they shall turn over to the Collateral Agent, for distribution thereto in accordance with Sections 3, 7(b) or 8(c),
as applicable, such excess amount. 
 6. Amendments to Credit Documents. Each of the Creditor Groups shall be entitled to enter into any
amendment, modification, supplement or extension of the Credit Documents to which they are a party with the Company and its Subsidiaries without affecting the relative priority of their interests in the Collateral held by the Collateral Agent.
Without limiting the generality of the foregoing sentence, each of the Obligations now existing or hereafter arising under the Existing Credit Documents, including Obligations arising as a result of any amendment, modification, supplement or
extension, shall constitute Covered Obligations without the necessity of any further action, notwithstanding any such amendment, modification, supplement or extension. For avoidance of doubt, any Obligations arising out of any increases in the Total
Aggregate Commitment under the Revolving Credit Agreement (whether arising under Section 3.10 of the Revolving Credit Agreement or otherwise) shall constitute Covered Obligations without the necessity of any further action in respect of this
Agreement. 
 7. Releases under and Amendments to Collateral Documents. 
  

	 	(a)	The Company and the Pledgor Subsidiaries shall be entitled to releases of the Collateral as provided in the Pledge Agreement, without any further requirements for
notice to or consent from the Creditor Representatives or other action under this Agreement. 

  

	 	(b)	In addition to releases pursuant to Section 7(a), promptly following a written request of the Company, the Collateral Agent shall release from the lien of the
Pledge Agreement any Collateral described in such request, provided that, as of the date of such request, the Collateral Agent has received a certificate from the Company that the following conditions have been fulfilled (and the facts certified in
such certificate are true and correct): 

  

	 	(i)	the release of such Collateral has been authorized by the Creditor Representative in respect of the Term Loan B Credit Agreement; and 

  

	 	(ii)	either (A) no proceeds from any sale or disposition of such Collateral are being applied (through the procedure provided in Section 3) to repay any Covered
Obligations as a condition to such release or (B) if any such proceeds are applied to repay any Covered Obligations as a condition to such release, such proceeds are being applied to repay the Covered Obligations (or in the case of letters of
credit, contingent Hedge Obligations and other contingent obligations included in the Covered Obligations, held to secure repayment of such Obligations in a manner consistent with Section 8(e)) ratably based upon the proportion that the Covered
Obligations owed to each of the respective Creditor Groups bears to the aggregate amount of the Covered Obligations. 

  

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	 	(c)	The Company and the Pledgor Subsidiaries shall be entitled to request that the Collateral Agent enter into amendments to the Pledge Agreement with the consent of the
Majority Representatives, other than with respect to releases of Collateral (which are governed by Sections 7(a), 7(b) and 13 of this Agreement). Any request made by the Company and the Pledgor Subsidiaries pursuant to this subsection shall be made
to the Collateral Agent in writing, with copies to each of the Creditor Representatives, and the Company shall provide the Collateral Agent with proof of notice to the Creditor Representatives. If the Collateral Agent receives written consent from
the Majority Representatives, the Collateral Agent shall execute the proposed documents (with any minor amendments or revisions required thereto). 

  

	 	(d)	In addition, without any requirement for notice to or consent from the Creditor Representatives, the Collateral Agent may execute amendments to the Pledge Agreement to
include among the obligations secured by the Collateral any Additional Covered Obligations designated under Section 4 (together with any other minor amendments relating to the addition of such obligations that are deemed necessary or desirable
by the Collateral Agent). If in connection with the designation of Additional Covered Obligations under Section 4, the Company and the Pledgor Subsidiaries are prepared to execute and deliver any amendments (other than those described in the
immediately preceding sentence) proposed by the Creditor Representative with respect to such Additional Covered Obligations, the Collateral Agent will execute and deliver such amendments, if, ten business days following the circulation of a draft
thereof to all of the Creditor Representatives (or a shorter time not less than three business days which is specified by the Collateral Agent to accommodate any exigent circumstances identified by the Company), no written objection to such
amendments by the Majority Representatives has been received by the Collateral Agent or, in the event of any such objection, the Collateral Agent will execute and deliver such amendments (with any minor amendments or revisions required thereto) as
are in accordance with the written directions of the Majority Representatives and satisfactory to the Collateral Agent, the Company and the Pledgor Subsidiaries. 

  

