Document:

Exhibit 4.4

 

	
         

        Barclays
        Dryrock Issuance Trust

        as Issuer

        and

        U.S. BANK NATIONAL ASSOCIATION

        as Indenture Trustee

        SERIES [•]
        INDENTURE SUPPLEMENT

        dated as of [Month] [Day], 20[·]

        to

        INDENTURE

         

 

    	 

    	 

    

Table
of Contents

 

Page

ARTICLE I

DEFINITIONS
AND OTHER PROVISIONS OF GENERAL APPLICATION

	Section 1.01.	Definitions	1
	Section 1.02.	Governing Law; Consent to Jurisdiction; Waiver of Jury Trial	14
	Section 1.03.	Counterparts	15
	Section 1.04.	Ratification of Indenture	15

 

ARTICLE II

THE
NOTES

	Section 2.01.	Designation	16
	Section 2.02.	Issuance of Series [•] Notes	16
	Section 2.03.	Documentation	17

 

ARTICLE III

SERVICING
COMPENSATION

	Section 3.01.	Servicing Compensation	18

 

ARTICLE IV

RIGHTS
OF SERIES [•] NOTEHOLDERS AND ALLOCATION AND APPLICATION OF COLLECTIONS

	Section 4.01.	Collections and Allocations	19
	Section 4.02.	Determination of Series [•] Monthly Interest	20
	Section 4.03.	Determination of Series [•] Monthly Principal	21
	Section 4.04.	Application of Series [•] Available Finance Charge Collections on Deposit in the Collection Account	21
	Section 4.05.	Application of Series [•] Available Principal Collections	22
	Section 4.06.	Principal Funding Account; Controlled Accumulation Period	24
	Section 4.07.	Investor Charge-Offs	25
	Section 4.08.	Reallocated Principal Collections	25
	Section 4.09.	Shared Excess Available Finance Charge Collections	26
	Section 4.10.	Shared Excess Available Principal Collections	26
	Section 4.11.	Accumulation Reserve Account	27
	Section 4.12.	Investment Instructions	29
	Section 4.13.	[Determination of LIBOR.]	29

 

    	 	-i	 

     

    

Table
of Contents

(continued)

Page

	Section 4.14.	Sale of Collateral for Series [•] Notes That are Accelerated or Reach Legal Maturity	30
	Section 4.15.	Distribution Account	31
	Section 4.16.	Delinquency Trigger Percentage	32
	Section 4.17.	Asset Review	32

 

ARTICLE V

EARLY
AMORTIZATION OF NOTES

	Section 5.01.	Early Amortization Events	35
	Section 5.02.	Early Redemption Event	36

 

ARTICLE VI

LEGAL
MATURITY; FINAL PAYMENTS

	Section 6.01.	Legal Maturity	37

 

ARTICLE VII

DELIVERY
OF SERIES [•] NOTES; DISTRIBUTIONS AND REPORTS TO SERIES [•] NOTEHOLDERS

	Section 7.01.	Form of Delivery for the Series [•] Notes; Depository; Denominations	38
	Section 7.02.	Delivery and Payment for the Series [•] Notes	38
	Section 7.03.	Distributions	38
	Section 7.04.	Reports and Statements to Series [•] Noteholders	39
	Section 7.05.	Restrictions on Transfer of the Class B Notes	40

 

ARTICLE VIII

MISCELLANEOUS
PROVISIONS

	Section 8.01.	Non-petition Covenant	42
	Section 8.02.	Actions by the Issuer	42
	Section 8.03.	Limitations on Liability	42
	Section 8.04.	FATCA Matters	42
	Section 8.05.	[RESERVED]	43
	Section 8.06.	Amendments	43
	Section 8.07.	Class B Notes	43
	Section 8.08.	Appointment of Asset Representations Reviewer	44
	Section 8.09.	Dispute Resolution	44

    	 	-ii-	 

     

    

Table
of Contents

(continued)

Page

	Section 8.10.	Investor Communication	45
	Section 8.11.	Regulation RR	45

 

ARTICLE IX

INSOLVENCY
PROCEEDING WITH RESPECT TO BBD

	Section 9.01.	Actions Upon Repudiation	47
	Section 9.02.	Notice	48
	Section 9.03.	Reservation of Rights	48

 

 

 

EXHIBITS

 

	
        EXHIBIT A-1

         
	[FORM OF] CLASS A NOTE
	
        EXHIBIT A-2

         
	[FORM OF] CLASS B NOTE
	
        EXHIBIT B-1

         
	
        [FORM OF] MONTHLY NOTEHOLDERS’ STATEMENT

         

	
        EXHIBIT B-2

         
	[FORM OF] ANNUAL PAYMENT INFORMATION
	
        EXHIBIT B-3

         
	[FORM OF] DAILY SERVICER’S STATEMENT
	EXHIBIT C

                                                                                 
	[FORM OF] MONTHLY SERVICER’S CERTIFICATE

 

 

 

    	 	-iii-	 

     

    

SERIES [•]
INDENTURE SUPPLEMENT, dated as of [Month] [Day], 20[·] (this “Indenture
Supplement”), by and between Barclays Dryrock Issuance Trust, a statutory
trust organized under the laws of the State of Delaware (the “Issuer”), having its principal office at Rodney
Square North, 1100 North Market St., Wilmington, DE 19890, and U.S. BANK NATIONAL ASSOCIATION, a national banking association,
in its capacity as Indenture Trustee (the “Indenture Trustee”).

Pursuant to this
Indenture Supplement, the Issuer shall create a new Series of Notes and shall specify the principal terms thereof. The Issuer has
tendered the notice of issuance required by Section 4.10(a)(i) of the Indenture and this Indenture Supplement is being entered
into by and between the Issuer and the Indenture Trustee as required by Section 4.10(a)(viii) of the Indenture to provide
for the issuance, authentication and delivery of each of the Class A Notes, Series [•] and the Class B Notes,
Series [•].

The transactions
set forth in this Indenture Supplement, together with the Transaction Documents, shall be an arm’s length, bona fide securitization
transaction.

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.01.       
Definitions. For all purposes of this Indenture Supplement, except as otherwise expressly provided or unless the
context otherwise requires:

		(1)	the terms defined in this Article have the meanings assigned to them in this Article, and, along
with any other term defined in any Section of this Indenture Supplement, apply to the singular as well as the plural forms of such
terms and to the masculine as well as to the feminine and neuter gender of such terms;

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

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

		(4)	all references in this Indenture Supplement to designated “Articles,” “Sections”
and other subdivisions are to the designated Articles, Sections and other subdivisions of this Indenture Supplement. The words
“herein,” “hereof” and “hereunder” and other words of similar import refer to this

    	 	1	 

     

    

Indenture Supplement as a whole
and not to any particular Article, Section or other subdivision;

		(5)	in the event that any term or provision contained herein shall conflict with or be inconsistent
with any term or provision contained in the Indenture, the Transfer Agreement or the Servicing Agreement, the terms and provisions
of this Indenture Supplement shall be controlling;

		(6)	each capitalized term defined herein shall relate only to the Series [•] Notes and no
other Series of Notes issued by the Issuer; and

		(7)	“including” and words of similar import shall be deemed to be followed by “without
limitation.”

“Accumulation
Reserve Account” has the meaning specified in Section 4.11(a).

“Accumulation
Reserve Account Funding Period” means a period commencing on the first Payment Date on which a condition in the right
column of the following table was in effect on the immediately preceding Payment Date, if the Payment Date is a Payment Date described
in the corresponding left column of the following table, and ending on the earliest to occur of: (i) the day on which the Allocation
Amount is reduced to zero, (ii) the first Payment Date with respect to the Early Amortization Period, (iii) the Expected Final
Payment Date and (iv) the termination of the Trust pursuant to the Trust Agreement; provided, that if the Controlled
Accumulation Period Length is determined to be one (1) month, there shall be no Accumulation Reserve Account Funding Period.

	Payment Date:	Condition:
	(a)  The Payment Date occurring three (3) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is greater than or equal to 4%.
	(b)  The Payment Date occurring four (4) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 4% but greater than or equal to 3%.
	(c)  The Payment Date occurring six (6) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 3% but greater than or equal to 2%.

    	 	2	 

     

    

 

	Payment Date:	Condition:
	(d)  The Payment Date occurring twelve (12) calendar months prior to the first Payment Date of the Controlled Accumulation Period (as adjusted in accordance with Section 4.06(c) hereof) and any following Payment Date	The Quarterly Excess Spread Percentage is less than 2%.

 

“Accumulation
Reserve Account Surplus” means, as of any date of determination, the amount, if any, by which the amount on deposit
in the Accumulation Reserve Account exceeds the Required Accumulation Reserve Account Amount.

“Accumulation
Reserve Draw Amount” has the meaning specified in Section 4.11(c).

“Additional
Interest” means, with respect to any Payment Date, any Class A Additional Interest and any Class B Additional Interest
for such Payment Date.

“Adjusted
Outstanding Dollar Principal Amount” means, as of any date of determination, the Outstanding Dollar Principal Amount
of the Series [•] Notes on such date of determination, less any funds then on deposit with respect to principal
in the Supplemental Issuer Accounts for the benefit of such Series [•] Notes on such date of determination.

“Administrator”
means BBD, in its capacity as administrator of the Issuer, and any permitted successors or assigns thereto.

“Aggregate
Series Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the
related Note Transfer Date, the sum of the Series Available Finance Charge Collections Shortfalls (as such term is defined in each
of the applicable Indenture Supplements) for each Shared Excess Available Finance Charge Collections Series in Shared Excess Available
Finance Charge Collections Group [•] for such Monthly Period.

“Aggregate
Series Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related
Note Transfer Date, the sum of the Series Available Principal Collections Shortfalls (as such term is defined in each of the applicable
Indenture Supplements) for each Shared Excess Available Principal Collections Series in Shared Excess Available Principal Collections
Group [•] for such Monthly Period.

“Allocation
Amount” means, as of the Closing Date, the Series [•] Stated Principal Amount and on any date of determination
thereafter, the sum of, without duplication, (a) the Allocation Amount determined as of the later of the Closing Date or the
date of determination immediately prior to the then current date of determination, plus (b) the amount of all increases
in the Series [•] Stated Principal Amount resulting from the issuance of additional Series [•] Notes since the prior
date of determination, plus (c) all reimbursements, as provided in Section 4.04(e) or otherwise, of reductions in the Allocation
Amount due to Investor Charge-

    	 	3	 

     

    

Offs or Reallocated Principal Collections
since the prior date of determination, minus (d) the amount of the reduction in the Allocation Amount due to Investor Charge-Offs
since the prior date of determination, determined as set forth in Section 4.07, minus (e) the amount of the reduction in the Allocation
Amount due to the application of Reallocated Principal Collections since the prior date of determination, determined as set forth
in Section 4.08, minus (f) the amount deposited into the Principal Funding Account or (without duplication) deposited into the
Distribution Account pursuant to Section 4.05(c) or paid to the Series [•] Noteholders (in each case, after giving effect
to any deposits, allocations, reallocations or withdrawals to be made on that day) since the prior date of determination; provided,
however, that (1) the Allocation Amount may never be less than zero, (2) the Allocation Amount may never be greater than the Adjusted
Outstanding Dollar Principal Amount and (3) if there is a sale of Collateral in accordance with Section 4.14, the Allocation Amount
will be reduced to zero upon such sale.

“Applicable
Distribution Date” has the meaning specified in Section 9.01(b).

“ARR Representations
and Warranties” means the representations and warranties set forth on Exhibit A to the Asset Representations Reviewer
Agreement.

“ARR Review”
has the meaning specified in Section 4.17(a).

“Asset Representations
Reviewer” means the Person appointed by the Issuer to perform an ARR Review pursuant to an asset representations reviewer
agreement, which shall initially be Clayton Fixed Income Services LLC.

“Asset Representations
Reviewer Agreement” means the agreement entered into by and among the Servicer, the Issuer and the Asset Representations
Reviewer, dated as of [·][·], 2015.

“Available
Accumulation Reserve Account Amount” means, for any Payment Date, the lesser of (a) the amount on deposit in the
Accumulation Reserve Account on such date (before giving effect to any deposit to be made to the Accumulation Reserve Account on
such date) and (b) the Required Accumulation Reserve Account Amount.

“Available
Principal Collections” means, with respect to the Series [•] Notes, the Series [•] Available Principal
Collections and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“Base Rate”
means, with respect to any Payment Date, the sum of (a) the annualized percentage equivalent of a fraction, the numerator
of which is equal to the sum of the Class A Monthly Interest and the Class B Monthly Interest for such Payment Date and
the denominator of which is the Outstanding Dollar Principal Amount as of the Record Date for such Payment Date and (b) the
Servicing Fee Percentage for such Payment Date.

“Class”
means the Class A Notes and the Class B Notes, as applicable.

“Class A
Additional Interest” has the meaning specified in Section 4.02(a).

“Class A
Interest Shortfall” has the meaning specified in Section 4.02(a).

    	 	4	 

     

    

“Class A Monthly Interest”
has the meaning specified in Section 4.02(a).

“Class A
Note” means any one of the Notes substantially in the form of Exhibit A-1, which is duly executed and authenticated
in accordance with the Indenture.

“Class A
Note Interest Rate” means, for any Interest Period with respect to the Class A Notes, a per annum rate equal
to [LIBOR plus [•]%][[•]%].

“Class A
Noteholder” means the Person in whose name a Class A Note is registered in the Note Register.

“Class A
Stated Principal Amount” means $[•].

“Class B Additional Interest”
has the meaning specified in Section 4.02(b).

“Class B Interest Shortfall”
has the meaning specified in Section 4.02(b).

“Class B Monthly Interest”
has the meaning specified in Section 4.02(b).

“Class B
Note” means any one of the Notes substantially in the form of Exhibit A-2, which is duly executed and authenticated
in accordance with the Indenture.

“Class B
Note Interest Rate” means, for any Interest Period with respect to the Class B Notes, a per annum rate equal
to [LIBOR plus [•]%][[•]%].

“Class B
Noteholder” means the Person in whose name a Class B Note is registered in the Note Register.

“Class B Stated Principal
Amount” means $[•].

“Closing
Date” means [Month] [Day], 20[·].

“Controlled
Accumulation Amount” means $[•]; provided, however, that if the Servicer elects to postpone the commencement
of the Controlled Accumulation Period in accordance with Section 4.06(c), it shall be an amount equal to the Outstanding
Dollar Principal Amount of such Series of Notes as of the first day of the Controlled Accumulation Period divided by the Controlled
Accumulation Period Length.

“Controlled
Accumulation Period” means, unless an Early Amortization Event shall have occurred prior thereto, the period beginning
on the first Business Day of the May 2016 Monthly Period or such later date as is determined in accordance with Section 4.06(c)
and ending on the earlier to occur of (a) the commencement of the Early Amortization Period and (b) the payment in full
of the Series [•] Stated Principal Amount of, and any Monthly Interest due on, the Series [•] Notes.

“Controlled
Accumulation Period Length” has the meaning specified in Section 4.06(c).

    	 	5	 

     

    

“Controlled
Deposit Amount” means, for any Payment Date with respect to the Controlled Accumulation Period, an amount equal to the
sum of the Controlled Accumulation Amount for such Payment Date and any Deficit Controlled Accumulation Amount from the immediately
preceding Payment Date.

“Covered
Amount” means, for any Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation
Period and (ii) the first Payment Date of the Early Amortization Period, an amount equal to the sum of (a) the product of
(i) the Class A Note Interest Rate in effect with respect to such Interest Period, (ii) a fraction, the numerator
of which is [the actual number of days from and including the prior Payment Date to but excluding the then current Payment Date][30]
and the denominator of which is 360 and (iii) the Principal Funding Account Balance, if any, as of the immediately preceding
Payment Date, up to the Outstanding Dollar Principal Amount of the Class A Notes as of the last day of the immediately preceding
Monthly Period, and (b) the product of (i) the Class B Note Interest Rate in effect with respect to such Interest
Period, (ii) a fraction, the numerator of which is [the actual number of days from and including the prior Payment Date to
but excluding the then current Payment Date][30] and the denominator of which is 360 and (iii) the lesser of (x) the
Principal Funding Account Balance, if any, as of the preceding Payment Date in excess of the Outstanding Dollar Principal Amount
of the Class A Notes as of the last day of the immediately preceding Monthly Period and (y) the Outstanding Dollar Principal
Amount of the Class B Notes as of the last day of the immediately preceding Monthly Period.

“Credit
Risk and Performance Disclosure” means written information that the Issuer shall cause to be distributed about the Notes
and the Receivables at the financial asset or pool level, as appropriate for the Receivables, and security-level to enable evaluation
and analysis of the credit risk and performance of the Notes and the Receivables, which information and its disclosure, at a minimum,
shall comply with the requirements of Regulation AB (to the extent then in effect) or any successor disclosure requirements
for public issuances, even if the Notes are issued in a private placement or are not otherwise required to be registered; provided,
that information that is unknown or not available to the Issuer after reasonable investigation may be omitted if there is included
in the offering document a statement that the specific information is otherwise unavailable.

“Daily Servicer’s
Certificate” has the meaning specified in the Servicing Agreement and shall be substantially in the form of Exhibit B-3.

“Deficit
Controlled Accumulation Amount” means (a) on the first Payment Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Accumulation Amount for such Payment Date over the amount deposited in the
Principal Funding Account on such Payment Date and (b) on each subsequent Payment Date with respect to the Controlled Accumulation
Period, the excess, if any, of the Controlled Deposit Amount for such subsequent Payment Date over the amount deposited
in the Principal Funding Account on such subsequent Payment Date.

“Delinquency
Trigger Event” means, as determined as of the last day of the Monthly Period, the occurrence of the Sixty Day Delinquency
Rate Percentage being equal to or greater than the Delinquency Trigger Percentage.

    	 	6	 

     

    

“Delinquency
Trigger Percentage” means, (i) [•]% or (ii) if lower, the Delinquency Trigger Percentage with respect to
any other Series of Notes.

“Distribution
Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.15.

“Early Amortization
Event” means, with respect to the Series [•] Notes, the events specified in Section 5.01 hereof
and Article XII of the Indenture.

“Early Amortization
Period” means the period commencing at the close of business on the Business Day immediately preceding the day on which
an Early Amortization Event with respect to Series [•] is deemed to have occurred, and ending on the first to occur
of (a) the payment in full of the Series [•] Stated Principal Amount of, and any Series [•] Monthly
Interest due on, the Series [•] Notes, (b) the date on which Collateral is sold pursuant to Section 4.14,
and (c) the Legal Maturity Date.

“Early Redemption
Event” has the meaning specified in Section 5.02.

“Excess
Spread Percentage” means, with respect to each Payment Date, as determined on the second preceding Business Day, an amount
equal to the Series [•] Portfolio Yield with respect to the related Monthly Period minus the Base Rate with respect
to such Payment Date.

“Expected
Final Payment Date” means the [Month] [Year] Payment Date.

“Fitch”
means Fitch Ratings, Inc., or any successor thereto.

“Floating
Allocation Percentage” means, with respect to the Series [•] Notes, the Series [•] Floating Allocation
Percentage and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“IAI”
has the meaning specified in Section 8.07(b).

“Indenture”
means the Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 and as amended
by the first amendment thereto, dated as of July 6, 2015, between the Issuer and the Indenture Trustee, as the same may be amended,
restated, supplemented or otherwise modified from time to time.

“Indenture
Supplement” has (a) with respect to Series [•], the meaning specified in the preamble hereto and (b) with
respect to any other Series of Notes, the meaning specified in the Indenture.

“Indenture
Trustee” means U.S. Bank National Association, in its capacity as indenture trustee under the Indenture, its successors
in interest and any successor indenture trustee under the Indenture.

    	 	7	 

     

    

“Initial
Payment Date” means [Month] [Day], 20[·].

“Interest
Period” means, with respect to any Payment Date, the period from and including the Payment Date immediately preceding
such Payment Date (or, in the case of the Initial Payment Date, from and including the Closing Date) and to but excluding such
Payment Date.

“Investor Charge-Off”
has the meaning specified in Section 4.07.

“Issuer”
has the meaning specified in the preamble hereto.

“Legal Maturity
Date” means the [Month] [Year] Payment Date.

[“LIBOR”
means, for any Interest Period, a per annum interest rate determined by the Indenture Trustee for such Interest Period in
accordance with the provisions of Section 4.13.]

[“LIBOR
Determination Date” means [Month] [Day], 20[·] for the period from and
including the Closing Date to but excluding the Initial Payment Date, and for every other Interest Period, the second London Business
Day prior to the commencement of such Interest Period.]

“Monthly Interest”
means the Series [•] Monthly Interest.

“Monthly
Subordination Amount” means, with respect to any Payment Date, an amount (which shall never be less than zero) equal
to the lesser of (i) the excess of the amounts distributable pursuant to Section 4.04(a) and Section 4.04(b)
over the Series [•] Available Finance Charge Collections and Shared Excess Available Finance Charge Collections
available to make such distribution pursuant to Section 4.04(a) and Section 4.04(b), and (ii) (1)
the Class B Stated Principal Amount minus (2) the amount of unreimbursed Investor Charge-offs (after giving effect to Investor
Charge-offs as of the current Payment Date) and unreimbursed Reallocated Principal Collections (as of the previous Payment Date).

“Note Rating
Agency” means Standard & Poor’s or Fitch.

“Owner Trustee”
has the meaning specified in the Trust Agreement.

“Payment
Date” means (i) with respect to Series [•], the Initial Payment Date and the 15th day of each
calendar month thereafter, or, if such 15th day is not a Business Day, the next succeeding Business Day and (ii) with
respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such Series of Notes.

“Principal
Allocation Percentage” means, with respect to the Series [•] Notes, the Series [•] Principal Allocation
Percentage and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for
such Series of Notes.

“Principal
Funding Account” means the Eligible Deposit Account designated as such and established pursuant to Section 4.06(a).

    	 	8	 

     

    

“Principal Funding Account Balance”
shall mean, with respect to any date of determination during the Controlled Accumulation Period, the principal amount, if any,
on deposit in the Principal Funding Account on such date of determination.

“Principal
Funding Account Investment Proceeds” shall have the meaning specified in Section 4.06(a)(ii).

“QIB”
has the meaning specified in Section 8.07(b).

“Quarterly
Excess Spread Percentage” means (a) with respect to the [Month] 20[·]
Payment Date, the Excess Spread Percentage with respect to the immediately preceding Monthly Period, (b) with respect to the
[Month] 20[·] Payment Date, the percentage equivalent of a fraction, the numerator
of which is the sum of the Excess Spread Percentages for the immediately preceding two (2) Monthly Periods and the denominator
of which is two (2) and (c) with respect to the [Month] 20[·] Payment
Date and each Payment Date thereafter, the percentage equivalent of a fraction, the numerator of which is the sum of the Excess
Spread Percentages for the immediately preceding three (3) Monthly Periods and the denominator of which is three (3).

“Reallocated
Principal Collections” means, with respect to any Payment Date, Series [•] Principal Collections applied
in accordance with Section 4.08.

“Record
Date” means the last day of the Monthly Period immediately preceding the related Payment Date.

“Reference
Banks” means four (4) major banks in the London interbank market selected by the Servicer.

“Regulation
RR” means the regulations required under Section 15G of the Securities Exchange Act, added pursuant to Section 941(b)
of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

“Repurchase
Party” shall have the meaning specified in Section 8.09.

“Requesting
Party” shall have the meaning specified in Section 8.09.

“Required Accumulation
Reserve Account Amount” means, with respect to any Payment Date during the Accumulation Reserve Account Funding
Period, an amount equal to (a) 0.50% of the Outstanding Dollar Principal Amount of the Series [•] Notes as of the
Record Date for such Payment Date or (b) any other amount designated by the Transferor; provided, that if the amount
is less than that determined under clause (a), the Note Rating Agency Condition shall have been satisfied with respect to such
designation and written evidence of the satisfaction of the Note Rating Agency Condition has been delivered to the Servicer, the
Indenture Trustee and the Owner Trustee.

    	 	9	 

     

    

“Required
Excess Spread Percentage” means 0%; provided, however, that the Issuer may, from time to time, change such
percentage (which shall never be less than zero) (a) upon written notice to the Indenture Trustee, (b) upon satisfaction
of the Note Rating Agency Condition, and (c) provided the Issuer reasonably believes, as evidenced by an Officer’s Certificate
of the Transferor delivered to the Indenture Trustee, that such change will not have an Adverse Effect.

[“Reuters
Screen LIBOR01 Page” means the display page currently designated as page LIBOR01 on the Reuters Screen (or such other
page as may replace that page on that service for the purpose of displaying comparable rates or prices).]

“Revolving
Period” means the period beginning on the Closing Date and ending on the earlier of (a) the close of business on
the day immediately preceding the day the Controlled Accumulation Period commences and (b) the close of business on the day
the Early Amortization Period commences.

“Rule 144A”
has the meaning specified in Section 8.07(b).

“Senior
Class” means, with respect to the Class B Notes, the Class A Notes.

“Series”
has the meaning specified in the Indenture and, when used with respect to the Series of Notes issued pursuant to this Indenture
Supplement, means Series [•].

“Series [•]
Available Finance Charge Collections” means, with respect to any Monthly Period, an amount equal to the sum of (a) the
Series [•] Finance Charge Collections with respect to such Monthly Period, (b) Principal Funding Account Investment Proceeds,
if any, with respect to the related Payment Date and (c) amounts, if any, to be withdrawn from the Accumulation Reserve Account,
which shall be deposited into the Collection Account on the related Note Transfer Date to be treated as Series [•] Available
Finance Charge Collections pursuant to Section 4.11(b) and (d).

“Series [•]
Available Principal Collections” means, with respect to any Monthly Period, an amount equal to (a) the Series [•]
Principal Collections with respect to such Monthly Period, minus (b) Reallocated Principal Collections determined as
of the related Payment Date for such Monthly Period, plus (c) any Series [•] Available Finance Charge Collections
available with respect to such Monthly Period to cover the Series [•] Default Amount or to reimburse any reductions
in the Allocation Amount from an allocation of Investor Charge-Offs or from the application of Reallocated Principal Collections,
plus (d) following an Event of Default and acceleration of the Series [•] Notes, Series [•] Available
Finance Charge Collections, if any, with respect to such Monthly Period, available pursuant to Section 4.04(g).

“Series [•]
Default Amount” means, with respect to any Monthly Period, an amount equal to the Default Amount allocated to the Series [•]
Notes pursuant to Section 4.01(d).

“Series [•]
Finance Charge Collections” means, with respect to any Monthly Period, the Finance Charge Collections allocated to the
Series [•] Notes pursuant to Section 4.01(b).

    	 	10	 

     

    

“Series [•]
Floating Allocation Percentage” means, with respect to any Monthly Period for such Monthly Period, and any date of determination
as of such date of determination in such Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is the Allocation Amount as of the beginning of the first day of such Monthly Period (or, (x)
in the case of the first Monthly Period, the Series [•] Stated Principal Amount and (y) with respect to any Monthly
Period in which there is an issuance of additional Series [•] Notes occurring in such Monthly Period, the Allocation
Amount (after giving effect to any increase to the Allocation Amount resulting from the issuance of the additional Series [•]
Notes) as of any date of determination on or after the date of such issuance of additional Series [•] Notes), and the
denominator of which is the greater of (i) the Pool Balance as of the beginning of the first day of such Monthly Period as
adjusted in accordance with the provisions below related to this clause (i), or (ii) the sum of the numerators used to calculate
the Floating Allocation Percentages for all Series of Notes as of the beginning of the first day of such Monthly Period as adjusted
in accordance with the provisions below related to this clause (ii). With respect to any Monthly Period in which an Addition Date
or a Removal Date occurs, on such Addition Date or Removal Date, as applicable, the amount calculated above pursuant to clause (i)
shall be adjusted to give effect to all increases and decreases in the Pool Balance occurring in such Monthly Period from the first
day of such Monthly Period to and including such Addition Date or Removal Date. With respect to any Monthly Period in which there
is a new issuance of Notes or an additional issuance of Notes of an Outstanding Series of Notes, in each case, pursuant to Section
4.10 of the Indenture, the amount calculated above pursuant to clause (ii) shall be adjusted to give effect to all increases in
the sum of the allocation amounts resulting from such new Series of Notes or additional issuance of Notes of an Outstanding Series
of Notes occurring in such Monthly Period from the immediately preceding date of determination in such Monthly Period to and including
the date of issuance of such new Series of Notes or the additional issuance of Notes of an Outstanding Series of Notes.

“Series [•]
Monthly Interest” means, with respect to any Payment Date, (a) the Class A Monthly Interest, (b) any Class A
Monthly Interest previously due but not paid to the Class A Noteholders, (c) the Class B Monthly Interest, (d) any
Class B Monthly Interest previously due but not paid to the Class B Noteholders, (e) the amount of Additional Interest,
if any, and (f) any Additional Interest previously due but not paid to the Series [•] Noteholders, in each case
for such Payment Date.

“Series [•]
Monthly Principal” has the meaning specified in Section 4.03.

“Series [•]
Noteholders” means a Class A Noteholder or a Class B Noteholder.

“Series [•] Note”
means a Class A Note or a Class B Note.

“Series [•]
Portfolio Yield” means, for any Monthly Period (which, in the case of the first Monthly Period, shall be determined pursuant
to Section 2.01(e)), the annualized percentage equivalent of a fraction:

(a)               
the numerator of which is equal to the sum of:

(A)             
the Series [•] Available Finance Charge Collections with respect to such Monthly Period; minus

    	 	11	 

     

    

(B)             
the Series [•] Default Amount for such Monthly Period; and

(b)              
the denominator of which is the Allocation Amount as of the last day of the preceding Monthly Period.

“Series [•]
Principal Allocation Percentage” means, with respect to any Monthly Period for such Monthly Period, and any date of determination
as of such date of determination in such Monthly Period, the percentage equivalent (which percentage shall never exceed 100%) of
a fraction, the numerator of which is (a) during the Revolving Period, the Allocation Amount as of the beginning of the first day
of such Monthly Period (or, in the case of the first Monthly Period, the Series [•] Stated Principal Amount and (y)
with respect to any Monthly Period in which there is an issuance of additional Series [•] Notes occurring in such Monthly
Period, the Allocation Amount (after giving effect to any increase to the Allocation Amount resulting from the issuance of the
additional Series [•] Notes) as of any date of determination on or after the date of such issuance of additional Series [•]
Notes) and (b) during the Controlled Accumulation Period or the Early Amortization Period, the Allocation Amount as of the close
of business on the date on which the Revolving Period shall have terminated, and the denominator of which is the greater of (i) the
Pool Balance as of the beginning of the first day of such Monthly Period as adjusted in accordance with the provisions below related
to this clause (i), or (ii) the sum of the numerators used to calculate the Principal Allocation Percentages for all Series
of Notes as adjusted in accordance with the provisions below related to this clause (ii). With respect to any Monthly Period in
which an Addition Date or a Removal Date occurs, on such Addition Date or Removal Date, as applicable, the amount calculated above
pursuant to clause (i) shall be adjusted to give effect to all increases and decreases in the Pool Balance occurring in such
Monthly Period from the first day of such Monthly Period to and including such Addition Date or Removal Date. With respect to any
Monthly Period in which there is a new issuance of Notes or an additional issuance of Notes of an Outstanding Series of Notes,
in each case, pursuant to Section 4.10 of the Indenture, the amount calculated above pursuant to clause (ii) shall be adjusted
to give effect to all increases in the sum of the allocation amounts resulting from such new Series of Notes or additional issuance
of Notes of an Outstanding Series of Notes occurring in such Monthly Period from the immediately preceding date of determination
in such Monthly Period to and including the date of issuance of such new Series of Notes or the additional issuance of Notes of
an Outstanding Series of Notes.

“Series [•]
Principal Collections” means, with respect to any Monthly Period, the Principal Collections allocated to the Series [•]
Notes pursuant to Section 4.01(c).

“Series [•]
Servicing Fee” means, with respect to any Monthly Period, an amount equal to the product of (a) the Servicing Fee
with respect to such Monthly Period and (b) the Series [•] Floating Allocation Percentage with respect to such
Monthly Period.

“Series [•] Stated
Principal Amount” means $[•].

“Series
Available Finance Charge Collections Shortfall” means, with respect to any Monthly Period as determined on the related
Note Transfer Date, (a) with respect to Series [•], the excess, if any, of (i) the aggregate amount targeted
to be paid or applied pursuant to Sections 4.04(a) through (f) for such Monthly Period over (ii) the
Series [•] Available Finance

    	 	12	 

     

    

Charge Collections with respect to such
Monthly Period and (b) with respect to any other Series, the amount set forth in the applicable Indenture Supplement for such
Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate of the Transferor,
may amend or otherwise modify this definition of Series Available Finance Charge Collections Shortfall provided that the Note Rating
Agency Condition is satisfied.

“Series
Available Principal Collections Shortfall” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, (a) with respect to Series [•], the excess, if any, of (i) the lesser of the amounts determined
pursuant to Sections 4.03(b)(ii) and (iii), for such Monthly Period over (ii) the Series [•]
Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), with respect
to such Monthly Period and (b) with respect to any other Series of Notes, the amount set forth in the applicable Indenture
Supplement for such Monthly Period; provided, however, that the Issuer, when authorized by an Officer’s Certificate
of the Transferor, may amend or otherwise modify this definition of Series Available Principal Collections Shortfall provided that
the Note Rating Agency Condition is satisfied.

“Servicing
Agreement” means the Amended and Restated Servicing Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, among Barclays Dryrock Funding LLC, as Transferor, the Servicer and the Indenture Trustee, as amended,
restated, supplemented or otherwise modified from time to time.

“Shared
Excess Available Finance Charge Collections” means, with respect to any Monthly Period as determined on the related Note
Transfer Date, with respect to any Series of Notes in Shared Excess Available Finance Charge Collections Group [•],
the sum of (a) the amount of Series [•] Available Finance Charge Collections with respect to such Monthly Period,
available after application in accordance with Section 4.04(a) through (g) and (b) the Finance Charge Collections
remaining after all required payments and deposits from all other Series identified as belonging to Shared Excess Available Finance
Charge Collections Group [•] which the applicable Indenture Supplements for such Series specify are to be treated as
“Shared Excess Available Finance Charge Collections” with respect to such Monthly Period.

“Shared
Excess Available Finance Charge Collections Group [•]” means the Shared Excess Available Finance Charge Collections
Group to which Series [•] has been designated for inclusion under Section 4.09(a).

“Shared
Excess Available Principal Collections” means, with respect to any Monthly Period as determined on the related Note Transfer
Date, the sum of (a) with respect to Series [•], the amount of Series [•] Available Principal Collections,
less any amount released and used to purchase Receivables under Section 4.01(f), for such Monthly Period available after
application in accordance with Sections 4.05(b)(i) through (iii) and (b) with respect to any other Series
included in Shared Excess Available Principal Collections Group [•], the Principal Collections allocated to such other
Series remaining after all required payments and deposits, which the applicable Indenture Supplements for such Series specify are
to be treated as “Shared Excess Available Principal Collections” with respect to such Monthly Period.

    	 	13	 

     

    

“Shared
Excess Available Principal Collections Group [•]” means the Shared Excess Available Principal Collections
Group to which Series [•] has been designated for inclusion under Section 4.10(a).

“Sixty
Day Delinquent Asset” means a Receivable (i) with respect to which three consecutive scheduled payments under the
applicable Account Agreement remain unpaid for three consecutive billing date cycles and (ii) that is not a
Defaulted Receivable.

“Sixty Day
Delinquency Rate” means, as determined as of the last day of the Monthly Period, the percentage equivalent of a fraction,
the numerator of which is an amount equal to the aggregate Dollar amount of Sixty Day Delinquent Assets and the denominator of
which is equal to the aggregate Dollar amount of all Receivables.

