Document:

<Page>

                                                                    Exhibit 4.11

================================================================================

             BEAZER HOMES USA, INC. AND THE GUARANTORS PARTY HERETO

                             SENIOR DEBT SECURITIES

                           --------------------------

                                    INDENTURE

                           DATED AS OF APRIL 17, 2002

                           --------------------------

                     U.S. BANK NATIONAL ASSOCIATION, TRUSTEE

================================================================================

<Page>

                              CROSS-REFERENCE TABLE

           This Cross-Reference Table is not a part of the Indenture.

                              --------------------

<Table>
<Caption>
TIA                                                                                     Indenture
Section                                                                                 Section
-------                                                                                 ---------
<S>                                                                                     <C>
310(a)(1)............................................................................  7.09; 7.10
   (a)(2)............................................................................  7.10
   (a)(3)............................................................................  N.A.
   (a)(4)............................................................................  N.A.
   (a)(5)............................................................................  N.A.
   (b)...............................................................................  7.08; 7.10; 10.02
   (c)...............................................................................  N.A.
311(a)...............................................................................  7.11
   (b)...............................................................................  7.11
   (b)(1)............................................................................  7.10
   (c)...............................................................................  N.A.
312(a)...............................................................................  2.05
   (b)...............................................................................  2.05; 10.03
   (c)...............................................................................  10.03
313(a)...............................................................................  7.06
   (b)(1)............................................................................  N.A.
   (b)(2)............................................................................  7.06
   (c)...............................................................................  7.06
   (d)...............................................................................  7.06
314(a)...............................................................................  4.03; 7.06; 10.02
   (b)...............................................................................  N.A.
   (c)(1)............................................................................  10.04
   (c)(2)............................................................................  10.04
   (c)(3)............................................................................  N.A.
   (d)...............................................................................  N.A.
   (e)...............................................................................  10.05
   (f)...............................................................................  N.A.
315(a)...............................................................................  7.01(b)
   (b)...............................................................................  7.05; 10.02
   (c)...............................................................................  7.01(a)
   (d)...............................................................................  7.01(c)
   (e)...............................................................................  6.11
316(a)(last sentence)................................................................  2.08
   (a)(1)(A).........................................................................  6.05
   (a)(1)(B).........................................................................  6.04
   (a)(2)............................................................................  N.A.
</Table>

<Page>

<Table>
<S>                                                                                     <C>
   (b)...............................................................................  6.07
317(a)(1)............................................................................  6.08
   (a)(2)............................................................................  6.09
   (b)...............................................................................  2.04
318(a)...............................................................................  10.01
   (b)...............................................................................  N.A.
   (c)...............................................................................  N.A.
</Table>

----------
N.A. means Not Applicable.

                                      -ii-
<Page>

                                TABLE OF CONTENTS

             This Table of Contents is not a part of the Indenture.

                           ---------------------------

<Table>
<Caption>
                                                                                                        Page
                                                                                                        ----

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE
<S>              <C>                                                                                      <C>
Section 1.01.    Definitions..............................................................................1
Section 1.02.    Other Definitions........................................................................6
Section 1.03.    Incorporation by Reference of Trust Indenture Act........................................7
Section 1.04.    Rules of Construction....................................................................7

                                   ARTICLE TWO

                                 THE SECURITIES

Section 2.01.    Form and Dating..........................................................................8
Section 2.02.    Execution and Authentication............................................................10
Section 2.03.    Registrar and Paying Agent..............................................................11
Section 2.04.    Paying Agent to Hold Money in Trust.....................................................11
Section 2.05.    Securityholder Lists....................................................................12
Section 2.06.    Transfer and Exchange...................................................................12
Section 2.07.    Replacement Securities..................................................................12
Section 2.08.    Outstanding Securities..................................................................13
Section 2.09.    Temporary Securities....................................................................13
Section 2.10.    Cancellation............................................................................13
Section 2.11.    Defaulted Interest......................................................................14
Section 2.12.    Treasury Securities.....................................................................14
Section 2.13.    CUSIP Numbers...........................................................................14
Section 2.14.    Deposit of Moneys.......................................................................14
Section 2.15.    Book-Entry Provisions for Global Security...............................................15
Section 2.16.    Restrictive Legends.....................................................................17
Section 2.17.    Special Transfer Provisions.............................................................18

                                  ARTICLE THREE

                                   REDEMPTION

Section 3.01.    Notices to Trustee......................................................................21
Section 3.02.    Selection of Securities to be Redeemed..................................................21
Section 3.03.    Notice of Redemption....................................................................22
</Table>

                                       -i-
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<Table>
<Caption>
                                                                                                        Page
                                                                                                        ----
<S>              <C>                                                                                      <C>
Section 3.04.    Effect of Notice of Redemption...........................................................22
Section 3.05.    Deposit of Redemption Price..............................................................22
Section 3.06.    Securities Redeemed in Part..............................................................23

                                  ARTICLE FOUR

                                    COVENANTS

Section 4.01.    Payment of Securities...................................................................23
Section 4.02.    Maintenance of Office or Agency.........................................................23
Section 4.03.    Compliance Certificate..................................................................23
Section 4.04.    Payment of Taxes; Maintenance of Corporate Existence; Maintenance of Properties.........23
Section 4.05.    Waiver of Stay, Extension or Usury Laws.................................................24

                                  ARTICLE FIVE

                              SUCCESSOR CORPORATION

Section 5.01.    Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted
                 Subject to Certain Conditions...........................................................25

                                   ARTICLE SIX

                              DEFAULTS AND REMEDIES

Section 6.01.    Events of Default.......................................................................26
Section 6.02.    Acceleration of Maturity; Rescission and Annulment......................................27
Section 6.03.    Other Remedies..........................................................................28
Section 6.04.    Waiver of Existing Defaults.............................................................29
Section 6.05.    Control by Majority.....................................................................29
Section 6.06.    Limitation on Suits.....................................................................29
Section 6.07.    Rights of Holders to Receive Payment....................................................30
Section 6.08.    Collection Suit by Trustee..............................................................30
Section 6.09.    Trustee May File Proofs of Claim........................................................30
Section 6.10.    Priorities..............................................................................30
Section 6.11.    Undertaking for Costs...................................................................31

                                  ARTICLE SEVEN

                                     TRUSTEE

Section 7.01.    Duties of Trustee.......................................................................31
Section 7.02.    Rights of Trustee.......................................................................32
</Table>

                                      -ii-
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<Table>
<Caption>
                                                                                                        Page
                                                                                                        ----
<S>              <C>                                                                                     <C>
Section 7.03.    Individual Rights of Trustee............................................................34
Section 7.04.    Trustee's Disclaimer....................................................................34
Section 7.05.    Notice of Defaults......................................................................34
Section 7.06.    Reports by Trustee to Holders...........................................................34
Section 7.07.    Compensation and Indemnity..............................................................35
Section 7.08.    Replacement of Trustee..................................................................35
Section 7.09.    Successor Trustee by Merger, etc........................................................36
Section 7.10.    Eligibility; Disqualification...........................................................36
Section 7.11.    Preferential Collection of Claims Against Company.......................................36

                                  ARTICLE EIGHT

                            DEFEASANCE AND DISCHARGE

Section 8.01.    Defeasance upon Deposit of Moneys or U.S. Government Obligations; Discharge.............37
Section 8.02.    Survival of the Company's Obligations...................................................40
Section 8.03.    Application of Trust Money..............................................................41
Section 8.04.    Repayment to the Company................................................................41
Section 8.05.    Reinstatement...........................................................................41

                                  ARTICLE NINE

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

Section 9.01.    With Consent of Majority; Without Consent of Holders....................................42
Section 9.02.    With Consent of All Affected Holders....................................................43
Section 9.03.    Compliance with Trust Indenture Act.....................................................44
Section 9.04.    Revocation and Effect of Consents.......................................................44
Section 9.05.    Notation on or Exchange of Securities...................................................45
Section 9.06.    Trustee to Sign Amendments, etc.........................................................45

                                   ARTICLE TEN

                                  MISCELLANEOUS

Section 10.01.   Trust Indenture Act Controls............................................................45
Section 10.02.   Notices.................................................................................45
Section 10.03.   Communications by Holders with Other Holders............................................46
Section 10.04.   Certificate and Opinion as to Conditions Precedent......................................46
Section 10.05.   Statements Required in Certificate or Opinion...........................................47
Section 10.06.   Rules by Trustee and Agents.............................................................47
Section 10.07.   Legal Holidays..........................................................................47
</Table>

                                      -iii-
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<Table>
<Caption>
                                                                                                        Page
                                                                                                        ----
<S>              <C>                                                                                     <C>
Section 10.08.   Governing Law...........................................................................48
Section 10.09.   No Adverse Interpretation of Other Agreements...........................................48
Section 10.10.   No Recourse Against Others..............................................................48
Section 10.11.   Successors and Assigns..................................................................48
Section 10.12.   Duplicate Originals.....................................................................48
Section 10.13.   Severability............................................................................48

SIGNATURES..............................................................................................S-1
</Table>

EXHIBIT A     -  Form of Security
EXHIBIT B     -  Form of Exchange Security
EXHIBIT C     -  Form of Certificate to be Delivered in Connection with
                   Transfers to Non-QIB Accredited Investors
EXHIBIT D     -  Form of Certificate to be Delivered in Connection with
                   Transfers Pursuant to Regulation S

                                      -iv-
<Page>

          INDENTURE dated as of April 17, 2002, by and among BEAZER HOMES USA,
INC., a Delaware corporation (the "COMPANY"), each of the Subsidiary Guarantors
(as defined in Section 1.01 below) and U.S. BANK NATIONAL ASSOCIATION (the
"TRUSTEE").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Company's debt
securities issued under this Indenture:

                                   ARTICLE ONE

                   DEFINITIONS AND INCORPORATION BY REFERENCE

Section 1.01.   DEFINITIONS.

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

          "AGENT" means any Registrar, Paying Agent or co-Registrar or agent for
service of notices and demands.

          "AUTHORIZING RESOLUTION" means a resolution adopted by the Board of
Directors or by an Officer or committee of Officers pursuant to Board delegation
authorizing a Series of Securities.

          "BOARD OF DIRECTORS" means the board of directors of the Company or
any committee of that board duly authorized to act hereunder.

          "COMMISSION" means the Securities and Exchange Commission or any
successor agency performing the duties now assigned to it under the TIA.

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

          "DEFAULT" means any event, act or condition that is, or after notice
or the passage of time or both would be, an Event of Default.

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                                       -2-

          "EUROS" means the common currency for the member states of the
European Union.

          "EVENT OF DEFAULT" has the meaning specified in Section 6.01.

          "EXCHANGE SECURITIES" means the Series B securities to be issued under
this Indenture in exchange for the Initial Securities pursuant to any
Registration Rights Agreement.

          "FAIR MARKET VALUE" with respect to any asset or property means the
sale value that would be obtained in an arm's length transaction between an
informed and willing seller under no compulsion to sell and an informed and
willing buyer under no compulsion to buy. Fair Market Value shall be determined
by the Board of Directors of the Company acting in good faith and shall be
evidenced by a board resolution (certified by the Secretary or Assistant
Secretary of the Company) delivered to the Trustee.

          "FOREIGN CURRENCY" means any currency, currency unit or composite
currency, including, without limitation, the Euro, issued by the government of
one or more countries other than the United States of America or by any
recognized confederation or association of such governments.

          "GAAP" means generally accepted accounting principles, as in effect
from time to time, as used in the United States applied on a consistent basis.

          "GOVERNMENT OBLIGATIONS" means securities which are (i) direct
obligations of the United States of America or the government which issued the
Foreign Currency in which the Securities of a particular Series are payable, for
the payment of which its full faith and credit is pledged or (ii) obligations of
a Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America or such government which issued the Foreign
Currency in which the Securities of such Series are payable, the payment of
which is unconditionally guaranteed as a full faith and credit obligation by the
United States of America or such other government, which, in either case, are
not callable or redeemable at the option of the issuer thereof, and shall also
include a depository receipt issued by a bank or trust company as custodian with
respect to any such Government Obligation or a specific payment of interest on
or principal of any such Government Obligation held by such custodian for the
account of the holder of a depository receipt, PROVIDED that (except as required
by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such
depository receipt.

          "HOLDER" or "SECURITYHOLDER" means the person in whose name a Security
is registered on the Registrar's books.

<Page>

                                       -3-

          "INDENTURE" means this Indenture as amended or supplemented from time
to time, including pursuant to any Authorizing Resolution or supplemental
indenture pertaining to any Series.

          "INITIAL SECURITIES" means the Series A Securities issued under this
Indenture.

          "INSTITUTIONAL ACCREDITED INVESTOR" means an institution that is an
"accredited investor" as defined in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act, who are not also QIBs.

          "INTEREST" means, with respect to any Series of Securities, the sum of
any interest and any Liquidated Damages on such Series of Securities.

          "ISSUE DATE" means, with respect to any Series of Securities, the date
on which the Securities of such Series are originally issued under this
Indenture.

          "LIQUIDATED DAMAGES" has the meaning set forth in paragraph 7 of the
Initial Security.

          "MATURITY," when used with respect to any Security, means the date on
which the principal of such Security or an installment of principal becomes due
and payable as therein or herein provided, whether at the Stated Maturity or by
declaration of acceleration, notice of redemption, notice of option to elect
repayment or otherwise.

          "OFFICER" means the chairman, the chief executive officer, the
president, the chief financial officer, the chief operating officer, the chief
accounting officer, the treasurer, or any assistant treasurer, the controller,
the secretary, any assistant secretary or any executive vice president or vice
president of a Person.

          "OFFICERS' CERTIFICATE" means a certificate signed by the Chairman of
the Board of Directors, the President or an Executive Vice President and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary of
the Company, and delivered to the Indenture Trustee.

          "OPINION OF COUNSEL" means a written opinion of counsel, who may be
counsel for the Company or who may be an employee of or other counsel for the
Company and who shall be reasonably satisfactory to the Indenture Trustee.

          "PERSON" means any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust,
unincorporated organization or government or any agency or political subdivision
thereof or any other entity.

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                                       -4-

          "PRINCIPAL" of a debt security means the principal of the security
plus, when appropriate, the premium, if any, on the security.

          "PRIVATE PLACEMENT LEGEND" means the legend set forth on the Initial
Securities in the form set forth in Section 2.16.

          "QUALIFIED INSTITUTIONAL BUYER" or "QIB" shall have the meaning
specified in Rule 144A under the Securities Act.

          "REGISTRATION RIGHTS AGREEMENT" means each registration rights
agreement entered into among the Company, the Subsidiary Guarantors party
thereto and the initial purchasers of the Initial Securities.

          "REGULATION S" means Regulation S under the Securities Act.

          "RESTRICTED SECURITY" has the meaning assigned to "Restricted
Security" in Rule 144(a)(3) under the Securities Act; PROVIDED, HOWEVER, that
the Trustee shall be entitled to request and conclusively rely on an Opinion of
Counsel with respect to whether any Security constitutes a Restricted Security.

          "RULE 144A" means Rule 144A under the Securities Act.

          "SECURITIES" means the Initial Securities and the Exchange Securities,
treated as a single Series, issued under this Indenture.

          "SECURITIES ACT" means the Securities Act of 1933, as amended.

          "SERIES" means a Series of Securities established under this
Indenture.

          "SIGNIFICANT SUBSIDIARY" means any Subsidiary which is a "significant
subsidiary" (as defined in Article I, Rule 1-02 of Regulation S-X, promulgated
under the Securities Act of 1933) of the Company.

          "STATED MATURITY" when used with respect to any Security or any
installment of principal thereof or interest thereon, means the date specified
in such Security or a coupon representing such installment of interest as the
fixed date on which the principal of such Security or such installment of
principal or interest is due and payable.

          "SUBSIDIARY" means a corporation a majority of the outstanding voting
equity securities of which is owned, directly or indirectly, by the Company or
by one or more other Subsidiaries of the Company. For the purposes of this
definition, "equity securities" means stock or shares having voting power for
the election of directors or trustees, as applicable,

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                                       -5-

whether at all times or only so long as no senior class of stock or shares has
such voting power by reason of any contingency.

          "SUBSIDIARY GUARANTEE" means the guarantee of the Securities by each
Subsidiary Guarantor hereunder.

          "SUBSIDIARY GUARANTORS" means (i) initially on the execution of this
Indenture, each of:

          Beazer Homes Corp., a Tennessee corporation;
          Beazer/ Squires Realty, Inc., a North Carolina corporation;
          Beazer Homes Sales Arizona Inc., a Delaware corporation;
          Beazer Realty Corp., a Georgia corporation;
          Beazer Mortgage Corporation, a Delaware corporation;
          Beazer Homes Holdings Corp., a Delaware corporation;
          Beazer Homes Texas Holdings, Inc., a Delaware corporation;
          Beazer Homes Texas, L.P., a Delaware limited partnership;
          April Corporation, a Colorado corporation;
          Beazer SPE, LLC, a Georgia limited liability company;
          Beazer Homes Investment Corp., a Delaware corporation;
          Beazer Realty, Inc., a New Jersey corporation;
          Beazer Clarksburg, LLC, a Maryland limited liability company;
          Homebuilders Title Services of Virginia, Inc., a Virginia corporation;
          Homebuilders Title Services, Inc., a Delaware corporation;
          Texas Lone Star Title, L.P., a Texas limited partnership;
          Universal Solutions Insurance Agency, Inc., a Delaware corporation;
          Builder's Link, Inc., an Ohio corporation;
          Crossmann Communities of North Carolina, Inc., a North Carolina
            corporation;
          Crossmann Communities of Ohio, Inc., an Ohio corporation;
          Crossmann Communities of Tennessee, LLC, a Tennessee limited liability
            company;
          Crossmann Communities Partnership, an Indiana general partnership;
          Crossmann Investments, Inc., an Indiana corporation;
          Crossmann Management Inc., an Indiana corporation;
          Crossmann Mortgage Corp., an Indiana corporation;
          Crossmann Realty Co., an Indiana corporation;
          Cutter Homes Ltd., a Kentucky corporation;
          Deluxe Aviation, Inc., an Indiana corporation;
          Deluxe Homes of Lafayette, Inc., an Indiana corporation;
          Deluxe Homes of Ohio, Inc., an Ohio corporation;

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                                       -6-

<Table>
<S><C>
          Merit Realty, Inc., an Indiana corporation;
          Paragon Title, LLC, an Indiana limited liability company;
          Pinehurst Builders LLC, a South Carolina limited liability company; and
          Trinity Homes LLC, an Indiana limited liability company;
</Table>

          and (ii) with respect to each Series of Securities, each of the
Company's Subsidiaries that becomes a guarantor of the Securities pursuant to
the provisions hereof or any applicable supplemental indenture or Authorizing
Resolutions;

PROVIDED that, with respect to any Series of Securities, Subsidiary Guarantors
may be added or released from time to time in accordance with the provisions
hereof or any applicable supplemental indenture or Authorizing Resolutions.

          "TIA" means the Trust Indenture Act of 1939, as in effect from time to
time.

          "TRUSTEE" means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture and thereafter means the
successor serving hereunder.

          "TRUST OFFICER" means the Chairman of the Board, the President, any
Vice President or any other officer or assistant officer of the Trustee assigned
by the Trustee to administer its corporate trust matters.

          "UNITED STATES" means the United States of America.

Section 1.02.   OTHER DEFINITIONS.

<Table>
<Caption>
                                                                        Defined in
Term                                                                     Section
----                                                                    ----------
<S>                                                                        <C>
"AGENT MEMBERS"...................................................          2.15
"BANKRUPTCY LAW"..................................................          6.01
"BUSINESS DAY"....................................................         11.07
"CUSTODIAN".......................................................          6.01
"DEPOSITORY"......................................................          2.15
"EVENT OF DEFAULT"................................................          6.01
"GLOBAL SECURITIES"...............................................          2.01(c)
"LEGAL HOLIDAY"...................................................         11.07
"PAYING AGENT"....................................................          2.03
"PHYSICAL SECURITIES".............................................          2.01(c)
"PRIVATE PLACEMENT LEGEND"........................................          2.16
"REGISTRAR".......................................................          2.03
</Table>

<Page>

                                       -7-

Section 1.03.   INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

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

          "Commission" means the Commission.

          "indenture securities" means the Securities.

          "indenture security holder" means a Securityholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Trustee.

          "obligor" on the indenture securities means the Company, each of the
Subsidiary Guarantors, or any other obligor on the Securities of a Series or any
Subsidiary Guarantees thereof.

          All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
have the meanings so assigned to them.

Section 1.04.   RULES OF CONSTRUCTION.

          Unless the context otherwise requires:

          (1)   a term has the meaning assigned to it;

          (2)   an accounting term not otherwise defined has the meaning
assigned to it in accordance with GAAP;

          (3)   "or" is not exclusive;

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

          (5)   provisions apply to successive events and transactions.

<Page>

                                       -8-

                                   ARTICLE TWO

                                 THE SECURITIES

Section 2.01.   FORM AND DATING.

(a)  The aggregate principal amount of Securities that may be issued under this
Indenture is unlimited. The Securities may be issued from time to time in one or
more Series. Each Series shall be created by an Authorizing Resolution or a
supplemental indenture that establishes the terms of the Series, which may
include the following:

           (1)  the title of the Series;

           (2)  the aggregate principal amount (or any limit on the aggregate
                principal amount) of the Series and, if any Securities of a
                Series are to be issued at a discount from their face amount,
                the method of computing the accretion of such discount;

           (3)  the interest rate or method of calculation of the interest rate;

           (4)  the date from which interest will accrue;

           (5)  the record dates for interest payable on Securities of the
                Series;

           (6)  the dates when, places where and manner in which principal and
                interest are payable;

           (7)  the Registrar and Paying Agent;

           (8)  the terms of any mandatory (including any sinking fund
                requirements) or optional redemption by the Company;

           (9)  the terms of any redemption at the option of Holders;

          (10)  the denominations in which Securities are issuable;

          (11)  whether Securities will be issued in registered or bearer form
                and the terms of any such forms of Securities;

          (12)  whether any Securities will be represented by a Global Security
                and the terms of any such Global Security;

<Page>

                                       -9-

          (13)  the currency or currencies (including any composite currency) in
                which principal or interest or both may be paid;

          (14)  if payments of principal or interest may be made in a currency
                other than that in which Securities are denominated, the manner
                for determining such payments;

          (15)  provisions for electronic issuance of Securities or issuance of
                Securities in uncertificated form;

          (16)  any Events of Default, covenants and/or defined terms in
                addition to or in lieu of those set forth in this Indenture;

          (17)  whether and upon what terms Securities may be defeased if
                different from the provisions set forth in this Indenture;

          (18)  the form of the Securities, which, unless the Authorizing
                Resolution or supplemental indenture otherwise provides, shall
                be in the form of EXHIBIT A and EXHIBIT B;

          (19)  any terms that may be required by or advisable under applicable
                law;

          (20)  the percentage of the principal amount of the Securities which
                is payable if the maturity of the Securities is accelerated in
                the case of Securities issued at a discount from their face
                amount;

          (21)  whether any Securities will not have Subsidiary Guarantees, and
                if so, the terms of such Subsidiary Guarantees; and

          (22)  any other terms in addition to or different from those contained
                in this Indenture.

          All Securities of one Series need not be issued at the same time and,
unless otherwise provided, a Series may be reopened for issuances of additional
Securities of such Series pursuant to an Authorizing Resolution, an Officers'
Certificate or in any indenture supplemental hereto.

          The creation and issuance of a Series and the authentication and
delivery thereof are not subject to any conditions precedent.

(b)  The Initial Securities and the Trustee's certificate of authentication
relating thereto shall be substantially in the form of EXHIBIT A hereto. The
Exchange Securities and the Trustee's certificate of authentication relating
thereto shall be substantially in the form of EXHIBIT

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                                      -10-

B hereto. Initial Securities of a Series and Exchange Securities of a Series
shall be deemed to be of the same class for all purposes hereof, including all
matters relating to voting, consents and waivers of Securityholders. The
Securities may have notations, legends or endorsements required by law, stock
exchange rules, agreements to which the Company is subject, if any, or usage
(PROVIDED that any such notation, legend or endorsement is in a form acceptable
to the Company). Each Security shall be dated the date of its authentication. If
required, the Securities may bear the appropriate legend regarding any original
issue discount for Federal income tax purposes. Each Security shall have an
executed Subsidiary Guarantee from each of the Subsidiary Guarantors.

          The terms and provisions contained in the Securities, annexed hereto
as EXHIBITS A and B, shall constitute, and are hereby expressly made, a part of
this Indenture and, to the extent applicable, the Company, the Subsidiary
Guarantors and the Trustee, by their execution and delivery of this Indenture,
expressly agree to such terms and provisions and to be bound thereby.

(c)  GLOBAL SECURITIES. The Securities offered and sold (1) in reliance on Rule
144A, (2) in reliance on Regulation S and (3) to a limited number of
Institutional Accredited Investors in a transaction exempt from the registration
requirements of the Securities Act shall be issued initially in the form of one
or more permanent Global Securities ("GLOBAL SECURITIES") in definitive, fully
registered form without interest coupons, in substantially the form of EXHIBIT
A, which shall be deposited on behalf of the purchasers of the Securities
represented thereby with the Trustee, at the Trustee's office in New York City,
as custodian for the Depository, and registered in the name of the Depository or
a nominee of the Depository, duly executed by the Company (and having an
executed Subsidiary Guarantee) and authenticated by the Trustee as hereinafter
provided and shall bear the legend set forth in Section 2.16. The aggregate
principal amount of the Global Securities may from time to time be increased or
decreased by adjustments made on the records of the Trustee and the Depository
or its nominee in the limited circumstances hereinafter provided.

          Securities issued in exchange for interests in Global Securities
pursuant to Section 2.06 may be issued in the form of permanent certificated
Securities in registered form in substantially the form set forth in EXHIBIT A
(the "PHYSICAL SECURITIES").

Section 2.02.   EXECUTION AND AUTHENTICATION.

          Two Officers shall sign the Securities for the Company by manual or
facsimile signature. The Company's seal shall be reproduced on the Securities.
Each Guarantor shall execute the Guarantee.

          If an Officer whose signature is on a Security no longer holds that
office at the time the Trustee authenticates the Security, the Security shall
nevertheless be valid.

<Page>

                                      -11-

          A Security shall not be valid until the Trustee manually signs the
certificate of authentication on the Security. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture.

          The Trustee shall authenticate Securities for original issue upon
receipt of an Officers' Certificate of the Company. Each Security shall be dated
the date of its authentication.

Section 2.03.   REGISTRAR AND PAYING AGENT.

          The Company shall maintain an office or agency where Securities may be
presented for registration of transfer or for exchange ("REGISTRAR"), an office
or agency where Securities may be presented for payment ("PAYING AGENT") and an
office or agency where notices and demands to or upon the Company in respect of
the Securities and this Indenture may be served. The Registrar shall keep a
register of the Securities and of their transfer and exchange. The Company may
have one or more co-Registrars and one or more additional paying agents. The
term "Paying Agent" includes any additional paying agent.

          The Company shall enter into an appropriate agency agreement with any
Agent not a party to this Indenture. The agreement shall implement the
provisions of this Indenture that relate to such Agent. The Company shall
promptly notify the Trustee in writing of the name and address of any such Agent
and the Trustee shall have the right to inspect the Securities register at all
reasonable times to obtain copies thereof, and the Trustee shall have the right
to rely upon such register as to the names and addresses of the Holders and the
principal amounts and certificate numbers thereof. If the Company fails to
maintain a Registrar or Paying Agent or fails to give the foregoing notice, the
Trustee shall act as such.

          The Company initially appoints the Trustee as Registrar and Paying
Agent.

Section 2.04.   PAYING AGENT TO HOLD MONEY IN TRUST.

          Each Paying Agent shall hold in trust for the benefit of
Securityholders and the Trustee all money held by the Paying Agent for the
payment of principal of or interest on the Securities, and shall notify the
Trustee of any default by the Company in making any such payment. If the Company
or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it
as a separate trust fund. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon doing so the Paying Agent shall
have no further liability for the money.

<Page>

                                      -12-

Section 2.05.   SECURITYHOLDER LISTS.

          The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of
Securityholders. If the Trustee is not the Registrar, the Company shall furnish
to the Trustee at least 5 Business Days before each semiannual interest payment
date and at such other times as the Trustee may request in writing a list in
such form and as of such date as the Trustee may reasonably require of the names
and addresses of Securityholders.

Section 2.06.   TRANSFER AND EXCHANGE.

          Where a Security is presented to the Registrar or a co-Registrar with
a request to register a transfer, the Registrar shall register the transfer as
requested if the requirements of Section 8-401(1) of the New York Uniform
Commercial Code are met. Where Securities are presented to the Registrar or a
co-Registrar with a request to exchange them for an equal principal amount of
Securities of other denominations, the Registrar shall make the exchange as
requested if the same requirements are met. To permit transfers and exchanges,
the Trustee shall authenticate Securities at the Registrar's request. The
Registrar need not transfer or exchange any Security selected for redemption,
except the unredeemed part thereof if the Security is redeemed in part, or
transfer or exchange any Securities for a period of 15 days before a selection
of Securities to be redeemed. Any exchange or transfer shall be without charge,
except that the Company may require payment of a sum sufficient to cover any tax
or other governmental charge that may be imposed in relation thereto except in
the case of exchanges pursuant to 2.09, 3.06, or 9.05 not involving any
transfer.

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

Section 2.07.   REPLACEMENT SECURITIES.

          If the Holder of a Security claims that the Security has been lost,
destroyed, mutilated or wrongfully taken, the Company shall issue and, upon
written request of any Officer of the Company, the Trustee shall authenticate a
replacement Security, provided in the case of a lost, destroyed or wrongfully
taken Security, that the requirements of Section 8-405 of the New York Uniform
Commercial Code are met. If any such lost, destroyed, mutilated or wrongfully
taken Security shall have matured or shall be about to mature, the Company may,
instead of issuing a substitute Security therefor, pay such Security without
requiring (except in the case of a mutilated Security) the surrender thereof. An
indemnity bond must be sufficient in the judgment of the Company and the Trustee
to protect the Company, the Trustee or any

<Page>

                                      -13-

Agent from any loss which any of them may suffer if a Security is replaced,
including the acquisition of such Security by a bona fide purchaser. The Company
or the Trustee may charge for its expenses in replacing a Security.

Section 2.08.   OUTSTANDING SECURITIES.

          Securities outstanding at any time are all Securities authenticated by
the Trustee except for those cancelled by it and those described in this
Section. A Security does not cease to be outstanding because the Company, any
Subsidiary Guarantor or one of their Affiliates holds the Security.

          If a Security is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the
replaced Security is held by a bona fide purchaser.

          If the Paying Agent holds on a redemption date or maturity date money
sufficient to pay Securities payable on that date, then on and after that date
such Securities cease to be outstanding and interest on them ceases to accrue.

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

Section 2.09.   TEMPORARY SECURITIES.

          Until definitive Securities are ready for delivery, the Company may
prepare and the Trustee shall authenticate temporary Securities. Temporary
Securities shall be substantially in the form of definitive Securities but may
have variations that the Company considers appropriate for temporary Securities.
Without unreasonable delay, the Company shall prepare and, upon surrender for
cancellation of the temporary Security, the Company and the Subsidiary
Guarantors shall execute and the Trustee shall authenticate definitive
Securities in exchange for temporary Securities. Until so exchanged, the
temporary Securities shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities authenticated and delivered
hereunder.

Section 2.10.   CANCELLATION.

          The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange,
redemption or payment. The Trustee and no one else shall cancel and destroy, or
retain in accordance with its standard retention policy, all

<Page>

                                      -14-

Securities surrendered for registration or transfer, exchange, redemption,
paying or cancellation. Unless the Authorizing Resolution so provides, the
Company may not issue new Securities to replace Securities that it has
previously paid or delivered to the Trustee for cancellation.

Section 2.11.   DEFAULTED INTEREST.

          If the Company defaults in a payment of interest on the Securities, it
shall pay the defaulted interest plus any interest payable on the defaulted
interest to the persons who are Securityholders on a subsequent special record
date. The Company shall fix such special record date and a payment date which
shall be reasonably satisfactory to the Trustee. At least 15 days before such
special record date, the Company shall mail to each Securityholder a notice that
states the record date, the payment date and the amount of defaulted interest to
be paid. On or before the date such notice is mailed, the Company shall deposit
with the Paying Agent money sufficient to pay the amount of defaulted interest
to be so paid. The Company may pay defaulted interest in any other lawful manner
if, after notice given by the Company to the Trustee of the proposed payment,
such manner of payment shall be deemed practicable by the Trustee.

Section 2.12.   TREASURY SECURITIES.

          In determining whether the Holders of the required principal amount of
Securities of a Series have concurred in any direction, waiver, consent or
notice, Securities owned by the Company, the Subsidiary Guarantors or any of
their respective Affiliates shall be considered as though they are not
outstanding, except that for the purposes of determining whether the Trustee
shall be protected in relying on any such direction, waiver or consent, only
Securities which the Trustee actually knows are so owned shall be so considered.

Section 2.13.   CUSIP NUMBERS.

          The Company in issuing the Securities of any Series may use a "CUSIP"
number, and if so, the Trustee shall use the CUSIP number in notices of
redemption or exchange as a convenience to Holders of such Securities; PROVIDED
that no representation is hereby deemed to be made by the Trustee as to the
correctness or accuracy of any such CUSIP number printed in the notice or on
such Securities, and that reliance may be placed only on the other
identification numbers printed on such Securities. The Company shall promptly
notify the Trustee of any change in any CUSIP number.

Section 2.14.   DEPOSIT OF MONEYS.

          Prior to 11:00 a.m. New York City time on each interest payment date
and maturity date with respect to each Series of Securities, the Company shall
have deposited with

<Page>

                                      -15-

the Paying Agent in immediately available funds money sufficient to make cash
payments due on such interest payment date or maturity date, as the case may be,
in a timely manner which permits the Paying Agent to remit payment to the
Holders on such interest payment date or maturity date, as the case may be.

Section 2.15.   BOOK-ENTRY PROVISIONS FOR GLOBAL SECURITY.

(a)  Any Global Security of a Series initially shall (i) be registered in the
name of the depository who shall be identified in the Authorizing Resolution or
supplemental indenture relating to such Securities (the "DEPOSITORY") or the
nominee of such Depository, (ii) be delivered to the Trustee as custodian for
such Depository and (iii) bear any required legends.

          Members of, or participants in, the Depository ("AGENT MEMBERS") shall
have no rights under this Indenture with respect to any Global Security held on
their behalf by the Depository, or the Trustee as its custodian, or under the
Global Security, and the Depository may be treated by the Company, the Trustee
and any agent of the Company or the Trustee as the absolute owner of the Global
Security for all purposes whatsoever. Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, the operation of customary practices governing the
exercise of the rights of a Holder of any Security.

(b)  Transfers of any Global Security shall be limited to transfers in whole,
but not in part, to the Depository, its successors or their respective nominees.
Interests of beneficial owners in the Global Security may be transferred or
exchanged for definitive Securities in accordance with the rules and procedures
of the Depository. In addition, definitive Securities shall be transferred to
all beneficial owners in exchange for their beneficial interests in a Global
Security if (i) the Depository notifies the Company that it is unwilling or
unable to continue as Depository for the Global Security and a successor
depository is not appointed by the Company within 90 days of such notice, (ii)
an Event of Default has occurred and is continuing and the Registrar has
received a request from the Depository to issue definitive Securities or (iii)
the Company, in its sole discretion, determines at any time that all Outstanding
Securities (but not less than all) of any Series issued or issuable in the form
of one or more Global Securities shall no longer be represented by such Global
Security or Securities.

(c)  In connection with any transfer or exchange of a portion of the beneficial
interest in any Global Security to beneficial owners pursuant to paragraph (b),
the Registrar shall (if one or more definitive Securities are to be issued)
reflect on its books and records the date and a decrease in the principal amount
of the Global Security in an amount equal to the principal amount of the
beneficial interest in the Global Security to be transferred, and the Company

<Page>

                                      -16-

and the Subsidiary Guarantors shall execute, and the Trustee shall authenticate
and deliver, one or more definitive Securities of like tenor and amount.

(d)  In connection with the transfer of an entire Global Security to beneficial
owners pursuant to paragraph (b), the Global Security shall be deemed to be
surrendered to the Trustee for cancellation, and the Company and the Subsidiary
Guarantors shall execute, and the Trustee shall authenticate and deliver, to
each beneficial owner identified by the Depository in exchange for its
beneficial interest in the Global Security, an equal aggregate principal amount
of definitive Securities of authorized denominations.

(e)  The Holder of any Global Security may grant proxies and otherwise authorize
any person, including Agent Members and persons that may hold interests through
Agent Members, to take any action which a Holder is entitled to take under this
Indenture or the Securities of such Series.