 12 

 8. Enforcement of the Liens. 
  

	 	(a)	Upon the occurrence of a Trigger Event, the Creditor Representative of any Creditor Group which asserts the Trigger Event may unilaterally direct the Collateral Agent
in writing to proceed to enforce the liens granted in its favor in accordance with this Section (such a written direction is referred to as an “Enforcement Order”), without the requirement of the consent or approval of any other Creditor
or Creditor Representative. Upon its receipt of any such Enforcement Order, the Collateral Agent shall promptly and in any event within ten business days notify each other Creditor Representative thereof, and the Creditor Representatives shall form
a committee of the Creditor Representatives (the “Enforcement Committee”) to determine the order and manner in which the remedies of the Collateral Agent shall be exercised. The Majority Representatives shall notify the Collateral Agent in
writing of the formation of the Enforcement Committee; which notice may designate a Creditor Representative as the chair of the Enforcement Committee. Any such chair of the Enforcement Committee shall act or refrain from acting as directed by the
Majority Representatives, however the Collateral Agent shall be entitled to follow the written directions of the chair of the Enforcement Committee until notified in writing by the Majority Representatives to the contrary and, in the absence of
written direction from the Enforcement Committee (or any such chair) the Collateral Agent shall take no action except as permitted by Section 10(h). Each Creditor Representative shall be entitled to cast votes equal to the aggregate amount of
the Qualified Obligations owed to its Creditor Group (including, in the case of letters of credit, contingent Hedge Obligations and other contingent obligations included in the Covered Obligations, the amount of such contingent obligations as
determined by the Collateral Agent). For purposes of this Section 8, if a Creditor Representative is unable or unwilling to participate actively in the selection of an Enforcement Committee, then such Creditor Representative, and the Qualified
Obligations represented by such Creditor Representative, shall be excluded in the determination of the “Majority Representatives.” 

  

	 	(b)	No Creditor or Creditor Representative shall have any right to institute any action or proceeding or to exercise any other remedy provided by the Pledge Agreement or by
law or equity for the purpose of realizing upon the liens in the Collateral unless (i) an Enforcement Order shall have been tendered to the Collateral Agent and the Collateral Agent shall have failed to act within 30 days thereafter (excluding
any days during which the Collateral Agent shall be prohibited from acting by injunction, automatic stay, or similar legal restriction); or (ii) all Creditor Representatives consent thereto in writing (such consent not to be unreasonably
withheld). In such case, but not otherwise, any Creditor Representative acting on behalf of itself and the other Creditor Representatives shall be entitled to initiate actions or proceedings in any court of competent jurisdiction such as the
Collateral Agent may have taken under this Agreement. 

  

 13 

	 	(c)	Except as otherwise provided herein or by applicable law, the money received from the enforcement of any lien under the Pledge Agreement shall be applied by the
Collateral Agent (or, if applicable under Section 8(b), a Creditor Representative initiating an action or proceeding) as follows: 

 First, to the Collateral Agent in such capacity only (and not as a Creditor Representative) in an amount equal to its costs, fees, expenses, including fees and expenses of its attorneys, agents and
advisors and indemnity claims arising under this Agreement or other applicable agreements; 
 Second, to each Creditor or
Creditor Representative which has advanced funds to the Collateral Agent in accordance with Sections 10(a), 10(b) or 10(d)(ii) hereof, ratably in accordance with the amounts so advanced; 
 Third, to the payment (through the Creditor Representatives) of the Qualified Obligations, ratably in accordance with Section 3, or, in
the case of Qualified Obligations that are not then due and payable, to be held as Collateral in accordance with Section 8(e) hereof; 
 Fourth, ratably to the Collateral Agent in such capacity only (and not as a Creditor Representative) in an amount equal to its costs, fees, expenses, to the extent not reimbursed pursuant to clause First
above, including fees and expenses of its attorneys, agents and advisors and indemnities in connection with its actions hereunder and under the Pledge Agreement and any unpaid amounts owed to the Collateral Agent pursuant to Section 10; and

 Finally, as required by law, to the Persons or Persons legally entitled thereto. 
  

	 	(d)	The following provisions shall apply during any Bankruptcy Proceeding of the Company or any Pledgor Subsidiary 

 (i) The Collateral Agent shall represent all Creditors in connection with all matters directly relating solely to the Collateral, including,
without limitation, use, sale or lease of Collateral, use of cash collateral, relief from the automatic stay and adequate protection. The Collateral Agent shall act on the instructions of the Majority Representatives. 
 (ii) Each Creditor shall be free to act independently on any issue not directly relating solely to the Collateral. Each Creditor shall give
prior notice to the Collateral Agent of any action hereunder to the extent that such notice is possible. If such prior notice is not given, such Creditor shall give prompt notice following any action taken hereunder. 
 (iii) Any proceeds of the Collateral received by any Creditor as a result of, or during, any Bankruptcy Proceeding will be delivered promptly
to the Collateral Agent for distribution in accordance with Section 8(c). 
  

 14 

	 	(e)	Any amount available for distribution pursuant to the Third clause of Section 8(c) with respect to any Qualified Obligation not then due and payable (including any
principal amounts not then accelerated or otherwise due and payable, the outstanding amount of any undrawn letters of credit, Hedge Obligations not then due and payable and other contingent obligations included in the Qualified Obligations and not
then due and payable (collectively, the “Future Qualified Obligations”)) shall be held by the Collateral Agent and deposited in an account (the “Cash Collateral Account”) to be held as collateral for the Qualified Obligations and
disposed of as provided herein. On each date on which a Future Qualified Obligation becomes due and payable, the Collateral Agent shall distribute from the Cash Collateral Account to the respective Creditor Representative for application to the
payment of such Qualified Obligations due to the respective Creditors, an amount equal to the product of (1) the amount then on deposit in the Cash Collateral Account, and (2) a fraction, the numerator of which is the amount of such Future
Qualified Obligation that has become due and payable and the denominator of which is the outstanding amount of all Future Qualified Obligations immediately prior to the time such Future Qualified Obligation became due and payable. On each date on
which a reduction in the outstanding amount of Future Qualified Obligations occurs other than as a result of a repayment (whether as a result of the expiration of a letter of credit without a drawing, a decrease in the calculation of the amount
payable in respect of a Hedge Obligation or otherwise), the Collateral Agent shall distribute from the Cash Collateral Account an amount equal to the product of (1) the amount then on deposit in the Cash Collateral Account, and (2) a
fraction, the numerator of which is the amount of such reduction in the outstanding amount of Future Qualified Obligations and the denominator of which is the outstanding amount of all Future Qualified Obligations immediately prior to such
reduction, which amount shall be distributed as provided in the Third clause of Section 8(c). At such time as the outstanding amount of all Future Qualified Obligations is reduced to zero, any amount remaining in the Cash Collateral Account,
after the distribution therefrom as provided above, shall be distributed as provided in Section 8(c). For purposes of determining “Majority Representatives”, and the amount of Covered Obligations and Qualified Obligations in
Section 3, Covered Obligations and Qualified Obligations of a Creditor shall be deemed not to include an amount of such Covered Obligations and Qualified Obligations equal to the amount held in the Cash Collateral Account allocable to such
Creditor’s Future Qualified Obligations. 