“Sixty Day
Delinquency Rate Percentage” means, (a) as determined as of the last day of the initial Monthly Period for the Series
[·] Notes, the Sixty Day Delinquency Rate, (b) as determined as of the last day
of the second Monthly Period for the Series [·] Notes, the percentage equivalent
of a fraction, the numerator of which is the sum of the Sixty Day Delinquency Rates for the initial Monthly Period and the second
Monthly Period and the denominator of which is two (2), and (c) as determined as of the last day of any Monthly Period (other
than the initial Monthly Period or second Monthly Period) for the Series [·] Notes,
the percentage equivalent of a fraction, the numerator of which is the sum of the Sixty Day Delinquency Rates for the Monthly Period
in which such determination occurs and the two (2) Monthly Periods immediately preceding such Monthly Period and the denominator
of which is three (3).

“Stated
Principal Amount” means, with respect to the Series [•] Notes, the Series [•] Stated Principal
Amount and has, with respect to any other Series of Notes, the meaning specified in the applicable Indenture Supplement for such
Series of Notes

“Subordinated
Class” means, with respect to the Class A Notes, the Class B Notes.

“Transfer
Agreement” means the Amended and Restated Transfer Agreement, dated as of August 1, 2012, as amended and restated
as of December 17, 2013, by and among Barclays Dryrock Funding LLC, as Transferor, the Issuer, and the Indenture Trustee, as amended,
restated, supplemented or otherwise modified from time to time.

“Transferor
Amount Measurement Date” means the Record Date.

Section 1.02.       
Governing Law; Consent to Jurisdiction; Waiver of Jury Trial.

(a)This Indenture
Supplement will be construed in accordance with and governed by the laws of the State of New York, including Section 5-1401
of the General Obligations Law, without reference to its conflict of law provisions and the obligations, rights, and remedies of
the parties hereunder shall be determined in accordance with such laws.

(b)Each party
hereto hereby consents and agrees that the state or federal courts located in the Borough of Manhattan in New York City shall have
exclusive jurisdiction

    	 	14	 

     

    

to hear and determine any claims or
disputes between them pertaining to this Indenture Supplement or to any matter arising out of or relating to this Indenture Supplement;
provided, that each party hereto acknowledges that any appeals from those courts may have to be heard by a court located
outside of the Borough of Manhattan in New York City; provided, further, that nothing in this Indenture Supplement
shall be deemed or operate to preclude the Indenture Trustee from bringing suit or taking other legal action in any other jurisdiction
to realize on the Receivables or any security for the obligations of the Issuer arising hereunder or to enforce a judgment or other
court order in favor of the Indenture Trustee. Each party hereto submits and consents in advance to such jurisdiction in any action
or suite commenced in any such court, and each party hereto hereby waives any objection that such party may have based upon lack
of personal jurisdiction, improper venue or forum non conveniens and hereby consents to the granting of such legal or equitable
relief as is deemed appropriate by such court. Each party hereto hereby waives personal service of the summons, complaint and other
process issued in any such action or suit and agrees that service of such summons, complaint, and other process may be made by
registered or certified mail addressed to such party at its address, and that service so made shall be deemed completed upon the
earlier of such party’s actual receipt thereof or three (3) days after deposit in the United States mail, proper postage
prepaid. Nothing in this Section 1.02 shall affect the right of any party hereto to serve legal process in any other
manner permitted by law.

(c)Because disputes
arising in connection with complex financial transactions are most quickly and economically resolved by an experienced and expert
person and the parties wish applicable state and federal laws to apply (rather than arbitration rules), the parties desire that
their disputes be resolved by a judge applying such applicable laws. Therefore, to achieve the best combination of the benefits
of the judicial system and of arbitration, the parties hereto waive all rights to trial by jury in any action, suit, or proceeding
brought to resolve any dispute, whether sounding in contract, tort or otherwise, arising out of, or connection with, related to,
or incidental to the relationship established among them in connection with this Indenture Supplement or the transactions contemplated
hereby.

Section 1.03.       
Counterparts. This Indenture Supplement may be executed in two (2) or more counterparts (and by different parties
on separate counterparts), each of which shall be deemed an original, and all of which when taken together shall constitute one
and the same instrument.

Section 1.04.       
Ratification of Indenture. As supplemented by this Indenture Supplement, the Indenture is in all respects ratified
and confirmed and the Indenture as so supplemented by this Indenture Supplement shall be read, taken and construed as one and the
same instrument.

[END OF ARTICLE
I]

    	 	15	 

     

    

ARTICLE II

THE NOTES

Section 2.01.       
Designation.

(a)               
There is hereby created a Series of Notes to be issued pursuant to the Indenture and this Indenture Supplement to be known
as “Barclays Dryrock Issuance Trust, Series [•]” or the “Series [•] Notes.” The Series [•]
Notes shall be issued in two (2) Classes, the first of which shall be known as the “Class A Series [•]
[Floating][Fixed] Rate Asset Backed Notes” and the second of which shall be known as the “Class B Series [•]
[Floating][Fixed] Rate Asset Backed Notes.” The Series [•] Notes shall be due and payable on the Legal Maturity
Date.

(b)              
The Series [•] Notes shall be secured by the Collateral. For the avoidance of doubt, the parties agree that the
payment of principal and interest on the Series [•] Notes shall be primarily based on the performance of the Receivables
and, except for interest rate or currency mismatches between the Receivables and the Series [•] Notes, shall not be
contingent on market or credit events that are independent of such financial assets.

(c)               
Series [•] shall be a Shared Excess Available Finance Charge Collections Series and shall be included in Shared
Excess Available Finance Charge Collections Group [•]. Series [•] shall be a Shared Excess Available Principal
Collections Series and shall be included in Shared Excess Available Principal Collections Group [•]. Other than as specified
in this Section 2.01(c), Series [•] shall not be in any other Group.

(d)              
Series [•] shall not be subordinated to any other Series of Notes.

(e)               
Notwithstanding any provision in the Indenture or in this Indenture Supplement to the contrary, the first Payment Date with
respect to Series [•] shall be the [Month] 20[·] Payment Date, and the
first Monthly Period shall begin on and include the Closing Date and end on and include [Month] [Day], 20[·].

(f)                
The Series [•] Notes shall not be predominantly sold to an affiliate (other than a wholly-owned subsidiary
consolidated for accounting and capital purposes with BBD) or insider of BBD.

Section 2.02.       
Issuance of Series [•] Notes. The Issuer may issue Notes of any Class of the Series [•] Notes,
so long as the conditions precedent set forth in Section 4.10 of the Indenture are satisfied.       

    	 	16	 

     

    

 

Section 2.03.      Documentation.
This Indenture Supplement, together with the Transaction Documents, shall (a) define the contractual rights and responsibilities
of the parties, including, but not limited to, representations and warranties and ongoing disclosure requirements, and any measures
to avoid conflicts of interest; and (b) provide authority for the parties, including, but not limited to, BBD, the Servicer
and the Series [•] Noteholders to fulfill their respective duties and exercise their rights under the contracts and
clearly distinguish between any multiple roles performed by any party.

[END OF ARTICLE II]

    	 	17	 

     

    

ARTICLE III

SERVICING COMPENSATION

Section 3.01.       
Servicing Compensation. The share of the Servicing Fee allocable to the Series [•] Noteholders with respect
to any Payment Date shall equal the Series [•] Servicing Fee. The portion of the Servicing Fee that is not allocable
to the Series [•] Noteholders shall be paid by the holders of the Transferor Interest or the Noteholders of other Series
of Notes (as provided in the related Indenture Supplements), and in no event shall the Issuer, the Owner Trustee, the Indenture
Trustee or the Series [•] Noteholders be liable for the share of the Servicing Fee to be paid by the holders of the
Transferor Interest or the Noteholders of any other Series of Notes.

[END OF ARTICLE III]

    	 	18	 

     

    

ARTICLE IV

RIGHTS OF SERIES [•] NOTEHOLDERS
AND 

ALLOCATION AND APPLICATION OF COLLECTIONS

Section 4.01.       
Collections and Allocations.

(a)               
Allocations. Finance Charge Collections, Principal Collections, the Default Amount and the Servicing Fee shall be
allocated pursuant to Article V of the Indenture and shall be allocated to Series [•] and distributed as set forth
in this Article IV.

(b)              
Allocations of Finance Charge Collections to the Series [•] Notes. With respect to each
date on which the Servicer deposits Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer
as set forth in the Daily Servicer’s Certificate, shall allocate to the Series [•] Noteholders and retain in the
Collection Account for application as provided herein an amount equal to the product of (i) the Series [•] Floating
Allocation Percentage and (ii) the amount of Finance Charge Collections deposited into the Collection Account on such date.

(c)               
Allocations of Principal Collections to the Series [•] Notes. With respect to each date
on which the Servicer deposits Collections into the Collection Account, the Indenture Trustee, at the direction of the Servicer
as set forth in the Daily Servicer’s Certificate, shall allocate to the Series [•] Noteholders an amount equal
to the product of (i) the Series [•] Principal Allocation Percentage and (ii) the amount of Principal Collections
deposited into the Collection Account on such date.

(d)              
Allocations of the Default Amount to the Series [•] Notes. With respect to each Monthly Period,
the Indenture Trustee, at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the
Series [•] Notes an amount equal to the product of (i) the Series [•] Floating Allocation Percentage
and (ii) the Default Amount with respect to such Monthly Period.

(e)               
Allocations of the Servicing Fee to the Series [•] Notes. With respect to each Monthly Period, the Indenture
Trustee, at the direction of the Servicer, shall on or prior to the applicable Note Transfer Date allocate to the Series [•]
Notes an amount equal to the product of (i) the Series [•] Floating Allocation Percentage and (ii) the Servicing
Fee with respect to such Monthly Period.

(f)                
Release of Principal Collections to Purchase Receivables. Principal Collections allocated to the Series [•]
Notes as provided in Section 4.01(c) and on deposit in the Collection Account with respect to each Monthly Period may, upon
request made by the Servicer on behalf of the Transferor to the Indenture Trustee, on any date, subject to the restrictions set
forth below in this Section 4.01(f), be released from the Collection Account to the Transferor free and clear of the lien
of the Indenture to be used solely for the purpose of purchasing Receivables. The release of Principal Collections under this Section
4.01(f), shall be subject to the following limitations: (1) no Principal Collections may be released if an Early Amortization
Event has occurred and is continuing for one or more Series of Notes in Shared Excess Available

    	 	19	 

     

    

Principal Collections Group [•];
(2) on each date of transfer only the excess of (a) the amount determined pursuant to Section 4.01(c), over (b) an amount
equal to the product of (i) the amount determined pursuant to Section 4.01(c), and (ii) a fraction, the numerator of which
is the Class B Stated Principal Amount and the denominator of which is the Series [•] Stated Principal Amount, may be released;
and (3) if one or more Series of Notes in Shared Excess Available Principal Collections Group [•] is in a Controlled Accumulation
Period, no Principal Collections for such Monthly Period may be released if the amount of Principal Collections remaining in the
Collection Account for such Monthly Period allocable to Shared Excess Available Principal Collections Group [•] would be
less than the sum of the Controlled Deposit Amounts for such Series of Notes in Shared Excess Available Principal Collections Group
[•] in a Controlled Accumulation Period due on the Payment Date for the related Monthly Period.

Section 4.02.       
Determination of Series [•] Monthly Interest.

(a)The amount
of monthly interest (“Class A Monthly Interest”) distributable from the Collection Account with respect
to the Class A Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator
of which is [the actual number of days in the related Interest Period][thirty (30)] and the denominator of which is 360, times
(y) the Class A Note Interest Rate in effect for the related Interest Period and (ii) the Outstanding Dollar Principal
Amount of the Class A Notes as of the close of business on the Record Date[; provided, however, that for the
first Payment Date, the Class A Monthly Interest shall equal $[•]].

On the Note Transfer
Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class A Interest Shortfall”),
of (i) the Class A Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained
in the Collection Account and allocated and available to pay such Class A Monthly Interest on such Payment Date. If the Class A
Interest Shortfall with respect to any Payment Date is greater than zero, on each subsequent Payment Date until such Class A
Interest Shortfall is fully paid, an additional amount (“Class A Additional Interest”) equal
to the product of (i) (x) a fraction, the numerator of which is [the actual number of days in the related Interest Period][thirty
(30)] and the denominator of which is 360, times (y) the Class A Note Interest Rate in effect for the related Interest
Period plus 2% per annum and (ii) such Class A Interest Shortfall (or the portion thereof which has
not been paid to the Class A Noteholders) shall be payable as provided herein with respect to the Class A Notes. Notwithstanding
anything to the contrary herein, Class A Additional Interest shall be payable or distributed to the Class A Noteholders
only to the extent permitted by applicable law.

(b)The amount
of monthly interest (“Class B Monthly Interest”) distributable from the Collection Account with respect
to the Class B Notes for any Payment Date shall be an amount equal to the product of (i) (x) a fraction, the numerator
of which is [the actual number of days in the related Interest Period][thirty (30)] and the denominator of which is 360, times
(y) the Class B Note Interest Rate in effect for the related Interest Period and (iii) the Outstanding Dollar Principal
Amount of the Class B Notes as of the close of business on the Record Date.

On the Note Transfer
Date preceding each Payment Date, the Servicer shall determine the excess, if any (the “Class B Interest Shortfall”),
of (i) the Class B Monthly Interest for such Payment Date over (ii) the aggregate amount of funds retained
in the Collection

    	 	20	 

     

    

Account and allocated and available
to pay such Class B Monthly Interest on such Payment Date. If the Class B Interest Shortfall with respect to any Payment
Date is greater than zero, on each subsequent Payment Date until such Class B Interest Shortfall is fully paid, an additional
amount (“Class B Additional Interest”) equal to the product of (i) (x) a fraction,
the numerator of which is [the actual number of days in the related Interest Period][thirty (30)] and the denominator of which
is 360, times (y) the Class B Note Interest Rate in effect for the related Interest Period plus 2% per
annum and (ii) such Class B Interest Shortfall (or the portion thereof which has not been paid to the Class B
Noteholders) shall be payable as provided herein with respect to the Class B Notes. Notwithstanding anything to the contrary
herein, Class B Additional Interest shall be payable or distributed to the Class B Noteholders only to the extent permitted
by applicable law.

 

Section 4.03.       
Determination of Series [•] Monthly Principal. The amount of monthly principal made available with respect
to the Series [•] Notes for any Payment Date (the “Series [•] Monthly Principal”), shall
be equal to (a) during the Revolving Period, zero and (b) beginning with the Payment Date in the month following the
month in which the Controlled Accumulation Period or, if earlier, the Early Amortization Period, begins, shall be equal to the
least of (i) the Series [•] Available Principal Collections, less any amount released and used to purchase Receivables
under Section 4.01(f), currently on deposit in the Collection Account with respect to such Payment Date, (ii) for each
Payment Date with respect to the Controlled Accumulation Period, the Controlled Deposit Amount for such Payment Date and (iii)
the Allocation Amount for such Payment Date (after taking into account any adjustments to be made on such Payment Date pursuant
to Section 4.04, Section 4.07, and Section 4.08).

Section 4.04.       
Application of Series [•] Available Finance Charge Collections on Deposit in the Collection Account. On
each Note Transfer Date the Servicer shall, or shall instruct the Indenture Trustee in writing, to withdraw from the Collection
Account and deposit into the Distribution Account from the Series [•] Available Finance Charge Collections with respect to
the related Payment Date an amount equal to the amount determined under Section 4.04(a). The Servicer shall apply, or shall
instruct the Indenture Trustee in writing (which writing shall be substantially in the form of Exhibit B-3), to apply on
each Payment Date, (i) the Series [•] Available Finance Charge Collections with respect to the related Payment Date on deposit
in the Collection Account and (ii) with respect to Section 4.04(a) the funds on deposit in the Distribution Account, as
applicable, in the following priority:

(a)               
an amount equal to Class A Monthly Interest for such Payment Date, plus the amount of any Class A Monthly
Interest, or portion thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, plus the
amount of any Class A Additional Interest for such Payment Date, plus the amount of any Class A Additional Interest,
or portion thereof, previously due but not paid to Class A Noteholders on a prior Payment Date, shall be distributed to the
Paying Agent for payment to Class A Noteholders on such Payment Date;

(b)              
an amount equal to the Series [•] Servicing Fee for such Payment Date, plus the amount of any Series [•]
Servicing Fee, or portion thereof, previously due but not paid to the Servicer on a prior Payment Date, shall be distributed to
the Servicer;

    	 	21	 

     

    

(c)               
an amount equal to Class B Monthly Interest for such Payment Date, plus the amount of any Class B Monthly
Interest, or portion thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, plus the
amount of any Class B Additional Interest for such Payment Date, plus the amount of any Class B Additional Interest,
or portion thereof, previously due but not paid to Class B Noteholders on a prior Payment Date, shall be distributed to the
Paying Agent for the payment to Class B Noteholders on such Payment Date;

(d)              
an amount equal to the Series [•] Default Amount for such Payment Date shall be treated as a portion of Series [•]
Available Principal Collections for such Payment Date;

(e)               
an amount equal to the sum of the aggregate amount of Investor Charge-Offs and the amount of Reallocated Principal Collections
which have not previously been reimbursed shall be used to reimburse such amount pursuant to this Section 4.04(e) and
treated as Series [•] Available Principal Collections for such Payment Date;

(f)                
on each Payment Date during the Accumulation Reserve Account Funding Period an amount equal to the excess, if any, of the
Required Accumulation Reserve Account Amount over the Available Accumulation Reserve Account Amount shall be deposited into
the Accumulation Reserve Account;

(g)               
upon the occurrence of an Event of Default with respect to Series [•] and acceleration of the maturity of the
Series [•] Notes pursuant to Section 7.02 of the Indenture, the balance, if any, up to the Outstanding Dollar Principal
Amount, less the amount of Series [•] Available Principal Collections (less any amount released and used to purchase
Receivables under Section 4.01(f)) currently on deposit in the Collection Account allocated to Series [•] on
such Payment Date (other than pursuant to this clause (g)), shall be treated as Series [•] Available Principal
Collections for such Payment Date;

(h)               
the balance, if any, shall constitute a portion of Shared Excess Available Finance Charge Collections for such Payment Date
and shall be available for allocation to other Series in Shared Excess Available Finance Charge Collections Group [•],
to the extent needed; and

(i)                 
first, an amount equal to that needed to pay any other obligations of the Issuer under the Transaction Documents shall be
applied to pay such obligations, and the balance shall be paid to the holders of the Transferor Interest.

Section 4.05.       
Application of Series [•] Available Principal Collections.

(a)               
On or before each Payment Date with respect to the Revolving Period, an amount equal to Series [•] Available
Principal Collections deposited in the Collection Account with respect to the related Monthly Period, less any amount released
and used to purchase Receivables under Section 4.01(f), shall be treated as Shared Excess Available Principal Collections
with respect to such Monthly Period.

(b)              
With respect to the Controlled Accumulation Period or the Early Amortization Period, an amount equal to the Series [•]
Available Principal Collections, less any amount released and used to purchase Receivables under Section 4.01(f), currently
on deposit in

    	 	22	 

     

    

the Collection Account for the related
Monthly Period, shall be distributed or deposited on the following dates and in the following order of priority:

(i)                 
during the Controlled Accumulation Period, and prior to the payment in full of the Class A Notes and the Class B
Notes, an amount equal to the Series [•] Monthly Principal, for each Payment Date shall be deposited into the Principal Funding
Account on such Payment Date; provided, however, that with respect to the calendar month in which the Expected Final
Payment Date occurs, such deposit shall be made on the applicable Note Transfer Date;

(ii)               
during the Early Amortization Period, on each Note Transfer Date an amount equal to the lesser of (i) the Series [•]
Monthly Principal, for the related Payment Date or (ii) the Class A Stated Principal Amount, shall be deposited into the Distribution
Account and on the related Payment Date distributed to the Paying Agent for payment to the Class A Noteholders on such Payment
Date until the Class A Stated Principal Amount has been paid in full;

(iii)              
during the Early Amortization Period on each Payment Date, after giving effect to the deposit on the related Note Transfer
Date referred to in clause (ii) above, an amount equal to the Series [•] Monthly Principal for such Payment Date remaining,
if any, shall be distributed to the Paying Agent for payment to the Class B Noteholders on such Payment Date until the Class B
Stated Principal Amount has been paid in full; and

(iv)             
on each Payment Date the balance of such Series [•] Available Principal Collections after giving effect to the
distributions referred to in clauses (i)-(iii) above shall be treated as Shared Excess Available Principal Collections for the
benefit of other Series in the Shared Excess Available Principal Collections Group [•].

(c)               
On the earlier to occur of the Note Transfer Date relating to (i) the first Payment Date with respect to the Early
Amortization Period and (ii) the Expected Final Payment Date, the Indenture Trustee, acting in accordance with instructions
from the Servicer, shall withdraw from the amounts deposited into the Principal Funding Account pursuant to Section 4.05(b)(i)
and deposit into the Distribution Account an amount equal to the lesser of the amount in the Principal Funding Account and
the Class A Stated Principal Amount, and the Indenture Trustee, acting in accordance with instructions from the Servicer, shall
distribute such funds to the Paying Agent for payment to the Class A Noteholders on the related Payment Date. On the earlier
to occur of (i) the first Payment Date with respect to the Early Amortization Period and (ii) the Expected Final Payment
Date, the Indenture Trustee, acting in accordance with instructions from the Servicer, shall withdraw from the remaining amounts,
if any, in the Principal Funding Account an amount equal to the lesser of such remaining amount and the Class B Stated Principal
Amount, and the Indenture Trustee, acting in accordance with instructions from the Servicer, shall distribute such funds to the
Paying Agent for payment to the Class B Noteholders on such Payment Date.

       

    	 	23	 

     

    

Section 4.06.       
Principal Funding Account; Controlled Accumulation Period.

(a)               
(i)The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Principal Funding
Account”), bearing a designation clearly indicating that the funds and other property credited thereto are held for the
benefit of the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(c) of the Indenture.

(ii)               
If a securities intermediary has been appointed, funds on deposit in the Principal Funding Account shall be invested by
the Indenture Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer.
All such Eligible Investments shall be held by the Indenture Trustee for the benefit of the Series [•] Noteholders;
provided, that with respect to each Payment Date, all interest and other investment income (net of losses and investment
expenses) (“Principal Funding Account Investment Proceeds”) on funds on deposit therein shall be applied as
set forth in Section 4.06(a)(iii) below; and provided, further, that funds on deposit in the Principal
Funding Account shall be invested in Eligible Investments that shall mature so that such funds shall be available at the opening
of business on the Note Transfer Date preceding the following Payment Date. Unless the Servicer directs otherwise, funds deposited
in the Principal Funding Account on a Note Transfer Date upon the maturity of any Eligible Investments are not required to be invested.
No such Eligible Investment shall be disposed of prior to its maturity; provided, however, that the Indenture
Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior to the maturity of such Eligible Investment,
a default occurs in the payment of principal, interest or any other amount with respect to such Eligible Investment; provided
further, however, that the Servicer shall deliver prompt written notice to the Indenture Trustee of any such
default; and provided further, that, subject to Section 8.01 of the Indenture, the Indenture Trustee
shall not in any way be held liable by reason of any insufficiency in such Principal Funding Account resulting from any loss on
any Eligible Investment included therein except for losses attributable to the Indenture Trustee’s failure to make payments
on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity, in accordance with their terms.

(iii)              
On each Note Transfer Date with respect to the Controlled Accumulation Period, the Servicer shall direct the Indenture Trustee
in writing to withdraw from the Principal Funding Account and deposit into the Collection Account all Principal Funding Account
Investment Proceeds, if any, then on deposit in the Principal Funding Account and such Principal Funding Account Investment Proceeds,
if any, shall be treated as a portion of Series [•] Available Finance Charge Collections.

(iv)             
Reinvested interest and other investment income on funds deposited in the Principal Funding Account shall not be considered
to be principal amounts on deposit therein for purposes of this Indenture Supplement.

(b)              
(i)The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited
to the Principal Funding Account and in all proceeds thereof. The Principal Funding Account shall be under the exclusive control
of the Indenture Trustee for the benefit of the Series [•] Noteholders. If, at any time (i) the Principal Funding Account
ceases to be an Eligible Deposit Account, the Indenture Trustee (or the Servicer or the Owner Trustee for the Issuer) shall within
thirty (30) Business Days (or such

    	 	24	 

     

    

longer period upon satisfaction of the
Note Rating Agency Condition, but in any event not to exceed forty-five (45) Business Days) establish a new Principal Funding
Account meeting the conditions specified in Section 4.06(a)(i) above as an Eligible Deposit Account and shall transfer
any funds or other property to such new Principal Funding Account or (ii) the Issuer determines for any reason that the Principal
Funding Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the
Issuer shall establish or cause to be established a new Principal Funding Account that is an Eligible Deposit Account and shall
transfer any funds or other property from such Principal Funding Account to such new Principal Funding account. From the date each
such new Principal Funding Account is established, it shall be the “Principal Funding Account.”

(ii)               
Pursuant to the authority granted to the Servicer in Section 3.1 of the Servicing Agreement, the Servicer shall have
the power to instruct the Indenture Trustee to make withdrawals and payments from the Principal Funding Account for the purposes
of carrying out the Servicer’s or Indenture Trustee’s duties hereunder.

(c)               
The Controlled Accumulation Period is scheduled to commence the first Business Day of the month that is twelve (12) calendar
months prior to the Expected Final Payment Date; provided, however, that if the Controlled Accumulation Period Length
(determined as described below) is less than twelve (12) months, then the date on which the Controlled Accumulation Period actually
commences will be the first Business Day of the month that is the number of whole months prior to the Expected Final Payment Date
at least equal to the Controlled Accumulation Period Length. On or before the second Business Day immediately preceding the first
Business Day of the month that is twelve (12) months prior to the Expected Final Payment Date, the Servicer shall determine the
“Controlled Accumulation Period Length,” which shall equal the number of months not less than the number of
whole calendar months reasonably expected by the Servicer to be necessary to accumulate from Series [•] Available Principal
Collections and Shared Excess Available Principal Collections expected to be available to Series [•] from other Shared
Excess Available Principal Collections Series during the Controlled Accumulation Period an amount equal to the Series [•]
Stated Principal Amount; provided, however, that the Controlled Accumulation Period Length shall not be determined
to be less than one month.

Section 4.07.       
Investor Charge-Offs. On or prior to each Note Transfer Date, the Servicer shall calculate the Series [•]
Default Amount, if any, for the related Payment Date. If, for any Payment Date, the Series [•] Default Amount for the
related Monthly Period exceeds the amount available therefor pursuant to Section 4.04(d) with respect to such Monthly
Period, the Allocation Amount will be reduced by the amount of such excess, but not by more than the Series [•] Default
Amount for such Payment Date (such reduction, an “Investor Charge-Off”).

Section 4.08.       
Reallocated Principal Collections. On each Payment Date, the Servicer shall apply, to the extent permitted herein,
or shall instruct the Indenture Trustee in writing to apply Reallocated Principal Collections with respect to such Payment Date,
in an amount equal to the lesser of (a) the Series [•] Principal Collections, less any amount released and used
to purchase Receivables under Section 4.01(f), for the related Monthly Period or (b) the Monthly Subordination Amount
for such Payment Date in accordance with the priority set forth

    	 	25	 

     

    

in Sections 4.04(a) and
(b). On each Payment Date, the Allocation Amount shall be reduced by the amount of Reallocated Principal Collections for
such Payment Date.

Section 4.09.       
Shared Excess Available Finance Charge Collections.

(a)               
Series [•] shall be included in Shared Excess Available Finance Charge Collections Group [•] for the
purpose of sharing Shared Excess Available Finance Charge Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Finance Charge
Collections with respect to any Monthly Period shall be shared within Shared Excess Available Finance Charge Collections Group [•]
to cover the applicable Series Available Finance Charge Collections Shortfalls for such Monthly Period, if any, and applied on
the Note Transfer Date in the immediately succeeding Monthly Period for each Shared Excess Available Finance Charge Collections
Group Series with a Series Available Finance Charge Collections Shortfall for such Monthly Period. Shared Excess Available Finance
Charge Collections allocable to Series [•] with respect to each Monthly Period shall mean an amount equal to the Series
Available Finance Charge Collections Shortfall, if any, with respect to Series [•] for such Monthly Period; provided,
however, that if the aggregate amount of Shared Excess Available Finance Charge Collections for all Series in Shared Excess
Available Finance Charge Collections Group [•] for each Monthly Period is less than the Aggregate Series Available Finance
Charge Collections Shortfall for such Monthly Period, then Shared Excess Available Finance Charge Collections allocable to Series [•]
with respect to such Monthly Period shall equal the product of (i) Shared Excess Available Finance Charge Collections for
all Series in Shared Excess Available Finance Charge Collections Group [•] for such Monthly Period and (ii) a fraction,
the numerator of which is the Series Available Finance Charge Collections Shortfall with respect to Series [•] for such
Monthly Period and the denominator of which is the Aggregate Series Available Finance Charge Collections Shortfall for such Monthly
Period.

(c)               
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Finance Charge Collections
Group [•], any Shared Excess Available Finance Charge Collections for each Series in Shared Excess Available Finance Charge
Collections Group [•] for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid
to the holders of the Transferor Interest. Shared Excess Available Finance Charge Collections will not be available for application
by other Series of Notes that are not included in Shared Excess Available Finance Charge Collections Group [•].

Section 4.10.       
Shared Excess Available Principal Collections.

(a)               
Series [•] shall be included in Shared Excess Available Principal Collections Group [•] for the purpose
of sharing Shared Excess Available Principal Collections.

(b)              
Unless otherwise provided pursuant to the terms of Section 4.11 of the Indenture, Shared Excess Available Principal
Collections with respect to any Monthly Period shall be shared within Shared Excess Available Principal Collections Group [•]
to cover the

    	 	26	 

     

    

applicable Series Available Principal
Collections Shortfalls for such Monthly Period, if any, for each Shared Excess Available Principal Collections Series with a Series
Available Principal Collections Shortfall for such Monthly Period, and such Shared Excess Available Principal Collections allocable
to Series [•] shall be distributed or deposited on the dates and in the order of priority provided for under Sections
4.05(b)(i)-(iii). Shared Excess Available Principal Collections allocable to Series [•] with respect to each Monthly
Period shall mean an amount equal to the Series Available Principal Collections Shortfall, if any, with respect to Series [•]
for such Monthly Period; provided, however, that if the aggregate amount of Shared Excess Available Principal Collections
for all Series in Shared Excess Available Principal Collections Group [•] for each Monthly Period is less than
the Aggregate Series Available Principal Collections Shortfall for such Monthly Period, then Shared Excess Available Principal
Collections allocable to Series [•] with respect to such Monthly Period shall equal the product of (i) Shared Excess
Available Principal Collections for all Series in Shared Excess Available Principal Collections Group [•] for
such Monthly Period and (ii) a fraction, the numerator of which is the Series Available Principal Collections Shortfall with
respect to Series [•] for such Monthly Period and the denominator of which is the Aggregate Series Available Principal
Collections Shortfall for such Monthly Period.

(c)               
Unless otherwise specified in the Indenture Supplement for any other Series in Shared Excess Available Principal Collections
Group [•], any Shared Excess Available Principal Collections for each Series in Shared Excess Available Principal Collections
Group [•] for any Monthly Period which shall remain after application pursuant to clause (b) above shall be paid
to the holders of the Transferor Interest. Shared Excess Available Principal Collections will not be available for application
by other Series of Notes that are not included in Shared Excess Available Principal Collections Group [•].

Section 4.11.       
Accumulation Reserve Account.

(a)               
The Servicer shall cause to be established and maintain an Eligible Deposit Account (the “Accumulation Reserve
Account”) bearing a designation clearly indicating that the funds and other property credited thereto are held for the
benefit of the Indenture Trustee and the Series [•] Noteholders in accordance with Section 5.02(c) of the Indenture.
The Indenture Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Accumulation
Reserve Account and in all proceeds thereof. The Accumulation Reserve Account shall be under the exclusive control of the Indenture
Trustee for the benefit of the Series [•] Noteholders. If at any time (i) the Accumulation Reserve Account ceases to
be an Eligible Deposit Account, the Transferor shall notify the Indenture Trustee, and the Indenture Trustee upon being notified
in writing of such ineligibility (or the Servicer or the Owner Trustee for the Issuer) shall within thirty (30) Business Days
(or such longer period not to exceed forty-five (45) Business Days upon satisfaction of the Note Rating Agency Condition)
establish a new Accumulation Reserve Account meeting the conditions specified above as an Eligible Deposit Account, and shall transfer
any funds or other property to such new Accumulation Reserve Account or (ii) the Issuer determines for any reason that the Accumulation
Reserve Account should be held at a different Eligible Institution, then upon prior written notice to the Indenture Trustee, the
Issuer shall establish or cause to be established a new Accumulation Reserve Account that is an Eligible Deposit Account and shall
transfer any funds or other property from such Accumulation Reserve Account to such new Accumulation Reserve

    	 	27	 

     

    

Account. From the date each such new
Accumulation Reserve Account is established, it shall be the “Accumulation Reserve Account.” The Indenture Trustee,
at the direction of the Servicer, shall (i) make withdrawals from the Accumulation Reserve Account from time to time in an
amount up to the Available Accumulation Reserve Account Amount at such time, for the purposes set forth in this Indenture Supplement,
and (ii) on each Payment Date during the Accumulation Reserve Account Funding Period make a deposit into the Accumulation
Reserve Account in the amount specified in, and otherwise in accordance with, Section 4.04(f).

(b)              
If a securities intermediary has been appointed, funds on deposit in the Accumulation Reserve Account, on any Note Transfer
Date, after giving effect to any withdrawals from the Accumulation Reserve Account on such Note Transfer Date, shall be invested
by the Indenture Trustee in Eligible Investments selected by the Servicer in accordance with written instructions from the Servicer;
provided, that the funds are invested in investments that shall mature so that such funds shall be available for withdrawal
on or prior to the following Note Transfer Date. No such Eligible Investment shall be disposed of prior to its maturity; provided,
however, that the Indenture Trustee shall sell, liquidate or dispose of any such Eligible Investment if, prior
to the maturity of such Eligible Investment, a default occurs in the payment of principal, interest or any other amount with respect
to such Eligible Investment; provided further, however, that the Servicer shall deliver prompt written
notice to the Indenture Trustee of any such default; and provided further, that, subject to Section 8.01
of the Indenture, the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in such Accumulation
Reserve Account resulting from any loss on any Eligible Investment included therein except for losses attributable to the Indenture
Trustee’s failure to make payments on such Eligible Investments issued by the Indenture Trustee, in its commercial capacity,
in accordance with their terms. On each Note Transfer Date, all interest and earnings (net of losses and investment expenses) accrued
since the preceding Note Transfer Date on funds on deposit in the Accumulation Reserve Account shall be retained in the Accumulation
Reserve Account (to the extent that the Available Accumulation Reserve Account Amount is less than the Required Accumulation Reserve
Account Amount) and the balance, if any, shall be deposited in the Collection Account for application in accordance with Section
4.04. For purposes of determining the availability of funds or the balance in the Accumulation Reserve Account for any reason
under this Indenture Supplement, except as otherwise provided in the preceding sentence, investment earnings, if any, on such funds
shall be deemed not to be available or on deposit.

(c)               
On the Note Transfer Date preceding (i) each Payment Date with respect to the Controlled Accumulation Period and (ii) the
first Payment Date of the Early Amortization Period, the Servicer shall calculate the “Accumulation Reserve Draw Amount”
which shall be equal to the excess, if any, of the Covered Amount with respect to such Payment Date over the Principal Funding
Account Investment Proceeds with respect to such Payment Date.