(f)  Each Global Security shall also bear the following legend on the face
thereof:

          UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR
     SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED
     EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR
     BY ANY SUCH NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE
     OF SUCH SUCCESSOR DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR
     DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS
     CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
     DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO AN ISSUER
     OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
     ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
     OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
     ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS
     REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
     PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
     IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
     AN INTEREST HEREIN.

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
     WHOLE, BUT NOT IN PART, TO NOMI-

<Page>

                                      -17-

     NEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR'S
     NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE
     LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
     FORTH IN SECTION 2.17 OF THE INDENTURE REFERRED TO HEREIN.

Section 2.16.   RESTRICTIVE LEGENDS.

          RESTRICTIVE LEGENDS. Each Global Security and Physical Security that
constitutes a Restricted Security or is sold in compliance with Regulation S
shall bear the following legend (the "PRIVATE PLACEMENT LEGEND") on the face
thereof until after the second anniversary of the later of the Issue Date and
the last date on which the Company or any Affiliate was the owner of such
Security (or any predecessor note) (or such shorter period of time as permitted
by Rule 144(k) under the Securities Act or any successor provision thereunder),
or such longer period of time as may be required under the Securities Act or
applicable state securities laws in the opinion of counsel for the Company,
unless otherwise agreed by the Company and the Holder thereof:

          THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY
     ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF
     THE UNITED STATES SECURITIES ACT OF 1933, AND THE SECURITY EVIDENCED
     HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
     ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
     EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
     THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
     SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER OR
     ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE HOLDER OF THE SECURITY
     EVIDENCED HEREBY AGREES FOR THE BENEFIT OF BEAZER HOMES USA, INC. THAT
     (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY
     (1)(A) TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED
     INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
     ACT), PURCHASING FOR ITS OWN ACCOUNT IN A TRANSACTION MEETING THE
     REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (B) IN A
     TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES
     ACT, (C) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A
     TRANSACTION MEETING

<Page>

                                      -18-

     THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER THE SECURITIES ACT,
     (D) TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING OF RULE 501(A)(1),
     (2), (3) OR (7) UNDER THE SECURITIES ACT (AN "INSTITUTIONAL ACCREDITED
     INVESTOR") THAT IS PURCHASING AT LEAST $100,000 OF NOTES FOR ITS OWN
     ACCOUNT OR FOR THE ACCOUNT OF AN INSTITUTIONAL ACCREDITED INVESTOR
     (AND BASED UPON AN OPINION OF COUNSEL IF BEAZER HOMES USA, INC. SO
     REQUESTS) OR (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
     REGISTRATION REQUIREMENTS OF THE SECURITIES ACT PROVIDED THAT IN THE
     CASE OF A TRANSFER UNDER CLAUSE (E) SUCH TRANSFER IS SUBJECT TO THE
     RECEIPT BY THE TRUSTEE (AND BEAZER HOMES USA, INC., IF IT SO REQUESTS)
     OF A CERTIFICATION OF THE TRANSFEROR AND AN OPINION OF COUNSEL TO THE
     EFFECT THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT,
     (2) TO BEAZER HOMES USA, INC. OR ANY OF ITS SUBSIDIARIES OR (3) UNDER
     AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND, IN
     EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
     STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND
     THE INDENTURE GOVERNING THE SECURITIES AND (B) THE HOLDER WILL, AND
     EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF
     THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN
     (A) ABOVE. IF ANY RESALE OR OTHER TRANSFER OF ANY SECURITY IS PROPOSED
     TO BE MADE UNDER CLAUSE (A)(1)(D) ABOVE WHILE THESE TRANSFER
     RESTRICTIONS ARE IN FORCE THEN THE TRANSFEROR SHALL DELIVER A LETTER
     FROM THE TRANSFEREE TO BEAZER AND THE TRUSTEE WHICH SHALL PROVIDE,
     AMONG OTHER THINGS, THAT THE TRANSFEREE IS AN INSTITUTIONAL ACCREDITED
     INVESTOR AND THAT IT IS ACQUIRING THE SECURITIES FOR INVESTMENT
     PURPOSES AND NOT FOR DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT.

Section 2.17.   SPECIAL TRANSFER PROVISIONS.

(a)  TRANSFERS TO NON-QIB INSTITUTIONAL ACCREDITED INVESTORS AND NON-U.S.
PERSONS. The following provisions shall apply with respect to the registration
of any proposed transfer of a

<Page>

                                      -19-

Security constituting a Restricted Security to any Institutional Accredited
Investor which is not a QIB or to any Non-U.S. Person:

           (i)  the Registrar shall register the transfer of any Security
constituting a Restricted Security whether or not such Security bears the
Private Placement Legend, if (x) the requested transfer is after the second
anniversary of the Issue Date (PROVIDED, HOWEVER, that neither the Company nor
any Affiliate of the Company has held any beneficial interest in such Security,
or portion thereof, at any time on or prior to the second anniversary of the
Issue Date) or (y) (1) in the case of a transfer to an Institutional Accredited
Investor which is not a QIB (excluding Non-U.S. Persons), the proposed
transferee has delivered to the Registrar a certificate substantially in the
form of EXHIBIT C hereto and any legal opinions and certifications required
thereby or (2) in the case of a transfer to a Non-U.S. Person, the proposed
transferor has delivered to the Registrar a certificate substantially in the
form of EXHIBIT D hereto; and

          (ii)  if the proposed transferor is an Agent Member holding a
beneficial interest in the Global Security, upon receipt by the Registrar of (x)
the certificate, if any, required by paragraph (i) above and (y) written
instructions given in accordance with the Depository's and the Registrar's
procedures,

whereupon (a) the Registrar shall reflect on its books and records the date and
(if the transfer does not involve a transfer of outstanding Physical Securities)
a decrease in the principal amount of such Global Security in an amount equal to
the principal amount of the beneficial interest in the Global Security to be
transferred, and (b) the Company shall execute, the Subsidiary Guarantors shall
execute the Subsidiary Guarantee on, and the Trustee shall authenticate and
deliver, one or more Physical Securities of like tenor and amount.

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

           (i)  the Registrar shall register the transfer if such transfer is
being made by a proposed transferor who has checked the box provided for on the
form of Security stating, or has otherwise advised the Company and the Registrar
in writing, that the sale has been made in compliance with the provisions of
Rule 144A to a transferee who has signed the certification provided for on the
form of Security stating, or has otherwise advised the Company and the Registrar
in writing, that it is purchasing the Security for its own account or an account
with respect to which it exercises sole investment discretion and that it and
any such account is a QIB within the meaning of Rule 144A, and is aware that the
sale to it is being made in reliance on Rule 144A and acknowledges that it has
received such information regarding the Company as it has requested pursuant to
Rule 144A or has determined not to request such in-

<Page>

                                      -20-

formation and that it is aware that the transferor is relying upon its foregoing
representations in order to claim the exemption from registration provided by
Rule 144A; and

          (ii)  if the proposed transferee is an Agent Member, and the
Securities to be transferred consist of Physical Securities which after transfer
are to be evidenced by an interest in a Global Security, upon receipt by the
Registrar of written instructions given in accordance with the Depository's and
the Registrar's procedures, the Registrar shall reflect on its books and records
the date and an increase in the principal amount of such Global Security in an
amount equal to the principal amount of the Physical Securities to be
transferred, and the Trustee shall cancel the Physical Securities so
transferred.

(c)  PRIVATE PLACEMENT LEGEND. Upon the transfer, exchange or replacement of
Securities not bearing the Private Placement Legend, the Registrar shall deliver
Securities that do not bear the Private Placement Legend. Upon the transfer,
exchange or replacement of Securities bearing the Private Placement Legend, the
Registrar shall deliver only Securities that bear the Private Placement Legend
unless (i) the requested transfer is after the second anniversary of the Issue
Date (PROVIDED, HOWEVER, that neither the Company nor any Affiliate of the
Company has held any beneficial interest in such Security, or portion thereof,
at any time prior to or on the second anniversary of the Issue Date), or (ii)
there is delivered to the Registrar an Opinion of Counsel reasonably
satisfactory to the Company and the Trustee to the effect that neither such
legend nor the related restrictions on transfer are required in order to
maintain compliance with the provisions of the Securities Act.

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

          The Registrar shall retain copies of all letters, notices and other
written communications received pursuant to Section 2.06 or this Section 2.17.
The Company shall have the right to inspect and make copies of all such letters,
notices or other written communications at any reasonable time during the
Registrar's normal business hours upon the giving of reasonable written notice
to the Registrar.

(e)  TRANSFERS OF SECURITIES HELD BY AFFILIATES. Any certificate (i) evidencing
a Security that has been transferred to an Affiliate of the Company within two
years after the Issue Date, as evidenced by a notation on the Assignment Form
for such transfer or in the representation letter delivered in respect thereof
or (ii) evidencing a Security that has been acquired from an Affiliate (other
than by an Affiliate) in a transaction or a chain of transactions not involving
any public offering, shall, until two years after the last date on which either
the Company or any Affiliate of the Company was an owner of such Security, in
each case, bear a legend in

<Page>

                                      -21-

substantially the form set forth in Section 2.16, unless otherwise agreed by the
Company (with written notice thereof to the Trustee).

                                  ARTICLE THREE

                                   REDEMPTION

Section 3.01.   NOTICES TO TRUSTEE.

          Securities of a Series that are redeemable prior to maturity shall be
redeemable in accordance with their terms and, unless the Authorizing Resolution
or supplemental indenture provides otherwise, in accordance with this Article.

          If the Company wants to redeem Securities pursuant to Paragraph 5 of
the Securities, it shall notify the Trustee in writing of the Redemption Date
and the principal amount of Securities to be redeemed. Any such notice may be
cancelled at any time prior to notice of such redemption being mailed to
Holders. Any such cancelled notice shall be void and of no effect.

          If the Company wants to credit any Securities previously redeemed,
retired or acquired against any redemption pursuant to Paragraph 6 of the
Securities, it shall notify the Trustee of the amount of the credit and it shall
deliver any Securities not previously delivered to the Trustee for cancellation
with such notice.

          The Company shall give each notice provided for in this Section 3.01
at least 30 days before the notice of any such redemption is to be mailed to
Holders (unless a shorter notice shall be satisfactory to the Trustee).

Section 3.02.   SELECTION OF SECURITIES TO BE REDEEMED.

          If fewer than all of the Securities of a Series are to be redeemed,
the Trustee shall select the Securities to be redeemed by a method the Trustee
considers fair and appropriate. The Trustee shall make the selection from
Securities outstanding not previously called for redemption and shall promptly
notify the Company of the serial numbers or other identifying attributes of the
Securities so selected. The Trustee may select for redemption portions of the
principal of Securities that have denominations larger than the minimum
denomination for the Series. Securities and portions of them it selects shall be
in amounts equal to the minimum denomination for the Series or an integral
multiple thereof. Provisions of this Indenture that apply to Securities called
for redemption also apply to portions of Securities called for redemption.

<Page>

                                      -22-

Section 3.03.   NOTICE OF REDEMPTION.

          At least 15 days but not more than 60 days before a redemption date,
the Company shall mail a notice of redemption by first-class mail, postage
prepaid, to each Holder of Securities to be redeemed.

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

          (1)   the redemption date;

          (2)   the redemption price;

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

          (4)   that Securities called for redemption must be surrendered to the
Paying Agent to collect the redemption price;

          (5)   that interest on Securities called for redemption ceases to
accrue on and after the redemption date; and

          (6)   that the Securities are being redeemed pursuant to the mandatory
redemption or the optional redemption provisions, as applicable.

          At the Company's request, the Trustee shall give the notice of
redemption in the Company's name and at its expense; provided, however, that the
Company shall deliver to the Trustee at least 15 days prior to the date on which
notice of redemption is to be mailed or such shorter period as may be
satisfactory to the Trustee, an Officers' Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such
notice as provided in the preceding paragraph.

Section 3.04.   EFFECT OF NOTICE OF REDEMPTION.

          Once notice of redemption is mailed, Securities called for redemption
become due and payable on the redemption date and at the redemption price as set
forth in the notice of redemption. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price, plus accrued interest to the
redemption date.

Section 3.05.   DEPOSIT OF REDEMPTION PRICE.

          On or before the redemption date, the Company shall deposit with the
Paying Agent immediately available funds sufficient to pay the redemption price
of and accrued interest on all Securities to be redeemed on that date.

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                                      -23-

Section 3.06.   SECURITIES REDEEMED IN PART.

          Upon surrender of a Security that is redeemed in part, the Company and
the Subsidiary Guarantors shall execute and the Trustee shall authenticate for
each Holder a new Security equal in principal amount to the unredeemed portion
of the Security surrendered.

                                  ARTICLE FOUR

                                    COVENANTS

Section 4.01.   PAYMENT OF SECURITIES.

          The Company shall pay the principal of and interest on a Series on the
dates and in the manner provided in the Securities of the Series. An installment
of principal or interest shall be considered paid on the date it is due if the
Paying Agent holds on that date money designated for and sufficient to pay the
installment.

          The Company shall pay interest on overdue principal at the rate borne
by the Series; it shall pay interest on overdue installments of interest at the
same rate.

Section 4.02.   MAINTENANCE OF OFFICE OR AGENCY.

          The Company shall maintain the office or agency required under Section
2.03. The Company shall give prior written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any
time the Company shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the address of the
Trustee.

Section 4.03.   COMPLIANCE CERTIFICATE.

          The Company shall deliver to the Trustee within 120 days after the end
of each fiscal year of the Company an Officers' Certificate stating whether or
not the signers know of any Default by the Company in performing any of its
obligations under this Indenture. If they do know of such a Default, the
certificate shall describe the Default.

Section 4.04.   PAYMENT OF TAXES; MAINTENANCE OF CORPORATE EXISTENCE;
                MAINTENANCE OF PROPERTIES.

          The Company will:

          (a)   will pay or discharge or cause to be paid or discharged, before
     the same shall become delinquent, (1) all taxes, assessments and
     governmental charges levied or

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                                      -24-

     imposed upon it or any Subsidiary or upon the income, profits or property
     of the Company or any Subsidiary, and (2) all lawful claims for labor,
     materials and supplies which, if unpaid, might by law become a lien upon
     the property of the Company or any Subsidiary; PROVIDED, HOWEVER, that the
     Company shall not be required to pay or discharge or cause to be paid or
     discharged any such tax, assessment, charge or claim whose amount,
     applicability or validity is being contested in good faith by appropriate
     proceedings.

          (b)   subject to Article Five, do or cause to be done all things
     necessary to preserve and keep in full force and effect its corporate
     existence, all material rights (by articles of incorporation, by-laws and
     statute) and material franchises, PROVIDED, HOWEVER, that the Company shall
     not be required to preserve any such right or franchise if the Board of
     Directors shall determine that the preservation thereof is no longer
     desirable in the conduct of the business of the Company; and

          (c)   will cause all of its material properties used or useful in the
     conduct of its business or the business of any Subsidiary to be maintained
     and kept in good condition, repair and working order and supplied with all
     necessary equipment and will cause to be made all necessary repairs,
     renewals, replacements, betterments and improvements thereof, all as in the
     judgment of the Company may be necessary so that the business carried on in
     connection therewith may be properly and advantageously conducted at all
     times; PROVIDED, HOWEVER, that the Company and its Subsidiaries shall not
     be prevented from selling or otherwise disposing of their properties for
     value in the ordinary course of business.

Section 4.05.   WAIVER OF STAY, EXTENSION OR USURY LAWS.

          The Company and the Subsidiary Guarantors covenant (to the extent that
they may lawfully do so) that they will not at any time insist upon, plead, or
in any manner whatsoever claim or take the benefit or advantage of, any stay or
extension law or any usury law or other law that would prohibit or forgive the
Company or any Subsidiary Guarantor from paying all or any portion of the
principal of or interest on the Securities as contemplated herein, wherever
enacted, now or at any time hereafter in force, or which may affect the
covenants or the performance of this Indenture; and (to the extent that may
lawfully do so) the Company and the Subsidiary Guarantors hereby expressly waive
all benefit or advantage of any such law, and covenant that they will not
hinder, delay or impede the execution of any power herein granted to the
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

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                                      -25-

                                  ARTICLE FIVE

                              SUCCESSOR CORPORATION

Section 5.01.   CONSOLIDATIONS AND MERGERS OF COMPANY AND SALES, LEASES AND
                CONVEYANCES PERMITTED SUBJECT TO CERTAIN CONDITIONS.

(a)  The Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other corporation,
provided that in any such case, (1) either the Company shall be the continuing
corporation, or the successor corporation shall be a corporation organized and
existing under the laws of the United States or a State thereof and such
successor corporation shall expressly assume the due and punctual payment of the
principal of (and premium, if any) and any interest (including all Liquidated
Damages, if any) on all of the Securities, according to their tenor, and the due
and punctual performance and observance of all of the covenants and conditions
of this Indenture to be performed by the Company by supplemental indenture,
satisfactory to the Trustee, executed and delivered to the Trustee by such
corporation and (2) immediately after giving effect to such transaction and
treating any indebtedness which becomes an obligation of the Company or any
Subsidiary as a result thereof as having been incurred by the Company or such
Subsidiary at the time of such transaction, no Event of Default, and no event
which, after notice or the lapse of time, or both, would become an Event of
Default, shall have occurred and be continuing.

(b)  RIGHTS AND DUTIES OF SUCCESSOR CORPORATION In case of any such
consolidation, merger, sale, lease or conveyance and upon any such assumption by
the successor corporation, such successor corporation shall succeed to and be
substituted for the Company, with the same effect as if it had been named herein
as the party of the first part, and the predecessor corporation, except in the
event of a lease, shall be relieved of any further obligation under this
Indenture and the Securities. Such successor corporation thereupon may cause to
be signed, and may issue either in its own name or in the name of the Company,
any or all of the Securities issuable hereunder which theretofore shall not have
been signed by the Company and delivered to the Trustee; and, upon the order of
such successor corporation, instead of the Company, and subject to all the
terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver any Securities which previously shall have
been signed and delivered by the officers of the Company to the Trustee for
authentication, and any Securities which such successor corporation thereafter
shall cause to be signed and delivered to the Trustee for that purpose. All the
Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Securities had
been issued at the date of the execution hereof.

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                                      -26-

          In case of any such consolidation, merger, sale, lease or conveyance,
such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.

(c)  OFFICERS' CERTIFICATE AND OPINION OF COUNSEL. Any consolidation, merger,
sale, lease or conveyance permitted under subsection (a) above is also subject
to the condition that the Trustee receive an Officers' Certificate and an
Opinion of Counsel to the effect that any such consolidation, merger, sale,
lease or conveyance, and the assumption by any successor corporation, complies
with the provisions of this Article and that all conditions precedent herein
provided for relating to such transaction have been complied with.

                                   ARTICLE SIX

                              DEFAULTS AND REMEDIES

Section 6.01.   EVENTS OF DEFAULT.

          "Event of Default," wherever used herein with respect to any
particular Series of Securities, means any one of the following events (whatever
the reason for such Event of Default and whether or not it shall be voluntary or
involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

          (1)   default in the payment of any interest upon any Security of that
Series or of any coupon appertaining thereto, when such interest or coupon
becomes due and payable, and continuance of such default for a period of 30
days; or

          (2)   default in the payment of the principal of (or premium, if any,
on) any Security of that Series when it becomes due and payable at its Maturity;
or

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

          (4)   default in the performance or breach of any covenant or warranty
of the Company in this Indenture with respect to any Security of that Series
(other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with), and continuance of
such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that Series a written notice specifying such default
or breach and requiring it to be remedied and stating that such notice is a
"Notice of Default" hereunder; or

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                                      -27-

          (5)   the Company or any Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law;

(A)  commences a voluntary case,

(B)  consents to the entry of an order for relief against it in an involuntary
case,

(C)  consents to the appointment of a Custodian of it or for all or
substantially all of its property, or

(D)  makes a general assignment for the benefit of its creditors; or

          (6)   a court of competent jurisdiction enters an order or decree
under any Bankruptcy Law that:

(A)  is for relief against the Company or any Significant Subsidiary in an
involuntary case,

(B)  appoints a Custodian of the Company or any Significant Subsidiary or for
all or substantially all of either of its property, or

(C)  orders the liquidation of the Company or any Significant Subsidiary, and
the order or decree remains unstayed and in effect for 90 days; or

          (7)   any other Event of Default provided with respect to Securities
of that Series.

As used in this Section 6.01, the term "Bankruptcy Law" means title 11, U.S.
Code or any similar Federal or state law for the relief of debtors and the term
"Custodian" means any receiver, trustee, assignee, liquidator or other similar
official under any Bankruptcy Law.

Section 6.02.   ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

          If an Event of Default (other than an Event of Default with respect to
the Company resulting from sub-clauses (7) or (8) above), shall have occurred
and be continuing under the Indenture, the Trustee by notice to the Company, or
the Holders of at least 25 percent in principal amount of the Securities of the
applicable Series then outstanding by notice to the Company and the Trustee, may
declare all Securities of such Series to be due and payable immediately. Upon
such declaration of acceleration, the amounts due and payable on the Securities
of such Series will be due and payable immediately.

          At any time after such a declaration of acceleration with respect to
Securities of any Series has been made and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this
Article provided, the Holders of a majority

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                                      -28-

in principal amount of the outstanding Securities of that Series, by written
notice to the Company and the Trustee, may rescind and annul such declaration of
acceleration and its consequences if:

          (1)   the Company has paid or deposited with the Trustee a sum
sufficient to pay in the currency, currency unit or composite currency in which
the Securities of such Series are payable (except as otherwise specified
pursuant to Section 2.01 for the Securities of such Series):

(A)  all overdue installments of interest on and any Liquidated Damages payable
in respect of all outstanding Securities of that Series,

(B)  the principal of (and premium, if any, on) any outstanding Securities of
that Series which have become due otherwise than by such declaration of
acceleration and interest thereon at the rate or rates borne by or provided for
in such Securities,

(C)  to the extent that payment of such interest is lawful, interest upon
overdue installments of interest and any Liquidated Damages at the rate or rates
borne by or provided for in such Securities, and

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

          (2)   all Events of Default with respect to Securities of that Series,
other than the nonpayment of the principal of (or premium, if any) or interest
on Securities of that Series which have become due solely by such declaration of
acceleration, have been cured or waived as provided in Section 6.04.

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

Section 6.03.   OTHER REMEDIES.

          If an Event of Default on a Series occurs and is continuing, the
Trustee may pursue any available remedy by proceeding at law or in equity to
collect the payment of principal of or interest on the Series or to enforce the
performance of any provision in the Securities or this Indenture applicable to
the Series.

          The Trustee may maintain a proceeding even if it does not possess any
of the Securities or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Securityholder in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the

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                                      -29-

Event of Default. No remedy is exclusive of any other remedy. All available
remedies are cumulative.

Section 6.04.   WAIVER OF EXISTING DEFAULTS.

          Subject to Section 9.02, the Holders of a majority in principal amount
of the outstanding Securities of a Series on behalf of all the Holders of the
Series by notice to the Trustee may waive an existing Default on such Series and
its consequences. When a Default is waived, it is cured and stops continuing,
and any Event of Default arising therefrom shall be deemed to have been cured;
but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereon.

Section 6.05.   CONTROL BY MAJORITY.

          The Holders of a majority in principal amount of the outstanding
Securities of a Series may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on it with respect to such Series. The Trustee, however, may
refuse to follow any direction (i) that conflicts with law or this Indenture,
(ii) that, subject to Section 7.01, the Trustee determines is unduly prejudicial
to the rights of other Securityholders, or (iii) that would involve the Trustee
in personal liability.

Section 6.06.   LIMITATION ON SUITS.

          A Securityholder of a Series may not pursue any remedy with respect to
this Indenture or the Series unless:

          (1)   the Holder gives to the Trustee written notice of a continuing
Event of Default on the Series;

          (2)   the Holders of at least a majority in principal amount of the
outstanding Securities of the Series make a written request to the Trustee to
pursue the remedy;

          (3)   such Holder or Holders offer to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense;

          (4)   the Trustee does not comply with the request within 60 days
after receipt of the request and the offer of indemnity; and

          (5)   no written request inconsistent with such written request shall
have been given to the Trustee pursuant to this Section 6.06.

          A Securityholder may not use this Indenture to prejudice the rights of
another Securityholder or to obtain a preference or priority over another
Securityholder.

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                                      -30-

Section 6.07.   RIGHTS OF HOLDERS TO RECEIVE PAYMENT.

          Notwithstanding any other provision of this Indenture, the right of
any Holder to receive payment of principal of and interest on the Security, on
or after the respective due dates expressed in the Security, or to bring suit
for the enforcement of any such payment on or after such respective dates, is
absolute and unconditional and shall not be impaired or affected without the
consent of the Holder.

Section 6.08.   COLLECTION SUIT BY TRUSTEE.

          If an Event of Default in payment of interest or principal specified
in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover
judgment in its own name and as trustee of an express trust against the Company
for the whole amount of principal and interest remaining unpaid.

Section 6.09.   TRUSTEE MAY FILE PROOFS OF CLAIM.

          The Trustee may file such proofs of claim and other papers or
documents as may be necessary or advisable in order to have the claims of the
Trustee (including any claim for the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents and counsel) and the
Securityholders allowed in any judicial proceedings relative to the Company, its
creditors or its property, and unless prohibited by applicable law or
regulation, may vote on behalf of the Holders in any election of a Custodian,
and shall be entitled and empowered to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same
and any Custodian in any such judicial proceeding is hereby authorized by each
Securityholder to make such payments to the Trustee. Nothing herein shall be
deemed to authorize the Trustee to authorize or consent to or vote for or accept
or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or the rights of
any Holder or to authorize the Trustee to vote in respect of the claim of any
Securityholder except as aforesaid for the election of the Custodian.

Section 6.10.   PRIORITIES.

          If the Trustee collects any money pursuant to this Article, it shall
pay out the money in the following order:

          FIRST: to the Trustee for amounts due under Section 7.07;

          SECOND: to Securityholders of the Series for amounts due and unpaid on
     the Series for principal and interest, ratably, without preference or
     priority of any kind, ac-

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                                      -31-

     cording to the amounts due and payable on the Series for principal and
     interest, respectively; and

          THIRD: to the Company or the Subsidiary Guarantors as their interests
     may appear.

          The Trustee may fix a record date and payment date for any payment to
Securityholders pursuant to this Section 6.10.

Section 6.11.   UNDERTAKING FOR COSTS.

          In any suit for the enforcement of any right or remedy under this
Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party
litigant in the suit of an undertaking to pay the costs of the suit, and the
court in its discretion may assess reasonable costs, including reasonable
attorneys' fees, against any party litigant in the suit, having the due regard
to the merits and good faith of the claims or defenses made by the party
litigant. This Section does not apply to a suit by the Trustee, a suit by a
Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in
principal amount of the Series.

                                  ARTICLE SEVEN

                                     TRUSTEE

Section 7.01.   DUTIES OF TRUSTEE.

(a)  If an Event of Default has occurred and is continuing, the Trustee shall,
prior to the receipt of directions from the Holders of a majority in principal
amount of the Securities, exercise its rights and powers and use the same degree
of care and skill in their exercise as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

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

          (1)   The Trustee need perform only those duties that are specifically
set forth in this Indenture and no others and no implied covenants or
obligations shall be read into this Indenture against the Trustee.

          (2)   In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture. The Trustee,
however, shall examine the certificates and opinions to determine

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                                      -32-

whether or not they conform to the requirements of this Indenture but need not
confirm or investigate the accuracy of mathematical calculations or other facts
or matters stated therein.

(c)  The Trustee may not be relieved from liability for its own negligent
action, its own negligent failure to act or its own willful misconduct, except
that:

          (1)   This paragraph does not limit the effect of paragraph (b) of
this Section.

          (2)   The Trustee shall not be liable for any error of judgment made
in good faith by a Trust Officer, unless it is proved that the Trustee was
negligent in ascertaining the pertinent facts.

          (3)   The Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by
it pursuant to Section 6.05 or any other direction of the Holders permitted
hereunder.

(d)  Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraphs (a), (b) and (c) of this Section.

(e)  The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or
expense.

(f)  The Trustee shall not be liable for interest on any money received by it
except as the Trustee may agree with the Company. Money held in trust by the
Trustee need not be segregated from other funds except to the extent required by
law.

(g)  None of the provisions contained in this Indenture shall require the
Trustee 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, if there shall be reasonable grounds for believing that the repayment
of such funds or adequate indemnity against such liability is not reasonably
assured to it.

Section 7.02.   RIGHTS OF TRUSTEE.

          Subject to Section 7.01:

          (a)   The Trustee may rely and shall be protected in acting or
     refraining from acting on any document, resolution, certificate,
     instrument, report, or direction believed by it to be genuine and to have
     been signed or presented by the proper person. The Trustee need not
     investigate any fact or matter stated in the document, resolution,
     certificate, instrument, report, or direction.

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                                      -33-

          (b)   Before the Trustee acts or refrains from acting, it may require
     an Officers' Certificate or an Opinion of Counsel or both, which shall
     conform to Sections 10.04 and 10.05 hereof and containing such other
     statements as the Trustee reasonably deems necessary to perform its duties
     hereunder. The Trustee shall not be liable for any action it takes or omits
     to take in good faith in reliance on the Officers' Certificate, Opinion of
     Counsel or any other direction of the Company permitted hereunder.

          (c)   The Trustee may act through agents and shall not be responsible
     for the misconduct or negligence of any agent appointed with due care.

          (d)   The Trustee shall not be liable for any action taken, suffered
     or omitted by it in good faith and believed by it to be authorized or
     within the discretion or rights or powers conferred upon it by this
     Indenture.

          (e)   The Trustee may consult with counsel, and the written advice of
     such counsel or any Opinion of Counsel as to matters of law shall be full
     and complete authorization and protection in respect of any action taken,
     omitted or suffered by it hereunder in good faith and in accordance with
     the advice or opinion of such counsel.

          (f)   Unless otherwise specifically provided in the Indenture, any
     demand, request, direction or notice from the Company shall be sufficient
     if signed by an Officer of the Company.

          (g)   For all purposes under this Indenture, the Trustee shall not be
     deemed to have notice or knowledge of any Event of Default (other than
     under Section 6.01(1) or 6.01(2)) unless a Trust Officer assigned to and
     working in the Trustee's corporate trust office has actual knowledge
     thereof or unless written notice of any Event of Default is received by the
     Trustee at its address specified in Section 10.02 hereof and such notice
     references the Securities generally, the Company or this Indenture.

          Except with respect to Sections 4.01 and 4.03, the Trustee shall have
     no duty to inquire as to the performance of the Company with respect to the
     covenants contained in Article Four.

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

<Page>

                                      -34-

Section 7.03.   INDIVIDUAL RIGHTS OF TRUSTEE.

          The Trustee in its individual or any other capacity may become the
owner or pledgee of Securities and may otherwise deal with the Company or its
affiliates with the same rights it would have if it were not Trustee. Any Agent
may do the same with like rights. The Trustee, however, must comply with
Sections 7.10 and 7.11.

Section 7.04.   TRUSTEE'S DISCLAIMER.

          The Trustee makes no representation as to the validity or adequacy of
this Indenture, the Securities or of any prospectus used to sell the Securities;
it shall not be accountable for the Company's use of the proceeds from the
Securities; it shall not be accountable for any money paid to the Company, or
upon the Company's direction, if made under and in accordance with any provision
of this Indenture; it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee; and it shall not be
responsible for any statement of the Company in this Indenture or in the
Securities other than its certificate of authentication.

Section 7.05.   NOTICE OF DEFAULTS.

          If a Default on a Series occurs and is continuing and if it is known
to the Trustee, the Trustee shall mail to each Securityholder of the Series
notice of the Default (which shall specify any uncured Default known to it)
within 90 days after it occurs. Except in the case of a default in payment of
principal of or interest on a Series or a failure to comply with any Change of
Control Provisions, the Trustee may withhold the notice if and so long as the
board of directors of the Trustee, the executive or any trust committee of such
directors and/or responsible officers of the Trustee in good faith determine(s)
that withholding the notice is in the interests of Holders of the Series.

Section 7.06.   REPORTS BY TRUSTEE TO HOLDERS.

          Within 60 days after each May 15 beginning with the May 15 following
the date of this Indenture, the Trustee shall mail to each Securityholder a
brief report dated as of such May 15 that complies with TIA Section 313(a) (but
if no event described in TIA Section 313(a)(2) has occurred within the twelve
months preceding the reporting date no report need be transmitted). The Trustee
also shall comply with TIA Section 313(b) and Section 313(c).

          A copy of each report at the time of its mailing to Securityholders
shall be delivered to the Company and filed by the Trustee with the Commission
and each national securities exchange on which the Securities are listed. The
Company agrees to notify the Trustee of each national securities exchange on
which the Securities are listed.

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                                      -35-

Section 7.07.   COMPENSATION AND INDEMNITY.

          The Company shall pay to the Trustee or predecessor trustee from time
to time reasonable compensation for their respective services subject to any
written agreement between the Trustee and the Company. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses
incurred by it. Such expenses shall include the reasonable compensation and
expenses of the Trustee's agents and counsel. The Company shall indemnify the
Trustee and each predecessor trustee, its officers, directors, employees and
agents and hold it harmless against any loss, liability or expense incurred or
made by or on behalf of it in connection with the administration of this
Indenture or the trust hereunder and its duties hereunder including the costs
and expenses of defending itself against or investigating any claim in the
premises. The Trustee shall notify the Company promptly of any claim for which
it may seek indemnity. The Company need not reimburse any expense or indemnify
against any loss or liability incurred by the Trustee through the Trustee's, or
its officers', directors', employees' or agents' negligence or bad faith.

          To ensure the Company's payment obligations in this Section, the
Trustee shall have a claim prior to the Securities on all money or property held
or collected by the Trustee, except that held in trust to pay principal of or
interest on particular Securities. When the Trustee incurs expenses or renders
services in connection with an Event of Default specified in Section 6.01 or in
connection with Article 6 hereof, the expenses (including the reasonable fees
and expenses of its counsel) and the compensation for services in connection
therewith are to constitute expenses of administration under any bankruptcy law.

Section 7.08.   REPLACEMENT OF TRUSTEE.

          The Trustee may resign by so notifying the Company. The Holders of a
majority in principal amount of the outstanding Securities may remove the
Trustee by so notifying the removed Trustee in writing and may appoint a
successor trustee with the Company's consent. Such resignation or removal shall
not take effect until the appointment by the Securityholders or the Company as
hereinafter provided of a successor trustee and the acceptance of such
appointment by such successor trustee. The Company may remove the Trustee and
any Securityholder may petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor trustee for any or no
reason, including if:

          (1)   the Trustee fails to comply with Section 7.10 after written
request by the Company or any bona fide Securityholder who has been a
Securityholder for at least six months;

          (2)   the Trustee is adjudged a bankrupt or an insolvent;

<Page>

                                      -36-

          (3)   a receiver or other public officer takes charge of the Trustee
or its property; or

          (4)   the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the
office of Trustee for any reason, the Company shall promptly appoint a successor
trustee. If a successor trustee does not take office within 45 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or any
Holder may petition any court of competent jurisdiction for the appointment of a
successor trustee.

          A successor trustee shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately after that,
the retiring Trustee shall transfer all property held by it as Trustee to the
successor trustee, the resignation or removal of the retiring Trustee shall
become effective, and the successor trustee shall have all the rights, powers
and duties of the Trustee under this Indenture. A successor trustee shall mail
notice of its succession to each Securityholder.

Section 7.09.   SUCCESSOR TRUSTEE BY MERGER, ETC.

          If the Trustee consolidates with, merges with or into or converts
into, or transfers all or substantially all of its corporate trust business to,
another corporation, the successor corporation without any further act shall be
the successor trustee.

Section 7.10.   ELIGIBILITY; DISQUALIFICATION.

          This Indenture shall always have a Trustee who satisfies the
requirements of TIA Section 310(a)(1). The Trustee shall have a combined capital
and surplus of at least $10,000,000 as set forth in its most recent published
annual report of condition. The Trustee shall comply with TIA Section 310(b).

Section 7.11.   PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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

<Page>

                                      -37-

                                  ARTICLE EIGHT

                            DEFEASANCE AND DISCHARGE

Section 8.01.   DEFEASANCE UPON DEPOSIT OF MONEYS OR U.S. GOVERNMENT
                OBLIGATIONS; DISCHARGE.

(a)  The Company may, at its option and at any time, elect to have either
paragraph (b) or paragraph (c) below be applied to the outstanding Securities of
any Series upon compliance with the applicable conditions set forth in paragraph
(d).