  

	 	(f)	Any and all funds held by the Collateral Agent in its capacity as Collateral Agent, whether pursuant to any provision of any of the Pledge Agreement or otherwise, shall
to the extent feasible within a reasonable time be invested by the Collateral Agent in Cash Equivalent Investments. Any interest earned on such funds shall be disbursed to the Creditors or held as Collateral in accordance with Section 8(c), as
applicable. The Collateral Agent may hold any such funds in a common interest bearing account. To the extent that the interest rate payable with respect to any such account varies over time, the Collateral Agent may use an average interest rate in
making the interest allocations among the respective Creditors. The Collateral Agent shall have no duty to place funds held pursuant to this Section 8(f) in investments which provide a maximum return; provided, however, that the Collateral
Agent shall to the extent feasible invest funds in Cash Equivalent Investments with reasonable promptness. In the absence of gross negligence or willful misconduct (and except as to deposits maintained with the Collateral Agent), the Collateral
Agent shall not be responsible for any loss of any funds invested in Cash Equivalent Investments in accordance with this Section 8(f). 

 9. Marshaling of Assets; Election of Remedies; Amendments. 
  

	 	(a)	Each of the parties hereto waives any right it may now or hereafter have to require any other party to marshal assets, to exercise rights or remedies in a particular
manner, or to forbear exercising such rights and remedies in any particular manner or order. 

  

 15 

	 	(b)	Each of the parties hereto will be free to exercise in such manner and order as it elects in its discretion, fail to exercise, waive, suspend, terminate or suffer
expiration of, any of its rights and remedies with respect to the Obligations owed to its Creditor Group. Each of the parties hereto will have the unfettered right, at any time or from time to time, in compliance with their Credit Documents, to
release, subordinate or otherwise diminish any lien on any Collateral not required to be released hereunder, without affecting the liens of the other parties in such Collateral or the rights of the releasing or subordinating party hereunder with
respect to other Collateral. 

  

	 	(c)	This Agreement may not be amended, modified or supplemented without the prior written consent of all the parties hereto at the time of such proposed amendment,
modification or supplement. 

 10. Concerning the Collateral Agent. 
  

	 	(a)	The Collateral Agent’s Costs and Expenses. The Company will pay or reimburse the Collateral Agent upon its request for all reasonable out-of-pocket costs,
expenses, disbursements and advances incurred or made by the Collateral Agent (including the reasonable compensation and the disbursements of its counsel and all other professional advisors to the Collateral Agent) in connection with:

  

	 	(i)	the execution and administration of this Agreement and the Pledge Agreement; 

  

	 	(ii)	the discharge of all or any portion of the liens subject to this Agreement; 

  

	 	(iii)	the administration or execution, prior to receipt of an Enforcement Order by the Collateral Agent, of its duties hereunder or the liens contemplated hereby; and

  

	 	(iv)	the administration or execution, after receipt of an Enforcement Order by the Collateral Agent, of all duties of the Collateral Agent hereunder until finally and fully
performed; except any such expense, disbursement or advance which results from its gross negligence or bad faith or in connection with proceedings in respect of which a final judicial determination is made that the Collateral Agent was not
entitled to enter into such proceedings. In the event that the Company fails to pay any amount due under this clause (a), the Collateral Agent shall give notice to each of the Creditor Representatives of the Company’s failure to pay such amount
due, in which case each Creditor Representative shall pay the proportional share of its Creditor Group (based on the amount of the Covered Obligations (or Qualified Obligations) of its Creditor Group to the total amount of Covered Obligations (or
Qualified Obligations)) of such amount and shall be subrogated to the right of the Collateral Agent to obtain such payment from the Company. 