(d)              
In the event that for any Payment Date the Accumulation Reserve Draw Amount is greater than zero, the Accumulation Reserve
Draw Amount, up to the Available Accumulation Reserve Account Amount, shall be (i) withdrawn from the Accumulation Reserve
Account on the Note Transfer Date on which such Accumulation Reserve Draw Amount is calculated by the Indenture Trustee (acting
in accordance with the instructions of the Servicer)

    	 	28	 

     

    

and (ii) deposited into the Collection
Account for application as Series [•] Available Finance Charge Collections for such Payment Date.

(e)               
In the event that the Accumulation Reserve Account Surplus on any Payment Date, after giving effect to all deposits to and
withdrawals from the Accumulation Reserve Account with respect to such Payment Date, is greater than zero, the Indenture Trustee
(acting in accordance with the instructions of the Servicer) shall withdraw from the Accumulation Reserve Account, and pay to the
Owner Trustee for distribution in accordance with the Trust Agreement an amount equal to such Accumulation Reserve Account Surplus.

(f)                
Upon the earliest to occur of (i) the day on which the Allocation Amount is reduced to zero, (ii) the occurrence
of an Event of Default with respect to the Series [•] Notes and acceleration of such Series [•] Notes pursuant
to Section 7.02 of the Indenture, (iii) the first Payment Date with respect to the Early Amortization Period, (iv) the
Expected Final Payment Date, and (v) the termination of the Trust pursuant to the Trust Agreement, the Indenture Trustee (acting
in accordance with the instructions of the Servicer) after the prior payment of all amounts owing to the Series [•]
Noteholders which are payable from the Accumulation Reserve Account as provided herein, shall withdraw from the Accumulation Reserve
Account and pay to the holders of the Transferor Interest all amounts, if any, on deposit in the Accumulation Reserve Account and
the Accumulation Reserve Account shall be deemed to have terminated for purposes of this Indenture Supplement.

(g)               
Notwithstanding the foregoing, following an Event of Default with respect to the Series [•] Notes and acceleration
of such Series [•] Notes, any Accumulation Reserve Account Surplus or other amounts on deposit in the Accumulation Reserve
Account shall be applied toward payment of any amounts owing with respect to the Series [•] Notes before such amounts
are paid to the holders of the Transferor Interest.

Section 4.12.       
Investment Instructions. Any investment instructions given to the Indenture Trustee pursuant to the terms hereof
must be given to the Indenture Trustee no later than 1:00 P.M. (New York City time) on the date such investment is to be made.
In the event the Indenture Trustee receives such investment instruction later than such time, the Indenture Trustee may, but shall
have no obligation to, make such investment. In the event the Indenture Trustee is unable to make an investment required in an
investment instruction received by the Indenture Trustee after 1:00 P.M. (New York City time) on such day, such investment shall
be made by the Indenture Trustee on the next succeeding Business Day. In no event shall the Indenture Trustee be liable for any
investment not made pursuant to investment instructions received after 1:00 P.M. (New York City time) on the day such investment
is requested to be made.

Section 4.13.       
[Determination of LIBOR.]

[(a)On each LIBOR
Determination Date, the Indenture Trustee shall determine LIBOR for the related Interest Period, which shall be the rate for deposits
in United States dollars for a period equal to one-month (commencing on the first day of such Interest Period) that appears on
Reuters Screen LIBOR01 Page as of 11:00 A.M., London time, on such date; provided, however, that with respect to the first Interest
Period, LIBOR will be the rate

    	 	29	 

     

    

appearing on Reuters Screen LIBOR01
Page (or such other page as may replace that page on that service for the purpose of displaying comparable rates or prices) as
of 11:00 a.m., London time, on that date for an interpolated rate for deposits in United States dollars for a period that corresponds
to the actual number of days in the first Interest Period. Upon such determination, the Indenture Trustee shall notify the Servicer
of LIBOR for such LIBOR Determination Date. If such rate does not appear on Reuters Screen LIBOR01 Page, the rate for the LIBOR
Determination Date shall be determined on the basis of the rates at which deposits in United States dollars are offered by the
Reference Banks at approximately 11:00 A.M., London time, on that day to prime banks in the London interbank market for a period
equal to one-month (or, for the first Interest Period, an interpolated rate for deposits in United States dollars for a period
that corresponds to the actual number of days in the first Interest Period) commencing on the first day of such Interest Period.
The Servicer shall request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at
least two (2) such quotations are provided, the rate for that LIBOR Determination Date shall be the arithmetic mean of the
quotations. If fewer than two (2) quotations are provided as requested, the rate for that LIBOR Determination Date shall be
the arithmetic mean of the rates quoted by major banks in New York City, selected by the Servicer, at approximately 11:00 A.M.,
New York City time, on that day for loans in United States dollars to leading European banks for a period equal to one-month (or,
for the first Interest Period, an interpolated rate for deposits in United States dollars for a period that corresponds to the
actual number of days in the first Interest Period) commencing on the first day of such Interest Period. If the banks selected
by the Servicer are not quoting rates as provided in the immediately preceding sentence, LIBOR for such Interest Period shall be
LIBOR in effect for the immediately preceding Interest Period.

(b)The Servicer
shall determine, as applicable, and promptly notify the Transferor and the Indenture Trustee of, the Class A Note Interest
Rate and the Class B Note Interest Rate for the applicable Interest Period. The Class A Note Interest Rate and the Class B
Note Interest Rate applicable to the then current and the immediately preceding Interest Periods may be obtained by any Series [•]
Noteholder by telephoning the Indenture Trustee at its Corporate Trust Office at 1-800-934-6802.]

Section 4.14.       
Sale of Collateral for Series [•] Notes That are Accelerated or Reach Legal Maturity.

(a)If the Series [•]
Notes have been accelerated pursuant to Section 7.02 of the Indenture following an Event of Default, the Indenture Trustee
may, subject to the conditions specified in Section 4.14(b), and at the direction of the Holders of more than 662⁄3%
of the Outstanding Dollar Principal Amount of the Series [•] Notes will, subject to the conditions specified in Section
4.14(b), sell Principal Receivables (or interests therein) in an amount (as determined by the Issuer and provided to the Indenture
Trustee) not to exceed the Allocation Amount as of the close of business on the day preceding such sale, plus any related
Finance Charge Receivables.

(b)Such a sale
will be permitted only if at least one of the following conditions is met:

    	 	30	 

     

    

(i)                 
the Holders of more than 90% of the aggregate Outstanding Dollar Principal Amount of the Series [•] Notes consent;
or

(ii)               
the net proceeds of such sale (plus amounts on deposit in the Issuer Accounts) would be sufficient to pay all amounts
due on the Series [•] Notes; or

(iii)              
the Indenture Trustee in consultation with the Servicer determines that the funds to be allocated to the Series [•]
Notes, including (1) Series [•] Available Finance Charge Collections and Series [•] Available Principal
Collections and (2) amounts on deposit in the Issuer Accounts, may not be sufficient on an ongoing basis to make all payments
on the Series [•] Notes as such payments would have become due if such obligations had not been declared due and payable,
and Series [•] Noteholders evidencing more than 662⁄3% of the aggregate Outstanding Dollar Principal Amount of
the Series [•] Notes consent to the sale; provided, that the Issuer will provide the Indenture Trustee with the
information reasonably requested by the Indenture Trustee to make such determination.

(c)If the Allocation
Amount is greater than zero on the Legal Maturity Date (after giving effect to any allocations, deposits and payments otherwise
to be made on that Legal Maturity Date), the Indenture Trustee shall, no later than the Legal Maturity Date, sell or cause to be
sold Principal Receivables (or interests therein) in an amount not to exceed the Allocation Amount as of the close of business
on the day preceding such sale, plus any related Finance Charge Receivables.

(d)Upon the occurrence
of such sale, the Allocation Amount shall be automatically reduced to zero and Principal Collections and Finance Charge Collections
shall no longer be allocated to the Series [•] Notes.

(e)Sale proceeds
received with respect to the Series [•] Notes pursuant to clause (a) or (c) above will be applied as specified in Section
7.06 of the Indenture, and amounts available for application pursuant to clause (b) of Section 7.06 should be allocated and paid
in the following priority:

first,
to the Class A Noteholders, until the Class A Stated Principal Amount and all current and past due Class A Monthly
Interest and Class A Additional Interest has been paid in full; and

second,
to the Class B Noteholders, until the Class B Stated Principal Amount and all current and past due Class B Monthly
Interest and Class B Additional Interest has been paid in full.

Section 4.15.       
Distribution Account. The Issuer shall cause to be established and maintained an Eligible Deposit Account (the “Distribution
Account”), bearing a designation clearly indicating that the funds and other property credited thereto are held for the
benefit of the Indenture Trustee and the Class A Noteholders in accordance with Section 5.02(c) of the Indenture. The Indenture
Trustee shall possess all right, title and interest in all funds and property from time to time credited to the Distribution Account
and in all proceeds thereof. The Distribution Account shall be under the exclusive control of the Indenture Trustee for the benefit

    	 	31	 

     

    

of the Class A Noteholders. If, at any
time the Distribution Account ceases to be an Eligible Deposit Account, the Indenture Trustee shall within thirty (30) Business
Days (or such longer period upon satisfaction of the Note Rating Agency Condition, but in any event not to exceed forty-five (45)
Business Days) establish a new Distribution Account meeting the conditions specified above as an Eligible Deposit Account and shall
transfer any funds or other property to such new Distribution Account. Pursuant to the authority granted to the Servicer in Section 3.1
of the Servicing Agreement, the Servicer shall have the power to instruct the Indenture Trustee to make withdrawals and payments
from the Distribution Account for the purposes of carrying out the Servicer’s or Indenture Trustee’s duties hereunder.

Section
4.16.        Delinquency
Trigger Percentage.As of the Closing Date, the Delinquency Trigger Percentage is [•]%. If due to the
introduction or any change in or in the interpretation of any law or regulations or the imposition of any guideline or
request from any central bank or other Governmental Authority, in each case after the date hereof, the Delinquency Trigger
Percentage (in the reasonable good faith judgment of the Servicer) should be re-determined, the Servicer shall submit to the
Indenture Trustee an Officer’s Certificate setting forth in reasonable detail the basis for the re-determination and
the revised Delinquency Trigger Percentage. In the absence of manifest error, and following the delivery of
such Officer’s Certificate to the Indenture Trustee, the revised Delinquency Trigger Percentage shall be effective as
of the date such revised Delinquency Trigger Percentage is reported in the Monthly Noteholders’ Statement.

Section 4.17.       
Asset Review.

(a)Upon
the occurrence of a Delinquency Trigger Event any Noteholder, including any Note Owner, of an
Outstanding Note shall have the right with respect to such Delinquency Trigger Event to initiate a vote to determine whether
or not to direct the Asset Representations Reviewer to undertake a review of Sixty Day Delinquent Assets to determine whether
or not such Sixty Day Delinquent Assets complied with the ARR Representations and Warranties (the
“ARR Review”). Upon disclosure of the occurrence of a Delinquency Trigger Event in the Monthly
Noteholders’ Statement relating to the Monthly Period when the a Delinquency Trigger Event occurred, Noteholders shall
have 90 days from the date of such disclosure to determine whether or not to initiate a vote. In order to initiate a vote,
during such 90 day period Noteholders must send written notification to the Indenture Trustee indicating that in light of the
occurrence of a Delinquency Trigger Event (such Delinquency Trigger Event to be specified in such written notification) they
are in favor of initiating a vote with respect to such specified Delinquency Trigger Event to determine whether or not to
direct the Asset Representations

    	 	32	 

     

    

Reviewer to undertake an
ARR Review. The Indenture Trustee shall record the written notifications received from Noteholders during such 90 day period
as they relate to each identified Delinquency Trigger Event. Prior, however, to recording any written notification
received during such 90 day period, the Indenture Trustee must receive verification from any Note Owner that it is in fact a
Holder of a beneficial interest in an Outstanding Note. Such verification shall be in the form of (x) a written certification
from such Note Owner and (y) one other form of
documentation such as a trade confirmation, account statement, a letter from a broker or dealer, or other similar document.
The Indenture Trustee may also set a record date for purposes of determining the identity of Noteholders in accordance with
the Trust Indenture Act Section 316(c). If at any time during such 90 day period Noteholders holding no less than 5% of the
aggregate Adjusted Outstanding Dollar Principal Amount of all Outstanding Notes (determined as of the date the Delinquency
Trigger Event occurred) are recorded by the Indenture Trustee with respect to a specified Delinquency Trigger Event as being
in favor of initiating a vote to determine whether or not to direct the Asset Representations Reviewer to undertake an ARR
Review, then upon the date of recordation of such 5% with respect to such Delinquency Trigger Event a vote shall be
initiated and undertaken pursuant to the voting guidelines promulgated by the DTC relating to notes registered in the name of
Cede & Co. If initiated, the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly
Period in which such vote was initiated (a) the date such vote was initiated, (b) the timeline for submitting a vote, and (c)
a statement to the effect that Noteholders can exercise their right to vote, by proxy or otherwise, in accordance with, as
applicable, the applicable DTC voting guidelines and procedures. BBD, as sponsor, shall pay all costs, expenses and
liabilities incurred by the Indenture Trustee, the Transferor and the Issuer in connection with the voting process. The vote
as to whether or not to undertake an ARR Review shall be completed within 150 days of disclosure in the Monthly
Noteholders’ Statement of the occurrence of a Delinquency Trigger Event. If at the end of such 150 day
period Noteholders holding more than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount of Noteholders casting
a vote cast such vote in favor of an ARR Review, then the Asset Representations Reviewer (upon receipt of notification from
the Servicer) shall undertake an ARR Review. The Sixty Day Delinquent Assets reviewed shall be those reported in and relating
to the Monthly Noteholders’ Statement for the Monthly Period in which the conditions for an ARR Review were satisfied.
The Servicer shall provide the Asset Representations Reviewer with notice of a vote in favor of an ARR Review and access to
copies of any underlying documents related to performing the ARR Review, as set forth in the Asset Representations Reviewer
Agreement. If Noteholders holding more than 50% of the aggregate Adjusted Outstanding Dollar Principal Amount of Noteholders
casting a vote, cast such vote in favor of an ARR Review, then the Issuer shall include in its Securities Exchange Act Form
10-D filing related to the Monthly Period in which such voting concluded a statement to the effect that a vote was conducted
by the Noteholders and that as a result of such vote an ARR Review shall be undertaken by the Asset Representations Reviewer
relating to the specified Delinquency Trigger Event. If Noteholders holding less than 50% of the aggregate
Adjusted Outstanding Dollar Principal Amount of the Noteholders casting a vote cast such vote in favor of an ARR Review, then
the Issuer shall include in its Securities Exchange Act Form 10-D filing related to the Monthly Period in which such voting
concluded a statement to the effect that a vote was conducted and that as a result of such vote no ARR
Review shall be undertaken by the Asset Representations Reviewer relating to the specified Delinquency Trigger Event.

(b)Upon completion
of the ARR Review, the Asset Representations Reviewer shall deliver a report to the Indenture Trustee, with a copy to BBD,
setting forth its findings and conclusions. Such report shall not determine whether noncompliance with the

    	 	33	 

     

    

ARR Representations and Warranties
constitutes a breach of any contractual provision under the Transaction Documents, and the Asset Representations Reviewer will
not determine the reason for the delinquency of any Receivable, the creditworthiness of any Obligor, the overall quality of any
Receivable or the compliance by the Servicer with its covenants with respect to servicing of the Receivables. The Form 10-D filed
with respect to the Monthly Period in which the report is delivered shall include a summary of the findings and conclusions. Not
later than sixty days after receipt of the full report from the Asset Representations Reviewer, BBD, as sponsor, shall determine
whether any instance of noncompliance with the ARR Representations and Warranties constitutes a breach of any contractual provision
under the Transaction Documents and whether or not to direct a reassignment of any of the Receivables subject to the ARR Review.

[END OF ARTICLE IV]

    	 	34	 

     

    

ARTICLE V

EARLY AMORTIZATION OF NOTES

Section 5.01.       
Early Amortization Events. In addition to the events identified as Early Amortization Events in Article XII
of the Indenture, the occurrence of any of the following events (each, an “Early Amortization Event”) shall
result in an early amortization event for the Series [•] Notes:

(a)               
if the Quarterly Excess Spread Percentage is less than the Required Excess Spread Percentage; or

(b)              
a failure by Transferor under the Transfer Agreement to convey Receivables in Additional Accounts within five Business Days
after the day on which it is required to convey such Receivables pursuant to Section 2.11(a) of the Transfer Agreement or,
if applicable, Section 2.15(c) of the Transfer Agreement; or

(c)               
if any Servicer Default occurs which would have a material adverse effect on the Series [•] Noteholders; or

(d)              
the failure to pay the Notes in full on the Expected Final Payment Date; or

(e)               
the occurrence of an Event of Default and acceleration of the Series [•] Notes pursuant to Article VII of the Indenture;
or

(f)                
(i)  failure on the part of Transferor to make any payment or deposit required to be made by it by the terms of the
Transfer Agreement on or before the date occurring five Business Days after the date such payment or deposit is required to be
made therein or (ii) failure of the Transferor duly to observe or perform in any material respect any of its covenants or agreements
set forth in the Transfer Agreement, which failure has a material adverse effect on the Series [•] Noteholders and which
continues unremedied for a period of sixty days after the date on which written notice of such failure, requiring the same to be
remedied, shall have been given to the Transferor by the Indenture Trustee, or to the Transferor and the Indenture Trustee by any
Noteholder of the Series [•] Notes; or

(g)               
any representation or warranty made by Transferor in the Transfer Agreement or any information contained in an account schedule required
to be delivered by it pursuant to the Transfer Agreement shall prove to have been incorrect in any material respect when made or
when delivered, which continues to be incorrect in any material respect for a period of sixty days after the date on which written
notice of such failure, requiring the same to be remedied, shall have been given to the Transferor by the Indenture Trustee, or
to the Transferor and the Indenture Trustee by any Noteholder of the Series [•] Notes and as a result of which the interests
of the Series [•] Noteholders are materially and adversely affected for such period; provided, however, that
an Early Amortization Event pursuant to this Section 5.01(g) shall not be deemed to have occurred hereunder if the
Transferor has accepted reassignment of the related Receivable, or all of such Receivables, if applicable, during such period in
accordance with the provisions of the Transfer Agreement.

    	 	35	 

     

    

 

In the case of any event described in Sections
5.01(a), (b), (d), or (e), an Early Amortization Event shall occur without any notice or other action
on the part of the Indenture Trustee or the Noteholders immediately upon the occurrence of such event. In the case of any event
described in Sections 5.01(c), (f) or (g), after the applicable grace period, if any, set forth in such subparagraphs,
either the Indenture Trustee or the holders of Series [•] Notes evidencing more than 50% of the aggregate unpaid principal
amount of Series [•] Notes by notice then given in writing to the Issuer (and to the Indenture Trustee if given by the Series
[•] Noteholders) may declare that an Early Amortization Event has occurred with respect to the Series [•] Notes as
of the date of such notice.

 

Section
5.02.        Early Redemption
Event. If Principal Receivables having an aggregate principal balance in an amount equal to or greater than 30% of the Pool
Balance are designated for reassignment to the Transferor pursuant to Section 2.12(d) of the Transfer Agreement, and the Servicer
determines that the Transferor Amount would be less than the Required Transferor Amount after giving effect to such reassignment,
and giving effect to any scheduled payments on the Notes and any Account Additions that are scheduled to occur on or prior to
the Removal Date, then an “Early Redemption Event” will be deemed to have occurred with respect to the Series [•]
Notes on the related Removal Date. If an Early Redemption Event occurs under this Section 5.02, the Issuer will apply all
funds received from the Transferor in connection with such reassignment on the first Payment Date following the Monthly Period
in which such Early Redemption Event occurred to redeem Series [•] Notes and Notes of each other Series subject to early
redemption pursuant to a provision similar to this Section 5.02, on a pro rata basis among each such Series and
within each such Series on a pro rata basis between each Class of Notes of such Series, based on the respective Stated
Principal Amounts of each such Series and each such Class of Notes subject to early redemption.

[END OF ARTICLE V]

    	 	36	 

     

    

ARTICLE VI

LEGAL MATURITY;
FINAL PAYMENTS

Section 6.01.       
Legal Maturity. The Series [•] Notes shall be considered to be paid in full, the Holders of such Series [•]
Notes shall have no further right or claim, and the Issuer shall have no further obligation or liability with respect to such Series [•]
Notes on the earliest to occur of (i) the date on which the Outstanding Dollar Principal Amount with respect to Series [•],
and all Monthly Interest on such Series [•] Notes, is paid in full, (ii) the date on which Collateral is sold and
the proceeds in respect thereof applied in accordance with Section 7.08 of the Indenture and Section 4.14, and
(iii) the Legal Maturity Date, in each case after giving effect to all deposits, allocations, reimbursements, reallocations,
sales of Collateral and payments to be made in connection therewith.

[END OF ARTICLE VI]

    	 	37	 

     

    

ARTICLE VII

DELIVERY OF SERIES [•]
NOTES; DISTRIBUTIONS

AND REPORTS TO SERIES [•] NOTEHOLDERS

Section 7.01.       
Form of Delivery for the Series [•] Notes; Depository; Denominations.

(a)The Class
A Notes shall be delivered in the form of global Registered Notes as provided in Section 3.02 of the Indenture.

(b)The Class
B Notes shall be delivered in the form of definitive Notes as provided in Section 3.02 of the Indenture.

(c)The Depository
for the Class A Notes shall be The Depository Trust Company, and the Class A Notes shall initially be registered in the name of
Cede & Co., its nominee.

(d)The Series [•]
Notes shall be issued in minimum denominations of $100,000 and integral multiples of $1,000.

Section 7.02.       
Delivery and Payment for the Series [•] Notes. The Issuer shall execute and deliver the Series [•]
Notes to the Indenture Trustee for authentication, and the Indenture Trustee shall deliver the Series [•] Notes when
authenticated, each in accordance with Section 4.03 of the Indenture.

Section 7.03.       
Distributions.

(a)On each Payment
Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b)
hereof, to each Class A Noteholder of record on the related Record Date such Class A Noteholder's pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class A
Notes pursuant to this Indenture Supplement.

(b)On each Payment Date
with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall distribute, based
upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class A Noteholder of
record on the related Record Date such Class A Noteholder's pro rata share of the amounts on deposit in the Principal
Funding Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of
the Class A Notes pursuant to this Indenture Supplement.

 

(c)On each Payment
Date, the Paying Agent shall distribute, based upon the statement delivered by the Servicer pursuant to Section 7.04(b)
hereof, to each Class B Noteholder of record on the related Record Date such Class B Noteholder's pro rata share
of the amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest on the Class B
Notes pursuant to this Indenture Supplement.

    	 	38	 

     

    

(d)On each Payment
Date with respect to the Early Amortization Period and on the Expected Final Payment Date, the Paying Agent shall distribute, based
upon the statement delivered by the Servicer pursuant to Section 7.04(b) hereof, to each Class B Noteholder of
record on the related Record Date such Class B Noteholder's pro rata share of the amounts on deposit in the Principal
Funding Account or otherwise held by the Paying Agent that are allocated and available on such Payment Date to pay principal of
the Class B Notes pursuant to this Indenture Supplement.

(e)The distributions
to be made pursuant to this Section 7.03 are subject to the provisions of Sections 2.7 and Section 4.1 of
the Transfer Agreement and Section 6.1 of the Servicing Agreement.

(f)Except as
provided in Section 13.08 of the Indenture with respect to a final distribution, distributions to Series [•] Noteholders
hereunder shall be made by check mailed to each Series [•] Noteholder at such Series [•] Noteholder’s
address appearing in the Note Register without presentation or surrender of any Series [•] Note or the making of any
notation thereon; provided, however, that with respect to the Class A Notes registered in the name of a clearing
agency, such distributions shall be made to such clearing agency in immediately available funds and with respect to the Holder
of any Class B Note if such Holder shall have provided written wire transfer instructions to the Indenture Trustee not less than
five Business Days prior to the Payment Date, then the Indenture Trustee shall make distributions to such Holder by wire transfer
of immediately available funds.

Section 7.04.       
Reports and Statements to Series [•] Noteholders.

(a)               
On each Payment Date, the Paying Agent, on behalf of the Indenture Trustee, shall forward to each Series [•]
Noteholder a statement substantially in the form of Exhibit B-1 (or otherwise containing substantially comparable information)
prepared by the Servicer and delivered to the Paying Agent, which shall (amongst other things) set forth the Transferor Percentage
as of the Transferor Amount Measurement Date [and the amount of seller’s interest maintained by the Transferor as of the Transferor
Amount Measurement Date calculated in accordance with Regulation RR].

(b)              
On or prior to the second Business Day preceding each Payment Date, the Servicer shall deliver to the Indenture Trustee,
the Paying Agent, the Transferor, each Note Rating Agency and the Owner Trustee (i) a statement substantially in the form
of Exhibit B-3 (or otherwise containing substantially comparable information) prepared by the Servicer and (ii) a
certificate of a Servicing Officer substantially in the form of Exhibit C (or otherwise containing substantially comparable
information).

(c)               
On or before the date that is forty-five (45) days after each calendar quarter, beginning with the [•] quarter
of 20[·], the Servicer shall provide to the Paying Agent, and the Paying Agent
on behalf of the Indenture Trustee, shall forward to each Series [•] Noteholder:

(i)                 
information with respect to the credit performance of the Series [•] Notes and the Receivables, including periodic
and cumulative Receivables performance data,

    	 	39	 

     

    

delinquency and modification data for
the Receivables, substitutions and removals of the Receivables, servicer advances, if applicable, as well as losses that were allocated
to the Series [•] Notes, if applicable, the remaining balance of the Receivables, and the percentage of each Class of
Series [•] Notes in relation to the Series [•] Notes as a whole; and

(ii)               
a statement regarding any changes to the information that was disclosed in connection with the issuance of the Series [•]
Notes regarding the nature and amount of compensation paid to BBD, each Note Rating Agency (if applicable), any third-party advisor,
any mortgage or other broker, and the Servicer, the extent to which any risk of loss on the Receivables is retained by any of them,
and the amount and nature of any deferred compensation or similar arrangements.

(d)              
At the time of delivery of any periodic distribution report and in any event at least once per calendar quarter, while the
Series [•] Notes are outstanding, the Paying Agent on behalf of the Indenture Trustee, shall forward to each Series [•]
Noteholder copies of the Credit Risk and Performance Disclosure.

(e)               
A copy of each statement or certificate provided pursuant to Section 7.04(a), (b) or (c) above
may be obtained by any Series [•] Noteholder or any Note Owner thereof by a request in writing to the Servicer.

(f)                
On or before January 31 of each calendar year, beginning with calendar year 20[·],
the Paying Agent, on behalf of the Indenture Trustee, shall furnish or cause to be furnished to each Person who at any time during
the preceding calendar year was a Series [•] Noteholder, a statement substantially in the form of Exhibit B-2
to this Indenture Supplement prepared by the Servicer for such calendar year or the applicable portion thereof during which such
Person was a Series [•] Noteholder, together with other information as is required to be provided by an issuer of indebtedness
under the Code. Such obligation of the Servicer shall be deemed to have been satisfied to the extent that substantially comparable
information shall be provided by the Paying Agent pursuant to any requirements of the Code as from time to time in effect.

Section 7.05.       
Restrictions on Transfer of the Class B Notes. The Class B Notes (i) shall be subject to the transfer restrictions
set forth in Section 8.07 of this Indenture Supplement, (ii) shall bear the legend set forth in Section 4.05(j) of the Indenture
and be subject to the terms and transfer restrictions provided in such Section 4.05(j) and (iii) shall bear the following legend
and be subject to the transfer restrictions provided therein:

THIS CLASS B NOTE (OR ANY INTEREST
HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA,
(II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”),
OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S
INVESTMENT IN THE ENTITY. IF PURCHASER IS (OR IS ACTING ON BEHALF

    	 	40	 

     

    

OF) A GOVERNMENTAL, NON-U.S. OR CHURCH
PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE (“SIMILAR
LAW”), THE ACQUISITION, HOLDING AND DISPOSITION WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW. NO CLASS B NOTE HOLDER WILL
BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE
FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF ANY INTEREST IN CLASS B NOTES MAY OCCUR
EXCEPT IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

 

[END OF ARTICLE VII]

    	 	41	 

     

    

ARTICLE VIII

MISCELLANEOUS PROVISIONS

Section 8.01.       
Non-petition Covenant. To the fullest extent permitted by applicable law, the Indenture Trustee, by entering into
this Indenture Supplement, agrees that it will not at any time, acquiesce, petition or otherwise invoke or cause the Issuer or
the Transferor to invoke the process of any Governmental Authority for the purpose of commencing or sustaining a case against the
Issuer or the Transferor under any Debtor Relief Law or appointing a receiver, conservator, liquidator, assignee, trustee, custodian,
sequestrator or other similar official for the Issuer or the Transferor or any substantial part of its property or ordering the
winding-up or liquidation of the affairs of the Issuer or the Transferor.

Section 8.02.       
Actions by the Issuer. Subject to the Servicing Agreement, all action to be taken by the Issuer under this Indenture
Supplement shall be taken by the Administrator or the Owner Trustee on behalf of the Issuer and all notices to be given or received
by the Issuer under this Indenture Supplement shall be given or received by the Administrator or the Owner Trustee, on behalf of
the Issuer.

Section 8.03.       
Limitations on Liability.

(a)               
It is expressly understood and agreed by the parties hereto that (i) this Indenture Supplement is executed and delivered
by the Owner Trustee, not individually or personally but solely as Owner Trustee under the Trust Agreement, in the exercise of
the powers and authority conferred and vested in it, (ii) each of the representations, undertakings and agreements herein
made on the part of the Issuer is made and intended not as a personal representation, undertaking or agreement by the Owner Trustee
but is made and intended for the purpose of binding only the Issuer, (iii) nothing herein contained shall be construed as
creating any liability on the Owner Trustee, individually or personally, to perform any covenant of the Issuer either expressed
or implied contained herein, all such liability, if any, being expressly waived by the parties to the Indenture and by any Person
claiming by, through or under them and (iv) under no circumstances shall the Owner Trustee be personally liable for the payment
of any indebtedness or expenses of the Issuer or be liable for the breach or failure of any obligation, representation, warranty
or covenant made or undertaken by the Issuer under this Indenture Supplement or any related documents.

(b)              
None of the Indenture Trustee, the Owner Trustee, the Servicer, the Administrator, the Beneficiary or any other beneficiary
of the Issuer or any of their respective officers, directors, employees, members, incorporators or agents shall have any liability
with respect to this Indenture Supplement, and any recourse may be had solely to the Collateral.

Section 8.04.       
FATCA Matters. Each Series [•] Noteholder, by the purchase of such Note or its acceptance of a beneficial
interest therein, acknowledges that interest on the Notes will be treated as United States source interest, and, as such, United
States withholding tax may apply. Each Series [•] Noteholder further agrees, upon request, to provide any certifications
that may be required under applicable law, regulations or procedures to evidence such status and understands that if it ceases
to satisfy the foregoing requirements or provide requested

    	 	42	 

     

    

documentation, payments to it under
the Notes may be subject to United States withholding tax (without any corresponding gross-up). Without limiting the foregoing,
if a payment made under this Indenture would be subject to United States federal withholding tax imposed by FATCA if the recipient
of such payment were to fail to comply with FATCA (including the requirements of Code Sections 1471(b) or 1472(b), as applicable),
such recipient shall deliver to the Issuer, with a copy to the Indenture Trustee, at the time or times prescribed by the Code and
at such time or times reasonably requested by the Issuer or the Indenture Trustee, such documentation prescribed by the Code (including
as prescribed by Code Section 1471(b)(3)(C)(i)) and such additional documentation reasonably requested by the Issuer or the Indenture
Trustee to comply with their respective obligations under FATCA, to determine that such recipient has complied with such recipient’s
obligations under FATCA, or to determine the amount to deduct and withhold from such payment. For these purposes, “FATCA”
means Section 1471 through 1474 of the Code and any regulations or official interpretations thereof (including any revenue ruling,
revenue procedure, notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief
or exemption from taxes under such Sections, regulations and interpretations), any agreements entered into pursuant to Code Section
1471(b)(1), and including any amendments made to FATCA after the date of this Indenture Supplement.

Section 8.05.       
[RESERVED].

Section 8.06.       
Amendments. Except as expressly set forth in Article X of the Indenture, this Indenture Supplement may not be
amended, restated, supplemented or modified.

Section 8.07.       
[Class B Notes.

(a)               
[Notwithstanding anything to the contrary in this Supplement, no interest in the Class B Notes may be directly or indirectly
sold, transferred, assigned, exchanged, participated or otherwise conveyed, pledged, hypothecated or rehypothecated or made the
subject of a security interest (each such transaction for purposes of this Section 8.07, a “Transfer”)
except to a Person who is a “United States person” for United Stated federal income tax purposes and only upon the
prior delivery of an Issuer Tax Opinion to the Indenture Trustee with respect to such Transfer, and any Transfer in violation of
these requirements shall be null and void ab initio.]

(b)              
If not transferred in compliance with the registration provisions of the Securities Act, then no interest in the Class
B Notes may be offered, sold or transferred, except (i) pursuant to Rule 144A under the Securities Act (“Rule 144A”)
to a person the Noteholder reasonably believes is a “qualified institutional buyer” (a “QIB”) in
a transaction meeting the requirements of Rule 144A, purchasing for its own account or for the account of a QIB, whom it has informed
that such offer, sale or other transfer is being made in reliance on Rule 144A, or (ii) in an offshore transaction meeting the
requirements of Rule 903 or 904 of Regulation S under the Securities Act to a person it reasonably believes is an accredited investor
as defined in any of paragraphs (1), (2), (3) and (7) of Rule 501(a) of Regulation D under the Securities Act and any entity in
which all of the equity owners come within such paragraphs (an “IAI”) or a QIB, purchasing for its own account
or for the account of another IAI or a QIB.] 

    	 	43	 

     

    

Section 8.08.       
Appointment of Asset Representations Reviewer. Pursuant to the Asset Representations Reviewer Agreement, BBD, as
sponsor, has engaged and the Issuer has appointed [·], a [Delaware limited liability
company], as the Asset Representations Reviewer to perform the obligations of the Asset Representations Reviewer as set forth
therein and herein, respectively. The Issuer hereby represents and warrants that the Asset Representations Reviewer (i) is neither
an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association or Wilmington Trust, National
Association, nor an Affiliate of an Affiliate of Barclays Bank Delaware, Barclays Dryrock Funding LLC, U.S. Bank National Association
or Wilmington Trust, National Association, and (ii) has not been hired by Barclays Bank Delaware to perform pre-closing due diligence
work relating to the Receivables.

Section 8.09.       
Dispute Resolution.

(a)               
If a Person (including any Holder of a beneficial interest in an Outstanding Note) requests a repurchase (the “Requesting
Party”) of any Receivable pursuant to their rights under a Transaction Document due to an alleged breach of a representation
and warranty, and the repurchase request has not been fulfilled or otherwise resolved within 180 days of the receipt of such repurchase
request by the party obligated for the repurchase (the “Repurchase Party”), then the Requesting Party shall
have the right, through the DTC communication procedures or otherwise, to refer the matter, at its discretion, to either mediation
or third-party arbitration, and the Repurchase Party hereby agrees to the selected resolution method.

(b)              
If the Requesting Party selects mediation as the resolution method, the mediation will be administered by a nationally recognized
mediation association mutually agreed upon by the Repurchase Party and the Requesting Party, and the fees and expenses of the mediation
will be allocated as mutually agreed upon by the Repurchase Party and the Requesting Party as part of the mediation. If the Requesting
Party selects arbitration as the resolution method, the arbitration will be administered by a nationally recognized arbitration
association mutually agreed upon by the Repurchase Party and the Requesting Party. In its final determination, the arbitrator will
allocate the costs and expenses of the arbitration.