(b)  Upon the Company's exercise under paragraph (a) of the option applicable to
this paragraph (b), the Company and the Subsidiary Guarantors shall be deemed to
have been released and discharged from their respective obligations with respect
to the outstanding Securities of a Series on the date the applicable conditions
set forth below are satisfied (hereinafter, "LEGAL DEFEASANCE"). For this
purpose, such Legal Defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by the outstanding
Securities of a Series, which shall thereafter be deemed to be "outstanding"
only for the purposes of the Sections and matters under this Indenture referred
to in (i) and (ii) below, and to have satisfied all its other obligations under
such Securities and this Indenture insofar as such Securities are concerned,
except for the following which shall survive until otherwise terminated or
discharged hereunder: (i) the rights of Holders of outstanding Securities of a
Series to receive solely from the trust fund described in paragraph (d) below
and as more fully set forth in such paragraph, payments in respect of the
principal of and interest on such Securities when such payments are due and (ii)
obligations listed in Section 8.02, subject to compliance with this Section
8.01. The Company may exercise its option under this paragraph (b)
notwithstanding the prior exercise of its option under paragraph (c) below with
respect to such Securities.

(c)  Upon the Company's exercise under paragraph (a) of the option applicable to
this paragraph (c), the Company and the Subsidiary Guarantors shall be released
and discharged from the obligations under any covenant contained in Article
Five, Section 4.05 and any other covenant contained in the Authorizing
Resolution or supplemental indenture relating to such Series, on and after the
date the conditions set forth below are satisfied (hereinafter, "COVENANT
DEFEASANCE"), and the Securities of such Series shall thereafter be deemed to be
not "outstanding" for the purpose of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in
connection with such covenants, but shall continue to be deemed "outstanding"
for all other purposes hereunder. For this purpose, such Covenant Defeasance
means that, with respect to the outstanding Securities of a Series, the Company
may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant, whether directly or
indirectly, by reason of any reference

<Page>

                                      -38-

elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such
omission to comply shall not constitute a Default or an Event of Default under
Section 6.01(4), but, except as specified above, the remainder of this Indenture
and such Securities shall be unaffected thereby.

(d)  The following shall be the conditions to application of either paragraph
(b) or paragraph (c) above to the outstanding Securities of the applicable
Series:

          (1)   The Company shall irrevocably have deposited or caused to be
deposited with the Indenture Trustee (or another trustee satisfying the
requirements of Section 7.10 who shall agree to comply with the provisions of
this Article 8 applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of such Securities, (1) an
amount in such currency, currencies or currency unit in which such Securities
are then specified as payable at Stated Maturity, or (2) Government Obligations
applicable to such securities (determined on the basis of the currency,
currencies or currency unit in which such Securities are then specified as
payable at Stated Maturity) which through the scheduled payment of principal and
interest in respect thereof in accordance with their terms will provide, not
later than the due date of any payment of principal of (and premium, if any) and
interest, if any, on such Securities, money in an amount, or (3) a combination
thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which
shall be applied by the Trustee (or other qualifying trustee) to pay and
discharge, (i) the principal of (and premium, if any) and interest, if any, on
such Securities of such Series on the Stated Maturity of such principal or
installment of principal or interest and (ii) any mandatory sinking fund
payments or analogous payments applicable to such Securities of such Series on
the day on which such payments are due and payable in accordance with the terms
of this Indenture and of such Securities.

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

          (3)   No Event of Default or event which with notice or lapse of time
or both would become an Event of Default with respect to such Securities shall
have occurred and be continuing on the date of such deposit or, insofar as
Sections 6.01(6) and 6.01(7) are concerned, at any time during the period ending
on the 91st day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until the expiration of such period).

<Page>

                                      -39-

          (4)   In the case of an election under Section 8.01(b), the Company
shall have delivered to the Trustee an Opinion of Counsel stating that (i) the
Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (ii) since the date of execution of this Indenture, there
has been a change in the applicable Federal income tax law, in either case to
the effect that, and based thereon such opinion shall confirm that, the Holders
of such Securities of such Series will not recognize income, gain or loss for
Federal income tax purposes as a result of such defeasance and will be subject
to Federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such defeasance had not occurred.

          (5)   In the case of an election under Section 8.01(c), the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities of such Series will not recognize income, gain or
loss for Federal income tax purposes as a result of such covenant defeasance and
will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance
had not occurred.

          (6)   In the case of an election under Section 8.01(c), the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of such Securities of such Series will not recognize income, gain or
loss for Federal income tax purposes as a result of such covenant defeasance and
will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance
had not occurred.

          (7)   The Company shall have delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance under Section 8.01(b) or the covenant defeasance
under Section 8.01(c) (as the case may be) have been complied with and an
Opinion of Counsel to the effect that either (i) as a result of a deposit
pursuant to subsection (a) above and the related exercise of the Company's
opinion under Section 8.01(b) or Section 8.01(c) (as the case may be),
registration is not required under the Investment Company Act of 1940, as
amended, by the Company, with respect to the trust funds representing such
deposit or by the Trustee for such trust funds or (ii) all necessary
registrations under said Act have been effected.

          (8)   Notwithstanding any other provisions of this Section, such Legal
Defeasance or Covenant Defeasance shall be effected in compliance with any
additional or substitute terms, conditions or limitations with may be imposed on
the Company in connection therewith pursuant to Section 2.01.

          In the event all or any portion of the Securities of a Series are to
be redeemed through such irrevocable trust, the Company must make arrangements
satisfactory to the Trus-

<Page>

                                      -40-

tee, at the time of such deposit, for the giving of the notice of such
redemption or redemptions by the Trustee in the name and at the expense of the
Company.

(e)  In addition to the Company's rights above under this Section 8.01, the
Company may terminate all of its obligations under this Indenture with respect
to a Series, and the obligations of the Subsidiary Guarantors shall terminate
with respect to such Series (subject to Section 8.02), when:

          (1)   All Securities of such Series theretofore authenticated and
delivered (other than Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 2.07 and Securities for
whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged
from such trust) have been delivered to the Trustee for cancellation or all such
Securities not theretofore delivered to the Trustee for cancellation have become
due and payable and the Company has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for that purpose an
amount of money sufficient to pay and discharge the entire indebtedness on the
Securities not theretofore delivered to the Trustee for cancellation, for
principal of and interest;

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

          (3)   The Company has delivered irrevocable instructions to the
Trustee to apply the deposited money toward the payment of the Securities at
maturity or redemption, as the case may be; and

          (4)   The Company has delivered to the Trustee an Officers'
Certificate and an Opinion of Counsel, stating that all conditions precedent
specified herein relating to the satisfaction and discharge of this Indenture
have been complied with.

Section 8.02.   SURVIVAL OF THE COMPANY'S OBLIGATIONS.

          Notwithstanding the satisfaction and discharge of the Indenture under
Section 8.01, the Company's obligations in the paragraph entitled "Unclaimed
Money" of the Securities and Sections 2.03 through 2.07, 4.01, 7.07, 7.08, 8.04
and 8.05, however, shall survive until the Securities of an applicable Series
are no longer outstanding. Thereafter, the Company's obligations in the
paragraph entitled "Unclaimed Money" of the Securities of such Series and
Sections 7.07, 8.04 and 8.05 shall survive (as they relate to such Series).

<Page>

                                      -41-

Section 8.03.   APPLICATION OF TRUST MONEY.

          The Trustee shall hold in trust money or Government Obligations
deposited with it pursuant to Section 8.01. It shall apply the deposited money
and the money from Government Obligations in accordance with this Indenture to
the payment of principal of and interest on the Securities of the defeased
Series.

Section 8.04.   REPAYMENT TO THE COMPANY.

          The Trustee and the Paying Agent shall promptly pay to the Company
upon request any excess money or securities held by them at any time. The
Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal or interest that remains unclaimed for
two years, provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company
cause to be published once in a newspaper of general circulation in the City of
New York or mail to each such Holder notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days
from the date of such publication or mailing, any unclaimed balance of such
money then remaining will be repaid to the Company. After payment to the
Company, Securityholders entitled to the money must look to the Company or any
Subsidiary Guarantor for payment as general creditors unless applicable
abandoned property law designates another person and all liability of the
Trustee or such Paying Agent with respect to such money shall cease.

Section 8.05.   REINSTATEMENT.

          If the Trustee is unable to apply any money or Government Obligations
in accordance with Section 8.01 by reason of any legal proceeding or by reason
of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, the Company's and each
Guarantor's obligations under this Indenture and the Securities relating to the
Series shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.01 until such time as the Trustee is permitted to apply
all such money or Government Obligations in accordance with Section 8.01;
provided, however, that (a) if the Company has made any payment of interest on
or principal of any Securities of the Series because of the reinstatement of
their obligations, the Company shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money or Government
Obligations held by the Trustee and (b) unless otherwise required by any legal
proceeding or any order or judgment of any court or governmental authority, the
Trustee shall return all such money or Government Obligations to the Company
promptly after receiving a written request therefor at any time, if such
reinstatement of the Company's obligations has occurred and continues to be in
effect.

<Page>

                                      -42-

                                  ARTICLE NINE

                       AMENDMENTS, SUPPLEMENTS AND WAIVERS

Section 9.01.   WITH CONSENT OF MAJORITY; WITHOUT CONSENT OF HOLDERS.

          Subject to Section 9.02, this Indenture or the Securities (including
any supplemental indenture or Authorizing Resolutions relating to a Series of
Securities) may be amended or supplemented with the consent (which may include
consents obtained in connection with a tender offer or exchange offer for
Securities) of the Holders of at least a majority in principal amount of the
Securities of each affected Series (as to such series) then outstanding, and any
existing Default or Event of Default (other than any continuing Default or Event
of Default in the payment of interest on or the principal of the Securities)
under, or compliance with any provision of, this Indenture may be waived with
the consent (which may include consents obtained in connection with a tender
offer or exchange offer for Securities) of the Holders of a majority in
principal amount of the Securities of each affected Series (as to such series)
then outstanding. The Company, the Subsidiary Guarantors and the Trustee may
amend or supplement this Indenture or the Securities (including any supplemental
indenture or Authorizing Resolutions relating to a Series of Securities) without
notice to or consent of any Securityholder:

          (1)   to cure any ambiguity, omission, defect or inconsistency;

          (2)   to comply with the provisions of any Series applicable to
mergers, consolidations or transfers of all or substantially all of the assets
of the Company or a Subsidiary Guarantor;

          (3)   to provide that specific provisions of this Indenture shall not
apply to a Series not previously issued;

          (4)   to create a Series and establish its terms;

          (5)   to provide for uncertificated Securities in addition to
certificated Securities;

          (6)   to make any other change that does not adversely affect the
legal rights of any Holder;

          (7)   to comply with or qualify this Indenture under the TIA; and

          (8)   to reflect a Subsidiary Guarantor ceasing to be liable on the
Subsidiary Guarantees because it is no longer a Subsidiary of the Company.

<Page>

                                      -43-

          After an amendment under this Section 9.01 becomes effective, the
Company shall mail notice of such amendment to the affected Securityholders.

Section 9.02.   WITH CONSENT OF ALL AFFECTED HOLDERS.

          Without the consent of each Securityholder of a Series affected, an
amendment, supplement or waiver, including a waiver pursuant to Section 6.04,
may not:

          (1)   reduce the amount of Securities of such Series whose Holders
must consent to an amendment, supplement or waiver;

          (2)   reduce the rate of or change the time for payment of interest,
including defaulted interest, on any Security of such Series;

          (3)   reduce the principal of or change the fixed maturity of any
Security of such Series or alter the provisions (including related definitions)
with respect to redemption of Securities pursuant to Article Three hereof or any
supplemental indenture or Authorizing Resolutions relating to such Series or
with respect to any obligations on the part of the Company to offer to purchase
or to redeem Securities of a Series pursuant to the Authorizing Resolution or
supplemental indenture pertaining to such Series;

          (4)   modify the ranking or priority of the Securities of any Series
or any Subsidiary Guarantee thereof;

          (5)   release any Subsidiary Guarantor from any of its obligations
under its Subsidiary Guarantee or this Indenture otherwise than in accordance
with the terms of this Indenture and any applicable Authorizing Resolutions or
supplemental indenture relating to such Series;

          (6)   make any change in Sections 6.04, 6.07, 9.01 or this 9.02;

          (7)   waive a continuing Default or Event of Default in the payment of
the principal of or interest on any Security; or

          (8)   make any Security payable at a place or in money other than that
stated in the Security, or impair the right of any Securityholder to bring suit
as permitted by Section 6.07.

          An amendment of a provision included solely for the benefit of one or
more Series does not affect the interests of Securityholders of any other
Series.

<Page>

                                      -44-

          It shall not be necessary for the consent of the Holders under this
Section to approve the particular form of any proposed supplement, but it shall
be sufficient if such consent approves the substance thereof.

          The right of any Holder to participate in any consent required or
sought pursuant to any provision of this Indenture (and the obligation of the
Company to obtain any such consent otherwise required from such Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Securities of such Series with respect to which such consent is required
or sought as of a date identified by the Trustee in a notice furnished to
Holders in accordance with the terms of this Indenture.

Section 9.03.   COMPLIANCE WITH TRUST INDENTURE ACT.

          Every amendment to or supplement of this Indenture or the Securities
shall comply with the TIA as then in effect.

Section 9.04.   REVOCATION AND EFFECT OF CONSENTS.

          A consent to an amendment, supplement or waiver by a Holder shall bind
the Holder and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder's Security, even if
notation of the consent is not made on any Security. Subject to the following
paragraph, any such Holder or subsequent Holder, however, may revoke the consent
as to his Security or portion of a Security. Such revocation shall be effective
only if the Trustee receives the notice of revocation before the date the
amendment, supplement or waiver becomes effective.

          The Company may, but shall not be obligated to, fix a record date for
the purpose of determining the Holders of Securities of any Series entitled to
consent to any amendment, supplement or waiver, which record date shall be at
least 10 days prior to the first solicitation of such consent. If a record date
is fixed, then notwithstanding the last sentence of the immediately preceding
paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only those Persons, shall be entitled to revoke any
consent previously given, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more
than 90 days after such record date.

          After an amendment, supplement or waiver becomes effective, it shall
bind every Holder, unless it makes a change described in any of clauses (1)
through (8) of Section 9.02, in which case, the amendment, supplement or waiver
shall bind only each Holder of a Security who has consented to it and every
subsequent Holder of a Security or portion of a Security that evidences the same
debt as the consenting Holder's Security; PROVIDED that any such waiver shall
not impair or affect the right of any Holder to receive payment of principal of
and interest on a Security, on or after the respective due dates expressed in
such Security, or

<Page>

                                      -45-

to bring suit for the enforcement of any such payment on or after such
respective dates without the consent of such Holder.

Section 9.05.   NOTATION ON OR EXCHANGE OF SECURITIES.

          If an amendment, supplement or waiver changes the terms of a Security,
the Company may require the Holder of the Security to deliver it to the Trustee,
at which time the Trustee shall place an appropriate notation on the Security
about the changed terms and return it to the Holder. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for the Security
shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms.

Section 9.06.   TRUSTEE TO SIGN AMENDMENTS, ETC.

          Subject to Section 7.02(b), the Trustee shall sign any amendment,
supplement or waiver authorized pursuant to this Article if the amendment,
supplement or waiver does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. If it does, the Trustee may but need not sign it.
In signing or refusing to sign such amendment or supplemental indenture, the
Trustee shall be entitled to receive and shall be fully protected in relying
upon, an Officers' Certificate and an Opinion of Counsel as conclusive evidence
that such amendment or supplemental indenture is authorized or permitted by this
Indenture, that it is not inconsistent herewith, and that it will be valid and
binding upon the Company in accordance with its terms.

                                   ARTICLE TEN

                                  MISCELLANEOUS

Section 10.01.  TRUST INDENTURE ACT CONTROLS.

          If any provision of this Indenture limits, qualifies or conflicts with
another provision which is required to be included in this Indenture by the TIA,
the required provision shall control.

Section 10.02.  NOTICES.

          Any order, consent, notice or communication shall be sufficiently
given if in writing and delivered in person or mailed by first class mail,
postage prepaid, addressed as follows:

<Page>

                                      -46-

          if to the Company or to any Subsidiary Guarantor:

                   Beazer Homes USA, Inc.
                   5775 Peachtree Dunwoody Road, Suite B-200
                   Atlanta, Georgia 30342

                   Attention: President

          if to the Trustee:

                   U.S. Bank National Association
                   180 East 5th Street
                   Suite 200
                   St. Paul, MN 55101

                   Attention: Corporate Trust Department

          The Company or the Trustee by notice to the other may designate
additional or different addresses for subsequent notices or communications.

          Any notice or communication mailed to a Securityholder shall be mailed
to him by first class mail at his address as it appears on the registration
books of the Registrar and shall be sufficiently given to him if so mailed
within the time prescribed.

          Failure to mail a notice or communication to a Securityholder or any
defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided
above, it is duly given, whether or not the addressee receives it except that
notice to the Trustee shall only be effective upon receipt thereof by the
Trustee.

          If the Company mails notice or communications to the Securityholders,
it shall mail a copy to the Trustee at the same time.

Section 10.03.  COMMUNICATIONS BY HOLDERS WITH OTHER HOLDERS.

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

Section 10.04.  CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

          Upon any request or application by the Company to the Trustee to take
any action under this Indenture, the Company shall furnish to the Trustee:

<Page>

                                      -47-

          (1)   an Officers' Certificate (which shall include the statements set
forth in Section 10.05) stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with; and

          (2)   an Opinion of Counsel (which shall include the statements set
forth in Section 10.05) stating that, in the opinion of such counsel, all such
conditions precedent and covenants, compliance with which constitutes a
condition precedent, if any, provided for in this Indenture relating to the
proposed action or inaction, have been complied with and that any such section
does not conflict with the terms of the Indenture.

Section 10.05.  STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

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

          (1)   a statement that the person making such certificate or opinion
has read such covenant or condition;

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

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

          (4)   a statement as to whether or not, in the opinion of such person,
such condition or covenant has been complied with.

Section 10.06.  RULES BY TRUSTEE AND AGENTS.

          The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar or Paying Agent may make reasonable rules for its
functions.

Section 10.07.  LEGAL HOLIDAYS.

          A "Legal Holiday" is a Saturday, a Sunday, a legal holiday or a day on
which banking institutions in New York, New York are not required to be open. If
a payment date is a Legal Holiday at a place of payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period. A Business Day is any day
other than a Legal Holiday.

<Page>

                                      -48-

Section 10.08.  GOVERNING LAW.

          The laws of the State of New York shall govern this Indenture, the
Securities of each Series and the Subsidiary Guarantees.

Section 10.09.  NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

          This Indenture may not be used to interpret another indenture, loan or
debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

Section 10.10.  NO RECOURSE AGAINST OTHERS.

          All liability described in the paragraph of the Securities entitled
"No Recourse Against Others" of any director, officer, employee or stockholder,
as such, of the Company is waived and released.

Section 10.11.  SUCCESSORS AND ASSIGNS.

          All covenants and agreements of the Company in this Indenture and the
Securities shall bind its successors and assigns. All agreements of the Trustee
in this Indenture shall bind its successors and assigns.

Section 10.12.  DUPLICATE ORIGINALS.

          The parties may sign any number of copies of this Indenture. Each
signed copy shall be an original, but all of them together represent the same
agreement.

Section 10.13.  SEVERABILITY.

          In case any one or more of the provisions contained in this Indenture
or in the Securities of a Series shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Indenture or of
such Securities.

<Page>

                                   SIGNATURES

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

                                   BEAZER HOMES USA, INC.

                                   By: /s/ Ian J. Mccarthy
                                       ----------------------------------------
                                       Name:  Ian J. McCarthy
                                       Title: President and Director

                                   BEAZER MORTGAGE CORPORATION
                                   BEAZER HOMES CORP.
                                   BEAZER HOMES SALES ARIZONA, INC.
                                   BEAZER REALTY CORP.
                                   BEAZER/SQUIRES REALTY, INC.
                                   BEAZER HOMES HOLDINGS CORP.
                                   BEAZER HOMES TEXAS HOLDINGS, INC.
                                   APRIL CORPORATION
                                   BEAZER HOMES INVESTMENT CORP.
                                   BEAZER REALTY, INC.
                                   HOMEBUILDERS TITLE SERVICES OF VIRGINIA, INC.
                                   HOMEBUILDERS TITLE SERVICES, INC.
                                   UNIVERSAL SOLUTIONS INSURANCE AGENCY, INC.

                                   By: /s/ David S. Weiss
                                       -----------------------------------------
                                       Name:  David S. Weiss
                                       Title: Executive Vice President

                                       S-1
<Page>

                                   BEAZER HOMES TEXAS, LP

                                   By: /s/ Ian J. Mccarthy
                                       -----------------------------------------
                                       Name:  Ian J. McCarthy
                                       Title: President and Director of the
                                              General Partner, Beazer Homes
                                              Texas Holdings, Inc.

                                   BEAZER SPE, LLC

                                   By: /s/ Ian J. Mccarthy
                                       -----------------------------------------
                                       Name:  Ian J. McCarthy
                                       Title: President and Director of
                                              Beazer Homes Holdings Corp,
                                              Sole Member

                                   BEAZER CLARKSBURG, LLC

                                   By: /s/ Ian J. Mccarthy
                                       -----------------------------------------
                                       Name:  Ian J. McCarthy
                                       Title: President and Director of
                                              Beazer Homes Corp., Sole
                                              Member

                                   TEXAS LONE STAR TITLE, LP

                                   By: Beazer Homes Texas Holdings, Inc.,
                                       Its General Partner

                                   By: /s/ Ian J. Mccarthy
                                       -----------------------------------------
                                       Name:  Ian J. McCarthy
                                       Title: President and Director

                                       S-2
<Page>

                                   BUILDER'S LINK, INC.
                                   CROSSMANN COMMUNITIES OF NORTH CAROLINA, INC.
                                   CROSSMANN COMMUNITIES OF OHIO, INC.
                                   CROSSMANN COMMUNITIES OF TENNESSEE, LLC
                                   CROSSMANN INVESTMENTS, INC.
                                   CROSSMANN MANAGEMENT, INC.
                                   CROSSMANN MORTGAGE CORP.
                                   CROSSMANN REALTY, CO.
                                   CUTTER HOMES LTD
                                   DELUXE AVIATION, INC.
                                   DELUXE HOMES OF LAFAYETTE, INC.
                                   DELUXE HOMES OF OHIO, INC.
                                   MERIT REALTY, INC.
                                   TRINITY HOMES LLC

                                   By: /s/ Jennifer Holihen
                                       -----------------------------------------
                                       Name:  Jennifer Holihen
                                       Title: Secretary

                                   CROSSMANN COMMUNITIES PARTNERSHIP

                                   By: Crossmann Communities, Inc., Partner

                                   By: /s/ Jennifer Holihen
                                       -----------------------------------------
                                       Name:  Jennifer Holihen
                                       Title: Secretary

                                       S-3
<Page>

                                   PARAGON TITLE, LLC

                                   By: /s/ Jennifer Holihen
                                       -----------------------------------------
                                       Name:  Jennifer Holihen
                                       Title: Manager

                                   PINEHURST BUILDERS, LLC

                                   By: Crossmann Communities of North
                                       Carolina, Inc., sole member

                                   By: /s/ JENNIFER HOLIHEN
                                       -----------------------------------------
                                       Name:  Jennifer Holihen
                                       Title: Secretary

                                       S-4
<Page>

U.S. BANK NATIONAL ASSOCIATION,
  as Trustee

By: /s/ Richard Prokosch
    ------------------------------
    An Authorized Signatory

                                       S-5
<Page>

                                                                       EXHIBIT A

          UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN
DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY SUCH NOMINEE OF THE
DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO AN ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
SECTION 2.17 OF THE INDENTURE REFERRED TO HEREIN.(a)

          THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY
     ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF
     THE UNITED STATES SECURITIES ACT OF 1933, AND THE SECURITY EVIDENCED
     HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
     ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
     EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
     THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
     SECTION 5 OF THE SECU-

----------
(a)  This paragraph should be included if the Note is issued in global form.

                                       A-1
<Page>

     RITIES ACT PROVIDED BY RULE 144A THEREUNDER OR ANOTHER EXEMPTION UNDER
     THE SECURITIES ACT. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES
     FOR THE BENEFIT OF BEAZER HOMES USA, INC. THAT (A) SUCH NOTE MAY BE
     RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (1)(A) TO A PERSON WHO
     THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
     DEFINED IN RULE 144A UNDER THE SECURITIES ACT), PURCHASING FOR ITS OWN
     ACCOUNT IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER
     THE SECURITIES ACT, (B) IN A TRANSACTION MEETING THE REQUIREMENTS OF
     RULE 144 OF THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES TO A
     FOREIGN PERSON IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 904
     OF REGULATION S UNDER THE SECURITIES ACT, (D) TO AN "ACCREDITED
     INVESTOR" WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) UNDER
     THE SECURITIES ACT (AN "INSTITUTIONAL ACCREDITED INVESTOR") THAT IS
     PURCHASING AT LEAST $100,000 OF NOTES FOR ITS OWN ACCOUNT OR FOR THE
     ACCOUNT OF AN INSTITUTIONAL ACCREDITED INVESTOR (AND BASED UPON AN
     OPINION OF COUNSEL IF BEAZER HOMES USA, INC. SO REQUESTS) OR (E) IN
     ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
     OF THE SECURITIES ACT PROVIDED THAT IN THE CASE OF A TRANSFER UNDER
     CLAUSE (E) SUCH TRANSFER IS SUBJECT TO THE RECEIPT BY THE TRUSTEE (AND
     BEAZER HOMES USA, INC., IF IT SO REQUESTS) OF A CERTIFICATION OF THE
     TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER
     IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO BEAZER HOMES USA,
     INC. OR ANY OF ITS SUBSIDIARIES OR (3) UNDER AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
     WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
     OR ANY OTHER APPLICABLE JURISDICTION AND THE INDENTURE GOVERNING THE
     SECURITIES AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS
     REQUIRED TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED
     HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. IF ANY
     RESALE OR OTHER TRANSFER OF ANY SECURITY IS PROPOSED TO BE MADE UNDER
     CLAUSE (A)(1)(D) ABOVE WHILE THESE TRANSFER RESTRICTIONS ARE IN FORCE
     THEN THE TRANSFEROR SHALL DELIVER A LETTER FROM THE TRANSFEREE TO
     BEAZER AND THE TRUSTEE

                                       A-2
<Page>

     WHICH SHALL PROVIDE, AMONG OTHER THINGS, THAT THE TRANSFEREE IS AN
     INSTITUTIONAL ACCREDITED INVESTOR AND THAT IT IS ACQUIRING THE
     SECURITIES FOR INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION IN
     VIOLATION OF THE SECURITIES ACT.

                                       A-3
<Page>

NO.                                                           CUSIP NO.: _______

                          [TITLE OF SECURITY], SERIES A

                             BEAZER HOMES USA, INC.
                             A DELAWARE CORPORATION

promises to pay to

or registered assigns
the principal sum of                              [Dollars](a) on

[Title of Security]
Interest Payment Dates:                        and
Record Dates:                          and

Authenticated:                                Dated:

                                              BEAZER HOMES USA, INC.

                                              [Seal]

                                              By
                                                 -------------------------------
                                                 Title:

U.S. BANK NATIONAL ASSOCIATION, as
Trustee, certifies that this is one of the
Securities referred to in the within mentioned
Indenture.

By:
    ---------------------------------------------
           Authorized Signatory

----------
(a)  Or other currency. Insert corresponding provisions on reverse side of
     Security in respect of foreign currency denomination or interest payment
     requirement

                                       A-4
<Page>

                             BEAZER HOMES USA, INC.

                          [TITLE OF SECURITY], SERIES A

1.   INTEREST.

          BEAZER HOMES USA, INC. (the "COMPANY"), a Delaware corporation,
promises to pay interest on the principal amount of this Security at the rate
per annum shown above. The Company will pay interest semiannually on
__________________ and ______________ of each year until the principal is paid
or made available for payment, commencing on _______________, to Holders at the
close of business on ____________ or ____________, as the case may be. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

2.   METHOD OF PAYMENT.

          The Company will pay interest on the Securities (except defaulted
interest, if any, which will be paid on such special payment date to Holders of
record on such special record date as may be fixed by the Company) to the
persons who are registered Holders of Securities at the close of business on the
[Insert record dates]. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company will pay principal and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts.

3.   PAYING AGENT AND REGISTRAR.

          Initially, U.S. Bank National Association (the "TRUSTEE") will act as
Paying Agent and Registrar. The Company may change or appoint any Paying Agent,
Registrar or co-Registrar without notice. The Company or any of its Subsidiaries
may act as Paying Agent, Registrar or co-Registrar.

4.   INDENTURE.

          The Company issued the Securities under an Indenture dated as of April
17, 2002 ("INDENTURE") among the Company, the Subsidiary Guarantors and the
Trustee. The terms of the Securities and the Subsidiary Guarantees include those
stated in the Indenture (including those terms set forth in the Authorizing
Resolution or supplemental indenture pertaining to the Securities of the Series
of which this Security is a part) and those made part of the Indenture by
reference to the Trust Indenture Act of 1939 ("TIA") as in effect on the date of
the Indenture. The Securities and the Subsidiary Guarantees are subject to all
such terms, and Securityholders are referred to the Indenture and the Act for a
statement of them. The Securities include the Initial Securities and the
Exchange Securities (each as defined in the Indenture) issued in exchange for
the Initial Securities pursuant to the Registration Rights Agreement.

                                       A-5
<Page>

          The Company will furnish to any Securityholder upon written request
and without charge a copy of the Indenture and the applicable Authorizing
Resolution or supplemental indenture. Requests may be made to: Beazer Homes USA,
Inc., 5775 Peachtree Dunwoody Road, Suite B-200, Atlanta, Georgia 30342,
Attention: President.

5.   OPTIONAL REDEMPTION.(a)

          The Company may redeem all or any portion of the Securities at any
time and from time to time on or after ______________, ____, and prior to
maturity at the following redemption prices (expressed as percentages of the
principal amount thereof) together with interest accrued and unpaid to the date
fixed for redemption:

             If redeemed during the
               twelve-month period
          commencing on ___________ and
          ending on ___________ in each
             OF THE FOLLOWING YEARS                             PERCENTAGE

     [Insert provisions relating to redemption at option of Holders, if any]

          In the event less than all of the Securities are to be redeemed at any
time, selection of the Securities to be redeemed will be made by the Trustee
from among the outstanding Securities on a PRO RATA basis, by lot or by any
other method permitted by the Indenture. Notice of redemption will be mailed at
least 15 days but not more than 60 days before the redemption date to each
Holder of Securities to be redeemed at his registered address. On and after the
redemption date, interest will cease to accrue on Securities or portions of them
called for redemption.

6.   MANDATORY REDEMPTION.(b)

          The Company shall redeem % of the aggregate principal amount of
Securities originally issued under the Indenture on each of        , which
redemptions are calculated to retire % of the Securities originally issued prior
to maturity. Such redemptions shall be made at a redemption price equal to 100%
of the principal amount thereof, together with ac-

----------
(a)  If applicable.

(b)  If applicable.

                                       A-6
<Page>

crued interest to the redemption date. The Company may reduce the principal
amount of Securities to be redeemed pursuant to this Paragraph 6 by the
principal amount of any Securities previously redeemed, retired or acquired,
otherwise than pursuant to this Paragraph 6, that the Company has delivered to
the Trustee for cancellation and not previously credited to the Company's
obligations under this Paragraph 6. Each such Security shall be received and
credited for such purpose by the Trustee at the redemption price and the amount
of such mandatory redemption payment shall be reduced accordingly.

7.   REGISTRATION RIGHTS AGREEMENT.

          The Holder of this Security is entitled to the benefits of a
Registration Rights Agreement, dated as of [         ], among the Company, the
Subsidiary Guarantors and the Initial Purchasers named therein (as such may be
amended from time to time, the "REGISTRATION RIGHTS AGREEMENT"). Capitalized
terms used in this subsection but not defined herein have the meanings assigned
to them in the Registration Rights Agreement.

          If (i) the Exchange Offer Registration Statement is not filed with the
Commission on or before the 90th calendar day following the Issue Date or, if
that day is not a Business Day, then the next day that is a Business Day; (ii)
the Exchange Offer Registration Statement is not declared effective on or before
the 150th calendar day following the Issue Date or, if that day is not a
Business Day, then the next day that is a Business Day; (iii) the Exchange Offer
is not completed on or before the 180th calendar day following the Issue Date
or, if that day is not a Business Day, then the next day that is a Business Day;
or (iv) the Shelf Registration Statement is required to be filed but is not
filed or declared effective within the time periods required by the Registration
Rights Agreement or is declared effective but thereafter ceases to be effective
or usable (subject to certain exceptions) (each such event referred to in
clauses (i) through (iv), a "REGISTRATION DEFAULT"), the interest rate borne by
the Notes will be increased by 0.25% per annum upon the occurrence of a
Registration Default. This rate will continue to increase by 0.25% each 90 day
period that the Liquidated Damages (as defined below) continue to accrue under
any such circumstance. However, the maximum total increase in the interest rate
will in no event exceed one percent (1.0%) per year. The increase in the
interest rate on the Notes is referred to as "LIQUIDATED DAMAGES." Such interest
is payable in addition to any other interest payable from time to time with
respect to the Initial Notes and the Exchange Notes in cash on each interest
payment date to the Holders of record for such interest payment date.

8.   DENOMINATIONS, TRANSFER, EXCHANGE.

          The Securities are in registered form without coupons in denominations
of $1,000(a) and integral multiples of $1,000. A Holder may transfer or exchange
Securities by

----------
(a)  If applicable.  Insert different or additional denominations and multiples.

                                       A-7
<Page>

presentation of such Securities to the Registrar or a co-Registrar with a
request to register the transfer or to exchange them for an equal principal
amount of Securities of other denominations. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not transfer or exchange any Security selected for redemption,
except the unredeemed part thereof if the Security is redeemed in part, or
transfer or exchange any Securities for a period of 15 days before a selection
of Securities to be redeemed.

9.   PERSONS DEEMED OWNERS.

          The registered Holder of this Security shall be treated as the owner
of it for all purposes.

10.  UNCLAIMED MONEY.

          If money for the payment of principal or interest remains unclaimed
for two years, the Trustee or Paying Agent will pay the money back to the
Company at its request. After that, Holders entitled to the money must look to
the Company for payment unless an abandoned property law designates another
person.

11.  AMENDMENT, SUPPLEMENT, WAIVER.

          Subject to certain exceptions, the Indenture or the Securities may be
amended or supplemented with the consent (which may include consents obtained in
connection with a tender offer or exchange offer for Securities) of the Holders
of at least a majority in principal amount of the Securities then outstanding,
and any existing Default or Event of Default (other than any continuing Default
or Event of Default in the payment of interest on or the principal of the
Securities) under, or compliance with any provision of, the Indenture may be
waived with the consent (which may include consents obtained in connection with
a tender offer or exchange offer for Securities) of the Holders of a majority in
principal amount of the Securities then outstanding. Without the consent of any
Holder, the Company, the Subsidiary Guarantors and the Trustee may amend the
Indenture or the Securities or waive any provision of the Indenture to cure any
ambiguity, defect or inconsistency, to comply with Article Five of the
Indenture; to provide for uncertificated Securities in addition to certificated
Securities; to make any change that does not adversely affect the legal rights
under the Indenture of any Holder; to comply with or qualify the Indenture under
the Trust Indenture Act; or to reflect a Subsidiary to Guarantor ceasing to be
liable on the Subsidiary Guarantees because it is no longer a Subsidiary of the
Company.

                                       A-8
<Page>

12.  SUCCESSOR CORPORATION.

          When a successor corporation assumes all the obligations of its
predecessor under the Securities and the Indenture, the predecessor corporation
will be released from those obligations.

13.  TRUSTEE DEALINGS WITH COMPANY.

          U.S. Bank National Association, the Trustee under the Indenture, in
its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its affiliates, and may otherwise deal
with the Company or its affiliates, as if it were not Trustee.

14.  NO RECOURSE AGAINST OTHERS.

          A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by
reason of, such obligations or their creation. Each Securityholder by accepting
a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities.

15.  DISCHARGE OF INDENTURE.

          The Indenture contains certain provisions pertaining to defeasance,
which provisions shall for all purposes have the same effect as if set forth
herein.

16.  AUTHENTICATION.

          This Security shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Security.

17.  ABBREVIATIONS.

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

                                       A-9
<Page>

                                 ASSIGNMENT FORM

          If you the Holder want to assign this Security, fill in the form
below:

          I or we assign and transfer this Security to

________________________________________________________________________________

________________________________________________________________________________
              (Insert assignee's social security or tax ID number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address, and zip code)

and irrevocably appoint

________________________________________________________________________________
agent to transfer this Security on the books of the Company.  The agent may
substitute another to act for him.