  

 16 

	 	(b)	Indemnification of the Collateral Agent. The Company hereby indemnifies the Collateral Agent (in its capacity as Collateral Agent and in its individual or
corporate capacity) and each of its officers, directors, attorneys in fact and agents for, and holds it harmless against, any cost, claim, damages, loss or liability or expense (including reasonable attorneys’ fees and expenses) incurred by it
in connection with, or related to or arising from: (i) the execution, acceptance and administration of this Agreement and the performance of its duties hereunder or in connection with the Pledge Agreement or any Enforcement Order; (ii) the
execution of the Pledge Agreement, or the granting of any lien or security interest on any Collateral for the benefit of the Collateral Agent; or (iii) any action taken or not taken by Collateral Agent upon the request or instruction of the
Company, the Majority Representatives, the chair of the Enforcement Committee, or any Creditor 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, except for any loss, liability or expense incurred by reason of the Collateral Agent’s gross negligence or willful misconduct. If the Collateral Agent incurs expenses in connection with the occurrence of a bankruptcy or the
appointment of a receiver relating to the Company or any of the Pledgor Subsidiaries, the expenses and compensation for those services are intended to constitute expenses of administration under any bankruptcy or receivership law. In the event that
the Company fails to pay any amount due under this clause (b), the Collateral Agent shall give notice to each of the Creditor Representatives of the Company’s failure to pay such amount due, in which case each Creditor Representative shall pay
the proportional share of its Creditor Group (based on the amount of the Covered Obligations (or Qualified Obligations) of its Creditor Group to the total amount of Covered Obligations (or Qualified Obligations)) of such amount and shall be
subrogated to the right of the Collateral Agent to obtain such payment from the Company. The obligations of the Company under this clause (b) shall survive any satisfaction and discharge or termination of this Agreement.

  

	 	(c)	Amount of Covered Obligations or Qualified Obligations Outstanding. The Company shall promptly provide the Collateral Agent with such information in writing
relating to the amount of the outstanding Obligations and any related commitments from time to time as the Collateral Agent may reasonably request for the purpose of enabling the Collateral Agent to fulfill its obligations hereunder. If the Company
shall fail to provide the Collateral Agent with the required information within the required period, the Collateral Agent shall be entitled to conclusively rely on a written statement signed by the related Creditor Representative.

  

 17 

	 	(d)	Conditions Precedent to Collateral Agent’s Obligation to Act. 

  

	 	(i)	Unless and until it shall have been required so to do under the terms hereof, the Collateral Agent shall not be bound to give any notice or do or take any act, action
or proceeding by virtue of the powers conferred on it hereby; nor shall the Collateral Agent be required to take notice of any Trigger Event or Enforcement Order, other than in payment of any moneys required by any provision hereof to be paid to it,
unless and until the Collateral Agent receives notice in writing of such Trigger Event or Enforcement Order and prior to receipt of such written notice the Collateral Agent may assume that no Trigger Event or Enforcement Order has occurred.

  

	 	(ii)	The obligation of the Collateral Agent to commence, continue, cease or refrain from any act, action or proceeding for the purpose of enforcing or ceasing to enforce any
rights of the Collateral Agent or the Creditors hereunder shall be conditional upon the Creditors (other than Creditors who act solely as a Creditor Representative) furnishing, when required by notice in writing by the Collateral Agent to the
Creditor Representative of such Creditors, sufficient funds to commence or continue such act, action or proceeding and an indemnity reasonably satisfactory to the Collateral Agent to protect and hold harmless the Collateral Agent against the costs,
charges, expenses and liabilities to be incurred thereby and any loss and damage it may suffer by reason thereof except for costs, charges and liabilities incurred by reason of the Collateral Agent’s gross negligence or willful misconduct. Each
Creditor providing such indemnity shall be entitled to reimbursement of any and all amounts provided by such Creditor under such indemnity in accordance with Section 8(c). 

  

	 	(iii)	None of the provisions contained in this Agreement shall require the Collateral Agent to expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers. 

  

	 	(e)	Collateral Agent’s Reliance. The Collateral Agent may conclusively rely and shall be protected in acting upon any such documents deposited with it in
purported compliance with any such provision or for any other purpose hereof, but may require further evidence before acting or relying thereon. The Collateral Agent may rely conclusively and shall be protected in acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, consent, order, letter, telegram, cablegram or other paper or document believed by it to be genuine and to have been signed, sent or presented by or on behalf of the proper party
or parties. However, the Collateral Agent may require reasonable evidence of the due execution thereof before acting or relying thereon. 

  

 18 

	 	(f)	Experts and Advisers. The Collateral Agent may at the expense of the Company appoint such agents and employ or retain such counsel, accountants, appraisers or
other experts or advisers as it may reasonably require for the purpose of discharging its duties hereunder and shall not be responsible for any misconduct (other than through its own gross negligence or willful misconduct) on the part of any of
them. The Collateral Agent may pay reasonable remuneration for all services performed for it in the discharge of its duties as Collateral Agent hereunder. The Collateral Agent may act (but shall not be bound to act) and shall be protected in acting
in good faith on the opinion or advice of or information obtained from any counsel, accountant, appraiser or other expert or adviser, whether retained or employed by the Company, any Subsidiary or by the Collateral Agent, in relation to any matter
related to or arising in the administration of this Agreement. 

  

	 	(g)	Cash, Documents, Etc. Paid or Delivered to the Collateral Agent. Any cash, securities, documents of title or other instruments, and other assets that may from
time to time be paid or delivered to the Collateral Agent by the Company or any Pledgor Subsidiary to be held for the benefit of all Creditors in accordance with the provisions hereunder shall be so held by the Collateral Agent as agent for the
benefit of the Creditors in accordance with this Agreement. 