(c)                Any
mediation or arbitration will be held in New York, New York, and no Person may bring a putative or certified class action to
arbitration. Unless otherwise publicly available, the details and/or existence of any unfulfilled repurchase request, any
informal meetings, mediations or arbitration proceedings conducted under this Section 8.09, including all offers,
promises, conduct and statements, whether oral or written, made in the course of the parties’ attempt to informally
resolve an unfulfilled repurchase request, and any discovery taken in connection with any arbitration, will be confidential,
privileged and inadmissible for any purpose, including impeachment, in any mediation, arbitration or litigation, or other
proceeding (including any proceeding under this Section 8.09). Such information will be kept strictly confidential and
will not be disclosed or discussed with any third party (excluding a party's attorneys, experts, accountants and other agents
and representatives, as reasonably required in connection with any resolution procedure under this Section 8.09),
except as otherwise publicly available as required by law, regulatory requirement or court order. If any party to a
resolution procedure receives a subpoena or other request for information from a third party (other than a governmental
regulatory body) for such confidential information, the recipient will promptly notify the other

    	 	44	 

     

    

party to the resolution procedure and
will provide the other party with the opportunity to object to the production of its confidential information.

(d)              
A Requesting Party may not initiate a mediation or arbitration as described above with respect to a Receivable that is,
or has been, the subject of an ongoing or previous mediation or arbitration (whether by that Requesting Party or another Requesting
Party) but will have the right to join an existing mediation or arbitration with respect to that receivable if the mediation or
arbitration has not yet concluded.

(e)               For
the avoidance of doubt, to the fullest extent permitted by applicable
law, no Series [·] Noteholder will have any right to cause the Indenture
Trustee to be a Requesting Party under this Section 8.09, unless such Series [·]
Noteholder has offered to the Indenture Trustee indemnity reasonably satisfactory to it against the costs, expenses and
liabilities to be incurred in compliance with such request.

Section 8.10.       
Investor Communication. Following receipt of a written request during any Monthly Period from a Series [·]
Noteholder seeking to communicate with other Noteholders regarding exercising their contractual rights under the terms of the Transaction
Documents, the Issuer shall include or shall cause the Transferor to include, in its Securities Exchange Act Form 10-D filing related
to the Monthly Period in which such written request was received: (i) the name of the Series [·]
Noteholder delivering such request, (ii) the date the request was received, (iii) a statement to the effect that the Issuer has
in fact received such request from a Series [·] Noteholder and that such Series
[·] Noteholder is interested in communicating with other Noteholders with regard
to the possible exercise of rights under the Transaction Documents, and (iv) a description of the method that other Noteholders
may use to contact the requesting Series [·] Noteholder. Prior, however, to including
the items set forth in clauses (i)-(iv) above in a Securities Exchange Act Form 10-D filing, the Issuer shall have the right to
request from the Series [·] Noteholder delivering the written request verification
that such Series [·] Noteholder is in fact a Holder of a beneficial interest in
a Series [·] Note. Such verification may be in the form of (x) a written certification
from such Series [·] Noteholder that it is a Holder of beneficial interest in a
Series [·] Note, and (y) one other form of documentation such as a trade confirmation,
an account statement, a letter from the broker or dealer, or other similar document. The Transferor will be responsible for any
expenses in connection with the filing of its Securities and Exchange Act Form 10-D.

Section
8.11.        [Regulation
RR. The Transferor shall maintain a seller’s interest in the Issuer (in the form of the
Transferor’s Interest) calculated in accordance with Regulation RR that will equal not less than five percent of the
excess of the aggregate unpaid principal balance of all Series of Notes, other than any Notes that are at all times held by
BBD or one or more wholly-owned affiliates of BBD, over the aggregate amount of principal collections on deposit in segregate
principal funding sub-accounts (which excess we refer to as the “adjusted outstanding ABS investor interests” in
this section). The Transferor may not sell or otherwise transfer any interest or assets that it is required to hold pursuant
to Regulation RR unless such sale or transfer is to a wholly-owned affiliate of BBD. For purposes of this section,
a wholly-owned affiliate of BBD will include any person, other than the Issuer, that directly or indirectly, wholly
controls (i.e., owns 100% of the equity in such person), is wholly controlled by, or is wholly under common control with,
BBD. As of [●] [●], 20[●], the Transferor will have a seller’s interest equal to
$[●], which will equal [●]% of the adjusted outstanding ABS investor interests.]

[END OF ARTICLE VIII]

    	 	45	 

     

    

ARTICLE IX

INSOLVENCY PROCEEDING WITH RESPECT
TO BBD

Section 9.01.       
Actions Upon Repudiation.

(a)               
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator for BBD exercises
its right of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the Servicer shall determine whether the
FDIC in such capacity will pay damages in cash as provided in such paragraph (d)(4)(ii). Upon making such determination, the
Servicer shall promptly, and in any event no more than one Business Day thereafter, so notify the Indenture Trustee.

(b)              
Upon receipt of the notice specified in Section 9.01(a), the Indenture Trustee shall determine the date (the
“Applicable Distribution Date”) for making a distribution to the Series [•] Noteholders of such damages,
which date shall be the earlier of (i) the next Payment Date on which such damages could be distributed and (ii) the
earliest practicable date by which the Indenture Trustee could declare a special distribution date, in each case subject to all
applicable provisions of the Indenture, applicable law and the procedures of any applicable clearing agency. The Indenture Trustee
is authorized and instructed to retain possession and control of the Accumulation Reserve Account and the Collection Account and
all amounts on deposit therein.

(c)               
When the Applicable Distribution Date is determined, the Servicer, shall promptly compute the amount of interest to be paid
on each Class of Notes on the Applicable Distribution Date, which interest (unless such Applicable Distribution Date is a Payment
Date) shall be the amount accruing up to the Applicable Distribution Date and which shall be computed by pro rating the amount
that would otherwise be payable on the next succeeding Payment Date on the basis of (i) the number of days elapsed from such
preceding Payment Date divided by (ii) thirty (30). The Servicer shall notify the Indenture Trustee of the applicable
amounts of principal and interest to be paid on each Class of Notes not later than the Business Day following the day on which
the Applicable Distribution Date is determined.

(d)              
If the Applicable Distribution Date is a special distribution date, the Indenture Trustee shall (i) declare such special
distribution date (the record date for which shall be the close of business on the day immediately preceding such special distribution
date), (ii) declare a special distribution to the Series [•] Noteholders consisting of unpaid interest on each
Series [•] Note and the outstanding principal balance of each Series [•] Note and (iii) deliver notice
to the Series [•] Noteholders of such special distribution date and special distribution.

(e)               
Following payment by the FDIC of such damages:

(i)                 
Such damages shall be deposited into the Principal Funding Account;

(ii)               
The Servicer shall promptly, and no later than one Business Day after such damages have been paid by the FDIC, (A) compute
the amount, if any, required to be withdrawn from available funds in the Accumulation Reserve Account (and, if necessary, the Collection
Account) and transferred to the Principal Funding Account so that the amount on deposit in the

    	 	46	 

     

    

Principal Funding Account shall equal
the aggregate amount to be distributed as specified in Section 9.01(c), and (B) promptly inform the Indenture
Trustee of such computation; and

(iii)              
On the Applicable Distribution Date, the Indenture Trustee shall, based on the computations in Section 9.01(c),
first, withdraw from monies on deposit in the Accumulation Reserve Account and, if necessary, the Collection Account the
amount so computed and cause such amount to be deposited into the Principal Funding Account and, second, cause all amounts
deposited into the Principal Funding Account pursuant to this Section 9.01 to be applied in accordance with Section 7.06
of the Indenture and amounts available for application pursuant to clause (b) of Section 7.06 of the Indenture shall be allocated
and paid as provided in Section 4.14(e).

(f)                
Any funds remaining in the Collection Account and the Accumulation Reserve Account shall be distributed on the following
Payment Date (or on such Applicable Distribution Date, if it is not a Payment Date), such distributions to be made in accordance
with the applicable provisions of the Transaction Documents, with the Servicer to adjust the amounts of such distributions in its
records to take into account the amounts distributed on the Applicable Distribution Date.

Section 9.02.       
Notice.

(a)               
In the event that BBD becomes the subject of an insolvency proceeding and the FDIC as receiver or conservator provides a
written notice of repudiation as contemplated by paragraph (d)(4)(ii) of the FDIC Rule, the party receiving such notice shall
promptly deliver such notice to each of the Servicer, the Transferor, the Trust and the Indenture Trustee.

(b)              
If the FDIC (i) is appointed as a conservator or receiver of BBD and (ii) is in monetary default hereunder or
under the other Transaction Documents, the Indenture Trustee shall, at the direction of the Majority Holders of all Outstanding
Notes, the Servicer or a Series [•] Noteholder, be entitled to deliver written notice to the FDIC requesting the exercise
of contractual rights hereunder and under the other Transaction Documents.

Section 9.03.       
Reservation of Rights. Neither the inclusion of this Article IX in this Indenture Supplement nor the
compliance by any Person with, or the acknowledgement by any Person of, this Article’s provisions constitutes an agreement
or acknowledgment by any Person that, in the case of an insolvency proceeding with respect to BBD, a receiver or conservator will
have any rights with respect to the Trust Assets.

[END OF ARTICLE IX]

 

    	 	47	 

     

    

 

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

	 	BARCLAYS DRYROCK ISSUANCE TRUST, as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee on behalf of the Trust
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:
	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Indenture Trustee and not in its individual capacity
	 	 	 
	 	By:	__________________________________
	 	 	Name:
	 	 	Title:

 

[Signature
Page to Series [•] Indenture Supplement]

    	 

    	 

    

ACKNOWLEDGED AND AGREED TO BY:

 

	
        BARCLAYS BANK DELAWARE,

        for itself, as Servicer and as a Repurchase Party

	 	 
	 	 
	By: 	__________________________________
	 	Name:
		Title:
	 
	
        BARCLAYS DRYROCK FUNDING LLC, 

        as Transferor and as a Repurchase
        Party, 

	 	 
	By:	__________________________________
	 	Name:
	 	Title:

 

 

 

 

[Signature Page to Series [•] Indenture
Supplement]

    	 

    	 

    

EXHIBIT
A-1

FORM OF

CLASS A SERIES [•] [FLOATING][FIXED] RATE ASSET BACKED NOTE

UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT 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.

 

THE
HOLDER OF THIS CLASS A NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER
OR THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY
OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

 

THE
HOLDER OF THIS CLASS A NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS
A NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME.

 

 

BY
ITS ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST THEREIN), EACH HOLDER SHALL BE DEEMED TO REPRESENT, WARRANT AND COVENANT
(ON THE DATE OF ACQUISITION OF THIS CLASS A NOTE (OR ANY INTEREST HEREIN) AND THROUGHOUT THE PERIOD OF HOLDING THIS CLASS A NOTE
(OR ANY INTEREST HEREIN) THAT EITHER (I) IT IS NOT ACQUIRING THIS CLASS A NOTE (OR INTEREST HEREIN) WITH THE ASSETS OF AN “EMPLOYEE
BENEFIT PLAN” AS DEFINED IN SECTION 3(3) OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”)
THAT IS SUBJECT TO THE PROVISIONS OF TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”), OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN
ASSETS” BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY OR A GOVERNMENTAL, NON-U.S.
OR CHURCH PLAN THAT IS SUBJECT TO STATE, LOCAL OR OTHER LAWS THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL
REVENUE CODE (“SIMILAR LAW”); OR (II)(A) THIS CLASS A NOTE IS RATED AT LEAST INVESTMENT GRADE OR ITS EQUIVALENT BY
A NATIONALLY

    	 	A-1-1	 

     

    

RECOGNIZED
STATISTICAL RATING ORGANIZATION AT THE TIME OF PURCHASE OF TRANSFER, AND (B) THE ACQUISITION, HOLDING AND DISPOSITION OF THIS CLASS
A NOTE WILL NOT GIVE RISE TO A NONEXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE INTERNAL REVENUE
CODE OR A VIOLATION OF SIMILAR LAW. NO CLASS A NOTE HOLDER WILL BE PERMITTED TO TRANSFER THIS CLASS A NOTE TO ANY PERSON OR ENTITY,
UNLESS SUCH PERSON OR ENTITY CAN ITSELF TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH.

 

    	 	A-1-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[•][1]

 

No. R-[•]

CUSIP
NO. [•]

 

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES [•] [FIXED/FLOATING RATE]
ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by the Second Amended and Restated Trust Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013
and as amended by the first amendment thereto, dated as of July 6, 2015, for value received, hereby promises to pay to CEDE &
CO., or registered assigns, subject to the following provisions, a principal sum of $[•]
payable on the [MONTH] [DAY] 2017 Payment Date (the “Expected Final Payment Date”) in accordance with the Indenture,
except as otherwise provided below; provided, however, that the principal amount of this Note shall be due and payable on
the [MONTH] [DAY] Payment Date (the “Legal Maturity Date”) in accordance with the Indenture. The Issuer will
pay interest on the unpaid principal amount of this Note at the Class A Note Interest Rate on each Payment Date until the principal
amount of this Note is paid in full. Interest on this Note will accrue for each Payment Date from and including the most recent
Payment Date on which interest has been paid to but excluding such Payment Date or, for the initial Payment Date, from and including
the Closing Date to but excluding such Payment Date. Interest will be computed on the basis of a 360-day year [and the actual number
of days elapsed in each interest period][consisting of twelve 30 day months]. Such principal of and interest on this Note shall
be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal balance of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

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

 

 

1
Denominations of $100,000 and increments of $1,000 in excess thereof.

 

    	 	A-1-3	 

     

    

IN
WITNESS WHEREOF, the Issuer has caused this Class A Note to be duly executed.

 

	 	BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST, NATIONAL ASSOCIATION, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

Dated:
[MONTH] [DAY], 20[•]

 

    	 	A-1-4	 

     

    

INDENTURE
TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

 

This
is one of the Class A Notes described in the within-mentioned Indenture.

 

	 	
        U.S.
        BANK NATIONAL ASSOCIATION,

        as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	Authorized Signatory

 

Dated:
[MONTH] [DAY], 20[•]

 

    	 	A-1-5	 

     

    

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS A SERIES [•] [FIXED/FLOATING RATE]
ASSET BACKED NOTE

 

[Reverse of Class A Note]

 

 

This Class A Note is one
of a duly authorized issue of Notes of the Issuer, designated as its Barclays Dryrock Issuance
Trust, Series [•] (the “Series [•] Notes”),
issued under an Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 and
as amended by the first amendment thereto, dated as of July 6, 2015 (the “Indenture”), between the Issuer and
U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor
Indenture Trustee under the Indenture), as supplemented by the Indenture Supplement, dated as of [MONTH][DAY], 20[·]
(the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event
of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Series [•] Notes
also include the Class B Notes issued under the Indenture simultaneously with the Class A Notes.

 

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance
with the Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable
under this Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

The Expected Final Payment
Date is the [MONTH] [YEAR] Payment Date, but principal with respect to the Class A Notes may be paid earlier or later under certain
circumstances described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient
funds to deposit the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not
available on subsequent Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final
payment of principal of the Notes will occur later than the Expected Final Payment Date. Payments
of principal of the Notes shall be payable in accordance with the provisions of the Indenture.

 

    	 	A-1-6	 

     

    

Subject
to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series of notes or additional notes of any Series. 

 

On each Payment Date, the
Paying Agent shall distribute to each Class A Noteholder of record on the related Record Date (except
for the final distribution in respect of this Class A Note) such Class A Noteholder’s pro rata share of the
amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class
A Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series [•] Noteholders shall be made (i) by check mailed to each
Series [•] Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to
any Series [•] Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the
Indenture Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds and (ii) without
presentation or surrender of any Series [•] Note or the making of any notation thereon. Final
payment of this Class A Note will be made only upon presentation and surrender of this Class A Note at the office or agency specified
in the notice of final distribution delivered by the Indenture Trustee to the Series [•] Noteholders
in accordance with the Indenture.

 

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series [•] Notes is reduced to less than 10% of
its highest Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem
the Series [•] Notes at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series [•]
Notes, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Notes to but excluding the date of
redemption; provided, however, that in no event shall an optional redemption occur if 25% or more of the Initial
Dollar Principal Amount of the Series [•] Notes is still outstanding.

 

This
Class A Note does not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware, or any Affiliate of
any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

 

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

 

Except
as otherwise provided in the Indenture Supplement, the Class A Notes are issuable only in minimum denominations of $100,000 and
$1,000 increments in excess thereof. The transfer of this Class A Note shall be registered in the Note Register upon surrender
of this Class A Note for registration of transfer at the office or agency of the Issuer in a Place of Payment, accompanied
by a written instrument of transfer, in a form satisfactory to the Issuer and the Note

    	 	A-1-7	 

     

    

Registrar,
duly executed by the Class A Noteholder or such Class A Noteholder’s attorney, and duly authorized in writing with such signature
guaranteed, and thereupon one or more new Class A Notes in any authorized denominations of like aggregate Stated Principal
Amount, Expected Final Payment Date and Legal Maturity Date and of like terms will be issued
to the designated transferee or transferees. 

 

As
provided in the Indenture and subject to certain limitations therein set forth, Class
A Notes are exchangeable for new Class A Notes in any authorized denominations and of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of such Notes to be exchanged at
the office or agency of the Issuer in a Place of Payment. No service charge may be
imposed for any such exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. 

 

The
Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall
treat the person in whose name this Class A Note is registered as the owner hereof for
all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor
or the Indenture Trustee shall be affected by notice to the contrary.

 

THIS
CLASS A NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    	 	A-1-8	 

     

    

ASSIGNMENT

 

Social
Security or other identifying number of assignee ______________________________

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

_________________________________ 

(name and address of assignee)

 

the within
certificate and all rights thereunder, and hereby irrevocably constitutes and appoints ____________________, attorney, to transfer
said certificate on the books kept for registration thereof, with full power of substitution in the premises. 

 

Dated:
____________                                    ______________________[2]

 

Signature
Guaranteed: 

 

______________________

 

 

2
NOTE: The signature to this assignment must correspond with the name of the registered owner as it appears on the face of the
within Note in every particular, without alteration, enlargement or any change whatsoever.

 

    	 	A-1-9	 

     

    

EXHIBIT
A-2

FORM OF

CLASS B SERIES [•] [FIXED/FLOATING RATE] ASSET BACKED NOTE

THIS CLASS B NOTE
HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). NEITHER THIS CLASS
B NOTE NOR ANY PORTION HEREOF MAY BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN COMPLIANCE WITH THE REGISTRATION
PROVISIONS OF THE SECURITIES ACT AND ANY APPLICABLE PROVISIONS OF ANY STATE BLUE SKY OR SECURITIES LAWS OR PURSUANT TO AN AVAILABLE
EXEMPTION FROM SUCH REGISTRATION PROVISIONS. THE TRANSFER OF THIS CLASS B NOTE IS SUBJECT TO CERTAIN CONDITIONS SET FORTH IN THE
INDENTURE REFERRED TO HEREIN.

THE
HOLDER OF THIS NOTE BY ITS ACCEPTANCE HEREOF COVENANTS AND AGREES THAT IT WILL NOT AT ANY TIME INSTITUTE AGAINST THE ISSUER OR
THE TRANSFEROR, OR JOIN IN INSTITUTING AGAINST THE ISSUER OR THE TRANSFEROR, ANY BANKRUPTCY, REORGANIZATION, ARRANGEMENT, INSOLVENCY
OR LIQUIDATION PROCEEDINGS, OR OTHER PROCEEDINGS UNDER ANY UNITED STATES FEDERAL OR STATE BANKRUPTCY OR SIMILAR LAW.

 

THE
HOLDER OF THIS CLASS B NOTE, BY ACCEPTANCE OF THIS NOTE, AND EACH HOLDER OF A BENEFICIAL INTEREST THEREIN, AGREE TO TREAT THE CLASS
B NOTES AS INDEBTEDNESS OF THE ISSUER FOR APPLICABLE FEDERAL, STATE, AND LOCAL INCOME AND FRANCHISE TAX LAW AND FOR PURPOSES OF
ANY OTHER TAX IMPOSED ON, OR MEASURED BY, INCOME AT ANY TIME DURING WHICH THE CLASS B NOTES ARE DEEMED TO BE ISSUED AND OUTSTANDING
FOR SUCH PURPOSES.

 

THIS CLASS B NOTE (OR ANY
INTEREST HEREIN) MAY NOT BE PURCHASED WITH THE ASSETS OF (I) AN “EMPLOYEE BENEFIT PLAN” AS DEFINED IN SECTION 3(3)
OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), THAT IS SUBJECT TO THE PROVISIONS OF
TITLE I OF ERISA, (II) A “PLAN” DESCRIBED IN AND SUBJECT TO SECTION 4975 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED
(THE “CODE”), OR (III) AN ENTITY WHOSE UNDERLYING ASSETS INCLUDE “PLAN ASSETS” BY REASON OF AN EMPLOYEE
BENEFIT PLAN’S OR PLAN’S INVESTMENT IN THE ENTITY. IF PURCHASER IS (OR IS ACTING ON BEHALF OF) A GOVERNMENTAL, NON-U.S.
OR CHURCH PLAN THAT IS SUBJECT TO ANY STATE, LOCAL OR OTHER LAW THAT IS SIMILAR TO SECTION 406 OF ERISA OR SECTION 4975 OF THE
CODE (“SIMILAR LAW”), THE ACQUISITION, HOLDING AND DISPOSITION WILL NOT RESULT IN A VIOLATION OF SIMILAR LAW. NO CLASS
B NOTE HOLDER WILL BE PERMITTED TO TRANSFER THE CLASS B NOTES TO ANY PERSON OR ENTITY, UNLESS SUCH PERSON OR ENTITY CAN ITSELF
TRUTHFULLY MAKE THE FOREGOING REPRESENTATIONS AND COVENANTS AS PRESENTED IN THIS PARAGRAPH AND NO TRANSFER OF

    	 	A-2-1	 

     

    

ANY INTEREST IN CLASS B NOTES MAY OCCUR EXCEPT
IN COMPLIANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INDENTURE SUPPLEMENT.

    	 	A-2-2	 

     

    

 

 

	 	INITIAL DOLLAR PRINCIPAL AMOUNT
	REGISTERED	$[•][3]

 

No. R-[•]

CUSIP NO.
[•]

 

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES [•] [FIXED/FLOATING RATE]
ASSET BACKED NOTE

 

Barclays Dryrock Issuance
Trust (herein referred to as the “Issuer” or the “Trust”), a Delaware statutory trust governed
by the Second Amended and Restated Trust Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013
and as amended by the first amendment thereto, dated as of July 6, 2015, for value received, hereby promises to pay to Barclays
Dryrock Funding LLC, subject to the following provisions, the principal sum of $[•] payable on the [MONTH] [YEAR] Payment
Date (the “Expected Final Payment Date”) in accordance with the Indenture, except as otherwise provided below;
provided, however, that the amount of this Note shall be due and payable on the [MONTH] [YEAR] Payment Date (the “Legal
Maturity Date”) in accordance with the Indenture. The Issuer will pay interest on the unpaid principal amount of this
Note at the Class B Note Interest Rate on each Payment Date until the principal amount of this Note is paid in full. Interest on
this Note will accrue for each Payment Date from and including the most recent Payment Date on which interest has been paid to
but excluding such Payment Date or, for the initial Payment Date, from and including the Closing Date to but excluding such Payment
Date. Interest will be computed on the basis of a 360-day year [and the actual number of days elapsed in each interest period][consisting
of twelve 30 day months]. Such principal of and interest on this Note shall be paid in the manner specified on the reverse hereof.

 

The principal of and interest
on this Note are payable in such coin or currency of the United States of America as at the time of payment is legal tender for
payment of public and private debts. All payments made by the Issuer with respect to this Note shall be applied first to interest
due and payable on this Note as provided above and then to the unpaid principal balance of this Note.

 

Reference is made to the
further provisions of this Note set forth on the reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

 

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

 

 

3
Denominations of $100,000 and $1,000 increments in excess thereof.

    	 	A-2-3	 

     

    

THIS CLASS B NOTE IS
SUBORDINATED TO THE EXTENT NECESSARY TO FUND PAYMENTS ON THE CLASS A NOTES TO THE EXTENT SPECIFIED IN THE INDENTURE SUPPLEMENT.

    	 	A-2-4	 

     

    

IN
WITNESS WHEREOF, the Issuer has caused this Class B Note to be duly executed.

 

	 	BARCLAYS DRYROCK ISSUANCE TRUST,

as Issuer
	 	 	 
	 	By:	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Owner Trustee under the Trust Agreement
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

 

Dated:
[MONTH] [DAY], 20[•] 

 

 

    	 	A-2-5	 

     

    

INDENTURE
TRUSTEE'S CERTIFICATE OF AUTHENTICATION

 

 

This
is one of the Class B Notes described in the within-mentioned Indenture.

 

	 	
        U.S.
        BANK NATIONAL ASSOCIATION,

        as Indenture Trustee

	 	 	 
	 	By: 	__________________________________
	 	 	Authorized Signatory

 

 

Dated:
[MONTH] [DAY], 20[•] 

    	 	A-2-6	 

     

    

BARCLAYS DRYROCK ISSUANCE TRUST

 

CLASS B SERIES [•] [FIXED/FLOATING RATE]
ASSET BACKED NOTE

 

[Reverse of Class B Note]

 

This Class B Note is one
of a duly authorized issue of Notes of the Issuer, designated as its Barclays Dryrock Issuance
Trust, Series [•] (the “Series [•] Notes”),
issued under an Amended and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 and
as amended by the first amendment thereto, dated as of July 6, 2015 (the, “Indenture”), between the Issuer and
U.S. Bank National Association, as indenture trustee (the “Indenture Trustee,” which term includes any successor
Indenture Trustee under the Indenture), as supplemented by the Indenture Supplement dated as of [MONTH][DAY], 20[·]
(the “Indenture Supplement”), and representing the right to receive certain payments from the Issuer. The term
“Indenture,” unless the context otherwise requires, refers to the Indenture as supplemented by the Indenture Supplement.
The Notes are subject to all of the terms of the Indenture. All terms used in this Note that are defined in the Indenture, as supplemented
or amended, shall have the meanings assigned to them in or pursuant to the Indenture, as so supplemented or amended. In the event
of any conflict or inconsistency between the Indenture and this Note, the Indenture shall control.

 

The Series [•] Notes
also include the Class A Notes issued under the Indenture simultaneously with the Class B Notes. The Class B Notes are subordinate
to the Class A Notes.

 

The Noteholder, by its acceptance
of this Note, agrees that it will look solely to the property of the Trust allocated to the payment of this Note in accordance
with the Indenture for payment hereunder and that the Indenture Trustee is not liable to the Noteholders for any amount payable
under the Note or the Indenture or, except as expressly provided in the Indenture, subject to any liability under the Indenture.

 

This Note does not purport
to summarize the Indenture and reference is made to the Indenture for the interests, rights and limitations of rights, benefits,
obligations and duties evidenced thereby, and the rights, duties and immunities of the Indenture Trustee.

 

The Expected Final Payment
Date is the May 2017 Payment Date, but principal with respect to the Class B Notes may be paid earlier or later under certain circumstances
described in the Indenture. If for one or more months during the Controlled Accumulation Period there are not sufficient funds
to deposit the Controlled Deposit Amount into the Principal Funding Account, then to the extent that excess funds are not available
on subsequent Payment Dates with respect to the Controlled Accumulation Period to make up for such shortfalls, the final payment
of principal of the Notes will occur later than the Expected Final Payment Date. Payments
of principal of the Notes shall be payable in accordance with the provisions of the Indenture.

 

    	 	A-2-7	 

     

    

Subject
to the terms and conditions of the Indenture, the Transferor may, from time to time,
direct the Owner Trustee, on behalf of the Trust, to issue one or more new Series of notes or additional notes of any Series. 

 

On each Payment Date, the
Paying Agent shall distribute to each Class B Noteholder of record on the related Record Date (except
for the final distribution in respect of this Class B Note) such Class B Noteholder’s pro rata share of the
amounts held by the Paying Agent that are allocated and available on such Payment Date to pay interest and principal on the Class
B Notes pursuant to the Indenture Supplement. Except as provided in the Indenture
with respect to a final distribution, distributions to Series [•] Noteholders shall be made by (i) check mailed to each
Series [•] Noteholder (at such Noteholder’s address as it appears in the Note Register), except that with respect to
any Series [•] Notes registered in the name of the nominee of a clearing agency, such distribution shall be made in immediately
available funds and with respect to the Class B Notes if the Noteholder has provided written wire transfer instructions to the
Indenture Trustee as provided in the Indenture, then such distribution shall be made in immediately available funds to the Class
B Noteholder and (ii) without presentation or surrender of any Series [•] Note or the making of any notation thereon.
Final payment of this Class B Note will be made only upon presentation and surrender of this
Class B Note at the office or agency specified in the notice of final distribution delivered by the Indenture Trustee to the Series
[•] Noteholders in accordance with the Indenture.

 

On any day occurring on
or after the date on which the Outstanding Dollar Principal Amount of the Series [•] Notes is reduced to less than 10% of
its highest Outstanding Dollar Principal Amount at any time, the Trust shall have the right, but not the obligation to, redeem
the Series [•] Notes at a redemption price equal to 100% of the Outstanding Dollar Principal Amount of the Series [•]
Notes, plus accrued, unpaid and additional interest or principal accreted and unpaid on such Notes to but excluding the date of
redemption; provided, however, that in no event shall an optional redemption occur if 25% or more of the Initial
Dollar Principal Amount of the Series [•] Notes is still outstanding.

 

This
Class B Note does not represent an obligation of, or an interest in, the Transferor, Barclays Bank Delaware or any Affiliate of
any of them and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency or instrumentality.

 

Each Noteholder, by accepting
a Note, hereby covenants and agrees that it will not at any time institute against the Issuer or the Transferor, or join in instituting
against the Issuer or the Transferor, any bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States federal or state bankruptcy or similar law.

 

Except
as otherwise provided in the Indenture Supplement, the Class B Notes are issuable only in minimum denominations of $100,000 and
$1,000 increments in excess thereof. The transfer of this Class B Note shall be registered in the Note Register upon surrender
of this Class B Note for registration of transfer at the office or agency of the Issuer in a Place of Payment, accompanied
by a written instrument of transfer, in a form satisfactory to the Issuer and the Note

    	 	A-2-8	 

     

    

Registrar,
duly executed by the Class B Noteholder or such Class B Noteholder’s attorney, and duly authorized in writing with such signature
guaranteed, and thereupon one or more new Class B Notes in any authorized denominations of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms will be issued to the designated transferee or transferees.

 

As
provided in the Indenture and subject to certain limitations therein set forth, Class
B Notes are exchangeable for new Class B Notes in any authorized denominations and of like aggregate Stated Principal Amount,
Expected Final Payment Date and Legal Maturity Date and of like terms upon surrender of such Notes to be exchanged at
the office or agency of the Issuer in a Place of Payment. No service charge may be
imposed for any such exchange but the Issuer may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection therewith. 

 

The
Issuer, the Transferor, the Indenture Trustee and any agent of the Issuer, the Transferor or the Indenture Trustee shall
treat the person in whose name this Class B Note is registered as the owner hereof for
all purposes, and neither the Issuer, the Transferor, the Indenture Trustee nor any agent of the Issuer, the Transferor
or the Indenture Trustee shall be affected by notice to the contrary.

 

THIS
CLASS B NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK, INCLUDING SECTION 5-1401
OF THE GENERAL OBLIGATION LAW, WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF
THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS.

    	 	A-2-9	 

     

    

ASSIGNMENT

 

Social
Security or other identifying number of assignee ______________________________

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

_____________________________________

(name and address of assignee)

 

the within
certificate and all rights thereunder, and hereby irrevocably constitutes and appoints ____________________, attorney, to transfer
said certificate on the books kept for registration thereof, with full power of substitution in the premises. 

 

Dated:
____________                                    ______________________[4]

 

Signature
Guaranteed: 

 

______________________

 

 

4
NOTE: The signature to this assignment must correspond with the name of the registered owner as
it appears on the face of the within Note in every particular, without alteration, enlargement or any change
whatsoever.