________________________________________________________________________________

Date:                              Your signature:
     -------------------                          ------------------------------
                                   (Sign exactly as your name appears on the
                                   other side of this Security)

                               SIGNATURE GUARANTEE

          Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

          In connection with any transfer of this Security occurring prior to
the date which is the earlier of (i) the date of the declaration by the
Commission of the effectiveness of

<Page>

a registration statement under the Securities Act of 1933, as amended (the
"SECURITIES ACT") covering resales of this Security (which effectiveness shall
not have been suspended or terminated at the date of the transfer) and (ii) two
years from the Issue Date, the undersigned confirms that it has not utilized any
general solicitation or general advertising in connection with the transfer:

                                   [CHECK ONE]

(1)  __         to the Company or a subsidiary thereof; or

(2)  __         pursuant to and in compliance with Rule 144A under the
                Securities Act of 1933, as amended; or

(3)  __         to an institutional "accredited investor" (as defined in Rule
                501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
                amended) that has furnished to the Trustee a signed letter
                containing certain representations and agreements (the form of
                which letter can be obtained from the Trustee); or

(4)  __         outside the United States to a "foreign person" in compliance
                with Rule 904 of Regulation S under the Securities Act of 1933,
                as amended; or

(5)  __         pursuant to the exemption from registration provided by Rule 144
                under the Securities Act of 1933, as amended; or

(6)  __         pursuant to an effective registration statement under the
                Securities Act of 1933, as amended; or

(7)  __         pursuant to another available exemption from the registration
                requirements of the Securities Act of 1933, as amended;

and unless the box below is checked, the undersigned confirms that such Security
is not being transferred to an "affiliate" of the Company as defined in Rule 144
under the Securities Act of 1933, as amended (an "AFFILIATE"):

<Page>

          / /   The transferee is an Affiliate of the Company.

          Unless one of the items is checked, the Trustee will refuse to
register any of the Securities evidenced by this certificate in the name of any
person other than the registered Holder thereof; PROVIDED, HOWEVER, that if item
(3), (4), (5) or (7) is checked, the Company or the Trustee may require, prior
to registering any such transfer of the Securities, in their sole discretion,
such written legal opinions, certifications (including an investment letter in
the case of box (3) or (4)) and other information as the Trustee or the Company
has reasonably requested to confirm that such transfer is being made pursuant to
an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.

          If none of the foregoing items are checked, the Trustee or Registrar
shall not be obligated to register this Security in the name of any person other
than the Holder hereof unless and until the conditions to any such transfer of
registration set forth herein and in Section 2.14 of the Indenture shall have
been satisfied.

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

Signature Subsidiary Guarantee:
                                ----------------------------------
                               (Signature must be guaranteed)

                               SIGNATURE GUARANTEE

          Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

<Page>

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

          The undersigned represents and warrants that it is purchasing this
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

Dated:
      ------------------           ---------------------------------------------
                                   NOTICE: To be executed by an executive
                                           officer

<Page>

              [FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE]

                                    GUARANTEE

          [List of Subsidiary Guarantors] (the "SUBSIDIARY GUARANTORS") have
unconditionally guaranteed, jointly and severally (such guarantee by each
Subsidiary Guarantor being referred to herein as the "SUBSIDIARY GUARANTEE") (i)
the due and punctual payment of the principal of and interest on the Securities,
whether at maturity, by acceleration or otherwise, the due and punctual payment
of interest on the overdue principal and interest, if any, on the Securities, to
the extent lawful, and the due and punctual performance of all other obligations
of the Company to the Holders or the Trustee all in accordance with the terms
set forth in Article Nine of the Indenture and (ii) in case of any extension of
time of payment or renewal of any Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

           No past, present or future stockholder, officer, director,
employee or incorporator, as such, of any of the Subsidiary Guarantors shall
have any liability under the Subsidiary Guarantee by reason of such person's
status as stockholder, officer, director, employee or incorporator. Each holder
of a Security by accepting a Security waives and releases all such liability.
This waiver and release are part of the consideration for the issuance of the
Subsidiary Guarantees.

          Each holder of a Security by accepting a Security agrees that
any Subsidiary Guarantor named below shall have no further liability with
respect to its Subsidiary Guarantee if such Subsidiary Guarantor otherwise
ceases to be liable in respect of its Subsidiary Guarantee in accordance with
the terms of the Indenture.

<Page>

          The Subsidiary Guarantee shall not be valid or obligatory for any
purpose until the certificate of authentication on the Securities upon which the
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                                   [List of Subsidiary Guarantors]

                                   By:
                                       -----------------------------------------
                                       Title:

<Page>

                                                                       EXHIBIT B

NO.                                                           CUSIP NO.: _______

                          [TITLE OF SECURITY], SERIES B

                             BEAZER HOMES USA, INC.
                             A DELAWARE CORPORATION

promises to pay to

or registered assigns
the principal sum of                              [Dollars](a) on

[Title of Security]
Interest Payment Dates:                       and
Record Dates:                          and

Authenticated:                                Dated:

                                              BEAZER HOMES USA, INC.

                                              [Seal]

                                              By
                                                 -------------------------------
                                                 Title:

                                              By
                                                 -------------------------------
                                                 Title:

U.S. BANK NATIONAL ASSOCIATION, as Trustee,
certifies that this is one of the Securities
referred to in the within mentioned Indenture.

By:
    ---------------------------------------------
           Authorized Signatory

----------
(a)  Or other currency. Insert corresponding provisions on reverse side of
     Security in respect of foreign currency denomination or interest payment
     requirement.

                                       B-1
<Page>

                             BEAZER HOMES USA, INC.

                          [TITLE OF SECURITY], SERIES B

1.   INTEREST.

          BEAZER HOMES USA, INC. (the "COMPANY"), a Delaware corporation,
promises to pay interest on the principal amount of this Security at the rate
per annum shown above. The Company will pay interest semiannually on
__________________ and ______________ of each year until the principal is paid
or made available for payment, commencing on _______________, to Holders at the
close of business on ____________ or ____________, as the case may be. Interest
will be computed on the basis of a 360-day year of twelve 30-day months.

2.   METHOD OF PAYMENT.

          The Company will pay interest on the Securities (except defaulted
interest, if any, which will be paid on such special payment date to Holders of
record on such special record date as may be fixed by the Company) to the
persons who are registered Holders of Securities at the close of business on the
[Insert record dates]. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company will pay principal and interest in money
of the United States that at the time of payment is legal tender for payment of
public and private debts.

3.   PAYING AGENT AND REGISTRAR.

          Initially, U.S. Bank National Association (the "TRUSTEE") will act as
Paying Agent and Registrar. The Company may change or appoint any Paying Agent,
Registrar or co-Registrar without notice. The Company or any of its Subsidiaries
may act as Paying Agent, Registrar or co-Registrar.

4.   INDENTURE.

          The Company issued the Securities under an Indenture dated as of April
17, 2002 ("INDENTURE") among the Company, the Subsidiary Guarantors and the
Trustee. This Security is one of the duly authorized Exchange Securities of the
Company designated as its [ ]% Senior Securities due [ ] (the "EXCHANGE
SECURITIES"). The terms of the Securities and the Subsidiary Guarantees include
those stated in the Indenture (including those terms set forth in the
Authorizing Resolution or supplemental indenture pertaining to the Securities of
the Series of which this Security is a part) and those made part of the
Indenture by reference to the Trust Indenture Act of 1939 ("TIA") as in effect
on the date of the Indenture. The Securities and the Subsidiary Guarantees are
subject to all such terms, and Securityholders are referred to the Indenture and
the Act for a statement of them. The Securities include the Initial

                                       B-2
<Page>

Securities and the Exchange Securities (each as defined in the Indenture) issued
in exchange for the Initial Securities pursuant to the Registration Rights
Agreement.

          The Company will furnish to any Securityholder upon written request
and without charge a copy of the Indenture and the applicable Authorizing
Resolution or supplemental indenture. Requests may be made to: Beazer Homes USA,
Inc., 5775 Peachtree Dunwoody Road, Suite B-200, Atlanta, Georgia 30342,
Attention: President.

5.   OPTIONAL REDEMPTION.(a)

          The Company may redeem all or any portion of the Securities at any
time on or after ______________, ____, and prior to maturity at the following
redemption prices (expressed as percentages of the principal amount thereof)
together with interest accrued and unpaid to the date fixed for redemption:

             If redeemed during the
               twelve-month period
          commencing on ___________ and
          ending on ___________ in each
             OF THE FOLLOWING YEARS                             PERCENTAGE

     [Insert provisions relating to redemption at option of Holders, if any]

          In the event less than all of the Securities are to be redeemed at any
time, selection of the Securities to be redeemed will be made by the Trustee
from among the outstanding Securities on a PRO RATA basis, by lot or by any
other method permitted by the Indenture. Notice of redemption will be mailed at
least 15 days but not more than 60 days before the redemption date to each
Holder of Securities to be redeemed at his registered address. On and after the
redemption date, interest will cease to accrue on Securities or portions of them
called for redemption.

6.   MANDATORY REDEMPTION.(a)

          The Company shall redeem % of the aggregate principal amount of
Securities originally issued under the Indenture on each of        , which
redemptions are calculated to

----------
(a)  If applicable.

(b)  If applicable.

                                       B-3
<Page>

retire      % of the Securities originally issued prior to maturity. Such
redemptions shall be made at a redemption price equal to 100% of the principal
amount thereof, together with accrued interest to the redemption date. The
Company may reduce the principal amount of Securities to be redeemed pursuant to
this Paragraph 6 by the principal amount of any Securities previously redeemed,
retired or acquired, otherwise than pursuant to this Paragraph 6, that the
Company has delivered to the Trustee for cancellation and not previously
credited to the Company's obligations under this Paragraph 6. Each such Security
shall be received and credited for such purpose by the Trustee at the redemption
price and the amount of such mandatory redemption payment shall be reduced
accordingly.

7.   DENOMINATIONS, TRANSFER, EXCHANGE.

          The Securities are in registered form without coupons in denominations
of $1,000(a) and integral multiples of $1,000. A Holder may transfer or exchange
Securities by presentation of such Securities to the Registrar or a co-Registrar
with a request to register the transfer or to exchange them for an equal
principal amount of Securities of other denominations. The Registrar may require
a Holder, among other things, to furnish appropriate endorsements and transfer
documents and to pay any taxes and fees required by law or permitted by the
Indenture. The Registrar need not transfer or exchange any Security selected for
redemption, except the unredeemed part thereof if the Security is redeemed in
part, or transfer or exchange any Securities for a period of 15 days before a
selection of Securities to be redeemed.

8.   PERSONS DEEMED OWNERS.

          The registered Holder of this Security shall be treated as the owner
of it for all purposes.

9.   UNCLAIMED MONEY.

          If money for the payment of principal or interest remains unclaimed
for two years, the Trustee or Paying Agent will pay the money back to the
Company at its request. After that, Holders entitled to the money must look to
the Company for payment unless an abandoned property law designates another
person.

10.  AMENDMENT, SUPPLEMENT, WAIVER.

          Subject to certain exceptions, the Indenture or the Securities may be
amended or supplemented with the consent (which may include consents obtained in
connection with a tender offer or exchange offer for Securities) of the Holders
of at least a majority in principal

----------
(a)  If applicable.  Insert different or additional denominations and multiples.

                                       B-4
<Page>

amount of the Securities then outstanding, and any existing Default or Event of
Default (other than any continuing Default or Event of Default in the payment of
interest on or the principal of the Securities) under, or compliance with any
provision of, the Indenture may be waived with the consent (which may include
consents obtained in connection with a tender offer or exchange offer for
Securities) of the Holders of a majority in principal amount of the Securities
then outstanding. Without the consent of any Holder, the Company, the Subsidiary
Guarantors and the Trustee may amend the Indenture or the Securities or waive
any provision of the Indenture to cure any ambiguity, defect or inconsistency,
to comply with Article Five of the Indenture; to provide for uncertificated
Securities in addition to certificated Securities; to make any change that does
not adversely affect the legal rights under the Indenture of any Holder; to
comply with or qualify the Indenture under the Trust Indenture Act; or to
reflect a Subsidiary to Guarantor ceasing to be liable on the Subsidiary
Guarantees because it is no longer a Subsidiary of the Company.

11.  SUCCESSOR CORPORATION.

          When a successor corporation assumes all the obligations of its
predecessor under the Securities and the Indenture, the predecessor corporation
will be released from those obligations.

12.  TRUSTEE DEALINGS WITH COMPANY.

          U.S. Bank National Association, the Trustee under the Indenture, in
its individual or any other capacity, may make loans to, accept deposits from,
and perform services for the Company or its affiliates, and may otherwise deal
with the Company or its affiliates, as if it were not Trustee.

13.  NO RECOURSE AGAINST OTHERS.

          A director, officer, employee or stockholder, as such, of the Company
shall not have any liability for any obligations of the Company under the
Securities or the Indenture or for any claim based on, in respect of or by
reason of, such obligations or their creation. Each Securityholder by accepting
a Security waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Securities.

14.  DISCHARGE OF INDENTURE.

          The Indenture contains certain provisions pertaining to defeasance,
which provisions shall for all purposes have the same effect as if set forth
herein.

15.  AUTHENTICATION.

          This Security shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Security.

                                       B-5
<Page>

16.  ABBREVIATIONS.

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

                                       B-6
<Page>

                                 ASSIGNMENT FORM

          If you the Holder want to assign this Security, fill in the form
below:

          I or we assign and transfer this Security to

________________________________________________________________________________

________________________________________________________________________________
              (Insert assignee's social security or tax ID number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address, and zip code)

and irrevocably appoint

________________________________________________________________________________
agent to transfer this Security on the books of the Company.  The agent may
substitute another to act for him.

Date:                              Your signature:
     -------------------                           -----------------------------
                                   (Sign exactly as your name appears on the
                                   other side of this Security)

                               SIGNATURE GUARANTEE

          Signatures must be guaranteed by an "eligible guarantor institution"
meeting the requirements of the Registrar, which requirements include membership
or participation in the Security Transfer Agent Medallion Program ("STAMP") or
such other "signature guarantee program" as may be determined by the Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.

                                      B-7
<Page>

              [FORM OF NOTATION ON SECURITY RELATING TO GUARANTEE]

                                    GUARANTEE

          [List of Subsidiary Guarantors] (the "SUBSIDIARY GUARANTORS") have
unconditionally guaranteed, jointly and severally (such guarantee by each
Subsidiary Guarantor being referred to herein as the "SUBSIDIARY GUARANTEE") (i)
the due and punctual payment of the principal of and interest on the Securities,
whether at maturity, by acceleration or otherwise, the due and punctual payment
of interest on the overdue principal and interest, if any, on the Securities, to
the extent lawful, and the due and punctual performance of all other obligations
of the Company to the Holders or the Trustee all in accordance with the terms
set forth in Article Nine of the Indenture and (ii) in case of any extension of
time of payment or renewal of any Securities or any of such other obligations,
that the same will be promptly paid in full when due or performed in accordance
with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

          No past, present or future stockholder, officer, director, employee or
incorporator, as such, of any of the Subsidiary Guarantors shall have any
liability under the Subsidiary Guarantee by reason of such person's status as
stockholder, officer, director, employee or incorporator. Each holder of a
Security by accepting a Security waives and releases all such liability. This
waiver and release are part of the consideration for the issuance of the
Subsidiary Guarantees.

          Each holder of a Security by accepting a Security agrees that any
Subsidiary Guarantor named below shall have no further liability with respect to
its Subsidiary Guarantee if such Subsidiary Guarantor otherwise ceases to be
liable in respect of its Subsidiary Guarantee in accordance with the terms of
the Indenture.

                                       B-8
<Page>

          The Subsidiary Guarantee shall not be valid or obligatory for any
purpose until the certificate of authentication on the Securities upon which the
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                                   [List of Subsidiary Guarantors]

                                   By:
                                       -----------------------------------------

                                      B-9
<Page>

                                                                       EXHIBIT C

                            FORM OF CERTIFICATE TO BE
                          DELIVERED IN CONNECTION WITH
                    TRANSFERS TO NON-QIB ACCREDITED INVESTORS

                                                                          [Date]

U.S. Bank National Association
U.S. Bank Corporate Trust Center
180 East 5th Street

Suite 200
St. Paul, MN 55101

Ladies and Gentlemen:

          In connection with our proposed purchase of [Name of Security] (the
"SECURITIES") of Beazer Homes USA, Inc., a Delaware corporation (the "COMPANY"),
we confirm that:

          1.    We have received a copy of the Offering Memorandum (the
     "OFFERING MEMORANDUM"), dated [ ], relating to the Securities and such
     other information as we deem necessary in order to make our investment
     decision. We acknowledge that we have read and agreed to the matters stated
     in the section entitled "Notice to Investors" of such Offering Memorandum.

          2.    We understand that any subsequent transfer of the Securities is
     subject to certain restrictions and conditions set forth in the Indenture
     relating to the Securities (the "INDENTURE") as described in the Offering
     Memorandum and the undersigned agrees to be bound by, and not to resell,
     pledge or otherwise transfer the Securities except in compliance with, such
     restrictions and conditions and the Securities Act of 1933, as amended (the
     "SECURITIES ACT"), and all applicable State securities laws.

          3.    We understand that the offer and sale of the Securities have not
     been registered under the Securities Act, and that the Securities may not
     be offered or sold within the United States or to, or for the account or
     benefit of, U.S. persons except as permitted in the following sentence. We
     agree, on our own behalf and on behalf of any accounts for which we are
     acting as hereinafter stated, that if we should sell any Securities, we
     will do so only (i) to the Company or any subsidiary thereof, (ii) inside
     the United States in accordance with Rule 144A under the Securities Act to
     a "qualified institutional buyer" (as defined in Rule 144A promulgated
     under the Securities Act), (iii) inside the United States to an
     institutional "accredited investor" (as defined below) that, prior to such
     transfer, furnishes (or has furnished on its behalf by a U.S.
     broker-dealer) to the Trustee (as defined in the Indenture) a signed letter
     containing certain representations and agreements relating to the
     restrictions on transfer of the Se-

                                       C-1
<Page>

     curities (the form of which letter can be obtained from the Trustee), (iv)
     outside the United States in accordance with Rule 904 of Regulation S
     promulgated under the Securities Act to non-U.S. persons, (v) pursuant to
     the exemption from registration provided by Rule 144 under the Securities
     Act (if available), or (vi) pursuant to an effective registration statement
     under the Securities Act, and we further agree to provide to any person
     purchasing any of the Securities from us a notice advising such purchaser
     that resales of the Securities are restricted as stated herein.

          4.    We understand that, on any proposed resale of any Securities, we
     will be required to furnish to the Trustee and the Company such
     certification, legal opinions and other information as the Trustee and the
     Company may reasonably require to confirm that the proposed sale complies
     with the foregoing restrictions. We further understand that the Securities
     purchased by us will bear a legend to the foregoing effect.

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

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

          You, the Company, the Trustee and others are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceeding or
official inquiry with respect to the matters covered hereby.

                                   Very truly yours,

                                   [Name of Transferee]

                                   By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                       C-2
<Page>

                                                                       EXHIBIT D

                       FORM OF CERTIFICATE TO BE DELIVERED
                          IN CONNECTION WITH TRANSFERS
                            PURSUANT TO REGULATION S

                                                                          [Date]
U.S. Bank National Association
U.S. Bank Corporate Trust Center
180 East 5th Street

Suite 200
St. Paul, MN 55101

          Re:   Beazer Homes USA, Inc. (the "Company")
                [NAME OF SECURITY] (THE "SECURITIES")

Ladies and Gentlemen:

          In connection with our proposed sale of $[ ] aggregate principal
amount of the Securities, we confirm that such sale has been effected pursuant
to and in accordance with Regulation S under the U.S. Securities Act of 1933, as
amended (the "SECURITIES ACT"), and, accordingly, we represent that:

          (1)   the offer of the Securities was not made to a person in the
     United States;

          (2)   either (a) at the time the buy offer was originated, the
     transferee was outside the United States or we and any person acting on our
     behalf reasonably believed that the transferee was outside the United
     States, or (b) the transaction was executed in, on or through the
     facilities of a designated off-shore securities market and neither we nor
     any person acting on our behalf knows that the transaction has been
     pre-arranged with a buyer in the United States;

          (3)   no directed selling efforts have been made in the United States
     in contravention of the requirements of Rule 903(b) or Rule 904(b) of
     Regulation S, as applicable;

          (4)   the transaction is not part of a plan or scheme to evade the
     registration requirements of the Securities Act; and

          (5)   we have advised the transferee of the transfer restrictions
     applicable to the Securities.

                                       D-1
<Page>

          You, the Company and counsel for the Company are entitled to rely upon
this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

                                   Very truly yours,

                                   [Name of Transferor]

                                   By:
                                       -----------------------------------------
                                       Authorized Signature

                                       D-2<Page>

                                                                    Exhibit 4.12

================================================================================

           BEAZER HOMES USA, INC. AND THE SUBSIDIARY GUARANTORS PARTY
                                     HERETO

                          8 3/8% SENIOR NOTES DUE 2012

                           --------------------------

                          FIRST SUPPLEMENTAL INDENTURE

                           DATED AS OF APRIL 17, 2002

                           --------------------------

                         U.S. BANK NATIONAL ASSOCIATION,
                                     TRUSTEE

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                          Page
                                                                                          ----
<S>              <C>                                                                        <C>
                                   ARTICLE ONE

                        The 8 3/8% Senior Notes Due 2012

Section 1.01.    Designation of 8 3/8% Senior Notes Due 2012.................................2
Section 1.02.    Interest....................................................................2
Section 1.03.    Redemption..................................................................2
Section 1.04.    Maturity....................................................................2
Section 1.05.    Other Terms of the Notes....................................................3

                                   ARTICLE TWO

                               Certain Definitions

                                  ARTICLE THREE

                                    Covenants

Section 3.01.    Disposition of Proceeds of Asset Sales.....................................23
Section 3.02.    Limitations on Restricted Payments.........................................27
Section 3.03.    Limitations on Additional Indebtedness.....................................29
Section 3.04.    Limitations and Restrictions on Issuance of Capital Stock of
                   Restricted Subsidiaries..................................................31
Section 3.05.    Change of Control..........................................................31
Section 3.06.    Limitations on Transactions with Stockholders and Affiliates...............33
Section 3.07.    Limitations on Liens.......................................................34
Section 3.08.    Limitations on Restrictions on Distributions from Restricted
                   Subsidiaries.............................................................34
Section 3.09.    Maintenance of Consolidated Tangible Net Worth.............................35
Section 3.10.    Limitations on Mergers and Consolidations..................................38
Section 3.11.    Reports....................................................................39
Section 3.12.    Subsidiary Guarantees......................................................40

                                  ARTICLE FOUR

                              Subsidiary Guarantees

Section 4.01.    Subsidiary Guarantees of Notes.............................................40
Section 4.02.    Execution and Delivery of Subsidiary Guarantee.............................42
</Table>

                                       -i-
<Page>

<Table>
<S>              <C>                                                                        <C>
Section 4.03.    Additional Subsidiary Guarantors...........................................43
Section 4.04.    Release of a Subsidiary Guarantor..........................................43
Section 4.05.    Waiver of Subrogation......................................................44

                                  ARTICLE FIVE

                                  Miscellaneous

Section 5.01.    Events of Default..........................................................44
Section 5.02.    Amendment, Supplement and Waiver...........................................47
Section 5.03.    Indenture..................................................................48
Section 5.04.    Governing Law..............................................................48
Section 5.05.    No Adverse Interpretation of Other Agreements..............................49
Section 5.06.    Successors and Assigns.....................................................49
Section 5.07.    Duplicate Originals........................................................49
Section 5.08.    Severability...............................................................49
</Table>

EXHIBITS

Exhibit A      -     Form of Note
Exhibit B      -     Form of Exchange Note
Exhibit C      -     Form of Certificate to be Delivered in Connection with
                     Transfers to Non-QIB Accredited Investors
Exhibit D      -     Form of Certificate to be Delivered in Connection with
                     Transfers Pursuant to Regulation S

                                      -ii-
<Page>

               FIRST SUPPLEMENTAL INDENTURE dated as of April 17, 2002 (the
"SUPPLEMENTAL INDENTURE"), to the Indenture dated as of April 17, 2002 (as
amended, modified or supplemented from time to time in accordance therewith, the
"INDENTURE"), by and among BEAZER HOMES USA, INC., a Delaware corporation (the
"COMPANY"), each of the Subsidiary Guarantors (as defined herein) and U.S. BANK
NATIONAL ASSOCIATION, as trustee (the "TRUSTEE").

               Each party agrees as follows for the benefit of the other party
and for the equal and ratable benefit of the holders of Notes (as defined
herein):

               WHEREAS, the Company, the Subsidiary Guarantors and the Trustee
have duly authorized the execution and delivery of the Indenture to provide for
the issuance from time to time of senior debt securities ("SECURITIES") to be
issued in one or more series as in the Indenture provided;

               WHEREAS, the Company and the Subsidiary Guarantors desire and
have requested the Trustee to join them in the execution and delivery of this
Supplemental Indenture in order to establish and provide for the issuance by the
Company of a series of Securities designated as its 8 3/8% Senior Notes due
2012, in the aggregate principal amount of $350,000,000. The 8 3/8% Senior Notes
due 2012 shall be substantially in the form attached hereto as EXHIBIT A (the
"INITIAL NOTES") and the 8 3/8% Senior Notes due 2012 to be offered in exchange
for the Initial Notes pursuant to the terms of the Registration Rights
Agreement, shall be substantially in the form attached hereto as EXHIBIT B (the
"EXCHANGE NOTES" and together with the Initial Notes, the "NOTES"), guaranteed
by the Subsidiary Guarantors, on the terms set forth herein;

               WHEREAS, Section 2.01 of the Indenture provides that a
supplemental indenture may be entered into by the Company, the Subsidiary
Guarantors and the Trustee for such purpose provided certain conditions are met;

               WHEREAS, the conditions set forth in the Indenture for the
execution and delivery of this Supplemental Indenture have been complied with;
and

               WHEREAS, all things necessary to make this Supplemental Indenture
a valid agreement of the Company, the Subsidiary Guarantors and the Trustee, in
accordance with its terms, and a valid amendment of, and supplement to, the
Indenture have been done;

               NOW, THEREFORE:

               In consideration of the premises and the purchase and acceptance
of the Notes by the holders thereof the Company and the Subsidiary Guarantors
mutually covenant and agree with the Trustee, for the equal and ratable benefit
of the holders, that the Indenture is supplemented and amended, to the extent
expressed herein, as follows:

<Page>

                                        2

                                   ARTICLE ONE

                        THE 8 3/8% SENIOR NOTES DUE 2012

Section 1.01.   DESIGNATION OF 8 3/8% SENIOR NOTES DUE 2012.

               The changes, modifications and supplements to the Indenture
effected by this Supplemental Indenture shall be applicable only with respect
to, and govern the terms of, the Notes, which shall not be limited in aggregate
principal amount, and shall not apply to any other Securities that may be issued
under the Indenture unless a supplemental indenture with respect to such other
Securities specifically incorporates such changes, modifications and
supplements. Pursuant to this Supplemental Indenture, there is hereby created
and designated a series of Securities under the Indenture entitled "8 3/8%
Senior Notes Due 2012." The Notes shall be in the form of EXHIBIT A and EXHIBIT
B hereto. The Notes shall be guaranteed by the Subsidiary Guarantors as provided
herein. The Notes may bear an appropriate legend regarding original issue
discount for federal income tax purposes. Subject to the terms herein, including
compliance with Section 3.03 hereof, the Company may, at its option, without
consent from the Holders, issue $150 million aggregate principal amount of
additional Notes from time to time.

Section 1.02.   INTEREST.

               The Notes shall bear interest at the rate set forth in the Notes.
Interest on the Notes shall be payable to the persons in whose name the Notes
are registered at the close of business on the record date for such interest
payment. The date from which interest shall accrue for each Note shall be the
most recent to occur of April 17, 2002 or the most recent Interest Payment Date.

Section 1.03.   REDEMPTION.

               The Company, at its option, may redeem the Notes in accordance
with the provisions of and at the Redemption Prices set forth in the Notes and
in accordance with the provisions of the Indenture, including, without
limitation, Article Three thereof.

Section 1.04.   MATURITY.

               The date on which the principal of the Notes is payable, unless
accelerated pursuant to the terms hereof, shall be April 15, 2012.

<Page>

                                        3

Section 1.05.   OTHER TERMS OF THE NOTES.

               Without limiting the foregoing provisions of this Article One,
the terms of the Notes shall be as set forth in the forms of Note set forth in
EXHIBIT A and EXHIBIT B hereto and as provided in the Indenture.

               The Notes shall be payable and may be presented for payment,
purchase, conversion, registration of transfer and exchange, without service
charge, at the office of the Company maintained for such purpose in New York,
New York, which shall initially be the office or agency of the Trustee.

                                   ARTICLE TWO

                               CERTAIN DEFINITIONS

               The following terms have the meanings set forth below in this
Supplemental Indenture. Capitalized terms used but not otherwise defined herein
shall have the meanings ascribed to such terms in the Indenture. To the extent
terms defined herein differ from the Indenture the terms defined herein will
govern.

               "ACQUISITION INDEBTEDNESS" means Indebtedness of any Person and
its Subsidiaries existing at the time such Person became a Subsidiary of the
Company (or such Person is merged with or into the Company or one of the
Company's Subsidiaries) or assumed in connection with the acquisition of assets
from any such Person, including, without limitation, Indebtedness Incurred in
connection with, or in contemplation of (a) such Person being merged with or
into or becoming a Subsidiary of the Company or one of its Subsidiaries (but
excluding Indebtedness of such Person which is extinguished, retired or repaid
in connection with such Person being merged with or into or becoming a
Subsidiary of the Company or one of its Subsidiaries) or (b) such acquisition of
assets from any such Person.

               "AFFILIATE" of any Person means any other Person directly or
indirectly controlling or controlled by, or under direct or indirect common
control with, such Person. For purposes hereof, each executive officer and
director of the Company and each Subsidiary of the Company will be an Affiliate
of the Company. In addition, for purposes hereof, control of a Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise. Notwithstanding the foregoing, the term "Affiliate" will not include,
with respect to the Company or any Restricted Subsidiary which is a Wholly Owned
Subsidiary of the Company, any Restricted Subsidiary which is a Wholly Owned
Subsidiary of the Company.

               "ASSET SALE" for any Person means the sale, lease, conveyance or
other disposition (including, without limitation, by merger, consolidation or
sale and leaseback transaction, and whether by operation of law or otherwise) of
any of that Person's assets (including, with-

<Page>

                                        4

out limitation, the sale or other disposition of Capital Stock of any Subsidiary
of such Person, whether by such Person or such Subsidiary), whether owned on the
date hereof or subsequently acquired in one transaction or a series of related
transactions, in which such Person and/or its Subsidiaries receive cash and/or
other consideration (including, without limitation, the unconditional assumption
of Indebtedness of such Person and/or its Subsidiaries) having an aggregate Fair
Market Value of $500,000 or more as to each such transaction or series of
related transactions; PROVIDED, HOWEVER, that

               (i) a transaction or series of related transactions that results
     in a Change of Control will not constitute an Asset Sale,

              (ii) sales of homes in the ordinary course of business will not
     constitute Asset Sales,

             (iii) sales, leases, conveyances or other dispositions, including,
     without limitation, exchanges or swaps of real estate in the ordinary
     course of business, for development of the Company's or any of its
     Subsidiaries' projects, will not constitute Asset Sales,

              (iv) sales, leases, sale-leasebacks or other dispositions of
     amenities, model homes and other improvements at the Company's or its
     Subsidiaries' projects in the ordinary course of business will not
     constitute Asset Sales, and

               (v) transactions between the Company and any of its Restricted
     Subsidiaries which are Wholly Owned Subsidiaries, or among such Restricted
     Subsidiaries which are Wholly Owned Subsidiaries of the Company, will not
     constitute Asset Sales.

               "BANK CREDIT FACILITY" means the credit facility among the
Company, as borrower thereunder, the Subsidiary Guarantors and the financial
institutions named therein, as such facility may be amended, restated,
supplemented or otherwise modified from time to time, and includes any facility
extending the maturity of, refinancing or restructuring (including, without
limitation, the inclusion of additional borrowers thereunder that are
Unrestricted Subsidiaries) all or any portion of, the Indebtedness under such
facility or any successor facilities and includes any facility with one or more
lenders refinancing or replacing all or any portion of the Indebtedness under
such facility or any successor facilities.

               "BANKRUPTCY LAW" means title 11 of the United States Code, as
amended, or any similar federal or state law for the relief of debtors.

               "BUSINESS DAY" means any day other than a Legal Holiday.

               "CAPITAL STOCK" of any Person means any and all shares, rights to
purchase, warrants or options (whether or not currently exercisable),
participations or other equivalents

<Page>

                                        5

of or interests in (however designated and whether voting or non-voting) the
equity (which includes, but is not limited to, common stock, preferred stock and
partnership and joint venture interests) of such Person (excluding any debt
securities that are convertible into, or exchangeable for, such equity).

               "CAPITALIZED LEASE OBLIGATIONS" of any Person means the
obligations of such Person to pay rent or other amounts under a lease that is
required to be capitalized for financial reporting purposes in accordance with
GAAP, and the amount of such obligation will be the capitalized amount thereof
determined in accordance with GAAP.

               "CHANGE OF CONTROL" means any of the following:

               (i) the sale, lease, conveyance or other disposition of all or
     substantially all of the Company's assets as an entirety or substantially
     as an entirety to any Person or "group" (within the meaning of Section
     13(d)(3) of the Exchange Act) in one or a series of transactions; PROVIDED
     that a transaction where the holders of all classes of Common Equity of the
     Company immediately prior to such transaction own, directly or indirectly,
     50 percent or more of the aggregate voting power of all classes of Common
     Equity of such Person or group immediately after such transaction will not
     be a Change of Control;

              (ii) the acquisition by the Company and/or any of its Subsidiaries
     of 50 percent or more of the aggregate voting power of all classes of
     Common Equity of the Company in one transaction or a series of related
     transactions;

             (iii) the liquidation or dissolution of the Company; PROVIDED that
     a liquidation or dissolution of the Company which is part of a transaction
     or series of related transactions that does not constitute a Change of
     Control under the "provided" clause of clause (i) above will not constitute
     a Change of Control under this clause (iii);

              (iv) any transaction or a series of related transactions (as a
     result of a tender offer, merger, consolidation or otherwise) that results
     in, or that is in connection with, (a) any Person, including a "group"
     (within the meaning of Section 13(d)(3) of the Exchange Act) acquiring
     "beneficial ownership" (as defined in Rule 13d-3 under the Exchange Act),
     directly or indirectly, of 50 percent or more of the aggregate voting power
     of all classes of Common Equity of the Company or of any Person that
     possesses "beneficial ownership" (as defined in Rule 13d-3 under the
     Exchange Act), directly or indirectly, of 50 percent or more of the
     aggregate voting power of all classes of Common Equity of the Company or
     (b) less than 50 percent (measured by the aggregate voting power of all
     classes) of the Common Equity of the Company being registered under Section
     12(b) or 12(g) of the Exchange Act; or

<Page>

                                        6

               (v) a majority of the Board of Directors of the Company not being
     comprised of Continuing Directors.

               "COMMISSION" means the U.S. Securities and Exchange Commission.

               "COMMON EQUITY" of any Person means all Capital Stock of such
Person that is generally entitled to (i) vote in the election of directors of
such Person, or (ii) if such Person is not a corporation, vote or otherwise
participate in the selection of the governing body, partners, managers or others
that will control the management and policies of such Person.

               "CONSOLIDATED CASH FLOW AVAILABLE FOR FIXED CHARGES" of the
Company and its Restricted Subsidiaries means for any period the sum of the
amounts for such period of

               (i) Consolidated Net Income, PLUS

              (ii) Consolidated Income Tax Expense (without regard to income tax
     expense or credits attributable to extraordinary and nonrecurring gains or
     losses on Asset Sales), PLUS

             (iii) Consolidated Interest Expense, PLUS

              (iv) all depreciation, and, without duplication, amortization
     (including, without limitation, capitalized interest amortized to cost of
     sales), PLUS

               (v) all other noncash items reducing Consolidated Net Income
     during such period,

MINUS all other noncash items increasing Consolidated Net Income during such
period, all as determined on a consolidated basis for the Company and its
Restricted Subsidiaries in accordance with GAAP.