  

	 	(h)	Action by Collateral Agent to Protect Security. After the occurrence of a Trigger Event and prior to the first meeting of the Enforcement Committee, the
Collateral Agent shall have power (but not any duty) to institute and to maintain such actions and proceedings solely as directed in writing by a Creditor Representative, as deemed necessary or expedient by such Creditor Representative, and solely
to the extent indemnified by such Creditor Representative to its satisfaction and upon advice of counsel, upon which it may conclusively rely, to prevent any impairment of the liens of the Pledge Agreement or to preserve or protect its interests and
the security and interests of the Creditors in respect of the Collateral or in respect of the income, earnings, rents, issues and profits therefrom. 

  

	 	(i)	Collateral Agent Not Required to Give Security. The Collateral Agent shall not be required to give any bond or security in respect of the execution of its duties
as Collateral Agent under this Agreement. 

  

	 	(j)	Condition of the Collateral. Neither the Collateral Agent nor any Creditor shall be liable for (i) any failure or defect of title to the Collateral,
(ii) any failure to perfect the lien of the Pledge Agreement, (iii) any decline in the value of Collateral or (iv) any statements of fact in the recitals in this Agreement or in the Pledge Agreement. 

  

 19 

	 	(k)	Liens and Sufficiency of Pledge Agreement. The Collateral Agent shall have no duty to maintain any financing statements or maintain perfected liens granted to it
hereunder. The Collateral Agent is not responsible for the sufficiency, validity or enforceability of the Pledge Agreement or any other documents related thereto. 

  

	 	(l)	Replacement of Collateral Agent. The Collateral Agent may resign and be discharged from the performance of all further duties hereunder by giving to the Company
and the Creditor Representatives sixty days’ notice in writing or such shorter notice as the Company and the Majority Representatives may approve, provided that such resigning Collateral Agent receives payment in full of all amounts due and
owing to it hereunder prior to or upon its removal taking effect; and provided, further, that such successor Collateral Agent shall be a bank or trust company having a combined and capital surplus of at least $1 billion, subject to supervision or
examination by federal or state lending authority, and authorized under the laws of the jurisdiction of its incorporation or organization to assume the functions of the Collateral Agent. The Majority Representatives may at any time remove the
Collateral Agent for cause and appoint a new Collateral Agent. “Cause” shall include the failure of the Collateral Agent to take any action that the Collateral Agent is required to take hereunder after request therefor by Majority
Representatives, or the Collateral Agent has taken any action hereunder that the Collateral Agent is not authorized to take hereunder and that violates the terms hereof. If no Event of Default has then occurred and is continuing and if the
Collateral Agent is not a Creditor Representative, the Company may, with the written concurrence of the Majority Representatives, remove the Collateral Agent and appoint a new Collateral Agent with the consent of the Majority Representatives (which
shall not be unreasonably withheld or delayed). In the event of the Collateral Agent resigning or being removed as aforesaid, the Majority Representatives shall forthwith appoint a new Collateral Agent. On any new appointment the new Collateral
Agent shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as Collateral Agent, without any further assurance, conveyance, act or deed; but the Company and the Pledgor Subsidiaries shall
immediately execute, at the expense of the Company, all such conveyances or other instruments as may be necessary or advisable for the purpose of transferring the Pledge Agreement to the new Collateral Agent and assuring the continued perfection and
priority of the liens thereunder. 

  

 20 

	 	(m)	No Trust or Fiduciary Relationship. The Collateral Agent shall not be deemed to be in a relation of trust or confidence with any Creditor Representative or
Creditor by reason of this Agreement, and shall not owe any fiduciary, trust or other special duties to any Creditor or Creditor Representative by reason of this Agreement. To the extent the Collateral Agent is requested to exercise any discretion
or to make any determination with respect to any provision of the Pledge Agreement or with respect to any of the Collateral, including the sufficiency, adequacy or acceptability of any document or any other item furnished to the Collateral Agent, or
compliance by the Company or any Pledgor Subsidiary with any of the provisions of the Pledge Agreement, the Collateral Agent shall notify the Creditor Representatives in writing, together with a copy of the document, item or request, as applicable.