 

 

    	 	A-2-10	 

     

    

EXHIBIT B-1

FORM OF MONTHLY NOTEHOLDERS’ STATEMENT

 

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES [•]

 

MONTHLY PERIOD ENDING [•] [•] 20[•]

 

Pursuant to (i) the Amended
and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 and as amended by the first
amendment thereto, dated as of July 6, 2015 (the “Indenture”), between Barclays Dryrock Issuance Trust (the
“Issuer” or the “Trust”), and U.S. Bank National Association, as indenture trustee (the “Indenture
Trustee”), as supplemented by the Indenture Supplement, dated as of [MONTH][DAY], 20[•] (the “Indenture
Supplement”), between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing Agreement, dated
as of August 1, 2012, as amended and restated as of December 17, 2013 (the “Servicing Agreement”), among Barclays
Dryrock Funding LLC, as transferor (the “Transferor”), Barclays Bank Delaware, as servicer and administrator
(“BBD” or the “Servicer”), the Issuer and the Indenture Trustee, BBD as Servicer is required
to prepare certain information each month regarding current payments to the Series [•] Noteholders and the performance of
the Trust during the previous monthly period. The information prepared with respect to the Payment Date of [•][•],
20[•] is set forth below. Certain terms used in this Monthly Noteholders’ Statement have their respective meanings
set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

 

	A)	Information regarding payments in respect of the Class A Notes 	$________
	 	(1)	The total amount of the payment in respect of the Class A Notes	$________
	 	(2)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest	$________
	 	(3)	The amount of the payment set forth in line item (1) above in respect of Class A Monthly Interest previously due but not distributed on a prior Payment Date	$________
	 	(4)	The amount of the payment set forth in line item (1) above in respect of Class A Additional Interest and the amount of Class A Additional Interest previously due but not distributed on a prior Payment Date	$________
	 	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class A Notes	$________

    	 	B-1-1	 

     

    

 

 

	B)	Information regarding payments in respect of the Class B Notes	$________
	 	(1)	The total amount of the payment in respect of the Class B Notes	$________
	 	(2)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest	$________
	 	(3)	The amount of the payment set forth in line item (1) above in respect of Class B Monthly Interest previously due but not distributed on a prior Payment Date	$________
	 	(4)	The amount of the payment set forth in line item (1) above in respect of Class B Additional Interest and the amount of Class B Additional Interest previously due but not distributed on a prior Payment Date	$________
	 	(5)	The amount of the payment set forth in line item (1) above in respect of principal of the Class B Notes	$________

 

	 	BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

    	 	B-1-2	 

     

    

 

FORM OF MONTHLY SERVICER STATEMENT

 

BARCLAYS DRYROCK ISSUANCE
TRUST

SERIES [●]

 

MONTHLY PERIOD ENDING [●] [●] 20[●]

 

	Record date	[●][●], 20[●]
	Payment date	[●][●], 20[●]
	Monthly period beginning	[●][●], 20[●]
	Monthly period ending	[●][●], 20[●]
	Previous payment date	[●][●], 20[●]
	Interest period beginning	[●][●], 20[●]
	Interest period ending	[●][●], 20[●]
	Days in monthly period	[●]
	Days in interest period	[●]

 

	
        TRUST RECEIVABLES INFORMATION

         
	 
	Beginning of monthly period principal receivables balance	$[●]
	Beginning of monthly period non-principal receivables balance	$[●]
	Beginning of monthly period total receivables balance	$[●]
	Addition of principal receivables balance	$[●]
	Addition of non-principal receivables balance	$[●]
	Removal of principal receivables balance	$[●]
	Removal of non-principal receivables balance	$[●]
	End of monthly period principal receivables balance	$[●]
	End of monthly period non-principal receivables balance	$[●]
	End of monthly period total receivables balance	$[●]

 

    	 	B-1-3	 

     

    

 

 

	
        TRUST COLLECTIONS INFORMATION

         

	Finance charge collections	$[●]
	Fees	$[●]
	Interchange	$[●]
	Recoveries	$[●]
	Investment earnings on Issuer Accounts	$[●]
	Total finance charge collections	$[●]
	Principal collections	$[●]
	*Total payment rate	[●]%
	 	 
	(*Total payment rate does not include investment earnings)	 

 

	
        TRUST DEFAULT INFORMATION

         

	Default amount	$[●]
	Gross loss rate	[●]%
	Delinquency Data 	Percentage	Total receivables
	1-30 days delinquent	[●]%	$[●]
	31-60 days delinquent	[●]%	$[●]
	61-90 days delinquent	[●]%	$[●]
	91-120 days delinquent	[●]%	$[●]
	121-150 days delinquent	[●]%	$[●]
	151-180 days delinquent	[●]%	$[●]
	181 and greater days delinquent	[●]%	$[●]
	Sixty Day Delinquent Assets	[●]%	$[●]

 

	
        TRANSFEROR INFORMATION

         

	Transferor Percentage as of the Transferor Amount Measurement Date	[●]%
	Seller’s interest as of the Transferor Amount Measurement Date	[●]%
	Required Transferor Amount Percentage	[●]%

    	 	B-1-4	 

     

    

	
        ISSUER ACCOUNT INFORMATION

         

	Barclays Dryrock Issuance Trust Collection Account balance as of the end of monthly period	$[●]
	Barclays Dryrock Issuance Trust Excess Funding Account balance as of end of monthly period	$[●]

 

	
        BARCLAYS DRYROCK ISSUANCE TRUST

         

	Series Name	[•]
	Expected Final Payment Date	[·] [·], 20[·]
	Scheduled start of accumulation period	[·] [·], 20[·]
	Series [•] Stated Principal Amount	$[·]
	Series [•] Allocation Amount	$[·]
	Series [•] Floating Allocation Percentage	[·]%
	Series [•] Principal Allocation Percentage	[·]%
	[Current period USD LIBOR]	[·]%

 

	Class Details	Margin	Total Interest Rate	Stated Principal Amount
	Class A	[·]%	[·]%	$[·]
	Class B	[·]%	[·]%	$[·]

 

	
        ALLOCATION OF SERIES [•] AVAILABLE FINANCE CHARGE
        COLLECTIONS

         

	 1)  Series [•] Available Finance Charge Collections 	$[·]
	 2)  Class A Notes	 
	     a)  Class A Monthly Interest	$[·]
	     b)  Class A Monthly Interest previously due but not paid	$[·]
	     c)  Class A Additional Interest and Class A Additional Interest previously due but not paid	$[·]
	 3)  Series [•] Servicing Fee paid to Servicer	$[·]
	 4)  Series [•] Servicing Fee, previously due but not paid	$[·]
	 5)  Class B Notes	 
	     a)  Class B Monthly Interest	$[·]
	     b)  Class B Monthly Interest previously due but not paid	$[·]
	     c)  Class B Additional Interest and Class B Additional Interest previously due but not paid	$[·]
	 6)  Series [•] Default Amount treated as Series [•] Available Principal Collections	$[·]
	 7)  Unreimbursed Investor Charge-offs and Reallocated Principal Collections treated as Series [•] Available principal Collections	$[·]
	 8)  Accumulation Reserve Account funding	$[·]

    	 	B-1-5	 

     

    

 

	 9)  In the event of default and acceleration, the Outstanding Dollar Principal Amount of the notes treated as Series [•] Available Principal Collections	$[·]
	10)  Shared Excess Available Finance Charge Collections available for allocation to other series in Shared Excess Available Finance Charge Collections (Group 1)	$[·]
	11)  Amount due under any other obligations of Barclays Dryrock Issuance Trust under the Transaction Documents	$[·]
	12)  Holder of the Transferor Interest	$[·]

 

	APPLICATION OF SHARED EXCESS AVAILABLE FINANCE CHARGE COLLECTIONS ALLOCATED TO SERIES [•]
	1)  Shared Excess Available Finance Charge Collections allocated to Series [•]	$[·]
	2)  Series [•] Available Finance Charge Collections Shortfall	$[·]
	3)  Class A Monthly Interest and Class A Additional Interest and any past due amounts 	$[·]
	4)  Unpaid Servicing Fee	$[·]
	5)  Class B Monthly Interest and Class B Additional Interest and any past due amounts	$[·]
	6)  Default Amount treated as Available Principal Collections	$[·]
	7)  Unreimbursed Investor charge-offs and Reallocated Principal Collections treated as Series [•] Available Principal Collections	$[·]
	8)  Accumulation Reserve Account	$[·]
	9)  Holder of the Transferor Interest	$[·]

 

	APPLICATION OF SERIES [•] AVAILABLE PRINCIPAL COLLECTIONS DURING REVOLVING PERIOD
	1)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group 1)	$[·]

 

	APPLICATION OF SERIES [•] PRINCIPAL COLLECTIONS DURING CONTROLLED ACCUMULATION PERIOD
	1)  Principal Funding Account	$[·]
	2)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available principal Collections (Group 1)	$[·]

 

    	 	B-1-6	 

     

    

 

	APPLICATION OF SERIES [•] PRINCIPAL COLLECTIONS DURING EARLY AMORTIZATION PERIOD
	1)  Paid to the Class A Noteholders	$[·]
	2)  Paid to the Class B Noteholders	$[·]
	3)  Shared Excess Available Principal Collections available for allocation to other series in Shared Excess Available Principal Collections (Group 1)	$[·]

 

 

	APPLICATION OF SHARED EXCESS AVAILABLE PRINCIPAL COLLECTIONS ALLOCATED TO SERIES [•]
	1)  Shared Excess Available Principal Collections allocated to Series [•]	$[·]
	2)  Series [•] Available Principal Collections Shortfall	$[·]
	3)  During the Controlled Accumulation Period:	 
	     3a) Amount deposited in the Principal Funding Account	$[·]
	4)  During the Early Amortization Period:	 
	     4a) Paid to the Class A Noteholders	$[·]
	     4b) Paid to the Class B Noteholders	$[·]
	5)  Holder of the Transferor Interest	$[·]

 

	SERIES [•] ACCOUNT INFORMATION
	Accumulation Reserve Account balance	$[·]
	Principal Funding Account balance	$[·]

 

	SERIES [•] PERFORMANCE DATA
	Portfolio Yield	 
	          Current Monthly Period	[·]%
	          Prior Monthly Period	[·]%
	          Second Prior Monthly Period	[·]%
	Base Rate	 
	          Current Payment Date	[·]%
	          Prior Payment Date	[·]%
	          Second Prior Payment Date	[·]%
	Excess Spread Percentage	 
	          Current Monthly Period	[·]%

    	 	B-1-7	 

     

    

 

	          Prior Monthly Period	[·]%
	          Second Prior Monthly Period	[·]%
	Quarterly Excess Spread Percentage	[·]%
	Required Excess Spread Percentage	[·]%
	Is the Quarterly Excess Spread Percentage greater than the Required Excess Spread Percentage?	[Yes/No]
	Delinquency Trigger Percentage	[·]%
	Is the Sixty Day Delinquency Rate Percentage equal to or greater than the Delinquency Trigger Percentage?	[Yes/No]

 

To the knowledge of the undersigned, no
Early Amortization Event or Early Redemption Event has occurred.

Capitalized terms used in this Monthly
Servicer Statement have their respective meanings set forth in the Indenture, the Indenture Supplement and the Servicing Agreement.

 

	 	BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

    	 	B-1-8	 

     

    

EXHIBIT B-2

FORM OF
ANNUAL PAYMENT INFORMATION

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES
[•]

 

FOR THE
YEAR ENDED DECEMBER 31, 20[•]

 

The
undersigned, a duly authorized representative of Barclays Bank Delaware (“BBD”), as Servicer pursuant to the Amended
and Restated Indenture, dated as of August 1, 2012, as amended and restated as of December 17, 2013 and as amended by the
first amendment thereto, dated as of July 6, 2015 (the “Indenture”),
between Barclays Dryrock Issuance Trust (the “Issuer”
or the “Trust”), and U.S. Bank National Association, as indenture trustee (the “Indenture Trustee”), as
supplemented by the Indenture Supplement, dated as of [MONTH][DAY], 20[•]
(the “Indenture Supplement”), between the Issuer and the Indenture Trustee, and (ii) the Amended and Restated Servicing
Agreement, dated as of August 1, 2012, as amended and restated as of December 17, 2013 (the “Servicing Agreement”),
among Barclays Dryrock Funding LLC, as transferor (the “Transferor”), Barclays Bank Delaware, as servicer and administrator
(“BBD” or “Servicer”), the Issuer and the Indenture Trustee, does hereby certify as follows: 

 

Capitalized
terms used in this Certificate have their respective meanings set forth in the Indenture, the Indenture Supplement, and the Servicing
Agreement.

 

Pursuant
to Section 7.03 of the Indenture Supplement, the Servicer instructed the Indenture Trustee to pay in accordance with Section 7.03
from amounts in the collection Account and allocated to Series [•] or the Principal Funding Account, as applicable, the following
aggregate amounts during the year ended December 31, 20[•]:

 

	 	A)	Pursuant to subsection 7.03(a):	 
	 	 	Interest distributed to Class A Noteholders	$________
	 	B)	Pursuant to subsection 7.03(b):	 
	 	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class A Noteholders	$________
	 	C)	Pursuant to subsection 7.03(c):	 
	 	 	Interest distributed to Class B Noteholders	$________
	 	D)	Pursuant to subsection 7.03(d):	 
	 	 	On each Payment Date with respect to the Early Amortization Period and on the Expected Final Payment Date principal distributed to the Class B Noteholders	$________

    	 	B-2-1	 

     

    

 

IN WITNESS
WHEREOF, the undersigned has duly executed this Certificate this [•] day of [•],
20[•].

 

 

	 	BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

    	 	B-2-2	 

     

    

EXHIBIT B-3

FORM OF DAILY SERVICER’S STATEMENT

 

[·][·],
20[·]

 

Barclays Dryrock Issuance Trust

c/o Wilmington Trust National Association

Rodney Square North, 1100 North Market Street

Wilmington, DE 19890

 

Dear Sirs

 

In accordance with the terms of the Servicing
Agreement, Indenture and the Series [·] Indenture Supplement

 

	 	1.	We hereby notify you that, as of the beginning of the day on [·][·], 20[·], the following accounts had cash balances set out below:
	 	 	 	 	 
	 	 	Collection Account	[Account #]	$[·]
	 	 	 	 	 
	 	 	Excess Funding Account (EFA)	[Account #]	$[·]

 

	 	2.	The movements of each Account on [·][·], 20[·] are as follows:
	 	 	 	 	 
	 	 	i.	Collection Account	 
	 	 	 	 	 
	 	 	 	Daily Transfers	 
	 	 	 	Collections	$[·]
	 	 	 	Investment proceeds on Collection Account	$[·]
	 	 	 	Transferor portion of finance charge collections to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Transferor portion of principal collection to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Transferor portion of principal collections to EFA	$[·]
	 	 	 	 	 
	 	 	 	Monthly Transfers	 
	 	 	 	Class A Monthly Interest	$[·]
	 	 	 	Servicing Fee	$[·]
	 	 	 	Transferor portion of Servicing Fee prefunding excess	$[·]
	 	 	 	Class B Monthly Interest	$[·]
	 	 	 	Series Default Amount	$[·]
	 	 	 	Series Additional Amount	$[·]
	 	 	 	Event of Default	$[·]
	 	 	 	Excess Spread to Transferor 	$[·]

 

    	 	B-3-1	 

     

    

 

 

	 	 	 	All other Trust Obligations	$[·]
	 	 	 	Deposit from the EFA (Excess EFA balance in accumulation period, treated as principal Investment earning on the EFA)	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	ii.	Excess Funding Account (EFA)	 
	 	 	 	 	 
	 	 	 	Opening cash balance	$[·]
	 	 	 	Transferor portion of principal collections received from Collection Account $[·]	 
	 	 	 	Excess EFA balance to Barclays Dryrock Funding LLC	$[·]
	 	 	 	Excess EFA balance to Collection Account	$[·]
	 	 	 	Withdrawal of investment earnings to Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	iii.	Principal Funding Account (PFA)	 
	 	 	 	 	 
	 	 	 	Principal Funding Account (PFA) Series [•]	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Accumulation deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Principal Payments to Indenture Trustee	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	 	Principal Funding Account (PFA) Series [•]	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Accumulation deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Principal Payments to Indenture Trustee	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	 	iv.	Accumulation Reserve Account	 
	 	 	 	 	 
	 	 	 	Accumulation Reserve Account Series [•]	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]

    	 	B-3-2	 

     

    

 

	 	 	 	Accumulation Reserve Draw Amount to Collection Account	$[·]
	 	 	 	Accumulation
Reserve Account Surplus to Barclays Dryrock Funding LLC
	$[·]
	 	 	 	

Closing cash balance	$[·]
	 	 	 	 	 
	 	 	 	Accumulation Reserve Account Series [•]	 
	 	 	 	Opening Cash Balance	$[·]
	 	 	 	Deposit from the Collection Account	$[·]
	 	 	 	Investment earnings credited to the account	$[·]
	 	 	 	Investment earnings to the Collection Account	$[·]
	 	 	 	Accumulation Reserve Draw Amount to Collection Account	$[·]
	 	 	 	Accumulation Reserve Account Surplus to Barclays Dryrock Funding LLC	$[·]
	 	 	 	 	 
	 	 	 	Closing cash balance	$[·]
	 	 	 	 	 
	 	3.	We hereby advise you to make the following transfers:	 

 

	From	Amount	To
	
        Collection Account

        [Account #]
	$[·]	
        Barclays Dryrock Funding LLC

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        Excess Funding Account

        050-705814

	
        Collection Account

        [Account #]
	$[·]	
        Barclays Dryrock Funding LLC

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        US Bank National Association

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        Barclays Bank Delaware

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        Principal Funding Series [·]

        [Account #]

	
        Principal Funding Series [·]

        [Account #]
	$[·]	
        Collection Account

        [Account #]

	
        Principal Funding Series [·]

        [Account #]
	$[·]	
        US Bank National Association

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        Principal Funding Series [·]

        [Account #]

	
        Principal Funding Series [·]

        [Account #]
	$[·]	
        Collection Account

        [Account #]

	
        Principal Funding Series [·]

        [Account #]
	$[·]	
        US Bank National Association

        [Account #]

	
        Collection Account

        [Account #]
	$[·]	
        Accumulation Reserve Series
        [·]

        [Account #]

	
        Accumulation Reserve Series
        [·]

        [Account #]
	$[·]	
        Collection Account

        [Account #]

    	 	B-3-3	 

     

    

 

	
        Accumulation Reserve Series
        [·]

        [Account #]
	$[·]	
        Owner Trustee

        (to be distributed to Barclays
        Dryrock Funding LLC]

	
        Collection Account

        [Account #]
	$[·]	
        Accumulation Reserve Series
        [·]

        [Account #]

	
        Accumulation Reserve Series
        [·]

        [Account #]
	$[·]	
        Collection Account

        [Account #]

	
        Accumulation Reserve Series
        [·]

        [Account #]
	$[·]	
        Owner Trustee

        (to be distributed to Barclays
        Dryrock Funding LLC]

 

 

    	 	B-3-4	 

     

    

IN WITNESS WHEREOF, the undersigned has
duly executed and delivered this Certificate this [·] day of [·],
[·].

	 	
        BARCLAYS BANK DELAWARE, 

        as Servicer

	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

    	 	B-3-5	 

     

    

EXHIBIT C

FORM OF MONTHLY SERVICER’S CERTIFICATE

 

BARCLAYS BANK DELAWARE

 

BARCLAYS DRYROCK ISSUANCE TRUST

SERIES [·]

 

 

The undersigned, a duly
authorized representative of Barclays Bank Delaware, as servicer (“BBD”), pursuant to the Amended and Restated
Servicing Agreement, dated August 1, 2012, as amended and restated as of December 17, 2013
(the “Agreement”), among Barclays Dryrock Funding LLC, a Delaware
limited liability company, as transferor, BBD, as servicer and administrator, Barclays
Dryrock Issuance Trust, a statutory trust created under the laws of the State of Delaware (the “Trust”),
and U.S. Bank National Association, as Indenture Trustee (the “Indenture
Trustee”), does hereby certify that:

 

1.     
Capitalized terms used in this Certificate have their respective meanings set forth in the Agreement or the Amended and
Restated Indenture, dated as of August 1, 2012, as amended and restated as
of December 17, 2013 and as amended by the first amendment thereto, dated as of July 6, 2015 (the “Indenture”),
between the Trust and the Indenture Trustee, as supplemented by the Series [·]
Indenture Supplement, dated as of [MONTH][DAY], 20[·], between the Trust
and the Indenture Trustee (the “Indenture Supplement” and together with the Indenture, the “Indenture”),
as applicable.

2.     
BBD is, as of the date hereof, the Servicer under the Agreement.

3.     
The undersigned is an Authorized Officer of the Servicer who is duly authorized pursuant to the Agreement to execute and
deliver this Certificate to the Indenture Trustee.

4.     
This Certificate relates to the Payment Date occurring on [__________ ____, 20__].

5.     
As of the date hereof, to the best knowledge of the undersigned, the Servicer has performed in all material respects its
obligations under the Agreement and the Indenture through the Monthly Period preceding such Payment Date and no material default
in the performance of such obligations has occurred or is continuing except as set forth in paragraph 6 below.

6.     
The following is a description of each material default in the performance of the Servicer’s obligations under the
provisions of the Agreement known to me to have been made by the Servicer through the Monthly Period preceding such Payment Date,
which sets forth in detail (i) the nature of each such default, (ii) the action taken by the Servicer, if any, to remedy each such
default and (iii) the current status of each such default: [If applicable, insert “None.”]

    	 	C-1	 

     

    

IN WITNESS WHEREOF, the
undersigned has duly executed and delivered this Certificate this [·] day of [·],
[·].

 

 

	 	BARCLAYS BANK DELAWARE, as Servicer
	 	 	 
	 	By: 	__________________________________
	 	 	Name:
	 		Title:

 

		

    	 	C-2EX-4.1

 Exhibit 4.1 
  

 
  

$750,000,000 
 CREDIT AGREEMENT

 among 
 CALATLANTIC GROUP,
INC., 
 a Delaware corporation, 

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

JPMORGAN CHASE BANK, N.A., 
 as
Administrative Agent 
 with 

J.P. MORGAN SECURITIES LLC and CITIGROUP GLOBAL MARKETS INC., 

as Joint Lead Bookrunners 
 and

 J.P. MORGAN SECURITIES LLC, CITIGROUP GLOBAL MARKETS INC., BANK OF THE WEST, MIZUHO BANK, LTD. and MERRILL LYNCH, PIERCE,
FENNER & SMITH INCORPORATED, 
 as Joint Lead Arrangers 

and 
 CITIBANK, N.A., BANK OF THE
WEST, MIZUHO BANK, LTD. and BANK OF AMERICA, N.A., 
 as Co-Syndication Agents 

Dated as of October 5, 2015 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
	 SECTION 1.
	 	 DEFINITIONS
	  	 	1	  
			
	 1.1
	 	 Defined Terms
	  	 	1	  
			
	 1.2
	 	 Other Definitional Provisions
	  	 	20	  
			
	 SECTION 2.
	 	 AMOUNT AND TERMS OF COMMITMENTS
	  	 	21	  
			
	 2.1
	 	 Commitments
	  	 	21	  
			
	 2.2
	 	 Procedure for Revolving Loan Borrowing
	  	 	21	  
			
	 2.3
	 	 Swingline Commitment
	  	 	22	  
			
	 2.4
	 	 Procedure for Swingline Borrowing; Refunding of Swingline Loans
	  	 	22	  
			
	 2.5
	 	 Commitment Fees, Etc.
	  	 	23	  
			
	 2.6
	 	 Termination or Reduction of Commitment
	  	 	23	  
			
	 2.7
	 	 Optional Prepayments
	  	 	24	  
			
	 2.8
	 	 Mandatory Prepayments
	  	 	24	  
			
	 2.9
	 	 Conversion and Continuation Options
	  	 	25	  
			
	 2.10
	 	 Limitations on Eurodollar Tranches
	  	 	25	  
			
	 2.11
	 	 Interest Rates and Payment Dates
	  	 	25	  
			
	 2.12
	 	 Computation of Interest and Fees
	  	 	26	  
			
	 2.13
	 	 Inability to Determine Interest Rate
	  	 	26	  
			
	 2.14
	 	 Pro Rata Treatment and Payments
	  	 	27	  
			
	 2.15
	 	 Requirements of Law
	  	 	28	  
			
	 2.16
	 	 Taxes
	  	 	29	  
			
	 2.17
	 	 Indemnity
	  	 	32	  
			
	 2.18
	 	 Change of Lending Office
	  	 	33	  
			
	 2.19
	 	 Replacement of Lenders
	  	 	33	  
			
	 2.20
	 	 Defaulting Lenders
	  	 	33	  
			
	 2.21
	 	 Increase in Commitments
	  	 	36	  
			
	 2.22
	 	 Extension of Termination Date
	  	 	37	  
			
	 SECTION 3.
	 	 LETTERS OF CREDIT
	  	 	38	  
			
	 3.1
	 	 L/C Commitment
	  	 	38	  
			
	 3.2
	 	 Procedure for Issuance of Letter of Credit
	  	 	38	  
			
	 3.3
	 	 Fees and Other Charges
	  	 	39	  
			
	 3.4
	 	 L/C Participations
	  	 	39	  
			
	 3.5
	 	 Reimbursement Obligation of Borrower
	  	 	40	  

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 3.6
	 	 Obligations Absolute
	  	 	40	  
			
	 3.7
	 	 Letter of Credit Payments
	  	 	41	  
			
	 3.8
	 	 Applications
	  	 	41	  
			
	 3.9
	 	 Cash Collateral Upon Existence of Defaulting Lender
	  	 	41	  
			
	 3.10
	 	 Voluntary Cash Collateral Deposits
	  	 	42	  
			
	 3.11
	 	 Existing Letters of Credit
	  	 	42	  
			
	 SECTION 4.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	43	  
			
	 4.1
	 	 Incorporation, Qualification, Powers, and Capital Stock
	  	 	43	  
			
	 4.2
	 	 Execution, Delivery, and Performance of Loan Documents
	  	 	43	  
			
	 4.3
	 	 Compliance with Laws and Other Requirements
	  	 	44	  
			
	 4.4
	 	 Entities Owned
	  	 	45	  
			
	 4.5
	 	 Financial Statements
	  	 	45	  
			
	 4.6
	 	 No Material Adverse Change
	  	 	45	  
			
	 4.7
	 	 Tax Liability
	  	 	46	  
			
	 4.8
	 	 Litigation
	  	 	46	  
			
	 4.9
	 	 Pension Plan
	  	 	46	  
			
	 4.10
	 	 Regulations U and X; Investment Company Act
	  	 	46	  
			
	 4.11
	 	 No Default
	  	 	47	  
			
	 4.12
	 	 Environmental Compliance
	  	 	47	  
			
	 4.13
	 	 Solvent
	  	 	47	  
			
	 4.14
	 	 Senior Debt
	  	 	47	  
			
	 4.15
	 	 Foreign Asset Control Regulations
	  	 	47	  
			
	 4.16
	 	 Anti-Corruption Laws and Sanctions
	  	 	47	  
			
	 SECTION 5.
	 	 CONDITIONS PRECEDENT
	  	 	47	  
			
	 5.1
	 	 Conditions to Initial Extension of Credit
	  	 	47	  
			
	 5.2
	 	 Conditions to Each Extension of Credit
	  	 	49	  
			
	 SECTION 6.
	 	 AFFIRMATIVE COVENANTS
	  	 	50	  
			
	 6.1
	 	 Reporting Requirements
	  	 	50	  
			
	 6.2
	 	 Payment of Taxes and Other Potential Liens
	  	 	51	  
			
	 6.3
	 	 Preservation of Existence
	  	 	52	  
			
	 6.4
	 	 Maintenance of Properties
	  	 	52	  
			
	 6.5
	 	 Maintenance of Insurance
	  	 	52	  

  
 -ii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 6.6
	 	 Books and Records
	  	 	52	  
			
	 6.7
	 	 Inspection Rights
	  	 	52	  
			
	 6.8
	 	 Compliance with Laws and Other Requirements
	  	 	53	  
			
	 6.9
	 	 Guaranties
	  	 	53	  
			
	 6.10
	 	 Use of Proceeds
	  	 	54	  
			
	 SECTION 7.
	 	 NEGATIVE COVENANTS
	  	 	54	  
			
	 7.1
	 	 Mergers
	  	 	54	  
			
	 7.2
	 	 Liens
	  	 	54	  
			
	 7.3
	 	 Prepayment of Indebtedness
	  	 	56	  
			
	 7.4
	 	 Change in Nature of Business
	  	 	56	  
			
	 7.5
	 	 Pension Plan
	  	 	56	  
			
	 7.6
	 	 Dividends and Subordinated Debt
	  	 	57	  
			
	 7.7
	 	 Disposition of Properties
	  	 	57	  
			
	 7.8
	 	 Limitation on Investments
	  	 	58	  
			
	 7.9
	 	 Transactions with Affiliates
	  	 	59	  
			
	 7.10
	 	 Consolidated Tangible Net Worth
	  	 	59	  
			
	 7.11
	 	 Liquidity and Consolidated Interest Expense
	  	 	59	  
			
	 7.12
	 	 Leverage Ratio
	  	 	59	  
			
	 7.13
	 	 Land Not Under Development to Consolidated Tangible Net Worth Ratio
	  	 	60	  
			
	 7.14
	 	 Foreign Assets Control Regulations
	  	 	60	  
			
	 SECTION 8.
	 	 EVENTS OF DEFAULT
	  	 	60	  
			
	 8.1
	 	 Events of Default
	  	 	60	  
			
	 8.2
	 	 Application of Payments
	  	 	62	  
			
	 SECTION 9.
	 	 ADMINISTRATIVE AGENT
	  	 	63	  
			
	 9.1
	 	 Appointment
	  	 	63	  
			
	 9.2
	 	 Delegation of Duties
	  	 	63	  
			
	 9.3
	 	 Exculpatory Provisions
	  	 	63	  
			
	 9.4
	 	 Reliance by Administrative Agent
	  	 	64	  
			
	 9.5
	 	 Notice of Default
	  	 	64	  
			
	 9.6
	 	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	64	  
			
	 9.7
	 	 Indemnification
	  	 	65	  
			
	 9.8
	 	 Administrative Agent in Its Individual Capacity
	  	 	65	  
			
	 9.9
	 	 Successor Administrative Agent
	  	 	65	  

  
 -iii- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
			
	 SECTION 10.
	 	 MISCELLANEOUS
	  	 	66	  
			
	 10.1
	 	 Amendments and Waivers
	  	 	66	  
			
	 10.2
	 	 Notices
	  	 	67	  
			
	 10.3
	 	 No Waiver; Cumulative Remedies
	  	 	67	  
			
	 10.4
	 	 Survival of Representations and Warranties
	  	 	68	  
			
	 10.5
	 	 Payment of Expenses and Taxes
	  	 	68	  
			
	 10.6
	 	 Successors and Assigns; Participations and Assignments
	  	 	69	  
			
	 10.7
	 	 Adjustments; Set-off
	  	 	71	  
			
	 10.8
	 	 Counterparts
	  	 	71	  
			
	 10.9
	 	 Severability
	  	 	72	  
			
	 10.10
	 	 Integration
	  	 	72	  
			
	 10.11
	 	 Governing Law
	  	 	72	  
			
	 10.12
	 	 Submission to Jurisdiction; Waivers
	  	 	72	  
			
	 10.13
	 	 Acknowledgements
	  	 	72	  
			
	 10.14
	 	 Releases of Guarantee Obligations
	  	 	73	  
			
	 10.15
	 	 Confidentiality
	  	 	73	  
			
	 10.16
	 	 WAIVERS OF JURY TRIAL
	  	 	73	  
			
	 10.17
	 	 PATRIOT Act
	  	 	74	  

  
 -iv- 

			
	SCHEDULES:
		
	1.1	 	Commitments
	1.1A	 	Issuing Lender Letter of Credit Commitments
	1.1B	 	Existing Investments
	3.11	 	Existing Letters of Credit
	4.4	 	Subsidiaries and Guarantors
	
	EXHIBITS:
		
	A	 	Form of Guarantee Agreement
	B	 	Form of Compliance Certificate
	C	 	Form of Assignment and Acceptance
	D	 	Forms of Exemption Certificates
	E	 	Form of New Lender Supplement
	F-1	 	Form of Legal Opinion of Snell & Wilmer L.L.P.
	F-2	 	Form of Legal Opinion of Smith, Gambrell & Russell, LLP
	F-3	 	Form of Legal Opinion of Venable LLP
	F-4	 	Form of Legal Opinion of Gardere Wynne & Sewell LLP
	F-5	 	Form of Legal Opinion of Barnes & Thornburg LLP

  
 -v- 

 CREDIT AGREEMENT (this “Agreement”), dated as of October 5, 2015, among
CALATLANTIC GROUP, INC., a Delaware corporation (the “Borrower”), the several banks and other financial institutions or entities from time to time parties to this Agreement (the “Lenders”), and JPMORGAN CHASE BANK,
N.A., as administrative agent. 
 In consideration of the premises and the mutual agreements, covenants and conditions hereinafter set
forth, Borrower, Administrative Agent and each of the Lenders agree as follows: 
 SECTION 1. DEFINITIONS 

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

“2016 Indenture”: that certain 10.75% Senior Notes due 2016 Indenture by and between Standard Pacific Escrow LLC
(“Initial Issuer”) and The Bank of New York Mellon Trust Company, N.A., as Trustee (“Trustee”), dated as of September 17, 2009, as supplemented by that certain First Supplemental Indenture dated October 8,
2009, among Initial Issuer, Standard Pacific Corp., the subsidiaries of the Borrower party thereto and Trustee. 
 “ABR”:
for any day, a rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Federal Funds Effective Rate in effect on such day plus  1⁄2 of 1% and (c) the Eurodollar Rate for a one month Interest Period beginning on such day (or if such day is not a Business Day, the immediately preceding
Business Day) plus 1%. Any change in the ABR due to a change in the Prime Rate, the Federal Funds Effective Rate or the Eurodollar Rate shall be effective as of the opening of business on the effective day of such change in the Prime
Rate, the Federal Funds Effective Rate or the Eurodollar Rate, respectively. 
 “ABR Loans”: Loans the rate of interest
applicable to which is based upon the ABR. 
 “Adjusted Consolidated Tangible Net Worth”: at any date, the consolidated
stockholders equity of Borrower and its Subsidiaries determined in accordance with GAAP, less intangible assets, less minority interests in Consolidated Homebuilding Joint Ventures to the extent included in consolidated stockholders equity of
Borrower and its Subsidiaries, less investments in Excluded Subsidiaries in excess of 45% of Consolidated Tangible Net Worth, all determined as of such date. 

“Administrative Agent”: JPMorgan Chase Bank, N.A., together with its affiliates, successors and assigns, as Administrative
Agent for the Lenders under this Agreement and the other Loan Documents. 
 “Affiliate”: any Person (a) which
directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with another Person, or (b) which directly, or indirectly through one or more intermediaries, owns beneficially or of record
twenty percent (20%) or more of the Voting Stock of such other Person. The term “control” means the possession, directly or indirectly, of the power to cause the direction of the management and policies of a Person, whether through
the ownership of voting securities or partnership interests, by contract, family relationship, or otherwise. With respect to the Loan Parties, the term “Affiliate” shall not include (i) MP CA Homes LLC or any direct or indirect parent
entity of MP CA Homes LLC (any such entity, a “MP Excluded Entity”) and (ii) taking into account such exclusion of MP Excluded Entities as Affiliates of the Loan Parties, any Affiliate of a MP Excluded Entity that would not
otherwise be deemed to be an Affiliate of a Loan Party. 

  
 1 

 “Aggregate Exposure”: with respect to any Lender at any time, an amount equal to
(a) until the Closing Date, the aggregate amount of such Lender’s Commitments at such time and (b) thereafter, the amount of such Lender’s Commitments then in effect or, if the Commitments have been terminated, the amount of such
Lender’s Revolving Percentage of the Outstanding Amount. 
 “Aggregate Exposure Percentage”: with respect to any
Lender at any time, the ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate Exposure of all Lenders at such time. 

“Agreement”: as defined in the preamble hereto. 

“Anniversary Date”: as defined in Section 2.22(a) 

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

“Applicable Margin”: for each Revolving Loan and Swingline Loan, commencing on the Closing Date the initial rate shall be
1.75% per annum for Eurodollar Loans, 0.75% per annum for ABR Loans and a commitment fee rate of 0.30% per annum. The applicable rate per annum will be adjusted from time to time as set forth below determined by reference to the
Leverage Ratio as set forth in the most recent Compliance Certificate received by the Administrative Agent pursuant to Section 6.1(g) with such determination being effective one (1) Business Day following receipt of such Compliance
Certificate commencing with the Compliance Certificate due for the fiscal quarter ending September 30, 2015: 
  

													
	 Leverage Ratio
	  	Applicable
Margin for
Eurodollar
Loans	 	 	Applicable
Margin for ABR
Loans	 	 	Commitment
Fee Rate	 
	 3 1.25 to 1.00
	  	 	2.00	% 	 	 	1.00	% 	 	 	0.35	% 
	 <1.25 to 1.00, but >0.75 to 1.00
	  	 	1.75	% 	 	 	0.75	% 	 	 	0.30	% 
	 £0.75 to 1.00
	  	 	1.50	% 	 	 	0.50	% 	 	 	0.25	% 

 “Application”: an application, in such form as an Issuing Lender may specify from time to
time, requesting such Issuing Lender to open a Letter of Credit. 
 “Assignment and Acceptance”: an Assignment and
Acceptance, substantially in the form of Exhibit C. 
 “Assignor”: as defined in Section 10.6(c). 

  
 2 

 “Available Commitment”: as to any Lender at any time, an amount equal to the
excess, if any, of (a) such Lender’s Commitment then in effect over (b) the amount of such Lender’s Revolving Percentage of the Outstanding Amount. 

“Basel III”: the third of the so-called Basel Accords issued by the Basel Committee on Banking Supervision. 

“Benefitted Lender”: as defined in Section 10.7(a). 

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

“Borrower”: as defined in the preamble hereto. 

“Borrowing Date”: any Business Day specified by Borrower as a date on which Borrower requests the relevant Lenders to make
Loans hereunder. 
 “Business Day”: a day other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to close, provided, that with respect to notices and determinations in connection with, and payments of principal and interest on, Eurodollar Loans, such day is also a day for trading by and between
banks in Dollar deposits in the interbank Eurodollar market. 
 “Capitalized Lease Obligations”: any obligations under a
lease that are required to be capitalized for financial reporting purposes in accordance with GAAP. 
 “Capital Stock”: any
and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of a Person, including any preferred stock, but excluding any debt securities convertible into such
equity. 
 “Cash Collateralize”: to pledge and deposit with or deliver to one or more of the Issuing Lenders or Lenders, as
collateral for L/C Obligations or obligations of Lenders to fund participations in respect of L/C Obligations, cash or deposit account balances pursuant to documentation in customary form and substance and reasonably satisfactory to the
Administrative Agent and each applicable Issuing Lender. “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral. 