               "CONSOLIDATED FIXED CHARGE COVERAGE RATIO" of the Company means,
with respect to any determination date, the ratio of (i) Consolidated Cash Flow
Available for Fixed Charges of the Company for the prior four full fiscal
quarters for which financial results have been reported immediately preceding
the determination date, to (ii) the aggregate Consolidated Interest Incurred of
the Company for the prior four full fiscal quarters for which financial results
have been reported immediately preceding the determination date; PROVIDED, that

               (1) with respect to any Indebtedness Incurred during, and
     remaining outstanding at the end of, such four full fiscal quarter period,
     such Indebtedness will be assumed to have been incurred as of the first day
     of such four full fiscal quarter period,

               (2) with respect to Indebtedness repaid (other than a repayment
     of revolving credit obligations repaid solely out of operating cash flows)
     during such four full fiscal

<Page>

                                        7

     quarter period, such Indebtedness will be assumed to have been repaid on
     the first day of such four full fiscal quarter period,

               (3) with respect to the Incurrence of any Acquisition
     Indebtedness, such Indebtedness and any proceeds therefrom will be assumed
     to have been Incurred and applied as of the first day of such four full
     fiscal quarter period, and the results of operations of any Person and any
     Subsidiary of such Person that, in connection with or in contemplation of
     such Incurrence, becomes a Subsidiary of the Company or is merged with or
     into the Company or one of the Company's Subsidiaries or whose assets are
     acquired, will be included, on a pro forma basis, in the calculation of the
     Consolidated Fixed Charge Coverage Ratio as if such transaction had
     occurred on the first day of such four full fiscal quarter period, and

               (4) with respect to any other transaction pursuant to which any
     Person becomes a Subsidiary of the Company or is merged with or into the
     Company or one of the Company's Subsidiaries or pursuant to which any
     Person's assets are acquired, such Consolidated Fixed Charge Coverage Ratio
     shall be calculated on a pro forma basis as if such transaction had
     occurred on the first day of such four full fiscal quarter period, but only
     if such transaction would require a pro forma presentation in financial
     statements prepared pursuant to Rule 11-02 of Regulation S-X under the
     Securities Act.

               "CONSOLIDATED INCOME TAX EXPENSE" of the Company for any period
means the income tax expense of the Company and its Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP.

               "CONSOLIDATED INTEREST EXPENSE" of the Company for any period
means the Interest Expense of the Company and its Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP.

               "CONSOLIDATED INTEREST INCURRED" of the Company for any period
means the Interest Incurred of the Company and its Restricted Subsidiaries for
such period, determined on a consolidated basis in accordance with GAAP.

               "CONSOLIDATED NET INCOME" of the Company for any period means the
aggregate net income (or loss) of the Company and its Restricted Subsidiaries
for such period, determined on a consolidated basis in accordance with GAAP;
PROVIDED that there will be excluded from such net income (to the extent
otherwise included therein), without duplication:

               (i) the net income (or loss) of any Person (other than a
     Restricted Subsidiary) in which any Person (including, without limitation,
     an Unrestricted Subsidiary) other than the Company or any Restricted
     Subsidiary has an ownership interest, except to the extent that any such
     income has actually been received by the Company or any Re-

<Page>

                                        8

     stricted Subsidiary in the form of cash dividends or similar cash
     distributions during such period, or in any other form but converted to
     cash during such period,

              (ii) except to the extent includable in Consolidated Net Income
     pursuant to the foregoing clause (i), the net income (or loss) of any
     Person that accrued prior to the date that (a) such Person becomes a
     Restricted Subsidiary or is merged with or into or consolidated with the
     Company or any of its Restricted Subsidiaries or (b) the assets of such
     Person are acquired by the Company or any of its Restricted Subsidiaries,

             (iii) the net income of any Restricted Subsidiary to the extent
     that (but only so long as) the declaration or payment of dividends or
     similar distributions by such Restricted Subsidiary of that income is not
     permitted by operation of the terms of its charter or any agreement,
     instrument, judgment, decree, order, statute, rule or governmental
     regulation applicable to that Restricted Subsidiary during such period,

              (iv) in the case of a successor to the Company by consolidation,
     merger or transfer of its assets, any earnings of the successor prior to
     such merger, consolidation or transfer of assets and

               (v) the gains (but not losses) realized during such period by the
     Company or any of its Restricted Subsidiaries resulting from (a) the
     acquisition of securities issued by the Company or extinguishment of
     Indebtedness of the Company or any of its Restricted Subsidiaries, (b)
     Asset Sales by the Company or any of its Restricted Subsidiaries and (c)
     other extraordinary items realized by the Company or any of its Restricted
     Subsidiaries.

               Notwithstanding the foregoing, in calculating Consolidated Net
Income, the Company will be entitled to take into consideration the tax benefits
associated with any loss described in clause (v) of the preceding sentence, but
only to the extent such tax benefits are actually recognized by the Company or
any of its Restricted Subsidiaries during such period; PROVIDED, FURTHER, that
there will be included in such net income, without duplication, the net income
of any Unrestricted Subsidiary to the extent such net income is actually
received by the Company or any of its Restricted Subsidiaries in the form of
cash dividends or similar cash distributions during such period, or in any other
form but converted to cash during such period.

               "CONSOLIDATED TANGIBLE ASSETS" of the Company as of any date
means the total amount of assets of the Company and its Restricted Subsidiaries
(less applicable reserves) on a consolidated basis at the end of the fiscal
quarter immediately preceding such date, as determined in accordance with GAAP,
less: (i) Intangible Assets and (ii) appropriate adjustments on account of
minority interests of other Persons holding equity investments in Restricted
Subsidiaries, in the case of each of clauses (i) and (ii) above, as reflected on
the con-

<Page>

                                        9

solidated balance sheet of the Company and its Restricted Subsidiaries as of the
end of the fiscal quarter immediately preceding such date.

               "CONSOLIDATED TANGIBLE NET WORTH" of the Company as of any date
means the stockholders' equity (including any Preferred Stock that is classified
as equity under GAAP, other than Disqualified Stock) of the Company and its
Restricted Subsidiaries on a consolidated basis at the end of the fiscal quarter
immediately preceding such date, as determined in accordance with GAAP, plus any
amount of unvested deferred compensation included, in accordance with GAAP, as
an offset to stockholders' equity, less the amount of Intangible Assets
reflected on the consolidated balance sheet of the Company and its Restricted
Subsidiaries as of the end of the fiscal quarter immediately preceding such
date.

               "CONTINUING DIRECTOR" means at any date a member of the Board of
Directors of the Company who

               (i) was a member of the Board of Directors of the Company on the
     initial issuance date of the Notes hereunder or

              (ii) was nominated for election or elected to the Board of
     Directors of the Company with the affirmative vote of at least a majority
     of the directors who were Continuing Directors at the time of such
     nomination or election.

               "CUSTODIAN" means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

               "DEFAULT" means any event, act or condition that is, or after
notice or the passage of time, or both, would be, an Event of Default.

               "DISQUALIFIED STOCK" means any Capital Stock that, by its terms
(or by the terms of any security into which it is convertible or for which it is
exchangeable), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable
at the option of the holder thereof, in whole or in part, on or prior to the
final maturity date of the Notes; PROVIDED that any Capital Stock which would
not constitute Disqualified Stock but for provisions thereof giving holders
thereof the right to require the Company to repurchase or redeem such Capital
Stock upon the occurrence of a change of control occurring prior to the final
maturity of the Notes will not constitute Disqualified Stock if the change of
control provisions applicable to such Capital Stock are no more favorable to the
holders of such Capital Stock than those contained in Section 3.05 hereof and
such Capital Stock specifically provides that the Company will not repurchase or
redeem (or be required to repurchase or redeem) any such Capital Stock pursuant
to such provisions prior to the Company's repurchase of Notes pursuant to
Section 3.05 hereof.

<Page>

                                       10

               "DISQUALIFIED STOCK DIVIDEND" of any Person means, for any
dividend payable with regard to Disqualified Stock issued by such Person, the
amount of such dividend multiplied by a fraction, the numerator of which is one
and the denominator of which is one minus the maximum statutory combined
federal, state and local income tax rate (expressed as a decimal number between
1 and 0) then applicable to such Person.

               "EQUITY OFFERING" means a public or private equity offering or
sale by the Company for cash of Capital Stock, other than an offering or sale of
Disqualified Stock.

               "EVENT OF DEFAULT" has the meaning set forth in Section 5.01
hereof.

               "EXCHANGE ACT" means the Securities Exchange Act of 1934.

               "EXCHANGE NOTES" has the meaning provided in the Recitals.

               "EXISTING INDEBTEDNESS" means all of the Indebtedness of the
Company and its Subsidiaries that is outstanding on the date hereof.

               "FAIR MARKET VALUE" with respect to any asset or property means
the sale value that would be obtained in an arm's length transaction between an
informed and willing seller under no compulsion to sell and an informed and
willing buyer under no compulsion to buy. Fair Market Value shall be determined
by the Board of Directors of the Company acting in good faith and shall be
evidenced by a board resolution (certified by the Secretary or Assistant
Secretary of the Company) delivered to the Trustee.

               "GAAP" means generally accepted accounting principles set forth
in the opinions and interpretations of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and
interpretations of the Financial Accounting Standards Board or in such other
statements by such other entity as may be approved by a significant segment of
the accounting profession of the United States, as in effect on the date hereof.

               "HEDGING OBLIGATIONS" of any Person means the obligations of such
Person pursuant to any interest rate swap agreement, foreign currency exchange
agreement, interest rate collar agreement, option or futures contract or other
similar agreement or arrangement relating to interest rates or foreign exchange
rates.

               "HOLDER" means the Person in whose name a Note is registered in
the Security Register.

               "INCUR" means to, directly or indirectly, create, incur, assume,
guarantee, extend the maturity of, or otherwise become liable with respect to
any Indebtedness; PROVIDED, HOWEVER, that neither the accrual of interest
(whether such interest is payable in cash or kind) nor the accretion of original
issue discount shall be considered an Incurrence of Indebtedness.

<Page>

                                       11

               "INDEBTEDNESS" of any Person at any date means, without
duplication,

               (i) all indebtedness of such Person for borrowed money (whether
     or not the recourse of the lender is to the whole of the assets of such
     Person or only to a portion thereof),

              (ii) all obligations of such Person evidenced by bonds,
     debentures, notes or other similar instruments,

             (iii) all fixed obligations of such Person in respect of letters of
     credit or other similar instruments (or reimbursement obligations with
     respect thereto), other than standby letters of credit issued for the
     benefit of, or surety and performance bonds issued by, such Person in the
     ordinary course of business,

              (iv) all obligations of such Person with respect to Hedging
     Obligations (other than those that fix or cap the interest rate on variable
     rate Indebtedness otherwise permitted hereunder or that fix the exchange
     rate in connection with Indebtedness denominated in a foreign currency and
     otherwise permitted hereunder),

               (v) all obligations of such Person to pay the deferred and unpaid
     purchase price of property or services, including, without limitation, all
     conditional sale obligations of such Person and all obligations under any
     title retention agreement PROVIDED, HOWEVER, that (a) any obligations
     described in this clause (v) which are non-interest bearing and which have
     a maturity of not more than six months from the date of Incurrence thereof
     shall not constitute Indebtedness and (b) trade payables and accrued
     expenses Incurred in the ordinary course of business shall not constitute
     Indebtedness.

              (vi) all Capitalized Lease Obligations of such Person,

             (vii) all Indebtedness of others secured by a Lien on any asset of
     such Person, whether or not such Indebtedness is assumed by such Person,

            (viii) all Indebtedness of others guaranteed by, or otherwise the
     liability of, such Person to the extent of such guarantee or liability, and

              (ix) all Disqualified Stock issued by such Person (the amount of
     Indebtedness represented by any Disqualified Stock will equal the greater
     of the voluntary or involuntary liquidation preference plus accrued and
     unpaid dividends).

               The amount of Indebtedness of any Person at any date will be

               (a) the outstanding balance at such date of all unconditional
     obligations as described above,

<Page>

                                       12

               (b) the maximum liability of such Person for any contingent
     obligations under clause (viii) above and

               (c) in the case of clause (vii) (if the Indebtedness referred to
     therein is not assumed by such Person), the lesser of the (A) Fair Market
     Value of all assets subject to a Lien securing the Indebtedness of others
     on the date that the Lien attaches and (B) amount of the Indebtedness
     secured.

               "INDEPENDENT FINANCIAL ADVISOR" means an accounting, appraisal or
investment banking firm of nationally recognized standing that is, in the
reasonable judgment of the Company's Board of Directors, (i) qualified to
perform the task for which it has been engaged, and (ii) disinterested and
independent, in a direct and indirect manner, of the parties to the Affiliate
Transaction with respect to which such firm has been engaged.

               "INITIAL NOTES" has the meaning provided in the Recitals.

               "INTEREST" means, with respect to the Notes, the sum of interest
and any Liquidated Damages on the Notes.

               "INTANGIBLE ASSETS" of the Company means all unamortized debt
discount and expense, unamortized deferred charges, goodwill, patents,
trademarks, service marks, trade names, copyrights and all other items which
would be treated as intangibles on the consolidated balance sheet of the Company
and its Restricted Subsidiaries prepared in accordance with GAAP.

               "INTEREST EXPENSE" of any Person for any period means, without
duplication, the aggregate amount of (i) interest which, in conformity with
GAAP, would be set opposite the caption "interest expense" or any like caption
on an income statement for such Person (including, without limitation, imputed
interest included in Capitalized Lease Obligations, all commissions, discounts
and other fees and charges owed with respect to letters of credit securing
financial obligations and bankers' acceptance financing, the net costs
associated with Hedging Obligations, amortization of other financing fees and
expenses, the interest portion of any deferred payment obligation, amortization
of discount or premium, if any, and all other noncash interest expense other
than interest and other charges amortized to cost of sales) and includes, with
respect to the Company and its Restricted Subsidiaries, without duplication
(including duplication of the foregoing items), all interest amortized to cost
of sales for such period, and (ii) the amount of Disqualified Stock Dividends
recognized by the Company on any Disqualified Stock whether or not paid during
such period.

               "INTEREST INCURRED" of any Person for any period means, without
duplication, the aggregate amount of (i) interest which, in conformity with
GAAP, would be set opposite the caption "interest expense" or any like caption
on an income statement for such Person (including, without limitation, imputed
interest included in Capitalized Lease Obligations, all

<Page>

                                       13

commissions, discounts and other fees and charges owed with respect to letters
of credit securing financial obligations and bankers' acceptance financing, the
net costs associated with Hedging Obligations, amortization of other financing
fees and expenses, the interest portion of any deferred payment obligation,
amortization of discount or premium, if any, and all other noncash interest
expense other than interest and other charges amortized to cost of sales) and
includes, with respect to the Company and its Restricted Subsidiaries, without
duplication (including duplication of the foregoing items), all interest
capitalized for such period, all interest attributable to discontinued
operations for such period to the extent not set forth on the income statement
under the caption "interest expense" or any like caption, and all interest
actually paid by the Company or a Restricted Subsidiary under any guarantee of
Indebtedness (including, without limitation, a guarantee of principal, interest
or any combination thereof) of any other Person during such period and (ii) the
amount of Disqualified Stock Dividends recognized by the Company on any
Disqualified Stock whether or not declared during such period.

               "INVESTMENTS" of any Person means all (i) investments by such
Person in any other Person in the form of loans, advances or capital
contributions, (ii) guarantees of Indebtedness or other obligations of any other
Person by such Person, (iii) purchases (or other acquisitions for consideration)
by such Person of Indebtedness, Capital Stock or other securities of any other
Person and (iv) other items that would be classified as investments on a balance
sheet of such Person determined in accordance with GAAP.

               "ISSUE DATE" means the initial date of issuance of the Notes.

               "LEGAL HOLIDAY" means Saturday, Sunday or a day on which banking
institutions in New York, New York, Chicago, Illinois, or at a place of payment
are authorized or obligated by law, regulation or executive order to remain
closed. If a payment date is a Legal Holiday at a place of payment, payment
shall be made at that place on the next succeeding day that is not a Legal
Holiday.

               "LIEN" means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or other similar encumbrance of any kind upon
or in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law (including, without limitation, any conditional
sale or other title retention agreement, and any lease in the nature thereof,
any option or other agreement to sell, and any filing of, or agreement to give,
any financing statement under the Uniform Commercial Code (or equivalent
statutes) of any jurisdiction).

               "LIQUIDATED DAMAGES" shall have the meaning provided in paragraph
6 of the Initial Note.

               "MATERIAL SUBSIDIARY" means any Subsidiary of the Company which
accounted for five percent or more of the Consolidated Tangible Assets or
Consolidated Cash Flow

<Page>

                                       14

Available for Fixed Charges of the Company on a consolidated basis for the
fiscal year ending immediately prior to any Default or Event of Default.

               "NET PROCEEDS" means

               (i) cash (in U.S. dollars or freely convertible into U.S.
     dollars) received by the Company or any Restricted Subsidiary from an Asset
     Sale net of

                      (a) all brokerage commissions, investment banking fees and
               all other fees and expenses (including, without limitation, fees
               and expenses of counsel, financial advisors, accountants and
               investment bankers) related to such Asset Sale,

                      (b) provisions for all income and other taxes measured by
               or resulting from such Asset Sale of the Company or any of its
               Restricted Subsidiaries,

                      (c) payments made to retire Indebtedness that was Incurred
               in accordance with the terms hereof and that either (1) is
               secured by a Lien incurred in accordance with the terms hereof on
               the property or assets sold or (2) is required in connection with
               such Asset Sale to the extent actually repaid in cash,

                      (d) amounts required to be paid to any Person (other than
               the Company or a Restricted Subsidiary) owning a beneficial
               interest in the assets subject to the Asset Sale and

                      (e) appropriate amounts to be provided by the Company or
               any Restricted Subsidiary thereof, as the case may be, as a
               reserve, in accordance with GAAP, against any liabilities
               associated with such Asset Sale and retained by the Company or
               any Restricted Subsidiary thereof, as the case may be, after such
               Asset Sale, including, without limitation, pension and other
               post-employment benefit liabilities, liabilities related to
               environmental matters and liabilities under any indemnification
               obligations or post-closing purchase price adjustments associated
               with such Asset Sale, all as reflected in an Officers'
               Certificate delivered to the Trustee, and

              (ii) all noncash consideration received by the Company or any of
     its Restricted Subsidiaries from such Asset Sale upon the liquidation or
     conversion of such consideration into cash, without duplication, net of all
     items enumerated in subclauses (a) through (e) of clause (i) hereof.

               "NON-RECOURSE INDEBTEDNESS" with respect to any Person means
Indebtedness of such Person for which (i) the sole legal recourse for collection
of principal and interest on such Indebtedness is against the specific property
identified in the instruments evidencing or

<Page>

                                       15

securing such Indebtedness and such property was acquired with the proceeds of
such Indebtedness or such Indebtedness was Incurred within 90 days after the
acquisition of such property and (ii) no other assets of such Person may be
realized upon in collection of principal or interest on such Indebtedness.

               "OFFICER" means the chairman, the chief executive officer, the
president, the chief financial officer, the chief operating officer, the chief
accounting officer, the treasurer, or any assistant treasurer, the controller,
the secretary, any assistant secretary or any executive vice president or vice
president of a Person.

               "OFFICERS' CERTIFICATE" means a certificate signed by two
Officers, one of whom must be the Person's chief executive officer, chief
operating officer, chief financial officer, chief accounting officer or
executive vice president.

               "PAYING AGENT" means any office or agency where Notes and the
Subsidiary Guarantees may be presented for payment.

               "PERMITTED INVESTMENTS" of any Person means Investments of such
Person in (i) direct obligations of the United States or any agency thereof or
obligations guaranteed by the United States or any agency thereof, in each case
maturing within 180 days of the date of acquisition thereof, (ii) certificates
of deposit maturing within 180 days of the date of acquisition thereof issued by
a bank, trust company or savings and loan association which is organized under
the laws of the United States or any state thereof having capital, surplus and
undivided profits aggregating in excess of $250 million and a Keefe Bank Watch
Rating of C or better, (iii) certificates of deposit maturing within 180 days of
the date of acquisition thereof issued by a bank, trust company or savings and
loan association organized under the laws of the United States or any state
thereof other than banks, trust companies or savings and loan associations
satisfying the criteria in (ii) above, PROVIDED that the aggregate amount of all
certificates of deposit issued to the Company at any one time by such bank,
trust company or savings and loan association will not exceed $100,000, (iv)
commercial paper given the highest rating by two established national credit
rating agencies and maturing not more than 180 days from the date of acquisition
thereof, (v) repurchase agreements or money-market accounts which are fully
secured by direct obligations of the United States or any agency thereof and
(vi) in the case of the Company and its Subsidiaries, any receivables or loans
taken by the Company or a Subsidiary in connection with the sale of any asset
otherwise permitted hereunder.

               "PERMITTED LIENS" means

               (i) Liens for taxes, assessments or governmental charges or
     claims that either (a) are not yet delinquent or (b) are being contested in
     good faith by appropriate proceedings and as to which appropriate reserves
     have been established or other provisions have been made in accordance with
     GAAP,

<Page>

                                       16

              (ii) statutory Liens of landlords and carriers', warehousemen's,
     mechanics', suppliers', materialmen's, repairmen's or other Liens imposed
     by law and arising in the ordinary course of business and with respect to
     amounts that, to the extent applicable, either (a) are not yet delinquent
     or (b) are being contested in good faith by appropriate proceedings and as
     to which appropriate reserves have been established or other provisions
     have been made in accordance with GAAP,

             (iii) Liens (other than any Lien imposed by the Employee Retirement
     Income Security Act of 1974, as amended) incurred or deposits made in the
     ordinary course of business in connection with workers' compensation,
     unemployment insurance and other types of social security,

              (iv) Liens incurred or deposits made to secure the performance of
     tenders, bids, leases, statutory obligations, surety and appeal bonds,
     progress payments, government contracts and other obligations of like
     nature (exclusive of obligations for the payment of borrowed money), in
     each case incurred in the ordinary course of business of the Company and
     its Subsidiaries,

               (v) attachment or judgment Liens not giving rise to a Default or
     an Event of Default and which are being contested in good faith by
     appropriate proceedings,

              (vi) easements, rights-of-way, restrictions and other similar
     charges or encumbrances not materially interfering with the ordinary course
     of business of the Company and its Subsidiaries,

             (vii) zoning restrictions, licenses, restrictions on the use of
     real property or minor irregularities in title thereto which do not
     materially impair the use of such real property in the ordinary course of
     business of the Company and its Subsidiaries or the value of such real
     property for the purpose of such business,

            (viii) leases or subleases granted to others not materially
     interfering with the ordinary course of business of the Company and its
     Subsidiaries,

              (ix) purchase money mortgages (including, without limitation,
     Capitalized Lease Obligations and purchase money security interests),

               (x) Liens securing Refinancing Indebtedness; PROVIDED that such
     Liens only extend to assets which are similar to the type of assets
     securing the Indebtedness being refinanced and such refinanced Indebtedness
     was previously secured by such similar assets,

              (xi) Liens securing Indebtedness of the Company and its Restricted
     Subsidiaries permitted to be Incurred hereunder; PROVIDED that the
     aggregate amount of Indebt-

<Page>

                                       17

     edness secured by Liens (other than Non-Recourse Indebtedness secured by
     Liens) will not exceed 40 percent of Consolidated Tangible Assets,

             (xii) any interest in or title of a lessor to property subject to
     any Capitalized Lease Obligations incurred in compliance with the
     provisions hereof,

            (xiii) Liens existing on the date hereof, including, without
     limitation, Liens securing Existing Indebtedness,

             (xiv) any option, contract or other agreement to sell an asset;
     PROVIDED such sale is not otherwise prohibited by the terms hereof,

              (xv) Liens securing Non-Recourse Indebtedness of the Company or a
     Restricted Subsidiary thereof; PROVIDED that such Liens apply only to the
     property financed out of the net proceeds of such Non-Recourse Indebtedness
     within 90 days of the Incurrence of such Non-Recourse Indebtedness,

             (xvi) Liens on property or assets of any Restricted Subsidiary
     securing Indebtedness of such Restricted Subsidiary owing to the Company or
     one or more Restricted Subsidiaries,

            (xvii) Liens securing Indebtedness of an Unrestricted Subsidiary,

           (xviii) any right of a lender or lenders to which the Company or a
     Restricted Subsidiary may be indebted to offset against, or appropriate and
     apply to the payment of, such Indebtedness any and all balances, credits,
     deposits, accounts or monies of the Company or a Restricted Subsidiary with
     or held by such lender or lenders,

             (xix) any pledge or deposit of cash or property in conjunction with
     obtaining surety and performance bonds and letters of credit required to
     engage in constructing on-site and off-site improvements required by
     municipalities or other governmental authorities in the ordinary course of
     business of the Company or any Restricted Subsidiary,

              (xx) Liens in favor of customs and revenue authorities arising as
     a matter of law to secure payment of customs duties in connection with the
     importation of goods,

             (xxi) Liens encumbering customary initial deposits and margin
     deposits, and other Liens that are customary in the industry and incurred
     in the ordinary course of business securing Indebtedness under Hedging
     Obligations and forward contracts, options, futures contracts, futures
     options or similar agreements or arrangements designed to protect the
     Company or any of its Subsidiaries from fluctuations in the price of
     commodities,

<Page>

                                       18

            (xxii) Liens arising out of conditional sale, title retention,
     consignment or similar arrangements for the sale of goods entered into by
     the Company or any of its Subsidiaries in the ordinary course of business,

           (xxiii) Liens on property acquired by the Company or a Restricted
     Subsidiary and Liens on property of a Person existing at the time such
     Person is merged with or into or consolidated with the Company or any
     Restricted Subsidiary or becomes a Restricted Subsidiary; PROVIDED that in
     each case such Liens (A) were in existence prior to the contemplation of
     such acquisition, merger or consolidation and (B) do not extend to any
     asset other than those of the Person merged with or into or consolidated
     with the Company or the Restricted Subsidiary or the property acquired by
     the Company or the Restricted Subsidiary, and

            (xxiv) Liens replacing any of the Liens described in clauses (xiii)
     and (xxiii) above; PROVIDED that (A) the principal amount of the
     Indebtedness secured by such Liens shall not be increased (except to the
     extent of reasonable premiums or other payments required to be paid in
     connection with the repayment of the previously secured Indebtedness or
     Incurrence of related Refinancing Indebtedness and expenses Incurred in
     connection therewith), (B) the principal amount of new Indebtedness secured
     by such Liens, determined as of the date of Incurrence, has a Weighted
     Average Life of Maturity at least equal to the remaining Weighted Average
     Life to Maturity of the previously secured Indebtedness, (C) the maturity
     of the new Indebtedness secured by such Liens is not earlier than that of
     the previously secured Indebtedness Incurred or repaid, and (D) the new
     Liens shall be limited to the property or part thereof which secured the
     Lien so replaced or property substituted therefor as a result of the
     destruction, condemnation or damage of such property.

               "PERSON" means any individual, corporation, partnership, limited
liability company, joint venture, incorporated or unincorporated association,
joint stock company, trust, unincorporated organization or government or other
agency or political subdivision thereof or other entity of any kind.

               "PREFERRED STOCK" of any Person means all Capital Stock of such
Person which has a preference in liquidation or with respect to the payment of
dividends.

               "REFINANCING INDEBTEDNESS" means Indebtedness that refunds,
refinances or extends any Existing Indebtedness or other Indebtedness permitted
to be incurred by the Company or its Restricted Subsidiaries pursuant to the
terms hereof, but only to the extent that

               (i) the Refinancing Indebtedness is subordinated to the Notes or
     the Subsidiary Guarantees, as the case may be, to the same extent as the
     Indebtedness being refunded, refinanced or extended, if at all,

<Page>

                                       19

              (ii) the Refinancing Indebtedness is scheduled to mature either
     (a) no earlier than the Indebtedness being refunded, refinanced or
     extended, or (b) after the maturity date of the Notes,

             (iii) the portion, if any, of the Refinancing Indebtedness that is
     scheduled to mature on or prior to the maturity date of the Notes has a
     Weighted Average Life to Maturity at the time such Refinancing Indebtedness
     is Incurred that is equal to or greater than the Weighted Average Life to
     Maturity of the portion of the Indebtedness being refunded, refinanced or
     extended that is scheduled to mature on or prior to the maturity date of
     the Notes,

              (iv) such Refinancing Indebtedness is in an aggregate amount that
     is equal to or less than the aggregate amount then outstanding (including
     accrued interest) under the Indebtedness being refunded, refinanced or
     extended plus an amount necessary to pay any reasonable fees and expenses,
     including premiums and defeasance costs, related to such refinancing,

               (v) such Refinancing Indebtedness is Incurred by the same Person
     that initially Incurred the Indebtedness being refunded, refinanced or
     extended, except that the Company may Incur Refinancing Indebtedness to
     refund, refinance or extend Indebtedness of any Restricted Subsidiary, and

              (vi) such Refinancing Indebtedness is Incurred within 180 days
     after the Indebtedness being refunded, refinanced or extended is so
     refunded, refinanced or extended.

               "REGISTRAR" means an office or agency where Notes may be
presented for registration of transfer or for exchange.

               "REGISTRATION RIGHTS AGREEMENT" means that certain registration
rights agreement by and among the Company, the Subsidiary Guarantors and the
Initial Purchasers dated as of April 17, 2002.

               "RESTRICTED INVESTMENT" with respect to any Person means any
Investment (other than any Permitted Investment) by such Person in any (i) of
its Affiliates, (ii) executive officer or director or any Affiliate of such
Person, or (iii) any other Person other than a Restricted Subsidiary; PROVIDED,
HOWEVER, that with respect to the Company and its Restricted Subsidiaries, any
loan or advance to an executive officer or director of the Company or a
Subsidiary will not constitute a Restricted Investment PROVIDED such loan or
advance is made in the ordinary course of business and, if such loan or advance
exceeds $100,000 (other than a readily marketable mortgage loan not exceeding
$500,000) such loan or advance has been approved by the Board of Directors of
the Company or a disinterested committee thereof. Notwithstanding the above, a
Subsidiary Guarantee shall not be deemed a Restricted Investment.

<Page>

                                       20

               "RESTRICTED PAYMENT" with respect to any Person means

               (i) the declaration of any dividend or the making of any other
     payment or distribution of cash, securities or other property or assets in
     respect of such Person's Capital Stock (except that a dividend payable
     solely in Capital Stock (other than Disqualified Stock) of such Person will
     not constitute a Restricted Payment),

              (ii) any payment on account of the purchase, redemption,
     retirement or other acquisition for value of such Person's Capital Stock or
     any other payment or distribution made in respect thereof (other than
     payments or distributions excluded from the definition of Restricted
     Payment in clause (i) above), either directly or indirectly,

             (iii) any Restricted Investment, and

              (iv) any principal payment, redemption, repurchase, defeasance or
     other acquisition or retirement of any Indebtedness of any Unrestricted
     Subsidiary or of Indebtedness of the Company which is subordinated in right
     of payment to the Notes or of Indebtedness of a Restricted Subsidiary which
     is subordinated in right of payment to its Subsidiary Guarantee;

PROVIDED, HOWEVER, that with respect to the Company and its Subsidiaries,
Restricted Payments will not include (a) any payment described in clause (i),
(ii) or (iii) above made to the Company or any of its Restricted Subsidiaries
which are Wholly Owned Subsidiaries by any of the Company's Subsidiaries, or (b)
any purchase, redemption, retirement or other acquisition for value of
Indebtedness or Capital Stock of such Person or its Subsidiaries if the
consideration therefor consists solely of Capital Stock (other than Disqualified
Stock) of such Person.

               "RESTRICTED SUBSIDIARY" means any Subsidiary of the Company which
is not an Unrestricted Subsidiary.

               "SECURITY REGISTER" is a register of the Notes and of their
transfer and exchange kept by the Registrar.

               "SUBSIDIARY" of any Person means any (i) corporation of which at
least a majority of the aggregate voting power of all classes of the Common
Equity is directly or indirectly beneficially owned by such Person, and (ii) any
entity other than a corporation of which such Person, directly or indirectly,
beneficially owns at least a majority of the Common Equity.

               "SUBSIDIARY GUARANTEE" means the guarantee of the Notes by each
Subsidiary Guarantor hereunder.

<Page>

                                       21

               "SUBSIDIARY GUARANTORS" means each of Beazer Homes Corp., a
Tennessee corporation, Beazer/Squires Realty, Inc., a North Carolina
corporation, Beazer Homes Sales Arizona Inc., a Delaware corporation, Beazer
Realty Corp., a Georgia corporation, Beazer Mortgage Corporation, a Delaware
corporation, Beazer Homes Holdings Corp., a Delaware corporation, Beazer
Homes Texas Holdings, Inc., a Delaware corporation, Beazer Homes Texas, L.P.,
a Delaware limited partnership, April Corporation, a Colorado corporation,
Beazer SPE, LLC, a Georgia limited liability company, Beazer Homes Investment
Corp., a Delaware corporation, Beazer Realty, Inc., a New Jersey corporation,
Beazer Clarksburg, LLC, a Maryland limited liability company, Homebuilders
Title Services of Virginia, Inc., a Virginia corporation, Homebuilders Title
Services, Inc., a Delaware corporation, Texas Lone Star Title, L.P., a Texas
limited partnership, Universal Solutions Insurance Agency, Inc., a Delaware
corporation, Builder's Link, Inc., an Ohio corporation, Crossmann Communities
of North Carolina, Inc., a North Carolina corporation, Crossmann Communities
of Ohio, Inc., an Ohio corporation, Crossmann Communities of Tennessee, LLC,
a Tennessee limited liability company, Crossmann Communities Partnership, an
Indiana general partnership, Crossmann Investments, Inc., an Indiana
corporation, Crossmann Management Inc., an Indiana corporation, Crossmann
Mortgage Corp., an Indiana corporation, Crossmann Realty, Co., an Indiana
corporation, Cutter Homes Ltd., a Kentucky corporation, Deluxe Aviation,
Inc., an Indiana corporation, Deluxe Homes of Lafayette, Inc., an Indiana
corporation, Deluxe Homes of Ohio, Inc., an Ohio corporation, Merit Realty,
Inc., an Indiana corporation, Paragon Title, LLC, an Indiana limited
liability company, Pinehurst Builders LLC, a South Carolina limited liability
company, and Trinity Homes LLC, an Indiana limited liability company.

               "TRUST OFFICER" means any vice president, trust officer or other
authorized person of the Trustee assigned by the Trustee to administer its
corporate trust matters.

               "TRUSTEE" means the party named as such until a successor
replaces such party in accordance with the applicable provisions of the
Indenture and thereafter means the successor trustee serving under the
Indenture.

               "UNRESTRICTED SUBSIDIARY" means United Home Insurance Corp.,
Security Title Insurance Company, Meridian Structural Insurance, Risk Retention
Group Inc. and each of the Subsidiaries of the Company so designated by a
resolution adopted by the Board of Directors of the Company as provided below
and PROVIDED that (a) neither the Company nor any of its other Subsidiaries
(other than Unrestricted Subsidiaries) (1) provides any direct or indirect
credit support for any Indebtedness of such Subsidiary (including any
undertaking, agreement or instrument evidencing such Indebtedness) or (2) is
directly or indirectly liable for any Indebtedness of such Subsidiary, (b) the
creditors with respect to Indebtedness for borrowed money of such Subsidiary
have agreed in writing that they have no recourse, direct or indirect, to the
Company or any other Subsidiary of the Company (other than Unrestricted
Subsidiaries), including, without limitation, recourse with respect to the
payment of principal or interest

<Page>

                                       22

on any Indebtedness of such Subsidiary and (c) no default with respect to any
Indebtedness of such Subsidiary (including any right which the holders thereof
may have to take enforcement action against such Subsidiary) would permit (upon
notice, lapse of time or both) any holder of any other Indebtedness of the
Company and of its other Subsidiaries (other than other Unrestricted
Subsidiaries), to declare a default on such other Indebtedness or cause the
payment thereof to be accelerated or payable prior to its stated maturity. The
Board of Directors of the Company may designate an Unrestricted Subsidiary to be
a Restricted Subsidiary; PROVIDED that (i) any such redesignation will be deemed
to be an Incurrence by the Company and its Restricted Subsidiaries of the
Indebtedness (if any) of such redesignated Subsidiary in accordance with Section
3.03 hereof as of the date of such redesignation, (ii) immediately after giving
effect to such redesignation and the Incurrence of any such additional
Indebtedness, the Company and its Restricted Subsidiaries could incur $1.00 of
additional Indebtedness under the Consolidated Fixed Charge Coverage Ratio
contained in Section 3.03 hereof and (iii) the Liens of such Unrestricted
Subsidiary could then be incurred in accordance with Section 3.07 hereof as of
the date of such redesignation. Subject to the foregoing, the Board of Directors
of the Company also may designate any Restricted Subsidiary to be an
Unrestricted Subsidiary; PROVIDED that (i) all previous Investments by the
Company and its Restricted Subsidiaries in such Restricted Subsidiary (net of
any returns previously paid on such Investments) will be deemed to be Restricted
Payments at the time of such designation and will reduce the amount available
for Restricted Payments under Section 3.02 hereof, (ii) immediately after giving
effect to such designation and reduction of amounts available for Restricted
Payments under Section 3.02 hereof, the Company and its Restricted Subsidiaries
could incur $1.00 of additional Indebtedness under the Consolidated Fixed Charge
Coverage Ratio contained in Section 3.03 hereof and (iii) no Default or Event of
Default shall have occurred or be continuing. Any such designation or
redesignation by the Board of Directors of the Company will be evidenced to the
Trustee by the filing with the Trustee of a certified copy of the resolution of
the Board of Directors of the Company giving effect to such designation or
redesignation and an Officers' Certificate certifying that such designation or
redesignation complied with the foregoing conditions and setting forth the
underlying calculations.