 The parties hereto acknowledge that Collateral Agent’s duties do not include any discretionary authority, determination,
control or responsibility with respect to the Pledge Agreement or any Collateral, notwithstanding any rights or discretion that may be granted to the Collateral Agent in the Pledge Agreement. The Collateral Agent shall have no obligation, duty or
responsibility to exercise any such discretion except as directed in writing by the Majority Representatives or the chair of the Enforcement Committee and solely to the extent the Collateral Agent is indemnified to its satisfaction. The provisions
of this Agreement, including, without limitation those provisions relating to the rights, duties, powers, privileges, protections and indemnification of the Collateral Agent shall apply with respect to any actions taken or not taken by the
Collateral Agent under the Pledge Agreement. 
 The Collateral Agent shall be responsible only for the performance of such duties as are
expressly set forth herein. The Collateral Agent shall not be responsible for any action taken or not taken by it under this Agreement or with respect to any Pledge Agreement at the request or direction of the Majority Representatives, the chair of
the Enforcement Committee or any Creditor. 
 11. Further Assurances, etc. Each party hereto shall execute and deliver such other
documents and instruments, in form and substance reasonably satisfactory to the other parties hereto, and shall take such other action, in each case as any other party hereto may reasonably have requested (at the cost and expense of the Company) to
effectuate and carry out the provisions of this Agreement, including by recording or filing this Agreement or such other documents or instruments in such places as the requesting party may reasonably request. 
 12. Additional Pledgor Subsidiaries. The Company and the Subsidiary Pledgors hereby agree that they shall, concurrently with the formation or
acquisition of any new Subsidiary required to pledge any equity interests under the Pledge Agreement (an “Additional Subsidiary Pledgor”), cause that Additional Subsidiary Pledgor to enter into a joinder hereto, substantially in the form
of Exhibit B hereto, concurrently with the execution and delivery of the Pledge Agreement which is then required to be delivered by that Additional Subsidiary Pledgor pursuant to the Pledge Agreement or any then applicable Credit Documents. To the
extent that the equity securities or instruments owned by that Additional Subsidiary Pledgor, or owned by any other Subsidiary Pledgor not theretofore pledged under the Pledge Agreement, are then required under the Pledge Agreement to be delivered
in pledge to secure any Obligations, the same shall be delivered to and held by Collateral Agent in accordance with the terms hereof. 
  

 21 

 13. Full Release of Liens and Termination of the Agreement. In addition to releases provided under
Section 7: 
  

	 	(a)	In the event that the Company and the Pledgor Subsidiaries are entitled to the release of the Collateral under the applicable Credit Documents, (i) upon request of
the Company, each Creditor Representative shall promptly confirm in writing to the Collateral Agent its authority to provide evidence of such release to the Company and the Pledgor Subsidiaries and (ii) the Collateral Agent shall execute
appropriate documentation of the same and of the termination of this Agreement provided or caused to be provided to it by the Company subject to the payment by the Company of its remaining costs and expenses. 

  

	 	(b)	Promptly following a written request of the Company, the Collateral Agent shall terminate the Pledge Agreement and release and reconvey the security interest created
thereby (and this Agreement shall thereupon terminate), provided that, as of the date of such request, the Collateral Agent has received a certificate from the Company that the following conditions have been fulfilled (and the facts certified in
such certificate are true and correct): 

  

	 	(i)	all Obligations under the Term Loan B Credit Agreement have been repaid; and 

  

	 	(ii)	no Event of Default under any Credit Document has occurred and is continuing. 

 14. Notices. All notices, requests, demands, directions and other communications provided for hereunder must be in writing and must be mailed (by registered or certified mail), telecopied,
dispatched by commercial courier or delivered to the appropriate party at the address set forth on the signature pages of this Agreement or to such other address as may be designated by a party in a written notice sent to all other parties in
accordance with this Section. 
 15. Integration. This Agreement, including exhibits hereto, sets forth the entire understanding of the
parties with respect to the within matters and may not be modified or amended except upon a writing signed by all parties. In the event of any conflict or inconsistency between this Agreement and the Pledge Agreement, the provisions of this
Agreement shall govern 
 16. Counterparts. This Agreement may be executed in one or more counterparts, each one of which when so
executed shall be deemed to be an original, and all of which taken together shall constitute one and the same agreement. 
 17. No Third
Parties Benefited. Except for the Creditors (including each future Creditor in respect of Additional Covered Obligations), no Persons not a party to this Agreement are intended to be third party beneficiaries hereunder or to have any right,
benefit, priority, or interest under, or because of the existence of, or to have any right to enforce, this Agreement. 
  

 22 

 18. Construction. “Includes” and “including” are not limiting. “Or” is
not exclusive. “All” includes “any” and “any” includes “all”. 
 19. Governing Law. This
Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of California, without reference to the choice of law or conflicts of law provisions thereof. 
 [Remainder of this page intentionally left blank] 
  

 23 

 IN WITNESS WHEREOF, the parties hereto have executed this Collateral Agent and Intercreditor
Agreement as of the date first written above by their duly authorized representatives. 
  

			
	BANK OF AMERICA, N.A., as Collateral Agent
		
	By:	 	 /s/ Eyal Namordi

		 	Eyal Namordi, Vice President

  

			
	Address for notices:
	
	Bank of America, N.A.
	
	100 North Tryon Street, 14th Floor
	NC1-007-14-24
	Charlotte, NC 28255
	Attention: Cindy K. Fisher
	Telephone:	 	(704) 387-5452
	Telecopier:	 	(704) 409-0180

 [Collateral Agent and Intercreditor Agreement - Signature Page] 
  

 24 

			
	 BANK OF AMERICA, N.A., as Administrative
 Agent under the Revolving Credit Agreement, the
 Term Loan A Credit Agreement and the Term Loan B
Credit Agreement

		
	By:	 	 /s/ Eyal Namordi

		 	Eyal Namordi, Vice President

  

			
	Address for notices:
	
	Bank of America, N.A.
	