“Change of Control”: the occurrence of any of the following events: 

(1) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) other than MP CA
Homes LLC or its Affiliates is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause such person or group shall be deemed to have “beneficial ownership” of all
shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of Borrower; 

(2) the merger or consolidation of Borrower with or into another Person or the merger of another Person with or into Borrower, or the sale of
all or substantially all the assets of Borrower to another Person, other than any such sale to one or more Loan Parties, and in the case of any such merger or consolidation, the securities of Borrower that are outstanding immediately prior to such
transaction and which represent 100% of the aggregate voting power of the Voting Stock of Borrower are changed into or exchanged for cash, securities or property, unless pursuant to such transaction such

  
 3 

 
securities are changed into or exchanged for, in addition to any other consideration, securities of the surviving corporation, or a parent corporation that owns all of the Capital Stock of such
surviving corporation, that represent immediately after such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving corporation or such parent corporation, as the case may be; or 

(3) a “Change of Control” occurs under any of Borrower’s outstanding senior public note indebtedness or any other notes issued
by Borrower under an indenture or comparable documents to indentures used in jurisdictions outside of the United States. 
 “Closing
Date”: the date on which the conditions precedent set forth in Section 5.1 shall have been satisfied, which date is October 5, 2015. 

“Code”: the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment”: as to any Lender, the obligation of such Lender to make Revolving Loans and participate in Swingline Loans and
Letters of Credit in an aggregate principal and/or face amount not to exceed the amount set forth under the heading “Commitment” opposite such Lender’s name on Schedule 1.1 or in the Assignment and Acceptance pursuant to which
such Lender became a party hereto, as the same may be changed from time to time pursuant to the terms hereof. As of the date hereof, the amount of the Total Commitments is $750,000,000. 

“Commitment Fee Rate”: the rate per annum as set forth in the fee rate grid in the definition of “Applicable
Margin”. 
 “Commitment Period”: the period from and including the Closing Date to the Termination Date. 

“Competitor”: as of any date, any Person that (a) is listed on the most recent Builder 100 list published by Builder
magazine, ranked by revenues or closings (or if such list is no longer published, identified in such other published list or through such other means as is mutually agreed by Administrative Agent and Borrower) or (b) is an Affiliate of a person
described in the preceding clause (a). 
 “Completed Unit”: a Unit as to which either (or both) of the following has
occurred: (a) a notice of completion has been filed or recorded in the appropriate real estate records; or (b) all necessary construction has been completed in order to obtain a certificate of occupancy (whether or not such certificate of
occupancy has actually been obtained). 
 “Compliance Certificate”: a certificate duly executed by a Responsible Officer
substantially in the form of Exhibit B. 
 “Connection Income Taxes”: Other Connection Taxes that are imposed on or
measured by net income (however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Debt”:
at any date, without duplication (a) all funded debt of Borrower and its Subsidiaries determined on a consolidated basis; plus (b) all funded debt with recourse to any limited or general partnership in which Borrower or a Subsidiary
is a general partner; plus (c) the sum of (i) all reimbursement obligations with respect to drawn Financial Letters of Credit and drawn Performance Letters of Credit (excluding any portion of the actual or potential obligations that
are secured by Cash Collateral) and (ii) the maximum amount available to be drawn under all undrawn Financial Letters of Credit, in each case issued for the account of, or guaranteed by, Borrower or any if its

  
 4 

 
Subsidiaries (excluding any portion of the actual or potential obligations that are secured by Cash Collateral); plus (d) all guarantees or other funded obligations of Borrower or a
Subsidiary of funded debt of third parties; provided, however, that in the case of any Contingent Guarantee, only amounts called at the time of determination will be included in the calculation of Consolidated Debt; plus (e) all Hedging
Obligations of Borrower and its Subsidiaries; and plus (f) Contingent Guarantees that have been called. “Consolidated Debt” excludes obligations of Excluded Subsidiaries that are not guaranteed by any Loan Party, other than
pursuant to a Contingent Guarantee that has been called. 
 “Consolidated EBITDA”: for any period, (a) the
Consolidated Net Income of Borrower and its Subsidiaries (excluding net income from Excluded Subsidiaries), plus (b) cash distributions of income from unconsolidated Homebuilding Joint Ventures and Consolidated Homebuilding Non-Guarantor
Entities, and plus (c) to the extent deducted from revenues in determining Consolidated Net Income of Borrower and its Subsidiaries (excluding net income from Excluded Subsidiaries), (i) Consolidated Interest Expense,
(ii) expense for income taxes paid or accrued, (iii) depreciation, (iv) amortization, (v) non-cash (including impairment) charges, (vi) extraordinary losses, (vii) loss (gain) on early extinguishment of indebtedness and
(viii) any expenses and transaction costs, including amortization of capitalized costs, relating to the Borrower’s contemplated merger with The Ryland Group, Inc., minus (d) to the extent added to revenues in determining
Consolidated Net Income, non-cash gains and extraordinary gains, and minus (e) income (loss) from unconsolidated Homebuilding Joint Ventures and income (loss) from financial services Subsidiaries. 

“Consolidated Homebuilding Joint Venture”: any Homebuilding Joint Venture that is a consolidated Person on Borrower’s
financial statements in accordance with GAAP. 
 “Consolidated Homebuilding Non-Guarantor Entity”: any Person that
(a) is a wholly owned Subsidiary of Borrower or a Guarantor, (b) was formed for and is engaged in homebuilding operations and (c) has no indebtedness that is guaranteed by a Loan Party. 

“Consolidated Interest Expense”: for any period, the aggregate amount (without duplication and determined in each case in
accordance with GAAP) of interest (excluding interest of a Loan Party to another Loan Party and interest paid by any Excluded Subsidiaries) incurred, whether such interest was expensed or capitalized, paid, accrued, or scheduled to be paid or
accrued by any of the Loan Parties during such period, including (a) the interest portion of all deferred payment obligations, and (b) all commissions, discounts, and other fees and charges (excluding premiums) owed with respect to
bankers’ acceptances and letter of credit financings (including, without limitation, letter of credit fees) and interest swap and Hedging Obligations, in each case to the extent attributable to such period. 

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

“Consolidated Total Assets”: at any date, for Borrower and its Subsidiaries determined on a consolidated basis, all assets
determined in accordance with GAAP. 
 “Contingent Guarantee”: as to any Person, any reimbursement, counter-indemnity,
guarantee (other than a direct guarantee of funded debt), indemnity, or similar obligation or other agreement given to induce the creation of a separate obligation by another Person that guarantees or in effect guarantees, directly or indirectly,
working capital, equity capital, net worth, or solvency of the primary obligor or property, performance, Profit and Participation Agreements, completion or loan to value. 

  
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 “Debtor Relief Laws” means the Bankruptcy Code of the United States of America,
and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect. 
 “Default”: any event or circumstance that, with the giving of notice or
passage of time, or both, would become an Event of Default. 
 “Defaulting Lender”: subject to Section 2.20(b),
any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and the Borrower
in writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such
writing) has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of
Credit or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified the Borrower, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to comply with its funding
obligations hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s
determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three
(3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with its prospective funding obligations hereunder (provided that
such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has,
(i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender
solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with
immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any
contracts or agreements made with such Lender. Any determination by the Administrative Agent that a Lender is a Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error,
and such Lender shall be deemed to be a Defaulting Lender (subject to Section 2.20(b)) upon delivery of written notice of such determination to the Borrower, each Issuing Bank, each Swingline Lender and each Lender. 

“Dollars” and “$”: dollars in lawful currency of the United States. 

“Eligible Assignee”: (a) a Lender; (b) a Lender Affiliate; (c) an Eligible Institution approved by
(i) Administrative Agent, and (ii) unless an Event of Default has occurred and is continuing, Borrower (each such approval not to be unreasonably withheld or delayed); or (d) any other Person (other than a natural Person) approved by
(i) Administrative Agent, and (ii) unless an Event of Default has 

  
 6 

 
occurred and is continuing, Borrower (each such approval to be in their sole discretion); provided that notwithstanding the foregoing, “Eligible Assignee” shall not include Borrower or
Borrower’s Affiliates (including, for purposes of this definition, each MP Excluded Entity). 
 “Eligible
Institution”: a commercial bank or other financial institution that has (or, in the case of a bank or financial institution that is a Subsidiary, such bank’s or financial institution’s parent has) (a) a rating of its senior
debt obligations of not less than Baa1 by Moody’s or BBB+ by S&P, and (b) total assets in excess of $10,000,000,000. 

“Entitled Land”: Qualified Real Property Inventory comprised of land where all requisite zoning requirements and land use
requirements have been satisfied, and all requisite approvals have been obtained from all applicable governmental authorities (other than approvals which are simply ministerial and non-discretionary in nature or otherwise not material) in order to
develop the land as a residential housing project and construct Units thereon. 
 “Environmental Laws”: any and all
Federal, state, local or municipal laws, rules, orders, regulations, statutes, ordinances, codes, decrees, requirements of any Governmental Authority or other Requirements of Law regulating, relating to or imposing liability or standards of conduct
concerning protection of human health or the environment, as now or may at any time hereafter be in effect. 
 “Equity
Issuance”: any issuance or sale of Capital Stock by Borrower or any of its Subsidiaries. 
 “ERISA”: the Employee
Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate”: any trade or business (whether
or not incorporated) under common control with Borrower within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event”: (a) Reportable Event with respect to a Pension Plan; (b) a withdrawal by Borrower or any ERISA
Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which it was a substantial employer (as defined in Section 4001(a)(2) of ERISA) or a cessation of operations that is treated as such a withdrawal under
Section 4062(e) of ERISA; (c) the termination of any Pension Plan resulting in liability under Section 4064 of ERISA; (d) a complete or partial withdrawal by Borrower or any ERISA Affiliate from a Multiemployer Plan or
notification that a Multiemployer Plan is in Reorganization or Insolvency; (e) the filing of a notice of intent to terminate, the treatment of a Pension Plan amendment as a termination under Sections 4041 or 4041A of ERISA, or the commencement
of proceedings by the PBGC to terminate a Pension Plan; (f) the imposition of liability on the Borrower or any ERISA Affiliate thereof pursuant to Sections 4062(e) or 4069 of ERISA or by reason of the application of Section 4212(c) of
ERISA; (g) the failure by the Borrower or any ERISA Affiliate thereof to make any required contribution to a Pension Plan, or the failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code with respect to any
Pension Plan (whether or not waived in accordance with Section 412(c) of the Internal Revenue Code) or the failure to make by its due date a required installment under Section 430 of the Internal Revenue Code with respect to any Pension
Plan or the failure to make any required contribution to a Multiemployer Plan; (h) the determination that any Pension Plan is considered an at-risk plan or a plan in endangered to critical status within the meaning of Sections 430, 431 and 432
of the Code or Sections 303, 304 and 305 of ERISA; (i) an event or condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; (j) the
imposition of any liability under Title IV of ERISA, other than for PBGC premiums due but not 

  
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delinquent under Section 4007 of ERISA, upon Borrower or any ERISA Affiliate; (k) an application for a funding waiver under Section 303 of ERISA or an extension of any amortization
period pursuant to Section 412 of the Internal Revenue Code with respect to any Pension Plan; or (l) the imposition of any lien (or the fulfillment of the conditions for the imposition of any lien) on any of the rights, properties or
assets of the Borrower or any ERISA Affiliate thereof, in either case pursuant to Title I or Title IV, including, without limitation, Sections 302(f) or 303(k) of ERISA or to Section 401(a)(29) or 430(k) of the Internal Revenue Code. 

“ERISA Funding Rules”: the rules regarding minimum required contributions (including any installment payment thereof) to
Pension Plans, as set forth Section 412 of the Code and Section 302 of ERISA, with respect to Plan Years ending prior to the effective date of the Pension Protection Act of 2006, and thereafter, as set forth in Sections 412, 430, 431, 432
and 436 of the Code and Sections 302, 303, 304 and 305 of ERISA. 
 “Eurocurrency Reserve Requirements”: for any day as
applied to a Eurodollar Loan, the aggregate (without duplication) of the maximum rates (expressed as a decimal fraction) of reserve requirements in effect on such day (including basic, supplemental, marginal and emergency reserves) under any
regulations of the Board or other Governmental Authority having jurisdiction with respect thereto dealing with reserve requirements prescribed for Eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of
the Board) maintained by a member bank of the Federal Reserve System. 
 “Eurodollar Base Rate”: with respect to each
Interest Period pertaining to a Eurodollar Loan, the London interbank offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate for deposits in Dollars) for a period equal to
such Interest Period commencing on the first day of such Interest Period appearing on the Reuters Screen LIBOR01 Page or LIBOR02 Page as of 11:00 A.M., London time, two (2) Business Days prior to the beginning of such Interest Period (or, in
the event such rate does not appear on such Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes such rate from time to time
as selected by the Administrative Agent in its reasonable discretion; in each case the “LIBO Screen Rate”); provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be zero for the purposes of this
Agreement; provided further that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”) with respect to deposits in Dollars then the Eurodollar Base Rate shall be the
Interpolated Rate; provided that if any Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

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

“Eurodollar Rate”: with respect to each day during each Interest Period pertaining to a Eurodollar Loan, a rate per annum
determined for such day in accordance with the following formula (rounded upward to the nearest 1/100th of 1%): 
  

					
		 	 Eurodollar Base Rate
	 	
		 	1.00 - Eurocurrency Reserve Requirements	 	

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

  
 8 

 “Event of Default”: any of the events specified in Section 8,
provided that any requirement for the giving of notice, the lapse of time, or both, has been satisfied. 
 “Exchange
Act”: the Securities Exchange Act of 1934, as amended. 
 “Excluded Subsidiaries”: collectively, (a) each
entity listed on Schedule 4.4 as an Excluded Subsidiary (x) under the headings Entities Held for Sale or Winding Up, Cash Pledgors for LC Facilities and Mortgage, Title and Insurance Operations (in each case so long as such Person does
not change its current (i) line of business as a title insurance, mortgage or captive insurance company, (ii) status as an entity held for sale or wind up, or (iii) status as a cash pledgor for letter of credit facilities, as
applicable) and (y) under the heading Other Excluded Subsidiaries, (b) each entity listed on Schedule 4.4 as a Consolidated Homebuilding Non-Guarantor Entity and each Consolidated Homebuilding Non-Guarantor Entity that Borrower
designates as an “Excluded Subsidiary” by written notice to Administrative Agent, (c) each Subsidiary that is not a Material Subsidiary and (d) any Homebuilding Joint Venture. 

“Excluded Taxes”: any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted
from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws of, or
having its principal office or, in the case of any Lender, its applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of a
Lender, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Lender with respect to an applicable interest in the Loans, any Letter of Credit or Commitments pursuant to a law in effect on the date on which
(i) such Lender acquires such interest in the Loans, any Letter of Credit or Commitments (other than pursuant to an assignment request by the Borrower under Section 2.19) or (ii) such Lender changes its lending office, except in each
case to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender acquired the applicable interest in a Loan, Letter of Credit or Commitment
or to such Lender immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with Section 2.16(e) or Section 2.16(f), and (d) any U.S. Federal withholding Taxes imposed
under FATCA. 
 “Extending Lender”: as defined in Section 2.22(b). 

“FATCA”: Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version) and
any current or future regulations or official interpretations thereof. 
 “Federal Funds Effective Rate”: for any day, the
weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System arranged by federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average of the quotations for the day of such transactions received by JPMorgan Chase Bank, N.A. from three federal funds brokers of recognized standing selected by it; provided, that,
if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Letter of Credit”: a Letter of Credit that is not a Performance Letter of Credit. 

“Finished Lots”: Entitled Land with respect to which (a) development has been completed to such an extent that permits
that allow use and construction including building, sanitary sewer and water, are entitled to be obtained for a Unit on such Entitled Land and (b) start of construction has not occurred. 

  
 9 

 “Fronting Exposure”: at any time there is a Defaulting Lender, (a) with
respect to any Issuing Lender, such Defaulting Lender’s Revolving Percentage of the outstanding L/C Obligations with respect to Letters of Credit issued by such Issuing Lender other than L/C Obligations as to which such Defaulting Lender’s
participation obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Revolving Percentage of outstanding Swingline
Loans made by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 

“Funding Office”: the office of Administrative Agent specified in Section 10.2 or such other office as may be
specified from time to time by Administrative Agent as its funding office by written notice to Borrower and the Lenders. 

“GAAP”: generally accepted accounting principles in the United States as in effect at the time any determination is made or
financial statement is required hereunder as promulgated by the American Institute of Certified Public Accountants, the Accounting Principles Board, the Financial Accounting Standards Board or any other body existing from time to time which is
authorized to establish or interpret such principles, applied on a consistent basis throughout any applicable period, subject to any change required by a change in GAAP; provided, however, that if any change in generally accepted
accounting principles from those applied in preparing the financial statements referred to in Section 4.5 affects the calculation of any financial covenant contained herein, Borrower, the Lenders and Administrative Agent hereby agree to
make amendments to the effect that each such financial covenant is not more or less restrictive than such covenant as in effect on the date hereof using generally accepted accounting principles consistent with those reflected in such financial
statements. 
 “Governmental Authority”: any nation or government, any state or other political subdivision thereof, any
central bank (or similar monetary or regulatory authority) thereof, any entity exercising executive, legislative, judicial, regulatory, or administrative functions of or pertaining to government, and any corporation or other entity owned or
controlled, through stock or capital ownership or otherwise, by any of the foregoing. 
 “Guarantee Agreement”: the
Guarantee Agreement to be executed and delivered by each Guarantor, substantially in the form of Exhibit A. 

“Guarantors”: the collective reference to all Wholly-Owned Subsidiaries of Borrower, excluding in all cases Excluded
Subsidiaries. The original Guarantors are indicated on Schedule 4.4 to this Agreement. 
 “Hedging Obligations”: of
a Person any and all obligations of such Person, whether absolute or contingent and howsoever and whensoever created, arising evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions therefor),
(a) under any and all agreements, devices or arrangements designed to protect at least one of the parties thereto from the fluctuations of interest rates, commodity prices, exchange rates or forward rates applicable to such party’s assets,
liabilities, or exchange transaction, including, but not limited to, Dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest rate cap or collar protection agreements, forward rate
currency or interest rate options, puts and warrants, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any of the foregoing. 

  
 10 

 “Homebuilding Joint Venture”: any Person that was formed for and is engaged in
homebuilding operations in which Borrower or any of its Subsidiaries has less than a one hundred percent (100%) ownership interest. 

“Impacted Interest Period”: has the meaning assigned to it in the definition of “Eurodollar Base Rate.” 

“Interpolated Rate”: means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO
Screen Rate for the longest period (for which the LIBO Screen Rate is available for deposits in Dollars) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is
available for deposits in Dollars) that exceeds the Impacted Interest Period, in each case, at such time. 
 “Increased Facility
Closing Date”: as defined in Section 2.21. 
 “Indemnified Liabilities:” as defined in
Section 10.5. 
 “Indemnified Taxes” : (a) Taxes, other than Excluded Taxes, imposed on or with respect to
any payment made by or on account of any obligation of the Borrower under any Loan Document and (b) to the extent not otherwise described in (a) hereof, Other Taxes. 

“Indemnitee”: as defined in Section 10.5. 

“Insolvency”: with respect to any Multiemployer Plan, the condition that such Plan is insolvent within the meaning of
Section 4245 of ERISA. 
 “Insolvent”: pertaining to a condition of Insolvency. 

“Interest Coverage Ratio”: as of any date, for the applicable period, the ratio of (a) Consolidated EBITDA to
(b) Consolidated Interest Expense less non-cash interest expense. 
 “Interest Payment Date”: (a) Two
(2) Business Days following the last day of each month, and (b) the final maturity date of any Loan. 
 “Interest
Period”: as to any Eurodollar Loan, (a) initially, the period commencing on the borrowing or conversion date, as the case may be, with respect to such Eurodollar Loan and ending fourteen (14) days, one (1), two (2), three
(3) or six (6) months thereafter, as selected by Borrower in its notice of borrowing or notice of conversion, as the case may be, given with respect thereto; and (b) thereafter, each period commencing on the last day of the preceding
Interest Period applicable to such Eurodollar Loan and ending fourteen (14) days, one (1), two (2), three (3) or six (6) months thereafter, as selected by Borrower by irrevocable notice to Administrative Agent not less than three
(3) Business Days prior to the last day of the then-current Interest Period with respect thereto; provided that, all of the foregoing provisions relating to Interest Periods are subject to the following: 

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

  
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 (ii) Borrower may not select an Interest Period that would extend beyond the
Termination Date; 
 (iii) any Interest Period that begins on the last Business Day of a calendar month (or on a day for
which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of a calendar month; and 

(iv) Borrower shall only select Interest Periods in respect of any Loan that do not extend beyond the date on which Borrower
has elected to or intends repay such Loan. 
 “Investment”: any investment by Borrower or any Subsidiary in any joint
venture, partnership, corporation, limited liability company or other entity. For purposes hereof, the book value of any Investment shall be calculated in accordance with GAAP. 

“Issuance Date”: the date of issuance of a Letter of Credit by an Issuing Lender. 

“Issuing Lender”: JPMorgan Chase Bank, N.A., Citibank, N.A., Bank of the West, a California banking corporation, and Wells
Fargo Bank, National Association, each in its respective capacity as issuer of any Letter of Credit, in each case up to the amount set forth under the heading “Amount of L/C Commitment” next to such Issuing Lender’s name on
Schedule 1.1A attached hereto, and any other Lender from time to time designated by the Borrower as an Issuing Lender with the consent of such Lender and the Administrative Agent, or any of their respective affiliates, in each case in its
capacity as issuer of any Letter of Credit. 
 “Joint Lead Arrangers”: collectively, J.P. Morgan Securities LLC, Citigroup
Global Markets Inc., Bank of the West, a California banking corporation, Mizuho Bank, Ltd., and Merrill Lynch, Pierce, Fenner & Smith Incorporated, as arrangers of the Commitments. 

“L/C Commitment”: an amount equal to $350,000,000. 

“L/C Fee Payment Date”: Two (2) Business Days following the last day of each March, June, September and December and
until the later of (a) the last day of the Commitment Period or (b) if Letters of Credit remain outstanding after such date pursuant to Section 3.1(a), the latest expiration date of such Letters of Credit. 

“L/C Obligations”: at any time, an amount equal to the sum of (a) the aggregate then-undrawn and unexpired amount of the
then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.5. 

“L/C Participants”: the collective reference to all the Lenders other than the relevant Issuing Lender. 

“Land Not Under Development”: Qualified Real Property Inventory that is not Land Under Development, Finished Lots, Units
Under Construction, Completed Units or Units Under Contract. 
 “Land Under Development”: Entitled Land where physical site
improvement has commenced but which is not a Finished Lot, Unit Under Construction, Completed Unit or Unit Under Contract. 

“Lenders”: as defined in the preamble hereto. 

  
 12 

 “Lender Affiliate”: any Affiliate of any Lender that is engaged in the business
of making commercial loans of the type evidenced by this Agreement. 
 “Letters of Credit”: as defined in
Section 3.1(a). 
 “Leverage Ratio”: the ratio, as of any date, of (a) Consolidated Debt minus
Unrestricted Cash in excess of the Required Cash Reserve to (b) Adjusted Consolidated Tangible Net Worth. 
 “LIBO Screen
Rate”: has the meaning assigned to it in the definition of “Eurodollar Base Rate”. 
 “Lien”: any
mortgage, deed of trust, pledge, hypothecation, assignment, deposit arrangement, charge, encumbrance, lien (statutory or other), preference, priority or other security agreement or similar preferential arrangement of any kind or nature whatsoever
(including without limitation any conditional sale or other title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the authorized filing by or against a Person of any financing
statement as debtor under the Uniform Commercial Code or comparable law of any jurisdiction). For the avoidance of doubt, a restriction, covenant, easement, right of way, or similar encumbrance affecting any interest in real property owned by
Borrower and which does not secure an obligation to pay money is not a “Lien”. 
 “Liquidity” shall mean, at any
time, the sum of all Unrestricted Cash held by Borrower and its consolidated Subsidiaries (excluding the Excluded Subsidiaries). 

“Loan”: any loan made by any Lender pursuant to this Agreement. 

“Loan Documents”: this Agreement, the Guarantee Agreement, the Notes and any other documents, agreements or instructions
executed or delivered pursuant to this Agreement. 
 “Loan Parties”: Borrower and each Guarantor. 

“Mandatory Prepayment Test Assets”: means, collectively, all Entitled Land, Finished Lots, Land Under Development, Model
Units, Speculative Units, Units Under Construction and Units Under Contract. 
 “Material Adverse Effect”: since the date
of the audited financial statements most recently delivered prior to the Closing Date: (a) a change, event or circumstance that could reasonably be expected to result in a material adverse effect on the operations, business, properties, or
condition (financial or otherwise) of Borrower and its Subsidiaries, taken as a whole; (b) a material impairment of the ability of Borrower to perform its payment or other material obligations under any Loan Document to which it is a party; or
(c) a material adverse effect upon the legality, validity, binding effect, or enforceability against Borrower of any material obligations of Borrower under any Loan Document to which it is a party. 

“Material Subsidiaries”: as of any date, each Subsidiary of Borrower that (a) owns assets (other than ownership
interests in, or intercompany indebtedness of, other Subsidiaries) having a value determined in accordance with GAAP of $5,000,000 or more as of such date; (b) if the aggregate amount of assets (other than ownership interests in, and
intercompany indebtedness of, other Subsidiaries) owned by all Subsidiaries that are not Guarantors (other than Consolidated Homebuilding Non-Guarantor Entities and Homebuilding Joint Ventures) exceeds five percent (5%) of the Consolidated
Tangible Net Worth, one or more such Subsidiaries identified by Borrower with assets that, when deducted from the 

  
 13 

 
aggregate amount of such assets owned by Subsidiaries that are not Guarantors (other than Consolidated Homebuilding Non-Guarantor Entities, Homebuilding
Joint Ventures and the Excluded Subsidiaries listed on Schedule 4.4 as “Cash Pledgors for LC Facilities” and “Mortgage and Title Operations”), reduces the aggregate amount of such assets of Subsidiaries that are not
Guarantors (other than Consolidated Homebuilding Non-Guarantor Entities, Homebuilding Joint Ventures and the Excluded Subsidiaries listed on Schedule 4.4 as “Cash Pledgors for LC Facilities” and “Mortgage and Title
Operations”) to not more than five percent (5%) of the Consolidated Tangible Net Worth; and (c) executes a guaranty of senior unsecured homebuilding debt (other than the Obligations). 

“Measurement Period”: for any determination made under this Agreement, as of any Test Date, the four (4) fiscal quarters
of Borrower then ended. 
 “Minimum Collateral Amount”: at any time, with respect to Cash Collateral consisting of cash or
deposit account balances, an amount equal to 100% of the Fronting Exposure of all Issuing Lenders with respect to Letters of Credit issued and outstanding at such time. 

“Model Unit”: a Completed Unit to be used as a model home in connection with the sale of Units in a residential housing
project. 
 “MP Excluded Entity”: the meaning provided in the definition of “Affiliate.” 

“Multiemployer Plan”: any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which Borrower
or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five (5) plan years, has made or been obligated to make contributions. 

“Net Cash Proceeds”: in connection with any Equity Issuance, the cash proceeds received from such issuance, net of
attorneys’ fees, investment banking fees, accountants’ fees, underwriting discounts and commissions and other customary fees and expenses actually incurred in connection therewith. 

“New Lender”: as defined in Section 2.21. 

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

“Non-Extending Lender”: as defined in Section 2.22(b). 

“Non-Recourse Indebtedness”: indebtedness or other obligations secured by a Lien on property to the extent that the liability
for such indebtedness or other obligations is limited to the security of the property (or to Persons other than a Loan Party) without liability on the part of any Loan Party (other than, in the case of indebtedness or obligations of a Subsidiary,
with respect to the Subsidiary that holds title to such property (if such property constitutes all or substantially all the property of such Subsidiary) and a pledge of the equity interests of such Subsidiary or its Subsidiaries) for any deficiency;
provided that recourse obligations or liabilities of the Loan Parties solely for indemnities, covenants (including, without limitation, performance, completion or similar guarantees or covenants), or breach of any warranty, representation,
covenant or other Contingent Guarantee in respect of any indebtedness, including indemnities for and liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other
sums actually received by Borrower from secured assets to be paid to the Lenders, waste and mechanics’ liens, will in each case not prevent indebtedness from being classified as “Non-Recourse Indebtedness”. 

  
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 “Non-U.S. Lender”: each Lender that is not a “United States Person” as
defined in Section 7701(a)(30) of the Code. 
 “Notes”: the collective reference to any promissory note evidencing
Loans. 
 “Notice Date”: as defined in Section 2.22(b). 

“Obligations”: all advances to, and debts, liabilities and obligations of, Borrower and Guarantors arising under any Loan
Document or otherwise with respect to any Loan or Letter of Credit, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees
that accrue after the commencement by or against Borrower or any Guarantor or any Affiliate thereof of any proceeding under any bankruptcy or insolvency naming such Person as the debtor in such proceeding, regardless of whether such interest and
fees are allowed claims in such proceeding. 
 “Other Connection Taxes”: with respect to any Recipient, Taxes imposed as a
result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having executed, delivered, become a party to, performed its obligations under, received
payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan, Letter of Credit or Loan Document). 

“Other Taxes”: all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise
from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are
Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 2.19). 

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

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

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

“PBGC”: the Pension Benefit Guaranty Corporation. 

“Pension Plan”: any “employee pension benefit plan” (as such term is defined in Section 3(2) of ERISA), other
than a Multiemployer Plan, that is subject to Title IV of ERISA and is sponsored or maintained by Borrower or any ERISA Affiliate or to which Borrower or any ERISA Affiliate contributes or has an obligation to contribute, or in the case of a
multiple employer or other plan described in Section 4064(a) of ERISA, has made contributions at any time during the immediately preceding five (5) plan years. 

“Performance Letter of Credit”: any Letter of Credit issued: (a) on behalf of a Person in favor of a Governmental
Authority, including, without limitation, any utility, water, or sewer authority, or other similar entity, for the purpose of assuring such Governmental Authority that such Person or an Affiliate of such Person will properly and timely complete work
it has agreed to perform for the benefit of such Governmental Authority; (b) in lieu of cash deposits to obtain a license, in place of a utility deposit, 

  
 15 

 
or for land option contracts; (c) in lieu of other contract performance, to secure performance warranties payable upon breach, and to secure the performance of labor and materials,
including, without limitation, construction, bid, and performance bonds; or (d) to secure refund or advance payments on contractual obligations where default of a performance-related contract has occurred. 

“Permitted Investments”: (a) readily marketable, direct, full faith, and credit obligations of the United States, or
obligations guaranteed by the full faith and credit of the United States, maturing within not more than one (1) year from the date of acquisition; (b) short term certificates of deposit and time deposits, which mature within one
(1) year from the date of issuance and which are maintained with a Lender, a domestic commercial bank having capital and surplus in excess of $100,000,000 or are fully insured by the Federal Deposit Insurance Corporation; (c) commercial
paper or master notes maturing in 365 days or less from the date of issuance rated either “P-1” by Moody’s, or “A-1” by S&P); (d) debt instruments of a domestic issuer which mature in one (1) year or less and
which are rated “A” or better by Moody’s or S&P on the date of acquisition of such investment; (e) demand deposit accounts which are maintained in the ordinary course of business and amounts deposited with any Lender;
(f) short term tax exempt securities including municipal notes, commercial paper, auction rate floaters , and floating rate notes rated either “P-1” by Moody’s or “A-1” by S&P; (g) marketable direct obligations
issued by any state of the United States or any political subdivision of any such state or any public instrumentality thereof maturing within not more than one (1) year from the date of acquisition thereof and, at the time of acquisition,
having one (1) of the two (2) highest ratings obtainable from any two of S&P, Moody’s, or Fitch (or, if at any time no two (2) of the foregoing shall be rating such obligations, then from such other nationally recognized
rating services acceptable to Administrative Agent ); (h) domestic corporate bonds, other than domestic corporate bonds issued by Borrower or any of its Affiliates, maturing no more than two (2) years after the date of acquisition thereof
and, at the time of acquisition, having a rating of at least A or the equivalent from any two (2) of S&P, Moody’s, or Fitch (or, if at any time no two (2) of the foregoing shall be rating such obligations, then from such other
nationally recognized rating services acceptable to Administrative Agent); (i) shares of money market, mutual, or similar funds which invest primarily in securities of the type described in clauses (a) through (h) above and
(j) Investments existing on the Closing Date and listed on Schedule 1.1B hereto. 
 “Permitted Liens”: each Lien
permitted under Section 7.2. 
 “Person”: an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture, Governmental Authority or other entity of whatever nature. 

“Prime Rate”: the rate of interest per annum publicly announced from time to time by JPMorgan Chase Bank, N.A. as its prime
rate in effect at its principal office in New York City (the “Prime Rate” not being intended to be the lowest rate of interest charged by JPMorgan Chase Bank, N.A. in connection with extensions of credit to Borrower). 

“Profit and Participation Agreement”: an agreement, secured by a deed of trust, mortgage, or other Lien against a purchased
property or asset, with respect to which the purchaser of any property or asset agrees to pay the seller of such property or asset a profit, price, premium participation, or other similar amount in such property or asset. 

“Qualified Real Property Inventory”: as of any date, Real Property Inventory that is not subject to or encumbered by any deed
of trust, mortgage, judgment Lien, or any other Lien (other than the Permitted Liens described in Sections 7.2(b), (g), (h), (i) and (n)) and other Liens which have been bonded around so as to remove such
Liens as encumbrances against such Real Property Inventory in a matter satisfactory to Administrative Agent and its legal counsel). 

  
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 “Real Property Inventory”: as of any date, land that is owned by any Loan Party,
which land is being developed or held for future development or sale, together with the right, title and interest of the Loan Party in and to the streets, the land lying in the bed of any streets, roads or avenues, open or proposed, in or of, the
air space and development rights pertaining thereto and the right to use such air space and development rights, all rights of way, privileges, liberties, tenements, hereditaments and appurtenances belonging in or in any way appertaining thereto, all
fixtures, all easements now or hereafter benefiting such land and all royalties and rights appertaining to the use and enjoyment of such land necessary for the residential development of such land, together with all of the buildings and other
improvements now or hereafter erected on such land, and any fixtures appurtenant thereto and all related personal property. 

“Recipient”: (a) the Administrative Agent, (b) any Lender and (c) any Issuing Lender, as applicable. 

“Refunded Swingline Loans”: as defined in Section 2.4(b). 

“Refunding Date”: as defined in Section 2.4(c). 

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

“Regulation U”: Regulation U of the Board as in effect from time to time. 

“Reimbursement Obligation”: the obligation of Borrower to reimburse each Issuing Lender pursuant to Section 3.5
for amounts drawn under Letters of Credit. 
 “Reorganization”: with respect to any Multiemployer Plan, the condition that
such plan is in reorganization within the meaning of Section 4241 of ERISA. 
 “Reportable Event”: any of the events
set forth in Section 4043(b) of ERISA or the regulations thereunder as in effect on the date of this Agreement, the “4043 Regulations” (other than an event in which the thirty (30) day notice period to the PBGC has been
waived). Any changes made to the 4043 Regulations that become effective after the date of this Agreement shall have no impact on the definition of “Reportable Event” used herein. 

“Required Cash Reserve”: as of any date, $5,000,000. 

“Required Lenders”: at any time, the holders of more than fifty percent (50%) of the Total Commitments then in effect
or, if the Commitments have been terminated, the Outstanding Amount then outstanding. 
 “Requirement of Law”: as to any
Person, the Certificate of Incorporation and By-Laws or other organizational or governing documents of such Person, and any law, treaty, rule or regulation or determination of an arbitrator or a court or other
Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

“Responsible Officer”: the chief executive officer, president, senior vice president, vice president, corporate controller,
treasurer, assistant treasurer or chief financial officer of Borrower, but in any event, with respect to financial matters, the chief financial officer of Borrower. 