               "WEIGHTED AVERAGE LIFE TO MATURITY" means, when applied to any
Indebtedness or portion thereof, at any date, the number of years obtained by
dividing (i) the sum of the products obtained by multiplying (a) the amount of
each then remaining installment, sinking fund, serial maturity or other required
payment of principal, including, without limitation, payment at final maturity,
in respect thereof, by (b) the number of years (calculated to the nearest
one-twelfth) that will elapse between such date and the making of such payment
by (ii) the sum of all such payments described in clause (a) above.

               "WHOLLY OWNED SUBSIDIARY" of any Person means (i) a Subsidiary,
of which 100 percent of the Common Equity (except for directors' qualifying
shares or certain minority interests owned by other Persons solely due to local
law requirements that there be more than one stockholder, but which interest is
not in excess of what is required for such purpose) is

<Page>

                                       23

owned directly by such Person or through one or more other Wholly Owned
Subsidiaries of such Person, or (ii) any entity other than a corporation in
which such Person, directly or indirectly, owns all of the Common Equity of such
entity.

               "WORKING CAPITAL FACILITIES" means, collectively, the Bank Credit
Facility and one or more other facilities among the Company, or any Subsidiary
Guarantor and one or more lenders pursuant to which the Company or any
Subsidiary Guarantor may Incur Indebtedness for working capital purposes or to
finance the acquisition, holding or development of property by the Company and
the Restricted Subsidiaries (including the financing of any related interest
reserve), as any such facility may be amended, restated, supplemented or
otherwise modified from time to time, and includes any agreement extending the
maturity of, or restructuring (including, without limitation, the inclusion of
additional borrowers thereunder that are Unrestricted Subsidiaries), all or any
portion of the Indebtedness under such facility or any successor facilities and
includes any facility with one or more lenders refinancing or replacing all or
any portion of the Indebtedness under such facility or any successor facility.

                                  ARTICLE THREE

                                    COVENANTS

Section 3.01.   DISPOSITION OF PROCEEDS OF ASSET SALES.

               (a) The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, make any Asset Sale unless

               (i) the Company or the Restricted Subsidiary, as the case may be,
     receives consideration at the time of such Asset Sale at least equal to the
     Fair Market Value for the shares or assets sold or otherwise disposed of;
     PROVIDED that the aggregate Fair Market Value of the consideration received
     from any Asset Sale that is not in the form of cash or cash equivalents (in
     U.S. dollars or freely convertible into U.S. dollars) will not, when
     aggregated with the Fair Market Value of all other noncash consideration
     received by the Company and its Restricted Subsidiaries from all previous
     Asset Sales since the date of the Indenture that has not been converted
     into cash or cash equivalents (in U.S. dollars or freely convertible into
     U.S. dollars), exceed five percent of the Consolidated Tangible Assets of
     the Company at the time of the Asset Sale under consideration, and

              (ii) the Company will apply or will cause one or more of its
     Restricted Subsidiaries to apply an amount equal to the aggregate Net
     Proceeds received by the Company or any Restricted Subsidiary from all
     Asset Sales occurring subsequent to the date of the Indenture as follows:
     (A) to repay any outstanding Indebtedness of the Company that is not
     subordinated to the Notes or other Indebtedness of the Company, or to the
     payment of any Indebtedness of any Restricted Subsidiary that is not
     subordi-

<Page>

                                       24

     nated to the Subsidiary Guarantee of such Restricted Subsidiary, in each
     case within one year after such Asset Sale; or (B) to acquire properties
     and assets that will be used in the businesses of the Company and its
     Restricted Subsidiaries existing on the date hereof within one year after
     such Asset Sale,

PROVIDED, HOWEVER, that (x) in the case of applications contemplated by clause
(ii)(A) the payment of such Indebtedness will result in a permanent reduction in
committed amounts, if any, under the Indebtedness repaid at least equal to the
amount of the payment made, (y) in the case of applications contemplated by
clause (ii)(B), the Board of Directors has, within such one year period, adopted
in good faith a resolution committing such Net Proceeds to such use and (z) none
of such Net Proceeds shall be used to make any Restricted Payment.

               The amount of such Net Proceeds neither used to repay the
Indebtedness described above nor used or invested as set forth in the preceding
sentence constitutes "EXCESS PROCEEDS." Notwithstanding the above, any Asset
Sale that is subject to Section 3.10 hereof shall not be subject to this Section
3.01.

               (b) Notwithstanding this Section 3.01 hereof, to the extent the
Company or any of its Restricted Subsidiaries receives securities or other
noncash property or assets as proceeds of an Asset Sale, the Company will not be
required to make any application of such noncash proceeds required by clause
(ii) of this Section 3.01 until it receives cash or cash equivalent proceeds
from a sale, repayment, exchange, redemption or retirement of or extraordinary
dividend or return of capital on such noncash property. Any amounts deferred
pursuant to the preceding sentence shall be applied in accordance with clause
(ii) of this Section 3.01 when cash or cash equivalent proceeds are thereafter
received from a sale, repayment, exchange, redemption or retirement of or
extraordinary dividend or return of capital on such noncash property.

               (c) When the aggregate amount of Excess Proceeds equals
$10,000,000 or more, the Company shall so notify the Trustee in writing by
delivery of an Officers' Certificate and will offer to purchase from all Holders
(an "EXCESS PROCEEDS OFFER"), and shall purchase from Holders accepting such
Excess Proceeds Offer on the date fixed for the closing of such Excess Proceeds
Offer (the "ASSET SALE OFFER DATE"), the maximum principal amount (expressed as
a multiple of $1,000) of Notes plus accrued and unpaid interest thereon, if any,
to the Asset Sale Offer Date that may be purchased and paid, as the case may be,
out of the Excess Proceeds, at an offer price (the "ASSET SALE OFFER PRICE") in
cash in an amount equal to 100 percent of the principal amount thereof plus
accrued and unpaid interest, if any, to the Asset Sale Offer Date, in accordance
with the procedures set forth in this Section 3.01. To the extent that the
aggregate amount of Notes tendered pursuant to an Excess Proceeds Offer is less
than the Excess Proceeds relating thereto, then the Company may use such Excess
Proceeds, or a portion thereof, for general corporate purposes in the business
of the Company and

<Page>

                                       25

its Restricted Subsidiaries existing on the date hereof. Upon completion of an
Excess Proceeds Offer, the amount of Excess Proceeds shall be reset at zero.

               (d) Within 30 days after the date on which the amount of Excess
Proceeds equals $10,000,000 or more, the Company (with notice to the Trustee) or
the Trustee at the Company's request (and at the expense of the Company) will
send or cause to be sent by first-class mail to all Persons who were Holders on
the date such Excess Proceeds equaled $10,000,000, at their respective addresses
appearing in the Security Register, a notice of such occurrence and of such
Holders' rights arising as a result thereof. Such notice will contain all
instructions and materials necessary to enable Holders to tender their Notes to
the Company. Such notice, which will govern the terms of the Excess Proceeds
Offer, will state:

               (i) that the Excess Proceeds Offer is being made pursuant to this
     Section 3.01 and the length of time such Excess Proceeds Offer will remain
     open;

              (ii) that the Holder has the right to require the Company to
     repurchase such Holder's Notes at the Asset Sale Offer Price;

             (iii) that any Note not tendered will continue to accrue interest;

              (iv) that any Note accepted for payment pursuant to the Excess
     Proceeds Offer will cease to accrue interest on the Asset Sale Offer Date;

               (v) that the Asset Sale Offer Date will be no earlier than 45
     days nor later than 60 days from the date such notice is mailed;

              (vi) that Holders electing to have a Note purchased pursuant to
     any Excess Proceeds Offer will be required to surrender the Note to the
     Company, a depositary, if appointed by the Company, or a Paying Agent at
     the address specified in the notice prior to termination of the Excess
     Proceeds Offer;

             (vii) that Holders will be entitled to withdraw their election if
     the Company, depositary or Paying Agent, as the case may be, receives, not
     later than the expiration of the Excess Proceeds Offer, or such longer
     period as may be required by law, a telegram, telex, facsimile transmission
     or letter setting forth the name of the Holder, the principal amount of the
     Note the Holder delivered for purchase and a statement that such Holder is
     withdrawing its election to have the Note purchased;

            (viii) that Holders whose Notes are purchased only in part will be
     issued Notes equal in principal amount to the unpurchased portion of the
     Notes surrendered; and

<Page>

                                       26

              (ix) information concerning the details of the Excess Proceeds
     Offer and the business of the Company which the Company in good faith
     believes will enable such Holders to make an informed decision (which at a
     minimum will include (A) the most recently filed Annual Report on Form 10-K
     (including audited consolidated financial statements of the Company, the
     most recent subsequently filed Quarterly Report on Form 10-Q and any
     Current Report on Form 8-K of the Company filed subsequent to such
     Quarterly Report, other than Current Reports describing Asset Sales
     otherwise described in the offering materials relating to the Excess
     Proceeds Offer (or corresponding successor reports) (or in the event the
     Company is not required to prepare any of the foregoing Forms, the
     comparable information required pursuant to Section 3.11 hereof); PROVIDED
     that the Company may at its option incorporate by reference any such filed
     reports in the notice, (B) a description of material developments in the
     Company's business subsequent to the date of the latest of such reports and
     (C) if material, appropriate pro forma financial information.

               (e) In the event the aggregate principal amount of Notes
surrendered by Holders together with accrued interest thereon exceeds the amount
of Excess Proceeds, the Company will select the Notes to be purchased on a pro
rata basis from all Notes so surrendered, with such adjustments as may be deemed
appropriate by the Company so that only Notes in denominations of $1,000, or
integral multiples thereof, will be purchased. To the extent that the Excess
Proceeds remaining are less than $1,000, the Company may use such Excess
Proceeds for general corporate purposes. Holders whose Notes are purchased only
in part will be issued new Notes equal in principal amount to the unpurchased
portion of the Notes surrendered.

               (f) Not later than one Business Day after the Asset Sale Offer
Date in connection with which the Excess Proceeds offer is being made, the
Company will (i) accept for payment Notes or portions thereof tendered pursuant
to the Excess Proceeds Offer (on a pro rata basis if required), (ii) deposit
with the Paying Agent money sufficient, in immediately available funds, to pay
the purchase price of all Notes or portions thereof so accepted and (iii)
deliver to the Paying Agent an Officers' Certificate identifying the Notes or
portions thereof accepted for payment by the Company. The Paying Agent will
promptly mail or deliver to Holders so accepted payment in an amount equal to
the Asset Sale Offer Price of the Notes purchased from each such Holder, and the
Company will execute and upon receipt of an Officers' Certificate of the Company
the Trustee will promptly authenticate and mail or deliver to such Holder a new
Note equal in principal amount to any unpurchased portion of the Note
surrendered. Any Notes not so accepted will be promptly mailed or delivered by
the Paying Agent at the Company's expense to the Holder thereof. The Company
will publicly announce the results of the Excess Proceeds Offer promptly after
the Asset Sale Offer Date. For purposes of this Section 3.01(f), the Company
will choose a Paying Agent which will not be the Company or a Subsidiary
thereof.

<Page>

                                       27

               (g) Any Excess Proceeds Offer will be conducted by the Company in
compliance with applicable law, including, without limitation, Section 14(e) of
the Exchange Act and Rule 14e -1 thereunder, if applicable.

               (h) Whenever Excess Proceeds are received by the Company, and
prior to the allocation of such Excess Proceeds pursuant to this Section 3.01,
such Excess Proceeds will be set aside by the Company in a separate account to
be held in trust for the benefit of the Holders; PROVIDED, HOWEVER, that in the
event the Company will be unable to set aside such Excess Proceeds in a separate
account because of provisions of applicable law or of the Working Capital
Facilities, the Company will not be required to set aside such Excess Proceeds.

               (i) Notwithstanding the foregoing, an Excess Proceeds Offer may
be made by one or more Restricted Subsidiaries in lieu of the Company.

Section 3.02.   LIMITATIONS ON RESTRICTED PAYMENTS.

               (a) The Company shall not, and shall not cause or permit any of
its Restricted Subsidiaries to, make any Restricted Payment, directly or
indirectly, after the date hereof if at the time of such Restricted Payment:

               (i) the amount of such proposed Restricted Payment (the amount of
     such Restricted Payment, if other than in cash, will be determined in good
     faith by a majority of the disinterested members of the Board of Directors
     of the Company), when added to the aggregate amount of all Restricted
     Payments declared or made after the date of the Indenture, exceeds the sum
     of:

                      (1) $100 million, PLUS

                      (2) 50 percent of the Company's Consolidated Net Income
               accrued during the period (taken as a single period) commencing
               April 1, 2002 and ending on the last day of the fiscal quarter
               immediately preceding the fiscal quarter in which the Restricted
               Payment is to occur (or, if such aggregate Consolidated Net
               Income is a deficit, minus 100 percent of such aggregate
               deficit), PLUS

                      (3) the Net Proceeds derived from the issuance and sale of
               Capital Stock of the Company and its Restricted Subsidiaries that
               is not Disqualified Stock (other than a sale to a Subsidiary of
               the Company) after the date of the Indenture, PLUS

                      (4) 100 percent of the principal amount of, or, if issued
               at a discount, the accreted value of, any Indebtedness of the
               Company or a Restricted Subsidiary which is issued (other than to
               a Subsidiary of the Company)

<Page>

                                       28

               after the date of the Indenture that is converted into or
               exchanged for Capital Stock of the Company that is not
               Disqualified Stock, PLUS

                      (5) 100 percent of the aggregate amounts received by the
               Company or any Restricted Subsidiary from the sale, disposition
               or liquidation (including by way of dividends) of any Investment
               (other than to any Subsidiary of the Company and other than to
               the extent sold, disposed of or liquidated with recourse to the
               Company or any of its Subsidiaries or to any of their respective
               properties or assets) but only to the extent (x) not included in
               clause (2) above and (y) that the making of such Investment
               constituted a permitted Restricted Investment, PLUS

                      (6) 100 percent of the principal amount of, or if issued
               at a discount, the accreted value of, any Indebtedness or other
               obligation that is the subject of a guarantee by the Company
               which is released (other than due to a payment on such guarantee)
               after the date of the Indenture, but only to the extent that such
               guarantee constituted a permitted Restricted Payment; or

              (ii) the Company would be unable to incur $1.00 of additional
     Indebtedness under the Consolidated Fixed Charge Coverage Ratio contained
     in Section 3.03 hereof; or

             (iii) a Default or Event of Default has occurred and is continuing
     or occurs as a consequence thereof.

               (b) Notwithstanding the foregoing, the provisions of this Section
3.02 shall not prevent:

               (i) the payment of any dividend within 60 days after the date of
     declaration thereof if the payment thereof would have complied with the
     limitations of the Indenture on the date of declaration, PROVIDED that (x)
     such dividend shall be deemed to have been paid as of its date of
     declaration for the purposes of this Section 3.02 and (y) at the time of
     payment of such dividend no other Default or Event of Default shall have
     occurred and be continuing or would result therefrom;

              (ii) the retirement of shares of the Company's Capital Stock or
     the Company's or a Restricted Subsidiary of the Company's Indebtedness for,
     or out of the net proceeds of a substantially concurrent sale (other than a
     sale to a Subsidiary of the Company) of, other shares of its Capital Stock
     (other than Disqualified Stock), PROVIDED that the proceeds of any such
     sale shall be excluded in any computation made under clause (3) above;

<Page>

                                       29

             (iii) the redemption, repurchase, defeasance or retirement for
     value of Indebtedness, including premium, if any, with the proceeds of
     Refinancing Indebtedness;

              (iv) payments or distributions pursuant to or in connection with a
     merger, consolidation or transfer of assets that complies with the
     provisions hereof applicable to mergers, consolidations and transfers of
     all or substantially all of the property and assets of the Company or any
     Guarantor; or

               (v) any purchase, redemption, retirement or other acquisition for
     value of Capital Stock of the Company or any Subsidiary held by officers or
     employees or former officers or employees of the Company or any Subsidiary
     (or their estates or beneficiaries under their estates) not to exceed
     $500,000 in any calendar year and $5 million in the aggregate since the
     Issue Date.

Section 3.03.   LIMITATIONS ON ADDITIONAL INDEBTEDNESS.

               (a) The Company shall not, and shall not cause or permit any of
its Restricted Subsidiaries, directly or indirectly, to, Incur any Indebtedness
including Acquisition Indebtedness; PROVIDED that the Company and the Subsidiary
Guarantors may Incur Indebtedness, including Acquisition Indebtedness, if, after
giving effect thereto and the application of the proceeds therefrom, either (i)
the Company's Consolidated Fixed Charge Coverage Ratio on the date thereof would
be at least 2.0 to 1.0 or (ii) the ratio of Indebtedness of the Company and the
Restricted Subsidiaries to Consolidated Tangible Net Worth is less than 2.25 to
1.

               (b) Notwithstanding the foregoing, the provisions hereof shall
not prevent:

               (i) the Company or any Subsidiary Guarantor from Incurring (A)
     Refinancing Indebtedness or (B) Non-Recourse Indebtedness,

              (ii) the Company from Incurring Indebtedness evidenced by the
     Notes issued on the Issue Date or the Exchange Notes,

             (iii) the Company or any Subsidiary Guarantor from Incurring
     Indebtedness under Working Capital Facilities not to exceed the greater of
     $150 million or 15% of Consolidated Tangible Assets,

              (iv) any Subsidiary Guarantee of Indebtedness of the Company
     under the Notes,

               (v) the Company and its Restricted Subsidiaries from Incurring
     Indebtedness under any deposits made to secure performance of tenders,
     bids, leases, statutory obligations, surety and appeal bonds, progress
     statements, government contracts and other

<Page>

                                       30

     obligations of like nature (exclusive of the obligation for the payment of
     borrowed money),

              (vi) any Subsidiary Guarantor from guaranteeing Indebtedness of
     the Company or any other Subsidiary Guarantor, or the Company from
     guaranteeing Indebtedness of any Subsidiary Guarantor, in each case
     permitted to be Incurred under the Indenture (other than Non-Recourse
     Indebtedness).

             (vii) (a) any Restricted Subsidiary from Incurring Indebtedness
     owing to the Company or any Subsidiary Guarantor that is both a Wholly
     Owned Subsidiary and a Restricted Subsidiary; PROVIDED that (I) such
     Indebtedness is subordinated to any Subsidiary Guarantee of such Restricted
     Subsidiary, if any, and (II) such Indebtedness shall only be permitted
     pursuant to this clause (vii)(a) for so long as the Person to whom such
     Indebtedness is owing is the Company or a Subsidiary Guarantor that is both
     a Wholly Owned Subsidiary and a Restricted Subsidiary, and (b) the Company
     from Incurring Indebtedness owing to any Subsidiary Guarantor that is both
     a Wholly owned Subsidiary and a Restricted Subsidiary; PROVIDED that (I)
     such Indebtedness is subordinated to the Company's obligations under the
     Notes and the provisions hereof, and (II) such Indebtedness shall only be
     permitted pursuant to this clause (vii)(b) for so long as the Person to
     whom such Indebtedness is owing is a Subsidiary Guarantor that is both a
     Wholly Owned Subsidiary and a Restricted Subsidiary.

            (viii) the Company and any Subsidiary Guarantor from Incurring
     Indebtedness under Capitalized Lease Obligations or purchase money
     obligations, in each case Incurred for the purpose of acquiring or
     financing all or any part of the purchase price or cost of construction or
     improvement of property or equipment used in the business of the Company or
     such Subsidiary Guarantor, as the case may be, in an aggregate amount not
     to exceed $20 million, and

              (ix) Indebtedness of the Company or any Restricted Subsidiary in
     an aggregate principal amount at any time outstanding not to exceed $20
     million.

               (c) The Company shall not, and the Company will not cause or
permit any Subsidiary Guarantor that is a Restricted Subsidiary to, directly or
indirectly, in any event Incur any Indebtedness that purports to be by its terms
(or by the terms of any agreement governing such Indebtedness) subordinated to
any other Indebtedness of the Company or of such Subsidiary Guarantor, as the
case may be, unless such Indebtedness is also by its terms (or by the terms of
any agreement governing such Indebtedness) made expressly subordinated to the
Notes or the Subsidiary Guarantee of such Subsidiary Guarantor, as the case may
be, to the same extent and in the same manner as such Indebtedness is
subordinated to such other Indebtedness of the Company or such Subsidiary
Guarantor, as the case may be.

<Page>

                                       31

               (d) For purposes of determining compliance with this Section
3.03, in the event an item of Indebtedness meets the criteria of more than one
of the types of Indebtedness described in the above clauses of this Section
3.03, the Company, in its sole discretion, shall classify such item of
Indebtedness in any manner that complies with this covenant and may from time to
time reclassify such item of Indebtedness in any manner in which such item could
be Incurred at the time of such reclassification.

Section 3.04.   LIMITATIONS AND RESTRICTIONS ON ISSUANCE OF CAPITAL STOCK OF
                RESTRICTED SUBSIDIARIES.

               The Company will not permit any Restricted Subsidiary to issue,
or permit to be outstanding at any time, Preferred Stock or any other Capital
Stock constituting Disqualified Stock other than any such Capital Stock issued
to or held by the Company or any Restricted Subsidiary of the Company which is a
Wholly Owned Subsidiary.

Section 3.05.   CHANGE OF CONTROL.

               (a) Following the occurrence of any Change of Control, the
Company shall so notify the Trustee in writing by delivery of an Officers'
Certificate and shall offer to purchase (a "CHANGE OF CONTROL OFFER") from all
Holders, and shall purchase from Holders accepting such Change of Control Offer
on the date fixed for the closing of such Change of Control Offer (the "CHANGE
OF CONTROL PAYMENT DATE"), the outstanding principal amount of Notes at an offer
price (the "CHANGE OF CONTROL PRICE") in cash in an amount equal to 101 percent
of the aggregate principal amount thereof plus accrued and unpaid interest, if
any, to the Change of Control Payment Date in accordance with the procedures set
forth in this Section 3.05.

               (b) Within 30 days after the date on which a Change of Control
occurs, the Company (with notice to the Trustee) or the Trustee at the Company's
request (and at the expense of the Company), will send or cause to be sent by
first class mail, postage prepaid, to all Persons who were Holders on the date
of the Change of Control at their respective addresses appearing in the Security
Register, a notice of such occurrence and of such Holders' rights arising as a
result thereof. Such notice will contain all instructions and materials
necessary to enable Holders to tender their Notes to the Company. Such notice,
which will govern the terms of the Change of Control Offer, will state:

               (i) that the Change of Control Offer is being made pursuant to
     Section 3.05(a) hereof and the length of time the Change of Control Offer
     will remain open;

              (ii) that the Holder has the right to require the Company to
     repurchase such Holder's Notes at the Change of Control Price;

             (iii) that any Note not tendered will continue to accrue interest;

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                                       32

              (iv) that any Note accepted for payment pursuant to the Change of
     Control Offer will cease to accrue interest on the Change of Control
     Payment Date;

               (v) that the Change of Control Payment Date will be no earlier
     than 45 days nor later than 60 days from the date such notice is mailed;

              (vi) that Holders electing to have a Note purchased pursuant to
     any Change of Control Offer will be, required to surrender the Note to the
     Company, a depositary, if appointed by the Company, or a Paying Agent at
     the address specified in the notice prior to termination of the Change of
     Control Offer;

             (vii) that Holders will be entitled to withdraw their election if
     the Company, depositary or Paying Agent, as the case may be, receives, not
     later than the expiration of the Change of Control Offer, or such longer
     period as may be required by law, a telegram, telex, facsimile transmission
     or letter setting forth the name of the Holder, the principal amount of the
     Note the Holder delivered for purchase and a statement that such Holder is
     withdrawing its election to have the Note purchased;

            (viii) that Holders which elect to have their Notes purchased only
     in part will be issued new Notes in a principal amount equal to the
     unpurchased portion of the Notes surrendered;

              (ix) information concerning the date and details of the Change of
     Control and the business of the Company which the Company in good faith
     believes will enable such Holders to make an informed decision (which at a
     minimum will include (A) the most recently filed Annual Report on Form 10-K
     (including audited consolidated financial statements) of the Company, the
     most recent subsequently filed Quarterly Report on Form 10-Q and any
     Current Report on Form 8-K of the Company filed subsequent to such
     Quarterly Report, other than Current Reports describing Asset Sales
     otherwise described in the offering materials relating to the Change of
     Control Offer (or corresponding successor reports) (or in the event the
     Company is not required to prepare any of the foregoing Forms, the
     comparable information required pursuant to Section 4.03 hereof); PROVIDED
     that the Company may at its option incorporate by reference any such filed
     reports in the notice, (B) a description of material developments in the
     Company's business subsequent to the date of the latest of such reports,
     and (C) if material, appropriate pro forma financial information).

               (c) In the event of a Change of Control Offer, the Company will
only be required to accept Notes in denominations of $1,000 or integral
multiples thereof.

               (d) Not later than one Business Day after the Change of Control
Payment Date in connection with which the Change of Control Offer is being made,
the Company will (i) accept for payment Notes or portions thereof tendered
pursuant to the Change of Control

<Page>

                                       33

Offer, (ii) deposit with the Paying Agent money sufficient, in immediately
available funds, to pay the purchase price of all Notes or portions thereof so
accepted and (iii) deliver to the Paying Agent an Officers' Certificate
identifying the Notes or portions thereof accepted for payment by the Company.
The Paying Agent will promptly mail or deliver to Holders of Notes so accepted
payment in an amount equal to the Change of Control Price of the Notes purchased
from each such Holder, and the Company will execute and, upon receipt of an
Officers' Certificate of the Company, the Trustee will promptly authenticate and
mail or deliver to such Holder a new Note equal in principal amount to any
unpurchased portion of the Note surrendered. Any Notes not so accepted will be
promptly mailed or delivered by the Paying Agent at the Company's expense to the
Holder thereof. The Company shall publicly announce the results of the Change of
Control Offer promptly after the Change of Control Payment Date. For purposes of
this Section 3.05(d), the Company will choose a Paying Agent which will not be
the Company or a Subsidiary thereof.

               (e) Any Change of Control Offer will be conducted by the Company
in compliance with applicable law, including, without limitation, Section 14(e)
of the Exchange Act and Rule 14e-1 thereunder.

Section 3.06.   LIMITATIONS ON TRANSACTIONS WITH STOCKHOLDERS AND AFFILIATES.

               The Company shall not, and shall not permit any of its
Subsidiaries to, make any Investment, loan, advance, guarantee or capital
contribution to or for the benefit of, or sell, lease, transfer or otherwise
dispose of any of its properties or assets to, or for the benefit of, or
purchase or lease any property or assets from, or enter into or amend any
contract, agreement or understanding with, or for the benefit of, (i) any
Affiliate of the Company or any Affiliate of the Company's Subsidiaries or (ii)
any Person (or any Affiliate of such person) holding 10 percent or more of the
Common Equity of the Company or any of its Subsidiaries (each an "AFFILIATE
TRANSACTION"), except on terms that are no less favorable to the Company or the
relevant Subsidiary, as the case may be, than those that could have been
obtained in a comparable transaction on an arm's length basis from a person that
is not an Affiliate.

               The Company shall not, and shall not permit any of its
Subsidiaries to, enter into any Affiliate Transaction involving or having a
value of more than $5 million, unless, in each case, such Affiliate Transaction
has been approved by a majority of the disinterested members of the Company's
Board of Directors.

               The Company will not, and will not permit any of its Subsidiaries
to, enter into an Affiliate Transaction involving or having a value of more than
$20 million unless the Company has delivered to the Trustee an opinion of an
Independent Financial Advisor to the effect that the transaction is fair to the
Company or the relevant Subsidiary, as the case may be, from a financial point
of view.

<Page>

                                       34

               Notwithstanding the foregoing, an Affiliate Transaction shall not
include (i) any contract, agreement or understanding with, or for the benefit
of, or plan for the benefit of, employees of the Company or its Subsidiaries (in
their capacity as such) that has been approved by the Company's Board of
Directors, (ii) Capital Stock issuances to members of the Board of Directors,
officers and employees, of the Company or its Subsidiaries pursuant to plans
approved by the stockholders of the Company, (iii) any Restricted Payment
otherwise permitted under Section 3.02 hereof, (iv) any transaction between the
Company and a Restricted Subsidiary or a Restricted Subsidiary and another
Restricted Subsidiary or (v) any transaction pursuant to the tax sharing
agreement, the agreement with Beazer Homes Ltd. regarding use of name and the
cross-indemnity agreement, in each case with the Company's former parent or
affiliates, as such agreements are in effect on the date hereof.

Section 3.07.   LIMITATIONS ON LIENS.

               The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, create, incur, assume or suffer to exist any Liens, other than
Permitted Liens, on any of its or their assets, property, income or profits
therefrom unless contemporaneously therewith or prior thereto all payments due
under the Indenture and the Notes are secured on an equal and ratable basis with
the obligation or liability so secured until such time as such obligation or
liability is no longer secured by a Lien. No Liens will be permitted to be
created or suffered to exist on any Indebtedness from the Company in favor of
any Restricted Subsidiary and that such Indebtedness will not be permitted to be
sold, disposed of or otherwise transferred.

Section 3.08.   LIMITATIONS ON RESTRICTIONS ON DISTRIBUTIONS FROM RESTRICTED
                SUBSIDIARIES.

               The Company shall not, and shall not permit any of its Restricted
Subsidiaries to, create, assume or otherwise cause or suffer to exist or become
effective any consensual encumbrance or restriction on the ability of any
Restricted Subsidiary to (i) pay dividends or make any other distributions on
its Capital Stock or any other interest or participation in, or measured by, its
profits, owned by the Company or any of its other Restricted Subsidiaries, or
pay interest on or principal of any Indebtedness owed to the Company or any of
its other Restricted Subsidiaries, (ii) make loans or advances to the Company or
any of its other Restricted Subsidiaries, or (iii) transfer any of its
properties or assets to the Company or any of its other Restricted Subsidiaries,
except for encumbrances or restrictions existing under or by reason of (a)
applicable law, (b) covenants or restrictions contained in the agreements
evidencing Existing Indebtedness as in effect on the date of the Indenture, (c)
any restrictions or encumbrances arising under Acquisition Indebtedness;
PROVIDED that such encumbrance or restriction applies only to the obligor on
such Indebtedness and its Subsidiaries and that such Acquisition Indebtedness
was not incurred by the Company or any of its Subsidiaries or by the Person
being acquired in connection with or in anticipation of such acquisition, (d)
any restrictions or encumbrances arising in connection with Refinancing
Indebtedness; PROVIDED that any restric-

<Page>

                                       35

tions and encumbrances of the type described in this clause (d) that arise under
such Refinancing Indebtedness are not more restrictive than those under the
agreement creating or evidencing the Indebtedness being refunded, refinanced,
replaced or extended, (e) any agreement restricting the sale or other
disposition of property securing Indebtedness permitted by the Indenture if such
agreement does not expressly restrict the ability of a Subsidiary of the Company
to pay dividends or make loans or advances, and (f) reasonable and customary
borrowing base covenants set forth in agreements evidencing Indebtedness
otherwise permitted by the Indenture, which covenants restrict or limit the
distribution of revenues or sale proceeds from real estate or a real estate
project based upon the amount of indebtedness outstanding on such real estate or
real estate project and the value of some or all of the remaining real estate or
the project's remaining assets, and customary provisions restricting subletting
or assignment of any lease governing a leasehold interest of the Company or any
of its Restricted Subsidiaries.

Section 3.09.   MAINTENANCE OF CONSOLIDATED TANGIBLE NET WORTH.

               (a) In the event that the Consolidated Tangible Net Worth of the
Company is less than $85 million at the end of any two consecutive fiscal
quarters (the last day of the second fiscal quarter being referred to herein as
the "DEFICIENCY DATE"), within 30 days after the end of each such period, the
Company shall so notify the Trustee in writing by delivery of an Officers'
Certificate and will offer to purchase from all Holders (a "NET WORTH OFFER"),
and shall purchase from Holders accepting such Net Worth Offer on the date fixed
for the closing of such Net Worth Offer (the "NET WORTH OFFER DATE"), 10 percent
of the original outstanding principal amount of the Notes (the "NET WORTH
AMOUNT") at an offer price (the "NET WORTH OFFER PRICE") in cash in an amount
equal to 100 percent of the aggregate principal amount thereof plus accrued and
unpaid interest, if any, to the Net Worth Offer Date; PROVIDED that no such
offer shall be required if, following such two fiscal quarters but prior to the
date the Company is required to make such offer, capital in cash or cash
equivalents is contributed to the Company in an Equity Offering sufficient to
increase the Company's Consolidated Tangible Net Worth after giving effect to
such contribution to an amount equal to or greater than $85 million. To the
extent that the aggregate amount of Notes tendered pursuant to a Net Worth Offer
is less than the Net Worth Amount relating thereto, then the Company may use the
excess of the Net Worth Amount over the amount of Notes tendered, or a portion
thereof, for general corporate purposes. In no event shall the Company's failure
to meet the Consolidated Tangible Net Worth threshold at the end of any fiscal
quarter be counted toward the making of more than one Net Worth Offer. The
Company may reduce the principal amount of Notes to be purchased pursuant to the
Net Worth Offer by subtracting 100 percent of the principal amount (excluding
premium) of Notes acquired by the Company or any Wholly Owned Subsidiary
subsequent to the Deficiency Date and surrendered for cancellation through
purchase, redemption (other than pursuant to this Section 3.09) or exchange, and
that were not previously used as a credit against any obligation to repurchase
Notes pursuant to this Section 3.09.

<Page>

                                       36

               (b) Subject to the "provided" clause in Section 3.09(a) above, in
the event the Consolidated Tangible Net Worth of the Company is less than
$85,000,000 at the end of any two consecutive fiscal quarters, within 30 days
after the end of such period, the Company (with notice to the Trustee) or the
Trustee at the Company's request (and at the expense of the Company) will send
or cause to be sent by first-class mail, postage pre-paid, to all Persons who
were Holders on the date of the end of the second such consecutive fiscal
quarter, at their respective addresses appearing in the Security Register, a
notice of such occurrence and of each Holder's rights arising as a result
thereof. Such notice will contain all instructions and materials necessary to
enable Holders to tender their Notes to the Company. Such notice, which will
govern the terms of the Net Worth Offer, will state:

               (i) that the Net Worth Offer is being made pursuant to Section
     3.09(a) hereof and the length of time such Net Worth Offer will remain
     open;

              (ii) that the Holder has the right to require the Company to
     repurchase such Holder's Notes at the Net Worth Offer Price;

             (iii) that any Note not tendered will continue to accrue interest;

              (iv) that any Note accepted for payment pursuant to the Net Worth
     Offer will cease to accrue interest on the Net Worth Offer Date;

               (v) that the Net Worth Offer Date will be no earlier than 45 days
     nor later than 60 days from the date such notice is mailed;

              (vi) that Holders electing to have a Note purchased pursuant to
     any Net Worth Offer will be required to surrender the Note, with the form
     entitled "Option of Holder to Elect Purchase" on the reverse of the Note
     completed, to the Company, a depositary, if appointed by the Company, or a
     Paying Agent at the address specified in the notice prior to termination of
     the Net Worth Offer;

             (vii) that Holders will be entitled to withdraw their election if
     the Company, depositary or Paying Agent, as the case may be, receives, not
     later than the expiration of the Net Worth Offer, or such longer period as
     may be required by law, a telegram, telex, facsimile transmission or letter
     setting forth the name of the Holder, the principal amount of the Note the
     Holder delivered for the purchase and a statement that such Holder is
     withdrawing its election to have the Note purchased;

            (viii) that Holders whose Notes are purchased only in part will be
     issued Notes equal in principal amount to the unpurchased portion of the
     Notes surrendered; and

<Page>

                                       37

              (ix) information concerning the period and details of the events
     requiring the Net Worth Offer and the business of the Company which the
     Company in good faith believes will enable such Holders to make an informed
     decision (which at a minimum will include (A) the most recently filed
     Annual Report on Form 10-K (including audited consolidated financial
     statements) of the Company, the most recent subsequently filed Quarterly
     Report on Form 10-Q and any Current Report on Form 8-K of the Company filed
     subsequent to such Quarterly Report, other than Current Reports describing
     Asset Sales otherwise described in the offering materials relating to the
     Net Worth Offer (or corresponding successor reports) (or in the event the
     Company is not required to prepare any of the foregoing Forms, the
     comparable information required pursuant to Section 3.11 hereof); PROVIDED
     that the Company may, at its option, incorporate by reference any such
     filed reports in the notice, (B) a description of material developments in
     the Company's business subsequent to the date of the latest of such
     reports, and (C) if material, appropriate pro forma financial information).