	100 North Tryon Street, 14th Floor
	NC1-007-14-24
	Charlotte, NC 28255
	Attention: Cindy K. Fisher
	Telephone:	 	(704) 387-5452
	Telecopier:	 	(704) 409-0180

 [Collateral Agent and Intercreditor Agreement - Signature Page] 
  

 25 

			
	J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as trustee for the holders of the Company’s 7% Senior Notes Due 2015, 6- 1/4% Notes Due 2014, 6- 7/8% Senior Notes due 2011, 6- 1/2% Senior Notes due 2010, 5- 1/8% Senior Notes due 2009 and 6- 1/2% Senior Notes due
2008
		
	By:	 	 /s/ Sharon McGrath

	Name:	 	Sharon McGrath
	Title:	 	Vice President

  

			
	Address for notices:
	
	 J.P. Morgan Trust Company, National Association
 227 West Monroe Street, Suite 2600
 Chicago, IL 60606

		
	Attn:	 	Worldwide Securities Services
		
	Telephone:	 	(800) 275-2048
	Telecopier:	 	(312) 267-5214

 [Collateral Agent and Intercreditor Agreement - Signature Page] 
  

 26 

 By executing this Agreement in the space provided below, the undersigned consent and agree to the terms of
this Agreement, agree not to take any action in contravention of this Agreement, and to pay the reasonable costs and expenses incurred by the Collateral Agent and each Creditor Representative in connection with the preparation, execution, delivery,
administration and enforcement of this Agreement and the instruments, documents and agreements referred to herein. The undersigned also agree that the execution of this Agreement is in furtherance of the transactions contemplated by the Credit
Documents, and that, as a consequence, the parties are entitled to all of the various indemnifications provided to them by the Credit Documents with respect to actions and omissions under this Agreement. The undersigned agree that, as between the
undersigned and the Trustee, the Trustee shall be entitled to all the immunities, powers, privileges and protections of the Trustee set forth in the Indenture in the execution, delivery and performance of this Agreement, which are herein
incorporated by reference as if set forth herein in their entirety. 
 STANDARD PACIFIC CORP., a Delaware corporation 
 SP TEXAS INVESTMENTS, INC., a Delaware corporation 
 STANDARD PACIFIC OF TEXAS GP, INC., a Delaware corporation 
  

			
	By:	 	 /s/ Andrew H. Parnes

		 	 Andrew H. Parnes, Executive Vice President and Chief Financial Officer of Standard Pacific Corp.,
 Vice President and Treasurer of SP Texas Investments, Inc. and
 Treasurer of Standard Pacific of Texas GP, Inc.

  

			
	Address for each of the foregoing:
	
	 15326 Alton Parkway
 Irvine, California 92618

		
	Attn:	 	Clay A. Halvorsen, General Counsel
		
	Telephone:	 	(949) 789-1618
	Telephone:	 	(949) 789-1609

 [Collateral Agent and Intercreditor Agreement - Signature Page] 
  

 27 

 EXHIBIT A 
 TO 
 COLLATERAL AGENT AND INTERCREDITOR AGREEMENT 
 REGISTER 
  

			
	  
 QUALIFIED
OBLIGATIONS
  
	  	 CREDITOR REPRESENTATIVE
  

	  
 Obligations outstanding from time to time under the Revolving Credit Agreement (Commitment $1,100,000,000)
  
 Obligations outstanding from time to time under Term Loan A Credit Agreement
(outstanding principal amount $100,000,000)
  
 Obligations outstanding from
time to time under Term Loan B Credit Agreement (outstanding principal amount $250,000,000)
	  	  
 BANK OF AMERICA, N.A., as Administrative Agent under the Revolving Credit Agreement, the Term Loan A Credit Agreement and the Term Loan B Credit Agreement
  
 Address:
  
 Bank of America, N.A.
 Agency Management Services
  
 Attn:
 Telecopier: (    )
        -        
 Telephone:
(    )         -        
  

  

 28 

			
	 $175,000,000 7%
Senior Notes Due 2015, issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $150,000,000 6- 1/4% Notes Due 2014, issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $125,000,000 7- 3/4% Notes Due 2013, issued pursuant to an Indenture dated as of
April 1, 1999, including all supplemental indentures thereto.
  
 $175,000,000 6- 7/8% Senior Notes due 2011,
issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $175,000,000 6- 1/2% Senior Notes due 2010, issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
 $150,000,000 5- 1/8% Senior Notes due 2009 issued pursuant to an Indenture dated as of
April 1, 1999, including all supplemental indentures thereto.
  
 $150,000,000 6- 1/2% Senior Notes due 2008
issued pursuant to an Indenture dated as of April 1, 1999, including all supplemental indentures thereto.
  