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

  
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 “Revolving Percentage”: as to any Lender at any time, the percentage which such
Lender’s Commitment then constitutes of the Total Commitments or, at any time after all of the Commitments shall have expired or terminated, the percentage which the aggregate principal amount of such Lender’s Revolving Loans
then-outstanding constitutes of the aggregate principal amount of the Revolving Loans then-outstanding, provided, that, in the event that the Revolving Loans are paid in full prior to the reduction to zero of the Outstanding Amount, each
Lender’s Revolving Percentage shall be determined in a manner designed to ensure that the remaining Outstanding Amount shall be held by the Lenders on a comparable basis. 

“Ryland LCs”: as defined in Section 3.11. 

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

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

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

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

“Solvent”: when used with respect to any Person, means that, as of any date of determination, (a) the aggregate fair
market value of such Person’s assets exceeds its liabilities (whether contingent, subordinated, unmatured, unliquidated, or otherwise), (b) such person has not incurred debts beyond such Person’s ability to pay such debts as they
mature (taking into account all reasonably anticipated financing and refinancing proceeds), and (c) such Person does not have unreasonably small capital to conduct such Person’s businesses. In computing the amount of contingent or
unliquidated liabilities at any time, such liabilities will be computed as the amount which, in light of all the facts and circumstances existing at such time, represent the amount that can be reasonably be expected to become an actual or matured
liability discounted to present value at rates believed to be reasonable by such Person. 
 “Speculative Unit”: any
Completed Unit that is not a Unit Under Contract. 
 “Subordinated Debt”: such indebtedness, if any, of Borrower that is
subordinated to the Obligations (i) that is issued and outstanding on the Closing Date or (ii) pursuant to terms and conditions approved in writing by Administrative Agent as confirming the subordinate status of such indebtedness in
relation to the Obligations. 
 “Subsidiary”: with respect to any Person, corporation, partnership, joint venture, limited
liability company, or other business entity (except for Persons which would not be considered Subsidiaries of such Person but for the application of FASB Interpretation No. 46 or EITF 04-5 issued by the Financial Accounting Standards Board and
the Emerging Issues Task Force, as such interpretations or pronouncements may be amended or modified from time to time), (a) of which a majority of the shares of securities or other interests having ordinary voting power for the election of
directors or other governing body (other than securities or interests having such power only by reason of the happening of a 

  
 18 

 
contingency) are at the time beneficially owned by such Person, or (b) (i) the management of which is controlled, directly, or indirectly through one or more intermediaries, or both, by
such Person, and (ii) the results of operations of which are required under GAAP to be consolidated with the results of such Person. For purposes of Borrower, the term “Subsidiary” shall not include Homebuilding Joint Ventures other
than Consolidated Homebuilding Joint Ventures. 
 “Swingline Commitment”: the obligation of the Swingline Lender to make
Swingline Loans pursuant to Section 2.3 in an aggregate principal amount at any one time outstanding not to exceed $25,000,000. 

“Swingline Exposure”: at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The
Swingline Exposure of any Lender in respect of any Swingline Loan shall be its Revolving Credit Percentage of the principal amount of such Swingline Loan. 

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

“Swingline Loans”: as defined in Section 2.3(a). 

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

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

“Termination Date” means the earlier of (a) October 5, 2019, subject however to the extension thereof pursuant to
Section 2.22 and (b) the date of earlier termination in whole of the Commitments pursuant of the terms of this Agreement; provided, however, that the Termination Date of any Lender that is a Non-Extending Lender to any requested
extension pursuant to Section 2.22 shall be the Termination Date in effect immediately prior to the applicable Anniversary Date for all purposes of this Agreement. 

“Test Date”: the last day of each fiscal quarter of Borrower. 

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

“Transferee”: any Eligible Assignee or Participant. 

“Type”: as to any Loan, its nature as an ABR Loan or a Eurodollar Loan. 

“Uniform Commercial Code”: the Uniform Commercial Code, as the same may, from time to time, be in effect in the State of New
York; provided, however, that in the event that, by reason of mandatory provisions of law, any or all of the perfection or priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction
other than the State of New York, the term “Uniform Commercial Code” shall mean the Uniform Commercial Code as in effect in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority (but not
attachment) and for purposes of definitions related to such provisions. 
 “Unit”: Qualified Real Property Inventory that
is, or is planned to be, comprised of a single family residential housing unit. 

  
 19 

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

“Units Under Construction”: Units where on-site construction has commenced as evidenced by the trenching of foundations for
such Units. 
 “Unit Under Contract”: a Unit as to which Borrower or a Guarantor owning such Unit has entered into a bona
fide contract of sale (a) in a form customarily employed by Borrower or such Guarantor, (b) with a Person who is not a Subsidiary or Affiliate, (c) under which no Defaults then exist and (d) in the case of any Unit the purchase
of which is to be financed in whole or in part by a loan insured by the Federal Housing Administration or guaranteed by the Veterans Administration, to Borrower’s or applicable Guarantor’s knowledge, the applicable buyer shall have made,
or will be required to make, the minimum down payment required (if any) under the rules of the relevant agency. 
 “Unrestricted
Cash”: all cash that is not restricted cash, as determined in accordance with GAAP and shall include the value of Permitted Investments that are not restricted Permitted Investments. 

“U.S. Lender”: each Lender that is a “United States Person” as defined in Section 7701(a)(30) of the Code.

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

“Voting Stock”: with respect to any Person, securities of any class of Capital Stock of such Person entitling the holders
thereof (whether at all times or only so long as no senior class of stock has voting power by reason of any contingency) to vote in the election of members of the board of directors of such Person. 

“Wholly Owned Subsidiary”: as to any Person, any other Person all of the Capital Stock of which (other than directors’
qualifying shares required by law) is owned by such Person directly and/or through other Wholly Owned Subsidiaries. 
 1.2 Other
Definitional Provisions. 
 (a) Unless otherwise specified therein, all terms defined in this Agreement shall have the defined meanings
when used in the other Loan Documents or any certificate or other document made or delivered pursuant hereto or thereto. 
 (b) As used
herein and in the other Loan Documents, and any certificate or other document made or delivered pursuant hereto or thereto, (i) accounting terms relating to any Loan Party not defined in Section 1.1 and accounting terms partly
defined in Section 1.1, to the extent not defined, shall have the respective meanings given to them under GAAP, (ii) the words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”, (iii) the word “incur” shall be construed to mean incur, create, issue, assume, become liable in respect of or suffer to exist (and the words “incurred” and “incurrence” shall
have correlative meanings), (iv) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, Capital
Stock, securities, revenues, accounts, leasehold interests and contract rights, and (v) references to agreements or other Obligations shall, unless otherwise specified, be deemed to refer to such agreements or Obligations as amended,
supplemented, restated or otherwise modified from time to time. 
 (c) The words “hereof”, “herein” and
“hereunder” and words of similar import, when used in this Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement, and Section, Schedule and Exhibit references are to this Agreement unless
otherwise specified. 

  
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 (d) The meanings given to terms defined herein shall be equally applicable to both the singular
and plural forms of such terms. 
 (e) All references herein to the Borrower’s financial statements shall be mean, with respect to any
such financial statements issued before the date hereof, the financial statements of Standard Pacific Corp. 
 SECTION 2. AMOUNT AND TERMS OF
COMMITMENTS 
 2.1 Commitments. 

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

(b) Borrower shall repay all outstanding Revolving Loans on the Termination Date. The Lenders’ Commitments shall terminate on the
Termination Date. 
 2.2 Procedure for Revolving Loan Borrowing. 

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

  
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 2.3 Swingline Commitment. 

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

(b) Borrower shall repay all outstanding Swingline Loans on the Termination Date. 

2.4 Procedure for Swingline Borrowing; Refunding of Swingline Loans. 

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

  
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 (c) If prior to the time a Revolving Loan would have otherwise been made pursuant to
Section 2.4(b), one of the events described in Section 8(f) shall have occurred and be continuing with respect to Borrower or if for any other reason, as determined by the Swingline Lender in its sole discretion, Revolving
Loans may not be made as contemplated by Section 2.4(b), each Lender shall, on the date such Revolving Loan was to have been made pursuant to the notice referred to in Section 2.4(b) (the “Refunding Date”),
purchase for cash an undivided participating interest in the then-outstanding Swingline Loans by paying to the Swingline Lender an amount (the “Swingline Participation Amount”) equal to (i) such Lender’s Revolving
Percentage times (ii) the sum of the aggregate principal amount of Swingline Loans then-outstanding that were to have been repaid with such Revolving Loans. 

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

2.5 Commitment Fees, Etc. 

(a) Borrower agrees to pay to Administrative Agent for the account of each Lender a commitment fee for the period from and including the date
hereof to the last day of the Commitment Period, computed at the Commitment Fee Rate on the average daily amount of the Available Commitment of such Lender during the period for which payment is made, payable quarterly in arrears two
(2) Business days following the last day of each March, June, September and December, and on the Termination Date, commencing on the first of such dates to occur after the date hereof; provided, however, pursuant to Section 2.20,
Borrower shall not be obligated to pay a commitment fee for the account of any Defaulting Lender. 
 (b) Borrower agrees to pay to
Administrative Agent the fees in the amounts and on the dates previously agreed to in writing by Borrower and Administrative Agent. 
 2.6
Termination or Reduction of Commitment. 
 Borrower shall have the right, upon not less than three (3) Business Days’
notice to Administrative Agent, to terminate the Commitments or, from time to time, to reduce the amount of the Commitments; provided that no such termination or reduction of Commitments shall be permitted if, after giving effect thereto and to any
prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Outstanding Amount would exceed the Total Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and
shall reduce permanently the Commitments then in effect. 

  
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 2.7 Optional Prepayments. 

Borrower may at any time and from time to time prepay the Loans, in whole or in part, without premium or penalty, upon irrevocable notice
delivered to Administrative Agent at least three (3) Business Days prior thereto in the case of Eurodollar Loans and at least one (1) Business Day prior thereto in the case of ABR Loans (or on the same Business Day in the case of Swingline
Loans), which notice shall specify the date and amount of prepayment and whether the prepayment is of Eurodollar Loans or ABR Loans; provided, that if a Eurodollar Loan is prepaid on any day other than the last day of the Interest Period applicable
thereto, Borrower shall also pay any amounts owing pursuant to Section 2.17. Upon receipt of any such notice Administrative Agent shall promptly notify each relevant Lender thereof. If any such notice is given, the amount specified in such
notice shall be due and payable on the date specified therein. Partial prepayments of Revolving Loans shall be in an aggregate principal amount of $1,000,000 or a whole multiple thereof. Partial prepayments of Swingline Loans shall be in an
aggregate principal amount of $100,000 or a whole multiple thereof. The application of any prepayment pursuant to this Section 2.7 shall be made, first, to ABR Loans, and second, to Eurodollar Loans, in each case pro rata based on each
Lender’s Revolving Percentage. 
 2.8 Mandatory Prepayments. 

If and to the extent at the end of a fiscal quarter: 

(i) the sum of, (A) the outstanding indebtedness under the 2016 Indenture, plus (B) the Outstanding Amount (excluding the amount of
L/C Obligations under Performance Letters of Credit) under this Agreement, plus (C) unsecured Consolidated Debt that (x) contains any financial covenant or test which when not met results in an Event of Default and (y) has a maturity
date on or prior to the Termination Date, plus (D) funded debt of the Borrower and its Subsidiaries (excluding the Excluded Subsidiaries) that contains a permitted lien provision that is more restrictive than Sections 6.02(b)(i) and (c) of
the Borrower’s 2021 senior note indenture as in effect on the date hereof with respect to the amount of funded debt that may be secured by liens without securing such funded debt equally and ratably, exceeds 

(ii) an amount equal to 60% of the book value of the Mandatory Prepayment Test Assets, 

then, the Borrower shall reduce the Outstanding Amount by the amount of such excess. 

Amounts to be applied in connection with prepayments made pursuant to this Section 2.8 shall be applied, first, to the
prepayment of Swingline Loans, second, to the prepayment of Revolving Loans, and third, if the aggregate principal amount of Revolving Loans and Swingline Loans then-outstanding is less than the amount of such amount prepaid (because
L/C Obligations constitute a portion thereof), Borrower shall, to the extent of the balance, replace outstanding Letters of Credit and/or Cash Collateralize such L/C Obligations in an amount not less than the Minimum Collateral Amount. Mandatory
prepayments hereunder shall be applied pro rata between the Revolving Loans based on each Lender’s Revolving Percentage. 

  
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 2.9 Conversion and Continuation Options. 

(a) Borrower may elect from time to time to convert Eurodollar Loans to ABR Loans by giving Administrative Agent at least two
(2) Business Days’ prior irrevocable notice of such election, provided that any such conversion of Eurodollar Loans may only be made on the last day of an Interest Period with respect thereto. Borrower may elect from time to time to
convert ABR Loans to Eurodollar Loans by giving Administrative Agent at least three (3) Business Days’ prior irrevocable notice of such election (which notice shall specify the length of the initial Interest Period therefor),
provided that no ABR Loan may be converted into a Eurodollar Loan when any Event of Default has occurred and is continuing and Administrative Agent or the Required Lenders have determined in its or their sole discretion not to permit such
conversions. Upon receipt of any such notice Administrative Agent shall promptly notify each relevant Lender thereof. 
 (b) Any Eurodollar
Loan may be continued as such upon the expiration of the then-current Interest Period with respect thereto by Borrower giving irrevocable notice to Administrative Agent, in accordance with the applicable provisions of the term “Interest
Period” set forth in Section 1.1, of the length of the next Interest Period to be applicable to such Loans, provided that no Eurodollar Loan may be continued as such when any Event of Default has occurred and is continuing
and Administrative Agent has or the Required Lenders have determined in its or their sole discretion not to permit such continuations, and provided, further, that if Borrower shall fail to give any required notice as described above in
this paragraph or if such continuation is not permitted pursuant to the preceding proviso, such Loans shall be automatically converted to ABR Loans on the last day of such then-expiring Interest Period. Upon receipt of any such notice,
Administrative Agent shall promptly notify each relevant Lender thereof. 
 2.10 Limitations on Eurodollar Tranches. 

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

2.11 Interest Rates and Payment Dates. 

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

  
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amount shall bear interest at a rate per annum equal to the rate then applicable to ABR Loans plus 2%, in each case, with respect to clauses (i) and (ii) above, from the date of
such non-payment until such amount is paid in full (as well after as before judgment). 
 (d)
Interest shall be payable in arrears on each Interest Payment Date, provided that interest accruing pursuant to Section 2.11(c) shall be payable from time to time on demand. 

2.12 Computation of Interest and Fees. 

(a) Interest and fees payable pursuant hereto shall be calculated on the basis of a 360-day year for the actual days elapsed, except that,
with respect to ABR Loans the rate of interest on which is calculated on the basis of the Prime Rate, the interest thereon shall be calculated on the basis of a 365- (or 366-, as the case may be) day year for the actual days elapsed. Administrative
Agent shall as soon as practicable notify Borrower and the relevant Lenders of each determination of a Eurodollar Rate. Any change in the interest rate on a Loan resulting from a change in the ABR or the Eurocurrency Reserve Requirements shall
become effective as of the opening of business on the day on which such change becomes effective. Administrative Agent shall as soon as practicable notify Borrower and the relevant Lenders of the effective date and the amount of each such change in
interest rate. 
 (b) Each determination of an interest rate by Administrative Agent pursuant to any provision of this Agreement shall be
conclusive and binding on Borrower and the Lenders in the absence of manifest error. Administrative Agent shall, at the request of Borrower, deliver to Borrower a statement showing the quotations used by Administrative Agent in determining any
interest rate pursuant to Section 2.11(a). 
 2.13 Inability to Determine Interest Rate. 

If prior to the first day of any Interest Period: 

(a) Administrative Agent shall have determined (which determination shall be conclusive and binding upon Borrower) that, by reason of
circumstances affecting the relevant market, adequate and reasonable means do not exist for ascertaining the Eurodollar Rate for such Interest Period, or 

(b) Administrative Agent shall have received notice from the Required Lenders that the Eurodollar Rate determined or to be determined for such
Interest Period will not adequately and fairly reflect the cost to such Lenders (as conclusively certified by such Lenders) of making or maintaining their affected Loans during such Interest Period, 

(c) Administrative Agent shall give telecopy or telephonic notice thereof to Borrower and the relevant Lenders as soon as practicable
thereafter. If such notice is given, (x) any Eurodollar Loans requested to be made on the first day of such Interest Period shall be made as ABR Loans, (y) any Loans that were to have been converted on the first day of such Interest Period
to Eurodollar Loans shall be continued as ABR Loans and (z) any outstanding Eurodollar Loans shall be converted, on the last day of the then-current Interest Period, to ABR Loans. Until such notice has been withdrawn by Administrative Agent, no
further Eurodollar Loans shall be made or continued as such, nor shall Borrower have the right to convert Loans to Eurodollar Loans. 

  
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 2.14 Pro Rata Treatment and Payments. 

Subject to the provisions of Sections 2.6, 2.7 and 2.8: 

(a) Each borrowing by Borrower from the Lenders hereunder, each payment by Borrower on account of any commitment fee and any reduction of the
Commitments of the Lenders shall be made pro rata according to the respective Revolving Percentages of the Lenders. 
 (b) Each payment
(including each prepayment) by Borrower on account of principal of and interest on the Revolving Loans shall be made pro rata according to the respective outstanding principal amounts of the Revolving Loans then held by the Lenders.

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

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

  
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 2.15 Requirements of Law. 

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

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

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

(b) If any Lender or Issuing Lender shall have determined that the adoption of or any change in any Requirement of Law regarding capital or
liquidity adequacy or in the interpretation or application thereof or compliance by such Lender or the Issuing Lender or any corporation controlling such Lender or the Issuing Lender with any request or directive regarding capital adequacy (whether
or 

  
 28 

 
not having the force of law) from any Governmental Authority, including compliance with (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act or any requests, rules, guidelines,
or directives thereunder or issued in connection therewith, regardless of the date enacted, adopted or issued and (ii) any requests, rules, guidelines or directives promulgated by the Bank for International Settlements or the Basel Committee on
Banking Supervision (or any successor or similar authority) pursuant to Basel III, made subsequent to the date hereof shall have the effect of reducing the rate of return on such Lender’s, or Issuing Lender’s or such corporation’s
capital as a consequence of its obligations hereunder or under or in respect of any Letter of Credit to a level below that which such Lender, Issuing Lender or such corporation could have achieved but for such adoption, change or compliance (taking
into consideration such Lender’s, Issuing Lender’s or such corporation’s policies with respect to capital adequacy and liquidity) by an amount deemed by such Lender or the Issuing Lender to be material, then from time to time, after
submission by such Lender or Issuing Lender to the Borrower by providing a certificate along with reasonably detailed calculations of such additional amounts (with a copy to the Administrative Agent) of a written request therefor, the Borrower shall
pay to such Lender or Issuing Lender such additional amount or amounts as will compensate such Lender, Issuing Lender or such corporation for such reduction. 

(c) A certificate as to any additional amounts payable pursuant to this Section 2.15 submitted by any Lender or Issuing Lender to
the Borrower (with a copy to the Administrative Agent) shall be conclusive in the absence of manifest error. Notwithstanding anything to the contrary in this Section 2.15, the Borrower shall not be required to compensate a Lender or
Issuing Lender pursuant to this Section 2.15 for any amounts incurred more than six months prior to the date that such Lender or Issuing Lender notifies the Borrower of such Lender’s or Issuing Lender’s intention to claim
compensation therefor; provided that, if the circumstances giving rise to such claim have a retroactive effect, then such six-month period shall be extended to include the period of such retroactive effect. The obligations of the Borrower pursuant
to this Section 2.15 shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.16 Taxes. 
 (a) Any and
all payments by or on account of any obligation of the Borrower under any Loan Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law requires the deduction or withholding
of any Tax from any such payment, then Borrower shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such
Tax is an Indemnified Tax, then the sum payable by the Borrower shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this
Section 2.16) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) The Borrower shall indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including
Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by such Recipient or required to be withheld or deducted from a payment to such Recipient, whether or not such Indemnified Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Administrative Agent), or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

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

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

(i) any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date on
which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent), executed originals of IRS Form W-9 certifying that such Lender is exempt from U.S.
Federal backup withholding tax; 
 (ii) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to
the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of the Borrower or the Administrative Agent), whichever of the following is applicable: 
  

	 	(A)	in the case of a Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form
W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable payments under any Loan Document, IRS Form W-8BEN
establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

  
 30 

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

  

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

 

	 	(D)	to the extent a Non-U.S. Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of
Exhibit D-2 or Exhibit D-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Non-U.S. Lender is a partnership and one or more direct or indirect partners of such
Non-U.S. Lender are claiming the portfolio interest exemption, such Non-U.S. Lender may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit D-4 on behalf of each such direct and indirect partner; 

(iii) any Non-U.S. Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative
Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Non-U.S. Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the
Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. Federal withholding Tax, duly completed, together with such supplementary documentation as may be
prescribed by applicable law to permit the Borrower or the Administrative Agent to determine the withholding or deduction required to be made; and 

(iv) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA and
the rules and regulations promulgated pursuant thereto if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender
shall deliver to the Administrative Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or Administrative Agent, such documentation prescribed by applicable law (including as prescribed by
Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA,
to determine that such Lender has or has not complied with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement. For 

  
 31 

 
purposes of determining whether withholding Taxes will be imposed under FATCA, from and after the effective date of this Agreement, the Borrower and the Administrative Agent shall, to the extent
permissible under applicable law, treat (and the Lenders hereby authorize the Borrower and the Administrative Agent to treat) this Agreement as not qualifying as a “grandfathered obligation” within the meaning of Treasury Regulation
Section 1.1471-2(b)(2)(i). 
 In addition, each U.S. Lender shall deliver such forms promptly upon the obsolescence or invalidity of any
form previously delivered by such U.S. Lender. Each U.S. Lender shall promptly notify the Borrower at any time it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of
certification adopted by the U.S. taxing authorities for such purpose). 
 (g) If the Administrative Agent or any Lender determines, in its
reasonable discretion, that it has received a refund of any tax as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.16, it shall pay over such
refund to the Borrower (but only to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.16 with respect to the tax giving rise to such refund), net of all out-of-pocket expenses of the
Administrative Agent or such Lender and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); provided, that the Borrower, upon the request of the Administrative Agent or such Lender,
agrees to repay the amount paid over to the Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to the Administrative Agent or such Lender in the event the Administrative Agent or such Lender is
required to repay such refund to such Governmental Authority. This paragraph shall not be construed to require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems
confidential) to the Borrower or any other Person. 
 (h) The agreements in this Section 2.16 shall survive the resignation or
replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

(i) For purposes of this Section 2.16, the term “Lender” includes an Issuing Lender. 

2.17 Indemnity. 

Borrower agrees to indemnify each Lender for, and to hold each Lender harmless from, any loss or expense that such Lender may sustain or incur
as a consequence of (a) Default by Borrower in making a borrowing of, conversion into or continuation of Eurodollar Loans after Borrower has given a notice requesting the same in accordance with the provisions of this Agreement,
(b) Default by Borrower in making any prepayment of or conversion from Eurodollar Loans after Borrower has given a notice thereof in accordance with the provisions of this Agreement or (c) the making of a prepayment of Eurodollar Loans on
a day that is not the last day of an Interest Period with respect thereto. Such indemnification may include an amount equal to the excess, if any, of (i) the amount of interest that would have accrued on the amount so prepaid, or not so
borrowed, converted or continued, for the period from the date of such prepayment or of such failure to borrow, convert or continue to the last day of such Interest Period (or, in the case of a failure to borrow, convert or continue, the Interest
Period that would have commenced on the date of such failure) in each case at the applicable rate of interest for such Loans provided for herein (excluding, however, the Applicable Margin included therein, if any) over (ii) the amount of
interest (as reasonably determined by such Lender) that would have accrued to such Lender on such amount by placing such amount on deposit for a comparable period with leading banks in the 

  
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interbank Eurodollar market. A certificate as to any amounts payable pursuant to this Section 2.17 (which certificate shall set forth in reasonable detail the calculation of such
amounts) submitted to Borrower by any Lender shall be conclusive in the absence of manifest error. This covenant shall survive the termination of this Agreement and the payment of the Loans and all other amounts payable hereunder. 

2.18 Change of Lending Office. 

Each Lender agrees that, upon the occurrence of any event giving rise to the operation of Section 2.15 or 2.16(a) with
respect to such Lender, it will, if requested by Borrower, use reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans or Letters of Credit affected by such event with the object
of avoiding the consequences of such event; provided, that such designation is made on terms that, in the sole judgment of such Lender, cause such Lender and its lending office(s) to suffer no economic, legal or regulatory disadvantage, and
provided, further, that nothing in this Section shall affect or postpone any of the obligations of Borrower or the rights of any Lender pursuant to Section 2.15 or 2.16(a). 

2.19 Replacement of Lenders. 

Borrower shall be permitted to replace any Lender that (a) requests reimbursement for amounts owing pursuant to Section 2.15
or 2.16(a) or 2.16(b), (b) is a Defaulting Lender or (c) is a Lender that refuses to consent to a proposed change, waiver, discharge or termination with respect to this Agreement that has been approved by the Required Lenders
as (and to the extent) provided in Section 10.1, with a replacement financial institution; provided that (i) such replacement does not conflict with any Requirement of Law, (ii) no Event of Default shall have occurred
and be continuing at the time of such replacement, (iii) prior to any such replacement, such Lender shall not have rescinded its request for payment of amounts owing pursuant to Section 2.15, 2.16(a) or 2.16(b), (iv) the
replacement financial institution shall purchase, at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (v) Borrower shall be liable to such replaced Lender under Section 2.17 if
any Eurodollar Loan owing to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto, (vi) the replacement financial institution, if not already a Lender, shall be reasonably satisfactory to
Administrative Agent, (vii) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of Section 10.6 (provided that replacement Lender shall be obligated to pay the registration and
processing fee referred to therein), (viii) until such time as such replacement shall be consummated, Borrower shall pay all additional amounts (if any) required pursuant to Section 2.15, 2.16(a) or 2.16(b), as the
case may be, and (ix) any such replacement shall not be deemed to be a waiver of any rights that Borrower, Administrative Agent or any other Lender shall have against the replaced Lender. 

2.20 Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as
such Lender is no longer a Defaulting Lender, to the extent permitted by applicable law: 
 (i) Such Defaulting Lender shall
not be entitled to vote on any matter requiring the consent or approval of all Lenders or the Required Lenders, and the Commitment of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken
or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 10.1), provided that (a) any waiver, amendment or modification requiring the consent of all Lenders or each
affected Lender which affects such Defaulting Lender differently than 

  
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other affected Lenders shall require the consent of such Defaulting Lender and (b) the Commitment of such Defaulting Lender may not be increased without the consent of such Defaulting
Lender, Administrative Agent and Borrower; provided that any payments made with respect to such increase in such Commitment shall not be subject to Section 10.7 with respect to any Defaulting Lender. 

(ii) Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such
Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Section 8 or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 10.7 shall be applied at such time or
times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts
owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender in accordance with Section 3.9;
fourth, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined
by the Administrative Agent; fifth, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Lender’s potential future funding
obligations with respect to Loans under this Agreement and (y) Cash Collateralize the Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under this Agreement, in
accordance with Section 3.9; sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender, the Issuing
Lenders or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts
owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
eighth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that, notwithstanding anything to the contrary in this Section 2.20(a)(ii), if (x) such payment is a payment of the
principal amount of any Loans or L/C Obligations in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set
forth in Section 5.2 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Obligations owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of,
or L/C Obligations owed to, such Defaulting Lender until such time as all Loans and funded and unfunded participations in L/C Obligations and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect
to Section 2.20(a)(iv). Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant to this
Section 2.20 shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 

(iii) (A) No Defaulting Lender shall be entitled to receive any commitment fee contemplated by Section 2.5(a) for
any period during which that Lender is a Defaulting Lender (and the Borrower shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 

  
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 (B) Each Defaulting Lender shall be entitled to receive any fees pursuant to
Section 3.3 for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Revolving Percentage of the stated amount of Letters of Credit for which the Defaulting Lender has provided Cash Collateral
pursuant to Section 2.20(a)(ii). 
 (C) With respect to any fees pursuant to Section 3.3 not
required to be paid to any Defaulting Lender pursuant to clause (A) or (B) above, the Borrower shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such
Defaulting Lender’s participation in L/C Obligations or Swingline Loans that has been reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swingline Lender, as applicable, the
amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to such Issuing Lender’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount
of any such fee. 
 (iv) All or any part of such Defaulting Lender’s participation in L/C Obligations and Swingline
Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Revolving Percentage (calculated without regard to such Defaulting Lender’s Commitment) but only to the extent that (x) the conditions set
forth in Section 5.2 are satisfied at the time of such reallocation (and, unless the Borrower shall have otherwise notified the Administrative Agent at such time, the Borrower shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the sum of each Non-Defaulting Lender’s Revolving Percentage of such reallocation plus its Revolving Percentage of the Outstanding Amount to exceed such
Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 

(v) If the reallocation described in clause (iv) above cannot, or can only partially, be effected, the Borrower shall,
without prejudice to any right or remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lenders’ Fronting Exposure and (y) second, Cash Collateralize the Issuing
Lenders’ Fronting Exposure (after giving effect to any partial reallocation pursuant to clause (iv) above) in accordance with the procedures set forth in Section 3.9 for so long as such L/C Obligations are outstanding. 

(b) If the Borrower, the Administrative Agent and each Swingline Lender and Issuing Lender agree in writing that a Lender is no longer a
Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash
Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and
unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments (without giving effect to Section 2.20(a)(iv), whereupon such Lender will cease to be a Defaulting
Lender; provided that no adjustments will be made 

  
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retroactively with respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the
extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 (c) So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless
it is satisfied that it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no
Fronting Exposure after giving effect thereto. 
 2.21 Increase in Commitments. 

Borrower may, at its option, at any time and from time to time prior to the Termination Date, increase the Total Commitments up to a maximum
aggregate principal amount not to exceed $1,200,000,000 by requesting the existing Lenders or new lenders to commit to any such increase, provided that, (a) no Lender shall be required to commit to any such increase; (b) no such increase
shall become effective unless at the time thereof and after giving effect thereto (i) no Default or Event of Default shall have occurred and be continuing, (ii) each of the representations and warranties made by any Loan Party in or
pursuant to the Loan Documents shall be true and correct in all material respects, except to the extent such representations and warranties expressly relate to an earlier time, in which case such representations and warranties were true and correct
in all material respects as of such earlier time, provided, that, to the extent any such representation and warranty is already qualified by materiality or by reference to Material Adverse Effect, such representation shall be true and correct in all
respects, and (iii) Administrative Agent shall have received a certificate from Borrower to the effect of (i) and (ii) of clause (b); and (c) no new lender shall become a Lender pursuant to this Section 2.21 unless such
lender is an Eligible Assignee and Administrative Agent shall have given its prior written consent, which consent shall not be unreasonably withheld. Borrower shall be entitled to pay upfront or other fees to such lenders who extend credit pursuant
to this Section 2.21 as Borrower and such lenders may agree. Such increase in the Commitments shall become effective on the date (the “Increased Facility Closing Date”) specified in an activation notice delivered to Administrative
Agent no less than five (5) Business Days prior to effective date of such notice specifying the amount of the increase and the effective date thereof. Each new lender that provides any part of such increase in the Commitments (a “New
Lender”) shall execute a New Lender Supplement (each, a “New Lender Supplement”), substantially in the form of Exhibit E, whereupon such New Lender shall become a Lender for all purposes and to the same extent as if originally a party
hereto and shall be bound by and entitled to the benefits of this Agreement. Unless otherwise agreed by Administrative Agent, on each Increased Facility Closing Date, Borrower shall borrow Revolving Loans under the relevant increased Commitments
from each Lender participating in the relevant increase in an amount determined by reference to the amount of each Type of Loan (and, in the case of Eurodollar Loans, of each Eurodollar Tranche) which would then have been outstanding from such
Lender if (i) each such Type or Eurodollar Tranche had been borrowed or effected on such Increased Facility Closing Date and (ii) the aggregate amount of each such Type or Eurodollar Tranche requested to be so borrowed or effected had been
proportionately increased. The Eurodollar Base Rate applicable to any Eurodollar Loan borrowed pursuant to the preceding sentence shall equal the rate then applicable to the Eurodollar Loans of the other Lenders in the same Eurodollar Tranche (or,
until the expiration of the then-current Interest Period, such other rate as shall be agreed upon between Borrower and the relevant Lender). 

  
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 2.22 Extension of Termination Date. 

(a) Requests for Extension. The Borrower may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier
than 60 days and not later than 30 days prior to the first and/or second anniversary of the Closing Date (the “Anniversary Date”), request that each Lender extend such Lender’s Termination Date for an additional one year from
the Termination Date then in effect with respect to such Lender. 
 (b) Lender Elections to Extend. Each Lender, acting in its
sole and individual discretion, shall, by notice to the Administrative Agent given not later than the date (the “Notice Date”) that is 20 days prior to such Anniversary Date, advise the Administrative Agent whether or not such
Lender agrees to such extension (each such Lender that agrees to such extension, an “Extending Lender” and each Lender that determines not to extend its Termination Date, a “Non-Extending Lender”) shall notify the
Administrative Agent of such fact promptly after such determination (but in any event no later than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending
Lender). The election of any Lender to agree to such extension shall not obligate any other Lender to so agree.
 (c) Notification
by Administrative Agent. The Administrative Agent shall notify the Borrower of each Lender’s determination under this Section 2.22 no later than the date 15 days prior to the applicable Anniversary Date (or, if such date is
not a Business Day, on the preceding Business Day). 
 (d) Additional Commitment Lenders. So long as no Default exists, the
Borrower shall have the right to replace each Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more Eligible Assignees (as a New Lender) with the approval of the Administrative Agent (which
approval shall not be unreasonably withheld), each of which New Lenders shall have entered into a New Lender Supplement pursuant to which such New Lender shall, effective as of the applicable Anniversary Date, undertake a Commitment (and, if any
such New Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder on such date). 
 (e)
Minimum Extension Requirement. If (and only if) the total of the Commitments of the Lenders that have agreed so to extend their Termination Date and the additional Commitments of the New Lenders shall be more than 66-2/3% of the
aggregate amount of the Commitments in effect immediately prior to the applicable Anniversary Date, then, effective as of such Anniversary Date, the Termination Date of each Extending Lender and of each New Lender shall be extended to the date
falling one year after the Termination Date in effect for such Lenders (except that, if such date is not a Business Day, such Termination Date as so extended shall be the preceding Business Day) and each New Lender shall thereupon become a
“Lender” for all purposes of this Agreement. 
 (f) Conditions to Effectiveness of Extensions. Notwithstanding the
foregoing, the extension of the Termination Date pursuant to this Section 2.22 shall not be effective with respect to any Lender unless on the Notice Date and on the Anniversary Date: 

(i) no Default shall have occurred and be continuing on such date and after giving effect to such extension; and 

(ii) the representations and warranties made by any Loan Party in our pursuant to the Loan Documents shall be true and correct
in all material respects on and as of such date as if made on and as of such date, except to the extent as such representation or warranty is stated to relate to an earlier specific date, in which case such representation or warrant shall have been
true and correct in all material respects on and as of such earlier specific date. 
 2.23 Existing Facility. As of the date hereof,
all revolving loans and letters of credit, if any, made under that certain Amended and Restated Credit Agreement dated as of October 19, 2012, by and among Standard Pacific Corp., as borrower, the lenders party thereto and JPMorgan Chase Bank,
N.A., as the administrative agent for the lenders (as amended from time to time, the “Existing Credit Agreement”) have been repaid or cancelled, and the commitments under the Existing Credit Agreement are hereby terminated. 