               (c) In the event that the aggregate principal amount of Notes
surrendered by Holders exceeds the Net Worth Amount, the Company will select the
Notes to be purchased on a PRO RATA basis from all Notes so surrendered, with
such adjustments as may be deemed appropriate by the Company so that only Notes
in denominations of $1,000, or integral multiples thereof, will be purchased. To
the extent that the Net Worth Amount remaining is less than $1,000, the Company
may use such Net Worth Amount for general corporate purposes. Holders whose
Notes are purchased only in part will be issued new Notes equal in principal
amount to the unpurchased portion of the Notes surrendered.

               (d) Not later than one Business Day after the Net Worth Offer
Date in connection with which the Net Worth Offer is being made, the Company
will (i) accept for payment Notes or portions thereof tendered pursuant to the
Net Worth offer (on a PRO RATA basis if required pursuant to Section 3.09(c)
above), (ii) deposit with the Paying Agent money sufficient, in immediately
available funds, to pay the purchase price of all Notes or portions thereof so
accepted and (iii) deliver to the Paying Agent an Officers' Certificate
identifying the Notes or portions thereof accepted for payment by the Company.
The Paying Agent will promptly mail or deliver to Holders of Notes so accepted
payment in an amount equal to the Net Worth Offer Price of the Notes purchased
from each such Holder, and the Company will execute and the Trustee will
promptly authenticate and mail or deliver to such Holder a new Note equal in
principal amount to any unpurchased portion of the Note surrendered. Any Notes
not so accepted will be promptly mailed or delivered by the Paying Agent at the
Company's expense to the Holder thereof. The Company will publicly announce the
results of the Net Worth Offer promptly after the Net Worth Offer Date.

               (e) Any Net Worth Offer will be conducted by the Company in
compliance with applicable law, including, without limitation, Section 14(e) of
the Exchange Act and Rule 14e-1 thereunder, if applicable.

<Page>

                                       38

Section 3.10.   LIMITATIONS ON MERGERS AND CONSOLIDATIONS.

                Section 5.01 of the Indenture is hereby replaced in its entirety
by the following:

               (a) Neither the Company nor any Subsidiary Guarantors shall
consolidate or merge with or into, or sell, lease, convey or otherwise dispose
of all or substantially all of its assets (including, without limitation, by way
of liquidation or dissolution), or assign any of its obligations under the Notes
or the Guarantees or hereunder (as an entirety or substantially in one
transaction or series of related transactions), to any Person or permit any of
its Restricted Subsidiaries to do any of the foregoing (in each case other than
with the Company or another Wholly Owned Restricted Subsidiary) unless:

               (i) the Person formed by or surviving such consolidation or
     merger (if other than the Company or such Subsidiary Guarantor, as the case
     may be), or to which such sale, lease, conveyance or other disposition or
     assignment shall be made (collectively, the "SUCCESSOR"), is a solvent
     corporation or other legal entity organized and existing under the laws of
     the United States or any state thereof or the District of Columbia, and the
     Successor assumes by supplemental indenture in a form reasonably
     satisfactory to the Trustee all of the obligations of the Company or such
     Subsidiary Guarantor, as the case may be, under the Notes or such
     Subsidiary Guarantor's Subsidiary Guarantee, as the case may be, and
     hereunder,

              (ii) immediately after giving effect to such transaction, no
     Default or Event of Default has occurred and is continuing,

             (iii) immediately after giving effect to such transaction and the
     use of any net proceeds therefrom, on a pro forma basis, the Consolidated
     Tangible Net Worth of the Company or the Successor (in the case of a
     transaction involving the Company), as the case may be, would be at least
     equal to the Consolidated Tangible Net Worth of the Company immediately
     prior to such transaction,

              (iv) immediately after giving effect to such transaction and the
     use of any net proceeds therefrom, on a pro forma basis, the Consolidated
     Fixed Charge Coverage Ratio of the Company or the Successor (in the case of
     a transaction involving the Company), as the case may be, would be such
     that the Company or the Successor (in the case of a transaction involving
     the Company), as the case may be, would be entitled to Incur at least $1.00
     of additional Indebtedness under such Consolidated Fixed Charge Coverage
     Ratio test set forth in Section 3.03 hereof, and

               (v) The Company or any Subsidiary Guarantor, as the case may be,
     will deliver to the Trustee prior to the consummation of the proposed
     transaction an Officers'

<Page>

                                       39

     Certificate to the foregoing effect and an opinion of counsel stating that
     the proposed transaction and such supplemental indenture comply with this
     Supplemental Indenture.

               (b) Upon any consolidation or merger, or any sale, lease,
conveyance or other disposition of all or substantially all of the assets of the
Company or any assignment of its obligations under this Supplemental Indenture
or the Notes in accordance with this Section 3.10, upon assumption by the
successor corporation, by supplemental indenture, executed and delivered to the
Trustee and satisfactory in form to the Trustee, of the due and punctual payment
of the principal of, premium, if any, and interest on all of the Notes and the
due and punctual performance and observance of all the covenants and conditions
of this Supplemental Indenture to be performed or observed by the Company, the
Successor formed by such consolidation or into or with which the Company is
merged or to which such sale, lease, conveyance or other disposition or
assignment is made will succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Supplemental Indenture with the
same effect as if such Successor has been named as the Company herein and such
Successor may cause to be signed and may issue in its own name or in the name of
the Company, any or all Notes issuable hereunder and the predecessor Company, in
the case of a sale, lease, conveyance or other disposition or assignment, will
be released from all obligations under this Supplemental Indenture and the
Notes.

               (c) The foregoing provisions shall not apply to a transaction
involving the consolidation or merger of a Subsidiary Guarantor with or into
another Person, or the sale, lease, conveyance or other disposition of all or
substantially all of the assets of such Subsidiary Guarantor, that results in
such Subsidiary Guarantor being released from its Subsidiary Guarantee as
provided under Section 4.04.

               (d) Any consolidation, merger, sale, lease or conveyance
permitted under subsection (a) above is also subject to the condition that the
Trustee receive an Officers' Certificate and an Opinion of Counsel to the effect
that any such consolidation, merger, sale, lease or conveyance, and the
assumption by any successor corporation, complies with the provisions of this
Section 3.10 and that all conditions precedent herein provided for relating to
such transaction have been complied with.

Section 3.11.   REPORTS.

               As long as any of the Notes are outstanding, the Company shall
deliver to the Trustee and mail to each Holder within 15 days after the filing
of the same with the Commission copies of the quarterly and annual reports and
of the information, documents and other reports with respect to the Company and
the Subsidiary Guarantors, if any, which the Company and the Subsidiary
Guarantors may be required to file with the Commission pursuant to Section 13 or
15(d) of the Exchange Act. Notwithstanding that neither the Company nor any of
the Subsidiary Guarantors may be required to remain subject to the reporting
requirements

<Page>

                                       40

of Section 13 or 15(d) of the Exchange Act, the Company shall continue to file
with the Commission and provide the Trustee and Holders with such annual and
quarterly reports and such information, documents and other reports with respect
to the Company and the Subsidiary Guarantors as are required under Sections 13
and 15(d) of the Exchange Act. If filing of documents by the Company with the
Commission as aforementioned in this paragraph is not permitted under the
Exchange Act, the Company shall promptly upon written notice supply copies of
such documents to any prospective holder. The Company and each Subsidiary
Guarantor shall also comply with the other provisions of Section 314(a) of the
Trust Indenture Act.

Section 3.12.   SUBSIDIARY GUARANTEES.

               After the date hereof, the Company will cause each of its
Subsidiaries that is or becomes a Restricted Subsidiary (other than, in the
Company's discretion, any Restricted Subsidiary the assets of which have a book
value of not more than $5,000,000) to be a Subsidiary Guarantor hereunder in
accordance with the provisions of Section 4.03 hereof. The Company may, in its
discretion, cause any Unrestricted Subsidiary to become a Subsidiary Guarantor
hereunder in the same manner.

                                  ARTICLE FOUR

                              SUBSIDIARY GUARANTEES

Section 4.01.   SUBSIDIARY GUARANTEES OF NOTES.

               Subject to the provisions of this Article Four, each Subsidiary
Guarantor hereby jointly and severally unconditionally guarantees to each Holder
of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this
Supplemental Indenture, the Notes or the obligations of the Company or any other
Subsidiary Guarantor to the Holders or the Trustee hereunder or thereunder,
that: (a) the principal of, premium, if any, and interest on the Notes will be
duly and punctually paid in full when due, whether at maturity, by acceleration
or otherwise, and interest on the overdue principal and (to the extent permitted
by law) interest, if any, on the Notes and all other obligations of the Company
or the Subsidiary Guarantors to the Holders or the Trustee hereunder or
thereunder (including fees, expenses or other) and all other obligations with
respect to the Notes, this Supplemental Indenture and the Indenture will be
promptly paid in full or performed, all in accordance with the terms hereof and
thereof; and (b) in case of any extension of time of payment or renewal of any
Notes, the same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at maturity, by
acceleration or otherwise. Failing payment when due of any amount so guaranteed,
or failing performance of any other obligation of the Company to the Holders,
for whatever reason, each Subsidiary Guarantor will be obligated to pay, or to
per-

<Page>

                                       41

form or cause the performance of, the same immediately. An Event of Default
under the Indenture, this Supplemental Indenture or the Notes shall constitute
an event of default under this Subsidiary Guarantee, and shall entitle the
Holders of Notes to accelerate the obligations of the Subsidiary Guarantors
hereunder in the same manner and to the same extent as the obligations of the
Company and the Subsidiary Guarantors.

               Each of the Subsidiary Guarantors hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture or this Supplemental
Indenture, the absence of any action to enforce the same, any waiver or consent
by any holder of the Notes with respect to any provisions hereof or thereof, any
release of any other Subsidiary Guarantor, the recovery of any judgment against
the Company, any action to enforce the same, whether or not a Subsidiary
Guarantee is affixed to any particular Note, or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of a
Subsidiary Guarantor. Each of the Subsidiary Guarantors hereby waives the
benefit of diligence, presentment, demand of payment, filing of claims with a
court in the event of insolvency or bankruptcy of the Company, any right to
require a proceeding first against the Company, protest, notice and all demands
whatsoever and covenants that its Subsidiary Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes, this
Supplemental Indenture and this Subsidiary Guarantee. If any Holder or the
Trustee is required by any court or otherwise to return to the Company or to any
Subsidiary Guarantor, or any custodian, trustee, liquidator or other similar
official acting in relation to the Company or such Subsidiary Guarantor, any
amount paid by the Company or such Subsidiary Guarantor to the Trustee or such
Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect. Each Subsidiary Guarantor further agrees
that, as between it, on the one hand, and the Holders of Notes and the Trustee,
on the other hand, (a) subject to this Article Four, the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Five
hereof or Article Five of the Indenture for the purposes of this Subsidiary
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (b) in
the event of any acceleration of such obligations as provided in Article Five
hereof or Article Five of the Indenture, such obligations (whether or not due
and payable) shall forthwith become due and payable by the Subsidiary Guarantors
for the purpose of this Subsidiary Guarantee.

               This Subsidiary Guarantee shall remain in full force and effect
and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent
or make an assignment for the benefit of creditors or should a receiver or
trustee be appointed for all or any significant part of the Company's assets,
and shall, to the fullest extent permitted by law, continue to be effective or
be reinstated, as the case may be, if at any time payment and performance of the
Notes are, pursuant to applicable law, rescinded or reduced in amount, or must
otherwise be restored or returned by any obligee on the Notes, whether as a
"voidable preference," "fraudulent trans-

<Page>

                                       42

fer" or otherwise, all as though such payment or performance had not been made.
In the event that any payment, or any part thereof, is rescinded, reduced,
restored or returned, the Subsidiary Guarantees shall, to the fullest extent
permitted by law, be reinstated and deemed reduced only by such amount paid and
not so rescinded, reduced, restored or returned.

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

               The Subsidiary Guarantors shall have the right to seek
contribution from any non-paying Subsidiary Guarantor so long as the exercise of
such right does not impair the rights of the Holders under this Subsidiary
Guarantee.

               Each Subsidiary Guarantor, and by its acceptance hereof each
Holder, hereby confirms that it is the intention of all such parties that the
guarantee by each Subsidiary Guarantor pursuant to its Subsidiary Guarantee not
constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy
Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act
or any similar Federal or state law. To effectuate the foregoing intention, the
Holders and each Subsidiary Guarantor hereby irrevocably agree that the
obligations of each Subsidiary Guarantor under the Subsidiary Guarantees shall
be limited to the maximum amount as will, after giving effect to all other
contingent and fixed liabilities of each Subsidiary Guarantor, result in the
obligations of each Subsidiary Guarantor under the Subsidiary Guarantees not
constituting such fraudulent transfer or conveyance.

Section 4.02.   EXECUTION AND DELIVERY OF SUBSIDIARY GUARANTEE.

               To further evidence the Subsidiary Guarantee set forth in Section
4.01, each Subsidiary Guarantors hereby agrees that a notation of such
Subsidiary Guarantee, substantially in the form included in Exhibit C hereto,
shall be endorsed on each Note authenticated and delivered by the Trustee after
such Subsidiary Guarantee is executed and executed by either manual or facsimile
signature of an Officer of each Subsidiary Guarantor. The validity and
enforceability of any Subsidiary Guarantee shall not be affected by the fact
that it is not affixed to any particular Note.

               Each of the Subsidiary Guarantors hereby agrees that its
Subsidiary Guarantee set forth in Section 4.01 shall remain in full force and
effect notwithstanding any failure to endorse on each Note a notation of such
Subsidiary Guarantee.

               If an Officer of a Subsidiary Guarantor whose signature is on
this Supplemental Indenture or a Note no longer holds that office at the time
the Trustee authenticates such Note or at any time thereafter, such Subsidiary
Guarantor's Subsidiary Guarantee of such Note shall be valid nevertheless.

<Page>

                                       43

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

Section 4.03.   ADDITIONAL SUBSIDIARY GUARANTORS.

               Any Person may become a Subsidiary Guarantor by executing and
delivering to the Trustee (a) a supplemental indenture in form and substance
satisfactory to the Trustee which subjects such Person to the provisions of this
Supplemental Indenture as a Subsidiary Guarantor, and (b) an opinion of Counsel
to the effect that such supplemental indenture has been duly authorized and
executed by such Person and constitutes the legal, valid, binding and
enforceable obligation of such Person (subject to such customary exceptions
concerning fraudulent conveyance laws, creditors' rights and equitable
principles as may be acceptable to the Trustee in its discretion).

Section 4.04.   RELEASE OF A SUBSIDIARY GUARANTOR.

               (a) Except in the case where the prohibition on transfer in
Section 3.10 is applicable, if all or substantially all of the assets of any
Subsidiary Guarantor or all of the capital stock of any Subsidiary Guarantor is
sold (including by issuance or otherwise) by the Company or any of its
Subsidiaries in a transaction constituting an Asset Sale, and if the Net
Proceeds from such Asset Sale are used in accordance with Section 3.01, then
such Subsidiary Guarantor (in the event of a sale or other disposition of all of
the capital stock of such Subsidiary Guarantor) or the corporation acquiring
such assets (in the event of a sale or other disposition of all or substantially
all of the assets of such Subsidiary Guarantor) shall be deemed automatically
and unconditionally released and discharged from all obligations under this
Article Four without any further action required on the part of the Trustee or
any Holder, PROVIDED that each such Subsidiary Guarantor (or its assets) is sold
or disposed of in accordance with Section 3.01.

               (b) The Trustee shall deliver an appropriate instrument
evidencing the release of a Subsidiary Guarantor upon receipt of a request of
the Company accompanied by an Officers' Certificate certifying as to the
compliance with this Section 4.04. Any Subsidiary Guarantor not so released or
the entity surviving such Subsidiary Guarantor, as applicable, will remain or be
liable under its Subsidiary Guarantee as provided in this Article Four.

               The Trustee shall execute any documents reasonably requested by
the Company or a Subsidiary Guarantor in order to evidence the release of such
Subsidiary Guarantor from its obligations under its Subsidiary Guarantee
endorsed on the Notes and under this Article Four.

               Except as set forth in Article Three hereof and this Section
4.04, nothing contained in this Supplemental Indenture or in any of the Notes
shall prevent any consolidation or

<Page>

                                       44

merger of a Subsidiary Guarantor with or into the Company or another Subsidiary
Guarantor or shall prevent any sale or conveyance of the property of a
Subsidiary Guarantor as an entirety or substantially as an entirety to the
Company or another Subsidiary Guarantor.

Section 4.05.   WAIVER OF SUBROGATION.

               Each Subsidiary Guarantor hereby irrevocably waives any claim or
other rights which it may now or hereafter acquire against the Company or any of
its Subsidiaries that arise from the existence, payment, performance or
enforcement of such Subsidiary Guarantor's obligations under this Subsidiary
Guarantee and this Supplemental Indenture, including, without limitation, any
right of subrogation, reimbursement, exoneration, indemnification, and any right
to participate in any claim or remedy of any Holder of Notes against the Company
or any of its Subsidiaries, whether or not such claim, remedy or right arises in
equity, or under contract, statute or common law, including, without limitation,
the right to take or receive from the Company or any of its Subsidiaries,
directly or indirectly, in cash or other property or by set-off or in any other
manner, payment or security on account of such claim or other rights. If any
amount shall be paid to any Subsidiary Guarantor in violation of the preceding
sentence and the Notes shall not have been paid in full, such amount shall have
been deemed to have been paid to such Subsidiary Guarantor for the benefit of,
and held in trust for the benefit of, the Holders of the Notes, and shall
forthwith be paid to the Trustee for the benefit of such Holders to be credited
and applied upon the Notes, whether matured or unmatured, in accordance with the
terms of this Supplemental Indenture. Each Subsidiary Guarantor acknowledges
that it will receive direct and indirect benefits from the financing
arrangements contemplated by this Supplemental Indenture and that the waiver set
forth in this Section 4.05 is knowingly made in contemplation of such benefits.

                                  ARTICLE FIVE

                                  MISCELLANEOUS

Section 5.01.   EVENTS OF DEFAULT.

               Sections 6.01 and 6.02 of the Indenture are hereby replaced in
their entirety by the following:

               (a) "Event of Default," wherever used herein, means any of the
following events (whatever the reason for such Event of Default and whether it
will be voluntary or involuntary or be effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation
of any administrative or governmental body):

               (i) the failure by the Company to pay interest on any Note when
     the same becomes due and payable and the continuance of any such failure
     for a period of 30 days;

<Page>

                                       45

              (ii) the failure by the Company to pay the principal or premium of
     any Note when the same becomes due and payable at maturity, upon
     acceleration or otherwise (including the failure to make payment pursuant
     to a Change of Control Offer, a Net Worth Offer or an Excess Proceeds
     Offer);

             (iii) the failure by the Company or any of its Subsidiaries to
     comply with any of its agreements or covenants in, or provisions of, the
     Notes, the Subsidiary Guarantees or this Supplemental Indenture and such
     failure continues for the period and after the notice specified below;

              (iv) the acceleration of any Indebtedness (other than Non-Recourse
     Indebtedness) of the Company or any of its Subsidiaries that has an
     outstanding principal amount of $10 million or more in the aggregate;

               (v) the failure by the Company or any of its Subsidiaries to make
     any principal or interest payment in respect of Indebtedness (other than
     Non-Recourse Indebtedness) of the Company or any of its Subsidiaries with
     an outstanding aggregate amount of $10 million or more within five days of
     such principal or interest payment becoming due and payable (after giving
     effect to any applicable grace period set forth in the documents governing
     such Indebtedness); PROVIDED that if such failure to pay shall be remedied,
     waived or extended, then the Event of Default hereunder shall be deemed
     likewise to be remedied, waived or extended without further action by the
     Company;

              (vi) a final judgment or judgments that exceed $10 million or more
     in the aggregate, for the payment of money, having been entered by a court
     or courts of competent jurisdiction against the Company or any of its
     Subsidiaries and such judgment or judgments is not satisfied, stayed,
     annulled or rescinded within 60 days of being entered;

             (vii) the Company or any Material Subsidiary pursuant to or within
     the meaning of any Bankruptcy Law:

                  (A)   commences a voluntary case,

                  (B)   consents to the entry of an order for relief against it
                  in an involuntary case,

                  (C)   consents to the appointment of a Custodian of it or for
                  all or substantially all of its property, or

                  (D)   makes a general assignment for the benefit of its
                  creditors;

<Page>

                                       46

            (viii) a court of competent jurisdiction enters an order or decree
     under any Bankruptcy Law that:

                  (A)   is for relief against the Company or any Material
                  Subsidiary as debtor in an involuntary case,

                  (B)   appoints a Custodian of the Company or any Material
                  Subsidiary or a Custodian for all or substantially all of the
                  property of the Company or any Material Subsidiary, or

                  (C)   orders the liquidation of the Company or any Material
                  Subsidiary and the order or decree remains unstayed and in
                  effect for 60 days; or

              (ix) any Subsidiary Guarantee ceases to be in full force and
     effect (other than in accordance with the terms of such Subsidiary
     Guarantee and this Supplemental Indenture) or is declared null and void and
     unenforceable or found to be invalid or any Subsidiary Guarantor denies its
     liability under its Subsidiary Guarantee (other than by reason of release
     of a Subsidiary Guarantor from its Subsidiary Guarantee in accordance with
     the terms of this Supplemental Indenture and the Subsidiary Guarantee).

               (b) The Trustee will not be deemed to know of a Default unless a
Trust Officer has actual knowledge of such Default or receives written notice of
such Default with specific reference to such Default.

               (c) A Default under Section 5.01(a)(iii) hereof will not be
deemed an Event of Default until the Trustee notifies the Company, or the
Holders of at least 25 percent in principal amount of the then outstanding Notes
notify the Company and the Trustee, of the Default and the Company does not cure
the Default within 60 days after receipt of the notice. The notice must specify
the Default, demand that it be remedied and state that the notice is a "Notice
of Default." If such a Default is cured within such time period, it ceases.

               (d) If an Event of Default (other than an Event of Default with
respect to the Company specified in clause (vii) or (viii) of Section 5.01(a)
hereof) shall have occurred and be continuing under this Supplemental Indenture,
the Trustee by notice to the Company, or the Holders of at least 25 percent in
principal amount of the Notes then outstanding by notice to the Company and the
Trustee, may declare all Notes to be due and payable immediately. Upon such
declaration of acceleration, the amounts due and payable on the Notes, as
determined in Section 5.01(e) hereof, will be due and payable immediately. If an
Event of Default with respect to the Company specified in clause (vii) or (viii)
of Section 5.01(a) hereof occurs, such an amount will IPSO FACTO become and be
immediately due and payable without any declaration, notice or other act on the
part of the Trustee and the Company or any Holder. The Holders of a majority in
principal amount of the Notes then outstanding by written notice to the Trustee
and the Company may waive such Default or Event of Default (other than any De-

<Page>

                                       47

fault or Event of Default in payment of principal or interest) on the Notes
under this Supplemental Indenture. Holders of a majority in principal amount of
the then outstanding Notes may rescind an acceleration and its consequences
(except an acceleration due to nonpayment of principal or interest on the Notes)
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default have been cured or waived.

               (e) In the event that the maturity of the Notes is accelerated
pursuant to Section 5.01(d) hereof, 100 percent of the principal amount of the
Notes (or, in the case of a default under Section 5.01(b)(ii) or (iii) hereof
resulting from a breach of the covenant set forth in Section 3.05 hereof, 101
percent of the principal amount of the Notes) will become due and payable plus
accrued interest, if any, to the date of payment.

               (f) The Company shall deliver to the Trustee a quarterly
statement regarding compliance with the provisions under this Supplemental
Indenture, and include in such statement, if any Officer of the Company is aware
of any Default or Event of Default, a statement specifying such Default or Event
of Default and what action the Company is taking or proposes to take with
respect thereto. In addition, the Company shall deliver to the Trustee prompt
written notice of the occurrence of any Default or Event of Default and any
other development, financial or otherwise, which might materially affect its
business, properties or affairs or the ability of the Company to perform its
obligations under this Supplemental Indenture.

Section 5.02.   AMENDMENT, SUPPLEMENT AND WAIVER.

               Subject to certain exceptions, this Supplemental Indenture or the
Notes may be amended or supplemented with the consent (which may include
consents obtained in connection with a tender offer or exchange offer for Notes)
of the Holders of at least a majority in principal amount of the Notes then
outstanding, and any existing Default or Event of Default (other than any
continuing Default or Event of Default in the payment of interest on or the
principal of the Notes) under, or compliance with any provision of, the
Indenture or this Supplemental Indenture may be waived with the consent (which
may include consents obtained in connection with a tender offer or exchange
offer for Notes) of the Holders of a majority in principal amount of the Notes
then outstanding. Without the consent of any Holder, the Company, the Subsidiary
Guarantors and the Trustee may amend this Supplemental Indenture or the Notes or
waive any provision of the Indenture or this Supplemental Indenture to cure any
ambiguity, defect or inconsistency, to comply with Section 3.10; to provide for
uncertificated Notes in addition to certificated Notes; to make any change that
does not adversely affect the legal rights under this Supplemental Indenture of
any Holder; to comply with or qualify the Indenture under the Trust Indenture
Act; or to reflect a Subsidiary Guarantor ceasing to be liable on the Subsidiary
Guarantees because it is no longer a Subsidiary of the Company.

<Page>

                                       48

               Without the consent of each Holder affected, the Company may not

               (i) reduce the amount of Notes whose Holders must consent to an
     amendment, supplement or waiver,

              (ii) reduce the rate of or change the time for payment of
     interest, including default interest, on any Note,

             (iii) reduce the principal of or change the fixed maturity of any
     Note or alter the provisions with respect to redemption under the "Optional
     Redemption" section set forth in the Notes or with respect to mandatory
     offers to repurchase Notes pursuant to Sections 3.01, 3.05 and 3.09 of this
     Supplemental Indenture,

              (iv) make any Note payable in money other than that stated in the
     Note,

               (v) make any change in the "Waiver of Past Defaults" or "Right of
     Holders to Receive Payment" sections set forth in the Indenture,

              (vi) modify the ranking or priority of the Notes or any Subsidiary
     Guarantee,

             (vii) release any Subsidiary Guarantor from any of its obligations
     under its Subsidiary Guarantee or the Indenture otherwise than in
     accordance with the terms of the Indenture, or

            (viii) waive a continuing Default or Event of Default in the payment
     of principal of or interest on the Notes.

               The right of any Holder to participate in any consent required or
sought pursuant to any provision of the Indenture (and the obligation of the
Company to obtain any such consent otherwise required from such Holder) may be
subject to the requirement that such Holder shall have been the Holder of record
of any Notes with respect to which such consent is required or sought as of a
date identified by the Trustee in a notice furnished to Holders in accordance
with the terms of the Indenture.

Section 5.03.   INDENTURE.

               In the event of any conflict between this Supplemental Indenture
and the Indenture, the provisions of this Supplemental Indenture shall prevail.

Section 5.04.   GOVERNING LAW.

               The laws of the State of New York shall govern this Supplemental
Indenture, the Securities of the Series created hereby and the Subsidiary
Guarantees thereof.

<Page>

                                       49

Section 5.05.   NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

               This Supplemental Indenture may not be used to interpret another
indenture, loan or debt agreement of the Company or a Subsidiary. Any such
indenture, loan or debt agreement may not be used to interpret this Supplemental
Indenture.

Section 5.06.   SUCCESSORS AND ASSIGNS.

               All covenants and agreements of the Company and the Subsidiary
Guarantors in this Supplemental Indenture and the Notes shall bind its
successors and assigns. All agreements of the Trustee in this Supplemental
Indenture shall bind its successors and assigns.

Section 5.07.   DUPLICATE ORIGINALS.

               The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

Section 5.08.   SEVERABILITY.

               In case any one or more of the provisions contained in this
Supplemental Indenture or in the Notes shall for any reason be held to be
invalid, illegal or unenforceable in any respect, such invalidity, illegality or
unenforceability shall not affect any other provisions of this Supplemental
Indenture or of the Notes.

                            [Signature Pages Follow]

<Page>

                                       S-1

                                   SIGNATURES

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

                                    BEAZER HOMES USA, INC.

                                    By: /s/ Ian J. Mccarthy
                                        ----------------------------------------
                                        Name:  Ian J. McCarthy
                                        Title: President and Director

                                    BEAZER MORTGAGE CORPORATION
                                    BEAZER HOMES CORP.
                                    BEAZER HOMES SALES ARIZONA, INC.
                                    BEAZER REALTY CORP.
                                    BEAZER/SQUIRES REALTY, INC.
                                    BEAZER HOMES HOLDINGS CORP.
                                    BEAZER HOMES TEXAS HOLDINGS, INC.
                                    APRIL CORPORATION
                                    BEAZER HOMES INVESTMENT CORP.
                                    BEAZER REALTY, INC.
                                    HOMEBUILDERS TITLE SERVICES OF VIRGINIA,
                                         INC.
                                    HOMEBUILDERS TITLE SERVICES, INC.
                                    UNIVERSAL SOLUTIONS INSURANCE AGENCY, INC.

                                    By: /s/ David S. Weiss
                                        ----------------------------------------
                                        Name:  David S. Weiss
                                        Title: Executive Vice President

                                    BEAZER HOMES TEXAS, LP

                                    By: /s/ Ian J. Mccarthy
                                        ----------------------------------------
                                        Name:  Ian J. McCarthy
                                        Title: President and Director of the
                                               General Partner, Beazer Homes
                                               Texas Holdings, Inc.

<Page>

                                       S-2

                                    BEAZER SPE, LLC

                                    By: /s/ Ian J. Mccarthy
                                        ----------------------------------------
                                        Name:  Ian J. McCarthy
                                        Title: President and Director of Beazer
                                               Homes Holdings Corp, Sole Member

                                    BEAZER CLARKSBURG, LLC

                                    By: /s/ Ian J. Mccarthy
                                        ----------------------------------------
                                        Name:  Ian J. McCarthy
                                        Title: President and Director of Beazer
                                               Homes Corp., Sole Member

                                    TEXAS LONE STAR TITLE, LP

                                    By: Beazer Homes Texas Holdings, Inc.,
                                        Its General Partner

                                    By: /s/ Ian J. Mccarthy
                                        ----------------------------------------
                                        Name:  Ian J. McCarthy
                                        Title: President and Director

<Page>

                                       S-3

                                    BUILDER'S LINK, INC.
                                    CROSSMANN COMMUNITIES OF NORTH CAROLINA,
                                         INC.
                                    CROSSMANN COMMUNITIES OF OHIO, INC.
                                    CROSSMANN COMMUNITIES OF TENNESSEE, LLC
                                    CROSSMANN INVESTMENTS, INC.
                                    CROSSMANN MANAGEMENT, INC.
                                    CROSSMANN MORTGAGE CORP.
                                    CROSSMANN REALTY, CO.
                                    CUTTER HOMES LTD
                                    DELUXE AVIATION, INC.
                                    DELUXE HOMES OF LAFAYETTE, INC.
                                    DELUXE HOMES OF OHIO, INC.
                                    MERIT REALTY, INC.
                                    TRINITY HOMES LLC

                                    By: /s/ Jennifer Holihen
                                        ----------------------------------------
                                        Name:  Jennifer Holihen
                                        Title: Secretary

                                    CROSSMANN COMMUNITIES PARTNERSHIP

                                    By: Crossmann Communities, Inc., Partner

                                    By: /s/ Jennifer Holihen
                                        ----------------------------------------
                                        Name:  Jennifer Holihen
                                        Title: Secretary

<Page>

                                       S-4

                                    PARAGON TITLE, LLC

                                    By: /s/ Jennifer Holihen
                                        ----------------------------------------
                                        Name:  Jennifer Holihen
                                        Title: Manager

                                    PINEHURST BUILDERS, LLC

                                    By: Crossmann Communities of North
                                        Carolina, Inc., sole member

                                    By: /s/ Jennifer Holihen
                                        ----------------------------------------
                                        Name:  Jennifer Holihen
                                        Title: Secretary

<Page>

                                       S-5

U.S. BANK NATIONAL ASSOCIATION, as Trustee

By: /s/ Richard S. Prokosch
    --------------------------------------
    Name:  Richard S. Prokosch
    Title: Vice President

<Page>

                                                                       EXHIBIT A

               UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN
DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY SUCH NOMINEE OF THE
DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY
SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO AN ISSUER OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER
HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

               TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR'S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN
SECTION 2.17 OF THE INDENTURE REFERRED TO HEREIN.a

               THE NOTE (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS
     ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER
     SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AND THE NOTE
     EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN
     THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM.
     EACH PURCHASER OF THE NOTE EVIDENCED HEREBY IS HEREBY NOTIFIED THAT
     THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF
     SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE

----------
a    This paragraph should be included if the Note is issued in global form.

                                       A-1
<Page>

     144A THEREUNDER OR ANOTHER EXEMPTION UNDER THE SECURITIES ACT. THE
     HOLDER OF THE NOTE EVIDENCED HEREBY AGREES FOR THE BENEFIT OF BEAZER
     HOMES USA, INC. THAT (A) SUCH NOTE MAY BE RESOLD, PLEDGED OR OTHERWISE
     TRANSFERRED ONLY (1)(A) TO A PERSON WHO THE SELLER REASONABLY BELIEVES
     IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
     SECURITIES ACT), PURCHASING FOR ITS OWN ACCOUNT IN A TRANSACTION
     MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (B) IN
     A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 OF THE SECURITIES
     ACT, (C) OUTSIDE THE UNITED STATES TO A FOREIGN PERSON IN A
     TRANSACTION MEETING THE REQUIREMENTS OF RULE 904 OF REGULATION S UNDER
     THE SECURITIES ACT, (D) TO AN "ACCREDITED INVESTOR" WITHIN THE MEANING
     OF RULE 501(A)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT (AN
     "INSTITUTIONAL ACCREDITED INVESTOR") THAT IS PURCHASING AT LEAST
     $100,000 OF NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF AN
     INSTITUTIONAL ACCREDITED INVESTOR (AND BASED UPON AN OPINION OF
     COUNSEL IF BEAZER HOMES USA, INC. SO REQUESTS) OR (E) IN ACCORDANCE
     WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
     SECURITIES ACT PROVIDED THAT IN THE CASE OF A TRANSFER UNDER CLAUSE
     (E) SUCH TRANSFER IS SUBJECT TO THE RECEIPT BY THE TRUSTEE (AND BEAZER
     HOMES USA, INC., IF IT SO REQUESTS) OF A CERTIFICATION OF THE
     TRANSFEROR AND AN OPINION OF COUNSEL TO THE EFFECT THAT SUCH TRANSFER
     IS IN COMPLIANCE WITH THE SECURITIES ACT, (2) TO BEAZER HOMES USA,
     INC. OR ANY OF ITS SUBSIDIARIES OR (3) UNDER AN EFFECTIVE REGISTRATION
     STATEMENT UNDER THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE
     WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES
     OR ANY OTHER APPLICABLE JURISDICTION AND THE INDENTURE GOVERNING THE
     NOTES AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
     TO, NOTIFY ANY PURCHASER FROM IT OF THE NOTE EVIDENCED HEREBY OF THE
     RESALE RESTRICTIONS SET FORTH IN (A) ABOVE. IF ANY RESALE OR OTHER
     TRANSFER OF ANY NOTE IS PROPOSED TO BE MADE UNDER CLAUSE (A)(1)(D)
     ABOVE WHILE THESE TRANSFER RESTRICTIONS ARE IN FORCE THEN THE
     TRANSFEROR SHALL DELIVER A LETTER FROM THE TRANSFEREE TO BEAZER AND
     THE TRUSTEE WHICH SHALL PROVIDE, AMONG OTHER THINGS,

                                       A-2
<Page>

     THAT THE TRANSFEREE IS AN INSTITUTIONAL ACCREDITED INVESTOR AND THAT
     IT IS ACQUIRING THE NOTES FOR INVESTMENT PURPOSES AND NOT FOR
     DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT.

                                       A-3
<Page>

NO.                                                            CUSIP NO.:_______

                     8 3/8% SENIOR NOTES DUE 2012, SERIES A

                             BEAZER HOMES USA, INC.
                             A DELAWARE CORPORATION

promises to pay to

or registered assigns
the principal sum of                                 [Dollars] on April 15, 2012

8 3/8% Senior Notes due 2012
Interest Payment Dates: April 15 and October 15, commencing on October 15, 2002
Record Dates: April 1 and October 1

Authenticated:                      Dated:

                                    BEAZER HOMES USA, INC.

                                    [Seal]

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

U.S. BANK NATIONAL ASSOCIATION, as
Trustee, certifies that this is one of the Notes
referred to in the within mentioned Indenture.

By:
    ----------------------------------------
             Authorized Signatory

                                       A-4
<Page>

                             BEAZER HOMES USA, INC.