	  	 J.P. MORGAN
TRUST COMPANY, NATIONAL ASSOCIATION, in its capacity as trustee for the holders of the Company’s 7% Senior Notes Due 2015, 6- 1/4% Notes Due 2014, 6- 7/8% Senior Notes due 2011, 6- 1/2% Senior Notes due 2010, 5- 1/8% Senior Notes due 2009 and 6- 1/2% Senior Notes due 2008
  
 Address:
  
 J.P. Morgan Trust Company, National Association
 227 West Monroe Street, Suite 2600
 Chicago, IL 60606
  
 Attn: Worldwide Securities Services
 Telecopier: (    )
        -        
 Telephone:
(    )         -        

  

 29 

 INSTRUMENT OF JOINDER (ADDITIONAL SUBSIDIARY PLEDGOR) 
 THIS INSTRUMENT OF JOINDER (“Joinder”) is executed as of January 5, 2009 by Standard Pacific of Orange County, Inc., a
Delaware corporation (“Joining Party”), and delivered to BANK OF AMERICA, N.A., as Collateral Agent, pursuant to the Collateral Agent and Intercreditor Agreement dated as of May 5, 2006 among the Collateral Agent, Standard Pacific
Corp., a Delaware corporation, those Pledgor Subsidiaries of the Company which are a party thereto and the Creditor Representatives which are a party thereto (the “Agreement”). Terms used but not defined in this Joinder shall have the
meanings defined for those terms in the Agreement. 
 RECITALS 
  

	A.	In connection with the Agreement, the Company and the Pledgor Subsidiaries granted liens in the stock (or other equity interests) of certain Subsidiaries of the Company
to the Collateral Agent for the mutual benefit of the Creditors in order to secure the respective obligations of the Company and the Pledgor Subsidiaries under the Credit Documents. 

  

	B.	Joining Party is the owner of a Pledgee Subsidiary of the Company and in connection herewith is granting liens in the stock (or other equity interests) of such Pledgee
Subsidiary, and as such is required pursuant to Section 12 of the Agreement to enter into a joinder to the Agreement. 

  

	C.	Joining Party expects to realize direct and indirect benefits as a result of the availability to the Company of the indebtedness under the Credit Documents.

 NOW, THEREFORE, Joining Party agrees as follows 
 AGREEMENT 
  

	1.	Joining Party acknowledges that it has become a Pledgor Subsidiary under and pursuant to Section 12 of the Agreement. Joining Party agrees that, upon its execution
hereof, Joining Party will be bound by all terms conditions, and duties applicable to a Pledgor Subsidiary under the Agreement. 

  

	2.	The effective date of this Joinder is January 5, 2009. 

 [Signature Page Follows] 
  

 30 

					
	“Joining Party”
	
	 Standard Pacific of Orange County, Inc.
 a Delaware corporation

		
	By:	 	 /s/ John M. Stephens

		 	Name:	 	John M. Stephens
		 	Title:	 	 Principal Financial & Accounting
 Officer

	
	Address:
	
	 26 Technology Drive
 Irvine, California 92618-2338
 Attn: John M. Stephens, SVP and CFO
 Telephone: (949) 789-1600
 Facsimile: (949) 789-1608

  

			
	ACKNOWLEDGED:
	
	 BANK OF AMERICA, N.A.
 as Collateral Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

 INSTRUMENT OF JOINDER (ADDITIONAL SUBSIDIARY PLEDGOR) 
 THIS INSTRUMENT OF JOINDER (“Joinder”) is executed as of August 21, 2009 by Standard Pacific Investment Corp., a Delaware
corporation (“Joining Party”), and delivered to BANK OF AMERICA, N.A., as Collateral Agent, pursuant to the Collateral Agent and Intercreditor Agreement dated as of May 5, 2006 among the Collateral Agent, Standard Pacific Corp., a
Delaware corporation, those Pledgor Subsidiaries of the Company which are a party thereto and the Creditor Representatives which are a party thereto (the “Agreement”). Terms used but not defined in this Joinder shall have the meanings
defined for those terms in the Agreement. 
 RECITALS 
  

	A.	In connection with the Agreement, the Company and the Pledgor Subsidiaries granted liens in the stock (or other equity interests) of certain Subsidiaries of the Company
to the Collateral Agent for the mutual benefit of the Creditors in order to secure the respective obligations of the Company and the Pledgor Subsidiaries under the Credit Documents. 

  

	B.	Joining Party is the owner of a Pledgee Subsidiary of the Company and in connection herewith is granting liens in the stock (or other equity interests) of such Pledgee
Subsidiary, and as such is required pursuant to Section 12 of the Agreement to enter into a joinder to the Agreement. 

  

	C.	Joining Party expects to realize direct and indirect benefits as a result of the availability to the Company of the indebtedness under the Credit Documents.

 NOW, THEREFORE, Joining Party agrees as follows 
 AGREEMENT 
  

	1.	Joining Party acknowledges that it has become a Pledgor Subsidiary under and pursuant to Section 12 of the Agreement. Joining Party agrees that, upon its execution
hereof, Joining Party will be bound by all terms conditions, and duties applicable to a Pledgor Subsidiary under the Agreement. 

  

	2.	The effective date of this Joinder is August 21, 2009. 

 [Signature Page Follows] 

					
	“Joining Party”
	
	 Standard Pacific Investment Corp.
 a Delaware corporation

		
	By:	 	 /s/ John M. Stephens

		 	Name:	 	John M. Stephens
		 	Title:	 	 Principal Financial & Accounting
 Officer & Treasurer

	
	Address:
	
	 26 Technology Drive
 Irvine, California 92618-2338
 Attn: John M. Stephens, SVP and CFO
 Telephone: (949) 789-1600
 Facsimile: (949) 789-1608

  

			
	ACKNOWLEDGED:
	
	 BANK OF AMERICA, N.A.
 as Collateral Agent

		
	By:	 	  

	Name:	 	  

	Title:	 	  

  

 33

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