                     8 3/8% SENIOR NOTES DUE 2012, SERIES A

1.   INTEREST.

               BEAZER HOMES USA, INC. (the "COMPANY"), a Delaware corporation,
promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Company will pay interest semiannually on April 15 and
October 15 of each year, commencing October 15, 2002, until the principal is
paid or made available for payment. Interest on the Notes will accrue from the
most recent date to which interest has been paid or duly provided for or, if no
interest has been paid, from April 17, 2002. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

2.   METHOD OF PAYMENT.

               The Company will pay interest on the Notes (except defaulted
interest, if any, which will be paid on such special payment date to Holders of
record on such special record date as may be fixed by the Company) to the
persons who are registered Holders of Notes at the close of business on April 1
and October 1. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.

3.   PAYING AGENT AND REGISTRAR.

               Initially, U.S. Bank National Association (the "TRUSTEE") will
act as Paying Agent and Registrar. The Company may change or appoint any Paying
Agent, Registrar or co-Registrar without notice. The Company or any of its
Subsidiaries may act as Paying Agent, Registrar or co-Registrar.

4.   INDENTURE.

               The Company issued the Notes under an Indenture dated as of April
17, 2002 ("INDENTURE") among the Company, the Subsidiary Guarantors and the
Trustee. The terms of the Notes and the Subsidiary Guarantees include those
stated in the Indenture (including those terms set forth in the Authorizing
Resolution or supplemental indenture pertaining to the Notes of the Series of
which this Note is a part) and those made part of the Indenture by reference to
the Trust Indenture Act of 1939 ("TIA") as in effect on the date of the
Indenture. The Notes and the Subsidiary Guarantees are subject to all such
terms, and Securityholders are referred to the Indenture and the Act for a
statement of them. The Notes include the Initial Notes and the Exchange Notes
(each as defined in the Indenture) issued in exchange for the Initial Notes
pursuant to the Registration Rights Agreement (as hereinafter defined).

                                       A-5
<Page>

               The Company will furnish to any Securityholder upon written
request and without charge a copy of the Indenture and the applicable
Authorizing Resolution or supplemental indenture. Requests may be made to:
Beazer Homes USA, Inc., 5775 Peachtree Dunwoody Road, Suite B-200, Atlanta,
Georgia 30342, Attention: President.

5.   OPTIONAL REDEMPTION.

               The Company may redeem all or any portion of the Notes at any
time and from time to time on or after April 15, 2007, and prior to maturity at
the following redemption prices (expressed as percentages of the principal
amount thereof) together, in each case, with accrued and unpaid interest to the
date fixed for redemption if redeemed during the 12-month period beginning on
April 15 of each year indicated below:

<Table>
<Caption>
               Year                                    Percentage
               ----                                    ----------
               <S>                                        <C>
               2007..............................         104.188%
               2008..............................         102.791%
               2009..............................         101.396%
               2010 and thereafter...............         100.000%
</Table>

               In addition, on or prior to April 15, 2005, the Company may, at
its option redeem up to 35% of the outstanding Notes with the net proceeds of an
Equity Offering at 108.375% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the date fixed for redemption; PROVIDED, that at
least $227.5 million principal amount of the Notes remain outstanding after such
redemption. Notice of any such redemption must be given within 60 days after the
date of the closing of the relevant Public Equity Offering.

               The Indenture requires the Company

               (i) to offer to purchase all of the outstanding Notes upon a
     Change of Control of the Company,

              (ii) to offer to purchase a portion of the outstanding Notes using
     Net Proceeds neither used to repay certain Indebtedness nor used or
     invested as provided in the Supplemental Indenture or

             (iii) to offer to purchase 10% of the original outstanding
     principal amount of the Notes in the event that, at the end of any two
     consecutive fiscal quarters, the Company's Consolidated Tangible Net Worth
     is less than $85 million; PROVIDED that no such offer shall be required if,
     following such two fiscal quarters but prior to the date the Company is
     required to make such offer, capital in cash or cash equivalents is
     contributed to the Company in an Equity Offering sufficient to increase the
     Company's Consolidated Tangible Net Worth after giving effect to such
     contribution to an amount equal to or greater than $85 million.

                                       A-6
<Page>

               In the event less than all of the Notes are to be redeemed at any
time, selection of the Notes to be redeemed will be made by the Trustee from
among the outstanding Notes on a PRO RATA basis, by lot or by any other method
permitted by the Indenture. Notice of redemption will be mailed at least 15 days
but not more than 60 days before the redemption date to each Holder of Notes to
be redeemed at his or her registered address. On and after the redemption date,
interest will cease to accrue on Notes or portions thereof called for
redemption.

6.   REGISTRATION RIGHTS AGREEMENT.

               The Holder of this Note is entitled to the benefits of a
Registration Rights Agreement, dated as of April 17, 2002, among the Company,
the Subsidiary Guarantors and the Initial Purchasers named therein (as such may
be amended from time to time, the "REGISTRATION RIGHTS AGREEMENT"). Capitalized
terms used in this subsection but not defined herein have the meanings assigned
to them in the Registration Rights Agreement.

               If (i) the Exchange Offer Registration Statement is not filed
with the Commission on or before the 90th calendar day following the Issue Date
or, if that day is not a Business Day, then the next day that is a Business Day;
(ii) the Exchange Offer Registration Statement is not declared effective on or
before the 150th calendar day following the Issue Date or, if that day is not a
Business Day, then the next day that is a Business Day; (iii) the Exchange Offer
is not completed on or before the 180th calendar day following the Issue Date
or, if that day is not a Business Day, then the next day that is a Business Day;
or (iv) the Shelf Registration Statement is required to be filed but is not
filed or declared effective within the time periods required by the Registration
Rights Agreement or is declared effective but thereafter ceases to be effective
or usable (subject to certain exceptions) (each such event referred to in
clauses (i) through (iv), a "REGISTRATION DEFAULT"), the interest rate borne by
the Notes will be increased by 0.25% per annum upon the occurrence of a
Registration Default. This rate will continue to increase by 0.25% each 90 day
period that the Liquidated Damages (as defined below) continue to accrue under
any such circumstance. However, the maximum total increase in the interest rate
will in no event exceed one percent (1.0%) per year. The increase in the
interest rate on the Notes is referred to as "LIQUIDATED DAMAGES." Such interest
is payable in addition to any other interest payable from time to time with
respect to the Initial Notes and the Exchange Notes in cash on each interest
payment date to the Holders of record for such interest payment date.

7.   DENOMINATIONS, TRANSFER, EXCHANGE.

               The Notes are in registered form without coupons in denominations
of $1,000 and integral multiples of $1,000. A Holder may transfer or exchange
Notes by presentation of such Notes to the Registrar or a co-Registrar with a
request to register the transfer or to exchange them for an equal principal
amount of Notes of other denominations. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture. The

                                       A-7
<Page>

Registrar need not transfer or exchange any Note selected for redemption, except
the unredeemed part thereof if the Note is redeemed in part, or transfer or
exchange any Notes for a period of 15 days before a selection of Notes to be
redeemed.

8.   PERSONS DEEMED OWNERS.

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

9.   UNCLAIMED MONEY.

               If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent will pay the money back to
the Company at its request. After that, Holders entitled to the money must look
to the Company for payment unless an abandoned property law designates another
person.

10.  AMENDMENT, SUPPLEMENT, WAIVER.

               Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the consent (which may include consents obtained in
connection with a tender offer or exchange offer for Notes) of the Holders of at
least a majority in principal amount of the Notes then outstanding, and any
existing Default or Event of Default (other than any continuing Default or Event
of Default in the payment of interest on or the principal of the Notes) under,
or compliance with any provision of, the Indenture may be waived with the
consent (which may include consents obtained in connection with a tender offer
or exchange offer for Notes) of the Holders of a majority in principal amount of
the Notes then outstanding. Without the consent of any Holder, the Company, the
Subsidiary Guarantors and the Trustee may amend the Indenture or the Notes or
waive any provision of the Indenture to cure any ambiguity, defect or
inconsistency, to comply with Section 3.10 of the Supplemental Indenture; to
provide for uncertificated Notes in addition to certificated Notes; to make any
change that does not adversely affect the legal rights under the Indenture of
any Holder; to comply with or qualify the Indenture under the Trust Indenture
Act; or to reflect a Subsidiary Guarantor ceasing to be liable on the Subsidiary
Guarantees because it is no longer a Subsidiary of the Company.

11.  SUCCESSOR CORPORATION.

               When a successor corporation assumes all the obligations of its
predecessor under the Notes and the Indenture, the predecessor corporation will
be released from those obligations.

12.  TRUSTEE DEALINGS WITH COMPANY.

               U.S. Bank National Association, the Trustee under the Indenture,
in its individual or any other capacity, may make loans to, accept deposits
from, and perform services

                                       A-8
<Page>

for the Company or its affiliates, and may otherwise deal with the Company or
its affiliates, as if it were not Trustee.

13.  NO RECOURSE AGAINST OTHERS.

               A director, officer, employee or stockholder, as such, of the
Company shall not have any liability for any obligations of the Company under
the Notes or the Indenture or for any claim based on, in respect of or by reason
of, such obligations or their creation. Each Securityholder by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.

14.  DISCHARGE OF INDENTURE.

               The Indenture contains certain provisions pertaining to
defeasance, which provisions shall for all purposes have the same effect as if
set forth herein.

15.  AUTHENTICATION.

               This Note shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Note.

16.  ABBREVIATIONS.

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

                                       A-9
<Page>

                                 ASSIGNMENT FORM

               If you the Holder want to assign this Note, fill in the form
below:

               I or we assign and transfer this Note to

________________________________________________________________________________

________________________________________________________________________________
              (Insert assignee's social security or tax ID number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address, and zip code)

and irrevocably appoint

________________________________________________________________________________
agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

________________________________________________________________________________

Date:                               Your signature:
     ----------------                              -----------------------------
                                    (Sign exactly as your name appears on the
                                    other side of this Note)

                               SIGNATURE GUARANTEE

               Signatures must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

               In connection with any transfer of this Note occurring prior to
the date which is the earlier of (i) the date of the declaration by the
Commission of the effectiveness of a regis-

<Page>

tration statement under the Securities Act of 1933, as amended (the "SECURITIES
ACT") covering resales of this Note (which effectiveness shall not have been
suspended or terminated at the date of the transfer) and (ii) two years from the
Issue Date, the undersigned confirms that it has not utilized any general
solicitation or general advertising in connection with the transfer:

                                   [CHECK ONE]

(1) __         to the Company or a subsidiary thereof; or

(2) __         pursuant to and in compliance with Rule 144A under the Securities
               Act of 1933, as amended; or

(3) __         to an institutional "accredited investor" (as defined in Rule
               501(a)(1), (2), (3) or (7) under the Securities Act of 1933, as
               amended) that has furnished to the Trustee a signed letter
               containing certain representations and agreements (the form of
               which letter can be obtained from the Trustee); or

(4) __         outside the United States to a "foreign person" in compliance
               with Rule 904 of Regulation S under the Securities Act of 1933,
               as amended; or

(5) __         pursuant to the exemption from registration provided by Rule 144
               under the Securities Act of 1933, as amended; or

(6) __         pursuant to an effective registration statement under the
               Securities Act of 1933, as amended; or

(7) __         pursuant to another available exemption from the registration
               requirements of the Securities Act of 1933, as amended;

and unless the box below is checked, the undersigned confirms that such Note is
not being transferred to an "affiliate" of the Company as defined in Rule 144
under the Securities Act of 1933, as amended (an "AFFILIATE"):

<Page>

               / /    The transferee is an Affiliate of the Company.

               Unless one of the items is checked, the Trustee will refuse to
register any of the Notes evidenced by this certificate in the name of any
person other than the registered Holder thereof; PROVIDED, HOWEVER, that if item
(3), (4), (5) or (7) is checked, the Company or the Trustee may require, prior
to registering any such transfer of the Notes, in their sole discretion, such
written legal opinions, certifications (including an investment letter in the
case of box (3) or (4)) and other information as the Trustee or the Company has
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended.

               If none of the foregoing items are checked, the Trustee or
Registrar shall not be obligated to register this Note in the name of any person
other than the Holder hereof unless and until the conditions to any such
transfer of registration set forth herein and in Section 2.14 of the Indenture
shall have been satisfied.

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

Signature Subsidiary Guarantee:
                               ---------------------------------
                         (Signature must be guaranteed)

                               SIGNATURE GUARANTEE

               Signatures must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

<Page>

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

               The undersigned represents and warrants that it is purchasing
this Note for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a "qualified
institutional buyer" within the meaning of Rule 144A under the Securities Act of
1933, as amended and is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that it has received such information regarding the
Company as the undersigned has requested pursuant to Rule 144A or has determined
not to request such information and that it is aware that the transferor is
relying upon the undersigned's foregoing representations in order to claim the
exemption from registration provided by Rule 144A.

Dated:
      ------------------         -----------------------------------------------
                                 NOTICE: To be executed by an executive officer

<Page>

                [FORM OF NOTATION ON NOTE RELATING TO GUARANTEE]

                                    GUARANTEE

               Beazer Homes Corp., Beazer/Squires Realty, Inc., Beazer Homes
Sales Arizona Inc., Beazer Realty Corp., Beazer Mortgage Corporation, Beazer
Homes Holdings Corp., Beazer Homes Texas Holdings, Inc., Beazer Homes Texas,
L.P., April Corporation, Beazer SPE, LLC, Beazer Homes Investment Corp., Beazer
Realty, Inc., Beazer Clarksburg, LLC, Homebuilders Title Services of Virginia,
Inc., Homebuilders Title Services, Inc., Texas Lone Star Title, L.P., Universal
Solutions Insurance Agency, Inc., Builder's Link, Inc., Crossmann Communities of
North Carolina, Inc., Crossmann Communities of Ohio, Inc., Crossmann Communities
of Tennessee, LLC, Crossmann Communities Partnership, Crossmann Investments,
Inc., Crossmann Management Inc., Crossmann Mortgage Corp., Crossmann Realty,
Co., Cutter Homes Ltd., Deluxe Aviation, Inc., Deluxe Homes of Lafayette, Inc.,
Deluxe Homes of Ohio, Inc., Merit Realty, Inc., Paragon Title, LLC, Pinehurst
Builders LLC and Trinity Homes LLC (the "SUBSIDIARY GUARANTORS") have
unconditionally guaranteed, jointly and severally (such guarantee by each
Subsidiary Guarantor being referred to herein as the "SUBSIDIARY GUARANTEE") (i)
the due and punctual payment of the principal of and interest on the Notes,
whether at maturity, by acceleration or otherwise, the due and punctual payment
of interest on the overdue principal and interest, if any, on the Notes, to the
extent lawful, and the due and punctual performance of all other obligations of
the Company to the Holders or the Trustee all in accordance with the terms set
forth in Article Nine of the Indenture and (ii) in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, that the
same will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

               No past, present or future stockholder, officer, director,
employee or incorporator, as such, of any of the Subsidiary Guarantors shall
have any liability under the Subsidiary Guarantee by reason of such person's
status as stockholder, officer, director, employee or incorporator. Each holder
of a Note by accepting a Note waives and releases all such liability. This
waiver and release are part of the consideration for the issuance of the
Subsidiary Guarantees.

               Each holder of a Note by accepting a Note agrees that any
Subsidiary Guarantor named below shall have no further liability with respect to
its Subsidiary Guarantee if such Subsidiary Guarantor otherwise ceases to be
liable in respect of its Subsidiary Guarantee in accordance with the terms of
the Indenture.

<Page>

               The Subsidiary Guarantee shall not be valid or obligatory for any
purpose until the certificate of authentication on the Notes upon which the
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

<Page>

                                 SUBSIDIARY GUARANTORS:

                                   Beazer Homes Corp.
                                   Beazer/Squires Realty, Inc.
                                   Beazer Homes Sales Arizona Inc.
                                   Beazer Realty Corp.
                                   Beazer Mortgage Corporation
                                   Beazer Homes Holdings Corp.
                                   Beazer Homes Texas Holdings, Inc.
                                   Beazer Homes Texas, L.P.
                                   April Corporation
                                   Beazer SPE, LLC
                                   Beazer Homes Investment Corp.
                                   Beazer Realty, Inc.
                                   Beazer Clarksburg, LLC
                                   Homebuilders Title Services of Virginia, Inc.
                                   Homebuilders Title Services, Inc.
                                   Texas Lone Star Title, L.P.
                                   Universal Solutions Insurance Agency, Inc.

                                   By:
                                       -----------------------------------------
                                       Name:
                                       Title:

<Page>

                                 CROSSMAN SUBSIDIARY GUARANTORS:

                                   Builder's Link, Inc.
                                   Crossmann Communities of North Carolina, Inc.
                                   Crossmann Communities of Ohio, Inc.
                                   Crossmann Communities of Tennessee, LLC
                                   Crossmann Communities Partnership
                                   Crossmann Investments, Inc.
                                   Crossmann Management Inc.
                                   Crossmann Mortgage Corp.
                                   Crossmann Realty, Co.
                                   Cutter Homes Ltd.
                                   Deluxe Aviation, Inc.
                                   Deluxe Homes of Lafayette, Inc.
                                   Deluxe Homes of Ohio, Inc.
                                   Merit Realty, Inc.
                                   Paragon Title, LLC
                                   Pinehurst Builders LLC
                                   Trinity Homes LLC

                                   By:
                                       -----------------------------------------
                                       Name:
                                       Title:

<Page>

                                                                       EXHIBIT B

NO.                                                            CUSIP NO.:_______

                     8 3/8% SENIOR NOTES DUE 2012, SERIES B

                             BEAZER HOMES USA, INC.
                             A DELAWARE CORPORATION

promises to pay to

or registered assigns
the principal sum of                                 [Dollars] on April 15, 2012

8 3/8% Senior Notes due 2012
Interest Payment Dates: April 15 and October 15, commencing on October 15, 2002
Record Dates: April 1 and October 15

Authenticated:                      Dated:

                                    BEAZER HOMES USA, INC.

                                    [Seal]

                                    By
                                        ----------------------------------------
                                        Name:
                                        Title:

U.S. BANK NATIONAL ASSOCIATION, as
Trustee, certifies that this is one
of the Notes referred to in the within
mentioned Indenture.

By:
    ----------------------------------
          Authorized Signatory

                                       B-1
<Page>

                             BEAZER HOMES USA, INC.

                            [TITLE OF NOTE], SERIES B

1.   INTEREST.

               BEAZER HOMES USA, INC. (the "COMPANY"), a Delaware corporation,
promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Company will pay interest semiannually on April 15 and
October 15 of each year, commencing October 15, 2002, until the principal is
paid or made available for payment. Interest on the Notes will accrue from the
most recent date to which interest has been paid or duly provided for or, if no
interest has been paid, from April 17, 2002. Interest will be computed on the
basis of a 360-day year of twelve 30-day months.

2.   METHOD OF PAYMENT.

               The Company will pay interest on the Notes (except defaulted
interest, if any, which will be paid on such special payment date to Holders of
record on such special record date as may be fixed by the Company) to the
persons who are registered Holders of Notes at the close of business on April 1
and October 1. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the
United States that at the time of payment is legal tender for payment of public
and private debts.

3.   PAYING AGENT AND REGISTRAR.

               Initially, U.S. Bank National Association (the "TRUSTEE") will
act as Paying Agent and Registrar. The Company may change or appoint any Paying
Agent, Registrar or co-Registrar without notice. The Company or any of its
Subsidiaries may act as Paying Agent, Registrar or co-Registrar.

4.   INDENTURE.

               The Company issued the Notes under an Indenture dated as of April
17, 2002 ("INDENTURE") among the Company, the Subsidiary Guarantors and the
Trustee. This Note is one of the duly authorized Exchange Notes of the Company
designated as its 8 3/8% Senior Notes due 2012 (the "EXCHANGE NOTES"). The terms
of the Notes and the Subsidiary Guarantees include those stated in the Indenture
(including those terms set forth in the Authorizing Resolution or supplemental
indenture pertaining to the Notes of the Series of which this Note is a part)
and those made part of the Indenture by reference to the Trust Indenture Act of
1939 ("TIA") as in effect on the date of the Indenture. The Notes and the
Subsidiary Guarantees are subject to all such terms, and Securityholders are
referred to the Indenture and the Act for a statement of them. The Notes include
the Initial Notes and the Exchange Notes (each as de-

                                       B-2
<Page>

fined in the Indenture) issued in exchange for the Initial Notes pursuant to the
Registration Rights Agreement.

               The Company will furnish to any Securityholder upon written
request and without charge a copy of the Indenture and the applicable
Authorizing Resolution or supplemental indenture. Requests may be made to:
Beazer Homes USA, Inc., 5775 Peachtree Dunwoody Road, Suite B-200, Atlanta,
Georgia 30342, Attention: President.

5.   OPTIONAL REDEMPTION.

               The Company may redeem all or any portion of the Notes at any
time and from time to time on or after April 15, 2007, and prior to maturity at
the following redemption prices (expressed as percentages of the principal
amount thereof) together, in each case, with accrued and unpaid interest to the
date fixed for redemption if redeemed during the 12-month period beginning on
April 15 of each year indicated below:

<Table>
<Caption>
               Year                                      Percentage
               ----                                      ----------
               <S>                                          <C>
               2007..................................       104.188%
               2008..................................       102.791%
               2009..................................       101.396%
               2010 and thereafter...................       100.000%
</Table>

               In addition, on or prior to April 15, 2005, the Company may, at
its option redeem up to 35% of the outstanding Notes with the net proceeds of an
Equity Offering at 108.375% of the principal amount thereof, plus accrued and
unpaid interest, if any, to the date fixed for redemption; PROVIDED, that at
least $227.5 million principal amount of the Notes remain outstanding after such
redemption. Notice of any such redemption must be given within 60 days after the
date of the closing of the relevant Public Equity Offering.

               The Indenture requires the Company

               (i) to offer to purchase all of the outstanding Notes upon a
     Change of Control of the Company,

              (ii) to offer to purchase a portion of the outstanding Notes using
     Net Proceeds neither used to repay certain Indebtedness nor used or
     invested as provided in the Supplemental Indenture or

             (iii) to offer to purchase 10% of the original outstanding
     principal amount of the Notes in the event that, at the end of any two
     consecutive fiscal quarters, the Company's Consolidated Tangible Net Worth
     is less than $85 million; PROVIDED that no such offer shall be required if,
     following such two fiscal quarters but prior to the date the Company is
     required to make such offer, capital in cash or cash equivalents is
     contributed to the Company in an Equity Offering sufficient to increase the
     Company's

                                       B-3
<Page>

     Consolidated Tangible Net Worth after giving effect to such contribution to
     an amount equal to or greater than $85 million.

               In the event less than all of the Notes are to be redeemed at any
time, selection of the Notes to be redeemed will be made by the Trustee from
among the outstanding Notes on a PRO RATA basis, by lot or by any other method
permitted by the Indenture. Notice of redemption will be mailed at least 15 days
but not more than 60 days before the redemption date to each Holder of Notes to
be redeemed at his or her registered address. On and after the redemption date,
interest will cease to accrue on Notes or portions thereof called for
redemption.

6.   DENOMINATIONS, TRANSFER, EXCHANGE.

               The Notes are in registered form without coupons in denominations
of $1,000 and integral multiples of $1,000. A Holder may transfer or exchange
Notes by presentation of such Notes to the Registrar or a co-Registrar with a
request to register the transfer or to exchange them for an equal principal
amount of Notes of other denominations. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents
and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar need not transfer or exchange any Note selected for redemption, except
the unredeemed part thereof if the Note is redeemed in part, or transfer or
exchange any Notes for a period of 15 days before a selection of Notes to be
redeemed.

7.   PERSONS DEEMED OWNERS.

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

8.   UNCLAIMED MONEY.

               If money for the payment of principal or interest remains
unclaimed for two years, the Trustee or Paying Agent will pay the money back to
the Company at its request. After that, Holders entitled to the money must look
to the Company for payment unless an abandoned property law designates another
person.

9.   AMENDMENT, SUPPLEMENT, WAIVER.

               Subject to certain exceptions, the Indenture or the Notes may be
amended or supplemented with the consent (which may include consents obtained in
connection with a tender offer or exchange offer for Notes) of the Holders of at
least a majority in principal amount of the Notes then outstanding, and any
existing Default or Event of Default (other than any continuing Default or Event
of Default in the payment of interest on or the principal of the Notes) under,
or compliance with any provision of, the Indenture may be waived with the
consent (which may include consents obtained in connection with a tender offer
or exchange offer for Notes) of the Holders of a majority in principal amount of
the Notes then out-

                                       B-4
<Page>

standing. Without the consent of any Holder, the Company, the Subsidiary
Guarantors and the Trustee may amend the Indenture or the Notes or waive any
provision of the Indenture to cure any ambiguity, defect or inconsistency, to
comply with Section 3.10 of the Supplemental Indenture; to provide for
uncertificated Notes in addition to certificated Notes; to make any change that
does not adversely affect the legal rights under the Indenture of any Holder; to
comply with or qualify the Indenture under the Trust Indenture Act; or to
reflect a Subsidiary Guarantor ceasing to be liable on the Subsidiary Guarantees
because it is no longer a Subsidiary of the Company.

10.  SUCCESSOR CORPORATION.

               When a successor corporation assumes all the obligations of its
predecessor under the Notes and the Indenture, the predecessor corporation will
be released from those obligations.

11.  TRUSTEE DEALINGS WITH COMPANY.

               U.S. Bank National Association, the Trustee under the Indenture,
in its individual or any other capacity, may make loans to, accept deposits
from, and perform services for the Company or its affiliates, and may otherwise
deal with the Company or its affiliates, as if it were not Trustee.

12.  NO RECOURSE AGAINST OTHERS.

               A director, officer, employee or stockholder, as such, of the
Company shall not have any liability for any obligations of the Company under
the Notes or the Indenture or for any claim based on, in respect of or by reason
of, such obligations or their creation. Each Securityholder by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes.

13.  DISCHARGE OF INDENTURE.

               The Indenture contains certain provisions pertaining to
defeasance, which provisions shall for all purposes have the same effect as if
set forth herein.

14.  AUTHENTICATION.

               This Note shall not be valid until the Trustee signs the
certificate of authentication on the other side of this Note.

15.  ABBREVIATIONS.

               Customary abbreviations may be used in the name of a
Securityholder or an assignee, such as: TEN COM (= tenants in common), TEN ENT
(= tenants by the entireties),

                                       B-5
<Page>

JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

                                       B-6
<Page>

                                 ASSIGNMENT FORM

               If you the Holder want to assign this Note, fill in the form
below:

               I or we assign and transfer this Note to

________________________________________________________________________________

________________________________________________________________________________
              (Insert assignee's social security or tax ID number)

________________________________________________________________________________

________________________________________________________________________________

________________________________________________________________________________
             (Print or type assignee's name, address, and zip code)

and irrevocably appoint

________________________________________________________________________________
agent to transfer this Note on the books of the Company. The agent may
substitute another to act for him.

________________________________________________________________________________

Date:                               Your signature:
     -----------------                             -----------------------------
                                    (Sign exactly as your name appears on the
                                    other side of this Note)

                               SIGNATURE GUARANTEE

               Signatures must be guaranteed by an "eligible guarantor
institution" meeting the requirements of the Registrar, which requirements
include membership or participation in the Security Transfer Agent Medallion
Program ("STAMP") or such other "signature guarantee program" as may be
determined by the Registrar in addition to, or in substitution for, STAMP, all
in accordance with the Securities Exchange Act of 1934, as amended.

                                       B-7
<Page>

                [FORM OF NOTATION ON NOTE RELATING TO GUARANTEE]

                                    GUARANTEE

               Beazer Homes Corp., Beazer/Squires Realty, Inc., Beazer Homes
Sales Arizona Inc., Beazer Realty Corp., Beazer Mortgage Corporation, Beazer
Homes Holdings Corp., Beazer Homes Texas Holdings, Inc., Beazer Homes Texas,
L.P., April Corporation, Beazer SPE, LLC, Beazer Homes Investment Corp., Beazer
Realty, Inc., Beazer Clarksburg, LLC, Homebuilders Title Services of Virginia,
Inc., Homebuilders Title Services, Inc., Texas Lone Star Title, L.P., Universal
Solutions Insurance Agency, Inc., Builder's Link, Inc., Crossmann Communities of
North Carolina, Inc., Crossmann Communities of Ohio, Inc., Crossmann Communities
of Tennessee, LLC, Crossmann Communities Partnership, Crossmann Investments,
Inc., Crossmann Management Inc., Crossmann Mortgage Corp., Crossmann Realty,
Co., Cutter Homes Ltd., Deluxe Aviation, Inc., Deluxe Homes of Lafayette, Inc.,
Deluxe Homes of Ohio, Inc., Merit Realty, Inc., Paragon Title, LLC, Pinehurst
Builders LLC and Trinity Homes LLC (the "SUBSIDIARY GUARANTORS") have
unconditionally guaranteed, jointly and severally (such guarantee by each
Subsidiary Guarantor being referred to herein as the "SUBSIDIARY GUARANTEE") (i)
the due and punctual payment of the principal of and interest on the Notes,
whether at maturity, by acceleration or otherwise, the due and punctual payment
of interest on the overdue principal and interest, if any, on the Notes, to the
extent lawful, and the due and punctual performance of all other obligations of
the Company to the Holders or the Trustee all in accordance with the terms set
forth in Article Nine of the Indenture and (ii) in case of any extension of time
of payment or renewal of any Notes or any of such other obligations, that the
same will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration
or otherwise.

               No past, present or future stockholder, officer, director,
employee or incorporator, as such, of any of the Subsidiary Guarantors shall
have any liability under the Subsidiary Guarantee by reason of such person's
status as stockholder, officer, director, employee or incorporator. Each holder
of a Note by accepting a Note waives and releases all such liability. This
waiver and release are part of the consideration for the issuance of the
Subsidiary Guarantees.

               Each holder of a Note by accepting a Note agrees that any
Subsidiary Guarantor named below shall have no further liability with respect to
its Subsidiary Guarantee if such Subsidiary Guarantor otherwise ceases to be
liable in respect of its Subsidiary Guarantee in accordance with the terms of
the Indenture.

                                       B-8
<Page>

               The Subsidiary Guarantee shall not be valid or obligatory for any
purpose until the certificate of authentication on the Notes upon which the
Subsidiary Guarantee is noted shall have been executed by the Trustee under the
Indenture by the manual signature of one of its authorized officers.

                                       B-9
<Page>

                                 SUBSIDIARY GUARANTORS:

                                   Beazer Homes Corp.
                                   Beazer/Squires Realty, Inc.
                                   Beazer Homes Sales Arizona Inc.
                                   Beazer Realty Corp.
                                   Beazer Mortgage Corporation
                                   Beazer Homes Holdings Corp.
                                   Beazer Homes Texas Holdings, Inc.
                                   Beazer Homes Texas, L.P.
                                   April Corporation
                                   Beazer SPE, LLC
                                   Beazer Homes Investment Corp.
                                   Beazer Realty, Inc.
                                   Beazer Clarksburg, LLC
                                   Homebuilders Title Services of Virginia, Inc.
                                   Homebuilders Title Services, Inc.
                                   Texas Lone Star Title, L.P.
                                   Universal Solutions Insurance Agency, Inc.

                                   By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                      B-10
<Page>

                                 CROSSMAN SUBSIDIARY GUARANTORS:

                                   Builder's Link, Inc.
                                   Crossmann Communities of North Carolina, Inc.
                                   Crossmann Communities of Ohio, Inc.
                                   Crossmann Communities of Tennessee, LLC
                                   Crossmann Communities Partnership
                                   Crossmann Investments, Inc.
                                   Crossmann Management Inc.
                                   Crossmann Mortgage Corp.
                                   Crossmann Realty, Co.
                                   Cutter Homes Ltd.
                                   Deluxe Aviation, Inc.
                                   Deluxe Homes of Lafayette, Inc.
                                   Deluxe Homes of Ohio, Inc.
                                   Merit Realty, Inc.
                                   Paragon Title, LLC
                                   Pinehurst Builders LLC
                                   Trinity Homes LLC

                                   By:
                                       -----------------------------------------
                                       Name:
                                       Title:

                                      B-11
<Page>

                                                                       EXHIBIT C

                            FORM OF CERTIFICATE TO BE
                          DELIVERED IN CONNECTION WITH
                    TRANSFERS TO NON-QIB ACCREDITED INVESTORS

                                                                          [Date]

U.S. Bank National Association
U.S. Bank Corporate Trust Center
180 East 5th Street
Suite 200
St. Paul, MN 55101

Ladies and Gentlemen:

               In connection with our proposed purchase of [Name of Note] (the
"NOTES") of Beazer Homes USA, Inc., a Delaware corporation (the "COMPANY"), we
confirm that:

               1.     We have received a copy of the Offering Memorandum (the
     "OFFERING MEMORANDUM"), dated [   ], relating to the Notes and such other
     information as we deem necessary in order to make our investment decision.
     We acknowledge that we have read and agreed to the matters stated in the
     section entitled "Notice to Investors" of such Offering Memorandum.

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

               3.     We understand that the offer and sale of the Notes have
     not been registered under the Securities Act, and that the Notes may not be
     offered or sold within the United States or to, or for the account or
     benefit of, U.S. persons except as permitted in the following sentence. We
     agree, on our own behalf and on behalf of any accounts for which we are
     acting as hereinafter stated, that if we should sell any Notes, we will do
     so only (i) to the Company or any subsidiary thereof, (ii) inside the
     United States in accordance with Rule 144A under the Securities Act to a
     "qualified institutional buyer" (as defined in Rule 144A promulgated under
     the Securities Act), (iii) inside the United States to an institutional
     "accredited investor" (as defined below) that, prior to such transfer,
     furnishes (or has furnished on its behalf by a U.S. broker-dealer) to the
     Trustee (as defined in the Indenture) a signed letter containing certain
     representations and agreements relating to the restrictions on transfer of
     the Notes (the form of which

                                       C-1
<Page>

     letter can be obtained from the Trustee), (iv) outside the United States in
     accordance with Rule 904 of Regulation S promulgated under the Securities
     Act to non-U.S. persons, (v) pursuant to the exemption from registration
     provided by Rule 144 under the Securities Act (if available), or (vi)
     pursuant to an effective registration statement under the Securities Act,
     and we further agree to provide to any person purchasing any of the Notes
     from us a notice advising such purchaser that resales of the Notes are
     restricted as stated herein.

               4.     We understand that, on any proposed resale of any Notes,
     we will be required to furnish to the Trustee and the Company such
     certification, legal opinions and other information as the Trustee and the
     Company may reasonably require to confirm that the proposed sale complies
     with the foregoing restrictions. We further understand that the Notes
     purchased by us will bear a legend to the foregoing effect.

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

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

               You, the Company, the Trustee and others are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested party in any administrative or legal proceeding or
official inquiry with respect to the matters covered hereby.

                                    Very truly yours,

                                    [Name of Transferee]

                                    By:
                                        ----------------------------------------
                                        Name:
                                        Title:

                                       C-2
<Page>

                                                                       EXHIBIT D

                       FORM OF CERTIFICATE TO BE DELIVERED
                          IN CONNECTION WITH TRANSFERS
                            PURSUANT TO REGULATION S

                                                                          [Date]

U.S. Bank National Association
U.S. Bank Corporate Trust Center
180 East 5th Street
Suite 200
St. Paul, MN 55101

               Re:      BEAZER HOMES USA, INC. (THE "COMPANY")
                        [NAME OF NOTE] (THE "NOTES")

Ladies and Gentlemen:

               In connection with our proposed sale of $[      ] aggregate
principal amount of the Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the U.S. Securities Act of
1933, as amended (the "SECURITIES ACT"), and, accordingly, we represent that:

               (1)    the offer of the Notes was not made to a person in the
     United States;

               (2)    either (a) at the time the buy offer was originated, the
     transferee was outside the United States or we and any person acting on our
     behalf reasonably believed that the transferee was outside the United
     States, or (b) the transaction was executed in, on or through the
     facilities of a designated off-shore securities market and neither we nor
     any person acting on our behalf knows that the transaction has been
     pre-arranged with a buyer in the United States;

               (3)    no directed selling efforts have been made in the United
     States in contravention of the requirements of Rule 903(b) or Rule 904(b)
     of Regulation S, as applicable;

               (4)    the transaction is not part of a plan or scheme to evade
     the registration requirements of the Securities Act; and

               (5)    we have advised the transferee of the transfer
     restrictions applicable to the Notes.

               You, the Company and counsel for the Company are entitled to rely
upon this letter and are irrevocably authorized to produce this letter or a copy
hereof to any interested

                                       D-1
<Page>

party in any administrative or legal proceedings or official inquiry with
respect to the matters covered hereby. Terms used in this certificate have the
meanings set forth in Regulation S.

                                    Very truly yours,

                                    [Name of Transferor]

                                    By:
                                        ----------------------------------------
                                        Authorized Signature

                                       D-2

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