  
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 SECTION 3. LETTERS OF CREDIT 

3.1 L/C Commitment. 
 (a)
Subject to the terms and conditions hereof, the Issuing Lenders, in reliance on the agreements of the other Lenders set forth in Section 3.4(a), agree to issue letters of credit (“Letters of Credit”) for the account of
the Borrower (and on behalf of the Borrower or any Subsidiary or Homebuilding Joint Venture) on any Business Day during the Commitment Period in such form as may be approved from time to time by the Issuing Lenders acting reasonably; provided
that no Issuing Lender shall be obligated to issue any Letter of Credit if, after giving effect to such issuance, (i) the L/C Obligations of such Issuing Lender would exceed the amount set forth under the heading “Amount of L/C
Commitment” next to such Issuing Lender’s name on Schedule 1.1A attached hereto, (ii) the L/C Obligations would exceed the L/C Commitment or (iii) the aggregate amount of the Available Commitments would be less than zero.
Each Letter of Credit shall (i) be denominated in Dollars, (ii) have a face amount of at least $5,000 (unless otherwise agreed by the relevant Issuing Lender) and (iii) expire no later than the earlier of (x) the first
anniversary of its date of issuance and (y) the date that is 364 days after the Termination Date, provided (A) that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which
shall in no event extend beyond the date referred to in clause (y) above) and (B) at least 90 days prior to the Termination Date, Borrower shall to the extent of the balance, replace outstanding Letters of Credit with letters of credit
issued pursuant to another facility and/or deposit an amount equal to 100% of such balance in cash in a cash collateral account established with Administrative Agent for the benefit of the Lenders on terms and conditions satisfactory to
Administrative Agent. 
 (b) No Issuing Lender shall at any time be obligated to issue any Letter of Credit if such issuance would conflict
with, or cause the Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law. 
 3.2
Procedure for Issuance of Letter of Credit. 
 Borrower may from time to time request that an Issuing Lender issue a Letter of Credit
by delivering to such Issuing Lender with a copy to Administrative Agent at its address for notices specified herein an Application therefor, completed to the satisfaction of such Issuing Lender, and such other certificates, documents and other
papers and information as such Issuing Lender may request. Upon receipt of any Application, an Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in
accordance with its customary procedures and shall promptly issue the Letter of Credit requested thereby (but in no event shall any Issuing Lender be required to issue any Letter of Credit earlier than three (3) Business Days after its receipt
of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by an Issuing
Lender and Borrower. Each Issuing Lender shall furnish a copy of such Letter of Credit to Borrower promptly following the issuance thereof. Each Issuing Lender shall promptly furnish to Administrative Agent, which shall in turn promptly furnish to
the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof). 

  
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 3.3 Fees and Other Charges. 

(a) Subject to Section 3.10, Borrower will pay a fee on all outstanding Letters of Credit at a per annum rate equal to the
Applicable Margin then in effect with respect to Eurodollar Loans, shared ratably among the Lenders, in accordance with their respective Commitments, and payable quarterly in arrears on each L/C Fee Payment Date after the Issuance Date. In addition,
Borrower shall pay to each Issuing Lender for its own account a fronting fee of 0.125% per annum on the undrawn and unexpired amount of each Letter of Credit issued by such Issuing Lender, payable quarterly in arrears on each L/C Fee Payment
Date after the Issuance Date. 
 (b) In addition to the foregoing fees, Borrower shall pay or reimburse each Issuing Lender for such normal
and customary costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit. 

3.4 L/C Participations. 

(a) Each Issuing Lender irrevocably agrees to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lender to issue
Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from such Issuing Lender, on the terms and conditions set forth below, for such L/C Participant’s own account and risk an
undivided interest equal to such L/C Participant’s Revolving Percentage in such Issuing Lender’s obligations and rights under and in respect of each Letter of Credit and the amount of each draft paid by such Issuing Lender thereunder. Each
L/C Participant unconditionally and irrevocably agrees with each Issuing Lender that, if a draft is paid under any Letter of Credit for which such Issuing Lender is not reimbursed in full by Borrower in accordance with the terms of this Agreement,
such L/C Participant shall pay to such Issuing Lender upon demand made through Administrative Agent at the Issuing Lender’s address for notices specified herein an amount equal to such L/C Participant’s Revolving Percentage of the amount
of such draft, or any part thereof, that is not so reimbursed. 
 (b) If any amount required to be paid by any L/C Participant to an Issuing
Lender pursuant to Section 3.4(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to such Issuing Lender within three (3) Business Days after the date such payment
is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such
payment is required to the date on which such payment is immediately available to the Issuing Lender, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360.
If any such amount required to be paid by any L/C Participant pursuant to Section 3.4(a) is not made available to an Issuing Lender by such L/C Participant within three (3) Business Days after the date such payment is due, such
Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans. A certificate of an Issuing Lender submitted to any L/C
Participant with a copy to the Administrative Agent with respect to any amounts owing under this Section 3.4 shall be conclusive in the absence of manifest error. 

(c) Whenever, at any time after any Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its
pro rata share of such payment in accordance with Section 3.4(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from Borrower or otherwise, including proceeds of collateral
applied thereto by such 

  
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Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute through Administrative Agent to such L/C Participant its pro rata share thereof;
provided, however, that in the event that any such payment received by any Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously
distributed by such Issuing Lender to it. 
 3.5 Reimbursement Obligation of Borrower. 

Borrower agrees to reimburse each Issuing Lender through Administrative Agent if so requested by Administrative Agent on the Business Day next
succeeding the Business Day on which such Issuing Lender notifies Borrower of the date and amount of a draft presented under any Letter of Credit and paid by such Issuing Lender for the amount of (a) such draft so paid and (b) any taxes,
fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment. Each such payment shall be made to an Issuing Lender or Administrative Agent at its address for notices referred to herein in Dollars and in
immediately available funds. To the extent that any such amount is not reimbursed to an Issuing Lender by 2 p.m. (New York City time) on the date of payment, interest shall be payable on any such amounts from the date on which the relevant draft is
paid until payment in full (i) at the rate set forth in Section 2.11(b) until the Business Day next succeeding the date of the relevant notice, and (ii) thereafter, at the rate set forth in Section 2.11(c). Each
Issuing Lender shall give Borrower written notice of the payment of each draft under a Letter of Credit. 
 3.6 Obligations Absolute.

 The Borrower’s obligations under this Section 3 shall be absolute and unconditional under any and all circumstances and
irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lender, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lenders that the
Issuing Lenders shall not be responsible for, and the Borrower’s Reimbursement Obligations under Section 3.5 shall not be affected by, among other things, (i) the validity or genuineness of documents or of any endorsements
thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, (ii) any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be
transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee, (iii) payment by the Issuing Lender under a Letter of Credit against presentation of a draft or other document that
does not strictly comply with the terms of such Letter of Credit (provided that where an original Letter of Credit is required by the terms thereof, an original or duplicate original which has been indemnified by the beneficiary must be presented,
and provided further that the foregoing shall not exculpate the Issuing Lender from liability to the Borrower for the Issuing Lender’s gross negligence or willful misconduct as may be finally judicially determined in an independent action or
proceeding brought by the Borrower against the Lender following payment of the Borrower’s Reimbursement Obligations), or (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for
the provisions of this Section, constitute a legal or equitable discharge of, or provide a right of setoff against, the Borrower’s obligations hereunder. The Issuing Lender shall not be liable for any error, omission, interruption or delay in
transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have
resulted from the bad faith, gross negligence or willful misconduct of the Issuing Lender. The Borrower agrees that any action taken or omitted by the Issuing Lender under or in connection with any Letter of Credit or the related drafts or
documents, if done in the absence of bad faith, gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of the Issuing Lender to the Borrower. 

  
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 3.7 Letter of Credit Payments. 

If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify Borrower with a copy
to the Administrative Agent of the date and amount thereof. The responsibility of an Issuing Lender to Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly
provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit. 

3.8 Applications. 
 To
the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Section 3, the provisions of this Section 3 shall apply. 

3.9 Cash Collateral Upon Existence of Defaulting Lender. 

(a) At any time that there shall exist a Defaulting Lender, within three (3) Business Days following the written request of the
Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent) the Borrower shall Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to
Section 2.20(a)(ii) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 

(b) The Borrower, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for
the benefit of the Issuing Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral as security for the Defaulting Lenders’ obligation to fund participations in respect of L/C Obligations, to be applied
pursuant to clause (b) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lenders as herein provided, or that the
total amount of such Cash Collateral is less than the Minimum Collateral Amount, the Borrower will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to
eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 
 (c) Notwithstanding anything to
the contrary contained in this Agreement, Cash Collateral provided by Borrower under this Section 3.9 or provided under Section 2.20(a)(ii) in respect of Letters of Credit shall be applied to the satisfaction of the
Defaulting Lender’s obligation to fund participations in respect of L/C Obligations (including, as to Cash Collateral provided by a Defaulting Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior
to any other application of such property as may otherwise be provided for herein. 
 (d) Cash Collateral (or the appropriate portion
thereof) provided to reduce any Issuing Lender’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this Section 3.9 following (i) the elimination of the applicable Fronting Exposure
(including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and each Issuing Lender that there exists excess Cash Collateral; provided that, subject to
Section 2.20, the Person providing Cash Collateral and each Issuing Lender may agree that Cash Collateral shall be held to support future anticipated Fronting Exposure or other obligations. 

  
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 3.10 Voluntary Cash Collateral Deposits. 

(a) Provided that no Event of Default has occurred and is continuing (unless Administrative Agent otherwise agrees), Borrower may elect prior
to the commencement of any calendar quarter to Cash Collateralize one or more outstanding Letters of Credit during such following calendar quarter and the fee payable on such outstanding Cash Collateralized Letters of Credit pursuant to
Section 3.3 shall be fifty (50) basis points during such calendar quarter (i.e., Borrower would pay a fee on all outstanding Cash Collateralized Letters of Credit during such calendar quarter at a per annum rate equal to fifty
(50) basis points). 
 (b) If Borrower desires to Cash Collateralize all Letters of Credit for any calendar quarter, Borrower shall
deliver to Administrative Agent and each Issuing Lender a notice of such election not less than five (5) Business Days prior to the commencement of such calendar quarter and shall cause the identified outstanding Letters of Credit to be Cash
Collateralized on the date that is two (2) Business Days prior to the commencement of such calendar quarter. If Borrower has elected to Cash Collateralize one or more outstanding Letters of Credit during a calendar quarter, Borrower shall
deliver a notice to Administrative Agent and the Issuing Lenders not less than five (5) Business Days’ prior to the end of such calendar quarter stating whether or not Borrower elects to continue to Cash Collateralize such outstanding
Letters of Credit during the immediately following calendar quarter. If Borrower elects not to continue to Cash Collateralize all outstanding Letters of Credit during the following calendar quarter, provided no Default exists at the beginning of
such calendar quarter, the applicable Issuing Lender(s) shall cause all Cash Collateral for such outstanding Letters of credit, other than Cash Collateral required to be deposited with Administrative Agent by Borrower pursuant to Sections
3.1(a) and 3.9 (which shall be retained in accordance with such Sections), to be returned to Borrower and Borrower shall not receive the reduction in the fee payable on outstanding Letters of Credit pursuant to Section 3.10(a)
during the immediately following calendar quarter. 
 (c) If during any calendar quarter when Borrower has elected to Cash Collateralize one
or more outstanding Letters of Credit pursuant to this Section 3.10, one or more additional Letters of Credit are issued subsequent to the first day of such calendar quarter, Borrower may Cash Collateralize each such Letter of Credit
prior to or contemporaneously with its issuance. Provided no Default then exists, if during any calendar quarter when Borrower has elected to Cash Collateralize one or more outstanding Letters of Credit pursuant to this Section 3.10, the
obligation of an Issuing Lender to honor a Letter of Credit terminates or is cancelled, the Cash Collateral provided pursuant to this Section 3.10 in respect of such Letter of Credit shall no longer be required to be held pursuant to
this Section 3.10. 
 (d) Borrower hereby grants to the Issuing Lenders, and agrees to maintain, a first priority security
interest in all Cash Collateral deposited with Agent pursuant to Section 3.10(a) as security for the Obligations. If at any time the Issuing Lenders or the Administrative Agent determines that Cash Collateral is subject to any right or
claim of any Person other than the Issuing Lenders as herein provided, or that the total amount of such Cash Collateral is less than the amount of all outstanding Letters of Credit, the Borrower will, promptly upon demand by the Issuing Lenders, pay
or provide to the Administrative Agent or the Issuing Lenders additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(e) Nothing in this Section 3.10 shall limit Borrower’s obligations to Cash Collateralize any outstanding Letters of Credit
pursuant to any other provision of this Agreement, including Sections 3.1(a) and 3.9, and notwithstanding the provisions of this Section 3.10, any such Cash Collateral shall be applied in accordance with such other provisions.

 3.11 Existing Letters of Credit. On the Closing Date, the letters of credit set forth no Schedule 3.11 attached hereto, which
letters of credit were issued by the Issuing Lenders pursuant to that certain Credit Agreement, dated as of November 21, 2014, among The Ryland Group, Inc., the initial 

  
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lenders named therein, and Citibank, N.A. as Administrative Agent and became obligations of the Borrower effective upon the merger of the Ryland Group, Inc. into the Borrower (collectively, the
“Ryland LCs”) and shall be transferred to the revolving credit facility under this Agreement and from and after the date hereof, notwithstanding any language to the contrary contained in any of the Ryland LCs, the Ryland LCs shall be
deemed Letters of Credit under this Agreement, and Borrower and Administrative Agent shall execute such acknowledgments and agreements as Borrower and Administrative Agent may reasonably request to evidence the foregoing. 

SECTION 4. REPRESENTATIONS AND WARRANTIES 

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

4.1 Incorporation, Qualification, Powers, and Capital Stock. 

(a) Borrower is a corporation duly incorporated, validly existing, and in good standing under the laws of the state of Delaware, is duly
qualified to do business as, and is in good standing as, a foreign corporation in each jurisdiction in which the conduct of its business or the ownership or leasing of its properties makes such qualification necessary, and has all requisite power
and authority to conduct its business and to own and lease its properties (except in each case where the failure to be so qualified would not reasonably be expected to have a Material Adverse Effect). All outstanding shares of Capital Stock of
Borrower are duly authorized, validly issued, fully paid, nonassessable, and issued in compliance with all applicable state and federal securities laws except where failure to comply could not reasonably be expected to have a Material Adverse
Effect. 
 (b) Each Guarantor is a corporation, limited liability company, partnership or other legal entity duly incorporated or formed,
validly existing, and in good standing under the laws of its respective jurisdiction of incorporation or formation, is duly qualified to do business as, and is in good standing as, a foreign legal entity in each jurisdiction in which the conduct of
its business or the ownership or leasing of its properties makes such qualification necessary, and has all requisite power and authority to conduct its business and to own and lease its properties (except in each case where the failure to be so
qualified would not reasonably be expected to have a Material Adverse Effect). 
 4.2 Execution, Delivery, and Performance of Loan
Documents. 
 (a) Borrower has all requisite power and authority to execute and deliver, and to perform all of its obligations under,
the Loan Documents. 
 (b) Each Guarantor has all requisite power and authority to execute and deliver, and to perform all of its
obligations under, its guaranty. 
 (c) The execution and delivery by Borrower of, and the performance by Borrower of each of its
obligations under, each Loan Document to which it is a party, and the execution and delivery by each Guarantor of, and the performance by each Guarantor of each of its obligations under its guaranty, have been duly authorized by all necessary action
and do not and will not: 
 (i) require any consent or approval not heretofore obtained of any stockholder, member, partner,
security holder or creditor of Borrower, any Subsidiary, or any Guarantor; 

  
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 (ii) violate any provision of the certificate of incorporation or bylaws of
Borrower or any provision of the articles or certificate of incorporation, bylaws, or partnership agreement of any Guarantor or any Subsidiary; 

(iii) result in or require the creation or imposition of any Lien, claim, or encumbrance (except to the extent that any Lien is
created under this Agreement) upon or with respect to any property now owned or leased or hereafter acquired by Borrower, any Subsidiary, or any Guarantor; 

(iv) violate any provision of any law, order, writ, judgment, injunction, decree, determination, or award presently in effect
having applicability to Borrower, any Subsidiary (other than an Excluded Subsidiary), or any Guarantor; or 
 (v) result in a
material breach of or constitute a material default under, or cause or permit the acceleration of any obligation owed under, any indenture or loan or credit agreement or any other material agreement, lease, or instrument to which Borrower, any
Subsidiary (other than an Excluded Subsidiary), or any Guarantor is a party or by which Borrower, any such Subsidiary, or any Guarantor, or any property of Borrower, any such Subsidiary, or any Guarantor, is bound or affected. 

(d) Borrower, each Subsidiary (other than an Excluded Subsidiary), and each Guarantor are not in default under any law, order, writ, judgment,
injunction, decree, determination, award, indenture, agreement, lease, or instrument, where such default could reasonably be expected to have a Material Adverse Effect. 

(e) No authorization, consent, approval, order, license, permit, or exemption from, or filing, registration, or qualification with, any
Governmental Authority not heretofore obtained is or will be required under applicable law to authorize or permit the execution, delivery, and performance by Borrower or any Guarantor of, all of its obligations under, the Loan Documents. 

(f) Each of the Loan Documents to which Borrower is a party, when executed and delivered, will constitute the legal, valid, and binding
obligations of Borrower, and the guaranty, when executed and delivered, will constitute the legal, valid, and binding obligation of each Guarantor, each enforceable against such Person in accordance with its terms, except as enforcement may be
limited by debtor relief laws or equitable principles relating to the granting of specific performance or other equitable remedies as a matter of judicial discretion. 

4.3 Compliance with Laws and Other Requirements. 

The Loan Parties are in compliance with all laws and other requirements applicable to their businesses and have obtained all material
authorizations, consents, approvals, orders, licenses, permits, and exemptions from, and have accomplished all filings, registrations, or qualifications with, any Governmental Authority that is necessary for the transaction of their respective
businesses, in each case except where the failure to do so would not reasonably be expected to have a Material Adverse Effect and except for authorizations, consents, approvals, orders, licenses, permits, and exemptions relating to the development,
construction, and sale of real property that the Loan Parties are in the process of obtaining or intend to obtain in the ordinary course of business. 

  
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 4.4 Entities Owned. 

(a) Schedule 4.4 sets forth, updated as of the last day of the most recent quarter, the names and jurisdictions of incorporation or
formation of all Subsidiaries, Homebuilding Joint Ventures, and other entities in which Borrower has a direct or indirect ownership interest (but excluding publicly-traded Persons in which Borrower, directly or indirectly, holds less than a five
percent (5%) ownership interest). Except as described in Schedule 4.4, as of the end of the most recent fiscal quarter of Borrower, excluding publicly-traded Persons in which Borrower, directly or indirectly, holds less than a five
percent (5%) ownership interest, Borrower does not own any Capital Stock or ownership interest in any Person other than its Subsidiaries and Homebuilding Joint Ventures. All outstanding shares of Capital Stock or ownership interests, as the
case may be, of each Subsidiary (other than an Excluded Subsidiary) and Homebuilding Joint Venture that are owned by Borrower or any Subsidiary are (i) owned of record and beneficially by Borrower and/or by one (1) or more Subsidiaries,
free and clear of all material Liens, claims, encumbrances, and rights of others (other than Liens permitted under this Agreement), and are (ii) duly authorized, validly issued, fully paid, nonassessable (except for capital calls or
contribution requirements in connection with ownership interests in Homebuilding Joint Ventures), and issued in compliance with all applicable state and federal securities and other laws, except where the failure to comply could not reasonably be
expected to have a Material Adverse Effect. Borrower may update Schedule 4.4 from time to time by sending written notice to Administrative Agent. 

(b) Each Subsidiary (other than an Excluded Subsidiary) is a corporation, partnership, or limited liability company duly incorporated or
formed, validly existing, and in good standing under the laws of its respective jurisdiction of incorporation or formation, is duly qualified to do business as, and is in good standing as, a foreign corporation, partnership, or limited liability
company in each jurisdiction in which the conduct of its business or the ownership or leasing of its properties makes such qualification necessary (except where the failure to be so qualified could not reasonably be expected to have a Material
Adverse Effect), and has all requisite power and authority to conduct its business and to own and lease its properties. 
 (c) Each
Subsidiary (other than an Excluded Subsidiary) is in compliance with all laws and other requirements applicable to its business and has obtained all authorizations, consents, approvals, orders, licenses, permits, and exemptions from, and has
accomplished all filings, registrations, or qualifications with, any Governmental Authority that is necessary for the transaction of its business, in each case except where the failure to do so could not reasonably be expected to have a Material
Adverse Effect and except for consents, approvals, orders, licenses, permits, and exemptions relating to the development, construction, and sale of real property that each such Subsidiary is in the process of obtaining or intends to obtain in the
ordinary course of business. 
 4.5 Financial Statements. 

Borrower has furnished to Lenders that are parties to this Agreement on the Closing Date a copy of the Form 10-K of Borrower and its
Subsidiaries for the period ended December 31, 2014, and a copy of the Form 10-Q of Borrower and its Subsidiaries dated as of June 30, 2015, (and with respect to the June 30, 2015 Form 10-Q the other information required by
this Agreement was also furnished to Lenders). The financial statements and the notes thereto included in such Form 10-K and such Form 10-Q fairly present in all material respects the consolidated financial position of Borrower and its
Subsidiaries as at the dates specified therein and the consolidated results of operations and cash flows for the periods then ended, all in conformity with GAAP. 

4.6 No Material Adverse Change. 

There has been no material adverse change in the financial condition of Borrower and its Subsidiaries (excluding the Excluded Subsidiaries),
taken as a whole, since the date of the most recently 

  
 45 

 
delivered financial statements, and Borrower and its Subsidiaries (excluding the Excluded Subsidiaries), taken as a whole, do not have any material liability incurred outside of the ordinary
course of business or, to the knowledge of the Loan Parties, material contingent liability, not reflected or disclosed in the most recently delivered financial statements or notes thereto, or otherwise disclosed in Borrower’s Exchange Act
filings or to Administrative Agent in writing. 
 4.7 Tax Liability. 

Borrower and each Subsidiary have filed all material tax returns (federal, state, and local) required to be filed by them and have paid all
material Taxes shown thereon to be due and all property Taxes due, including interest and penalties, if any. To the knowledge of the Loan Parties, there does not exist any substantial likelihood that any Governmental Authority will successfully
assert a tax deficiency against Borrower or any Subsidiary that would reasonably be expected to have a Material Adverse Effect that has not been adequately reserved against in the most recently delivered financial statements. Borrower and each
Subsidiary have established and are maintaining adequate reserves for tax liabilities, if any, sufficient to comply with GAAP. 
 4.8
Litigation. 
 There are no actions, suits, proceedings, claims, or disputes pending or, to the knowledge of the Loan Parties,
threatened against Borrower or any of its Subsidiaries, before any governmental authority which would reasonably be expected to have a Material Adverse Effect. 

4.9 Pension Plan. 
 (a)
Neither Borrower nor any Guarantor maintains or contributes to, or within the past six (6) years has maintained or contributed to, any Pension Plan or Multiemployer Plan; 

(b) No ERISA Event has occurred or is reasonably expected to occur. 

(c) The Borrower and each of its ERISA Affiliates has met all applicable requirements under the ERISA Funding Rules with respect to each
Pension Plan, and no waiver of the minimum funding standards under the ERISA Funding Rules has been applied for or obtained; and 
 (d) As
of the most recent valuation date for any Pension Plan, the funding target attainment percentage (as defined in Section 430(d)(2) of the Code) is at least 60%, and neither the Borrower not any of its ERISA Affiliates knows of any facts or
circumstances that could reasonably be expected to cause the funding target attainment percentage to fall below 60% as of the most recent valuation date. 

4.10 Regulations U and X; Investment Company Act. 

Neither Borrower nor any Guarantor is engaged principally, or as one of its important activities, in the business of extending credit for the
purpose of “purchasing” or “carrying” any “margin stock” within the meanings of Regulation U of the FRB. No part of the Loans will be used to purchase or carry any margin stock (except for purchases of Borrower’s
stock by, or on behalf of, Borrower otherwise permitted hereunder and that is subsequently retired or retained by Borrower as treasury stock), or to extend credit to others for that purpose, or for any purpose that violates the provisions of
Regulations U or X of the FRB. No Loan Party is required to be registered under the Investment Company Act of 1940. 

  
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 4.11 No Default. 

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

4.12 Environmental Compliance. 

In connection with the acquisition of properties, Borrower and its Subsidiaries generally conduct in the ordinary course of business a review
of the environmental condition of such properties and any claims alleging potential liability or responsibility for violation of Environmental Laws. In the course of the operation of their businesses, nothing has come to the attention of any Loan
Party causing it to conclude that there are any violations of Environmental Laws or claims alleging potential liability or responsibility for violation of Environmental Laws that would reasonably be expected to have a Material Adverse Effect. 

4.13 Solvent. 
 Borrower
and its Subsidiaries on a consolidated basis are Solvent. 
 4.14 Senior Debt. 

All obligations under the Loan Documents to pay principal, interest, fees are senior debt under the terms of any Subordinated Debt of Borrower
and its Subsidiaries (other than the Excluded Subsidiaries). 
 4.15 Foreign Asset Control Regulations. 

Neither the execution and delivery of the Loan Documents by Borrower or any Loan Party nor the use of the proceeds of any Loan or any
extension of credit, will violate the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or the Anti-Terrorism Order or any
enabling legislation or executive order relating to any of the same. 
 4.16 Anti-Corruption Laws and Sanctions. The Borrower has
implemented and maintains in effect policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the
Borrower, its Subsidiaries and their respective officers and employees and to the knowledge of the Borrower its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of (a) the
Borrower, any Subsidiary or any of their respective directors, officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in any capacity in connection with or benefit from the
credit facility established hereby, is a Sanctioned Person. No Loan or Letter of Credit, use of proceeds or other transaction contemplated by this Agreement will violate Anti-Corruption Laws or applicable Sanctions. 

SECTION 5. CONDITIONS PRECEDENT 

5.1 Conditions to Initial Extension of Credit. 

The agreement of each Lender to make the initial extension of credit requested to be made by it is subject to the satisfaction, prior to or
concurrently with the making of such extension of credit on the Closing Date, of the following conditions precedent: 
 (a) Credit
Agreement; Guarantee Agreement. Administrative Agent shall have received (i) this Agreement, executed and delivered by Administrative Agent, and Borrower and each Lender listed on Schedule 1.1 and (ii) the Guarantee Agreement,
executed and delivered by each Guarantor. 

  
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 (b) Fees. The Lenders and Administrative Agent shall have received all fees required to be
paid, and all expenses for which invoices have been presented (including the reasonable fees and expenses of legal counsel), on or before the Closing Date. All such amounts may be paid with proceeds of Loans made on the Closing Date if reflected in
the funding instructions given by Borrower to Administrative Agent on or before the Closing Date. 
 (c) Corporate Proceedings.
Administrative Agent shall have received a copy of the resolutions (in form and substance reasonably satisfactory to Administrative Agent) of the board of directors of Borrower authorizing (i) the execution, delivery and performance of this
Agreement, (ii) the consummation of the transactions contemplated hereby, (iii) the borrowings herein provided for, and (iv) the execution, delivery and performance of the Notes and the other documents provided for in this Agreement,
all certified by a Responsible Officer of Borrower as of the date hereof. Such certificate shall state that the resolutions set forth therein have not been amended, modified, revoked or rescinded as of the Closing Date. 

(d) Proceedings of Guarantors. Administrative Agent shall have received a copy of the respective resolutions (in form and substance
reasonably satisfactory to Administrative Agent) of the board of directors, management committee or other governing body of each of the Guarantors (or of Borrower or another Subsidiary of Borrower as the sole shareholder, sole or managing member or
general partner of the applicable Guarantor), each resolution authorizing the execution, delivery and performance of the Guarantee Agreement, all certified by a Responsible Officer of the respective Guarantor (or Borrower or such Subsidiary) as of
the Closing Date. Such certificate shall state that the resolutions set forth therein have not been amended, modified, revoked or rescinded as of the Closing Date. 

(e) Incumbency Certificate of Borrower. Administrative Agent shall have received a certificate of a Responsible Officer of Borrower,
dated the Closing Date, as to the incumbency and signature of the officer(s) (or other Person(s) in a comparable position) executing this Agreement, the Notes and any certificate or other documents to be delivered pursuant hereto or thereto. 

(f) Incumbency Certificates of Guarantors. Administrative Agent shall have received a certificate of a Responsible Officer of each of
the Guarantors, dated the Closing Date, as to the incumbency and signatures of the officer(s) (or other Person(s) in a comparable position) executing the Guarantee Agreement. 

(g) Articles of Incorporation of Borrower. Administrative Agent shall have received copies of (i) the certificate of incorporation
of Borrower, together with all amendments, and a certificate of good standing, all certified by the appropriate governmental officer in its jurisdiction of incorporation and (ii) the bylaws or code of regulations of Borrower certified by a
Responsible Officer of Borrower. 
 (h) Organizational Documents of Guarantors. Administrative Agent shall have received
(i) with respect to each Guarantor that is a corporation (A) copies of its articles or certificate of incorporation, including all amendments thereto, and a certificate of good standing or subsistence, all certified by the appropriate
governmental officer in its jurisdiction of incorporation and (B) the bylaws or code of regulations of such Guarantor certified by a Responsible Officer of each Guarantor, (ii) with respect to any Guarantor that is a partnership,
(A) a true copy of its partnership agreement, including all amendments thereto, certified by an officer of such partnership or of its general partner, together with (in 

  
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the case of any limited partnership) copies of the certificates of limited partnerships and (B) a certificate of good standing or subsistence, all certified by the appropriate governmental
officer in its jurisdiction of organization, and (iii) with respect to each Guarantor that is a limited liability company, (A) a copy of its operating agreement, including all amendments thereto, certified by an officer of such limited
liability company or of its managing member, and a copy of its articles or certificate of formation and (B) a certificate of good standing or subsistence, all certified by the appropriate officer of the state of its formation. 

(i) Compliance Certificate. Delivery of a Compliance Certificate, substantially in the form of Exhibit B, as of June 30,
2015. 
 (j) Legal Opinions. Administrative Agent shall have received the following executed legal opinions: 

(i) the legal opinion of Snell & Wilmer L.L.P., counsel to Borrower and its Subsidiaries, substantially in the form of
Exhibit F-1; 
 (ii) the legal opinion of Smith, Gambrell & Russell, LLP, Florida counsel of Borrower and its
Subsidiaries, substantially in the form of Exhibit F-2; 
 (iii) the legal opinion of Venable LLP, Maryland counsel of
Borrower and its subsidiaries, substantially in the form of Exhibit F-3; 
 (iv) the legal opinion of Gardere
Wynne & Sewell, LLP, Texas counsel of the Borrower and Subsidiaries, substantially in the form of Exhibit F-4; and 

(i) the legal opinion of Barnes & Thornburg, LLP, Indiana counsel of the Borrower and Subsidiaries, substantially in
the form of Exhibit F-5. 
 Each such legal opinion shall cover such other matters incident to the transactions contemplated by this
Agreement as is customary for transactions of this type that Administrative Agent may reasonably require. 
 (k) Representations and
Warranties. Each of the representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of the Closing Date. 

5.2 Conditions to Each Extension of Credit. 

The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of
credit) is subject to the satisfaction of the following conditions precedent: 
 (a) Representations and Warranties. Each of the
representations and warranties made by any Loan Party in or pursuant to the Loan Documents shall be true and correct in all material respects on and as of such date as if made on and as of such date, except to the extent as such representation or
warranty is stated to relate only to an earlier specific date, in which case such representation or warranty shall have been true and correct in all material respects on and as of such earlier specific date. 

  
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 (b) No Default. No Default or Event of Default shall have occurred and be continuing on
such date or after giving effect to the extensions of credit requested to be made on such date. 
 (c) Commitment. After giving
effect to such Loan or Letter of Credit, (i) the L/C Obligations shall not exceed the L/C Commitment and (ii) the aggregate outstanding principal amount of Loans shall not exceed the portion of the Total Commitments available for Loans.

 Each borrowing by and issuance of a Letter of Credit on behalf of Borrower hereunder shall constitute a representation and warranty by Borrower as of the
date of such extension of credit that the conditions contained in this Section 5.2 have been satisfied. 
 SECTION 6. AFFIRMATIVE
COVENANTS 
 Borrower hereby agrees that, so long as the Commitments remain in effect, any Letter of Credit remains outstanding or any Loan
or other amount (other than contingent obligations such as indemnities or increased costs) is owing to any Lender, any Issuing Lender or the Administrative Agent hereunder, Borrower shall: 

6.1 Reporting Requirements. 

Cause to be delivered to Administrative Agent (for prompt distribution by Administrative Agent to the Lenders): 

(a) Notification of Events of Default. Within fifteen (15) days after the occurrence of a Default or an Event of Default becomes
known to Borrower, a written statement setting forth the nature of the Default or Event of Default and the action that Borrower proposes to take with respect thereto; 

(b) Form 10-Q Filing. As soon as required to be filed under applicable law, and in any event within forty-five (45) days after the
end of each of the first three (3) quarters of each calendar year, a Form 10-Q of Borrower as of the end of the quarter most recently ended including unaudited consolidated balance sheets, statements of income, stockholders equity, and cash
flows of Borrower; 
 (c) Quarterly Projections and Budget Comparisons. Within forty-five (45) days after the end of each
calendar quarter ending March 31, June 30 and September 30 the following reports (as historically prepared by Borrower for delivery to its lenders), (i) a residential development summary and a sales summary by community,
each substantially in the form previously submitted to Administrative Agent and (ii) reports showing the actual operating results for the calendar quarter most recently ended compared to the budget provided for such period; 

(d) Form 10-K Filing. As soon as required to be filed under applicable law, and in any event within ninety (90) days after the end
of each calendar year, a Form 10-K (including in such filing financial statements audited by, and with the opinion of, Ernst & Young LLP (or its successors), KPMG (or its successors), PricewaterhouseCoopers (or its successors),
Deloitte & Touche (or its successors), or any other independent certified public accountants of recognized standing selected by Borrower and reasonably acceptable to Administrative Agent, which opinion shall be unqualified except as to such
matters as are acceptable to Administrative Agent in its’ reasonable discretion); 
 (e) Annual Operating Budget. Within ninety
(90) days after the end of each calendar year a projected operating budget of Borrower for the succeeding twelve (12) months (including for each 

  
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of Borrower’s real estate development projects for each quarter), (i) the number of projected closings of Units and (ii) projected revenue (including the aggregate of all amounts
projected to be generated from any source in connection with the sale of Units to the public); 
 (f) Annual Guarantor Information.
As soon as available and in any event within ninety (90) days after the end of each such Guarantor’s fiscal year, unaudited condensed balance sheets and statements of income of each Guarantor, all in reasonable detail and duly certified by
the chief financial officer, corporate controller, or treasurer of Borrower; 
 (g) Quarterly and Annual Required Default and Covenant
Certifications. At the time of the delivery of the items described in clauses (b) and (d) above, a Compliance Certificate of the chief financial officer, corporate controller, the treasurer or an assistant treasurer of Borrower
(i) stating that to the knowledge of such officer no Default exists, or if such an event exists, stating the nature thereof and the action that Borrower proposes to take with respect thereto, and (ii) demonstrating in reasonable detail
that Borrower was in compliance during the applicable period with the financial covenants contained in this Agreement (including appropriate reconciliations) and the mandatory prepayment provisions contained in Section 2.8; 

(h) Litigation Reporting. Promptly upon Borrower learning thereof, notice in writing of any action, suit, or proceeding before any
governmental authority which could reasonably be expected to have a Material Adverse Effect; 
 (i) Other Lender Requested
Information. Such other information about the business, assets, operation, or condition of any of Borrower or any Subsidiaries, as any Lender (through Administrative Agent) may reasonably request from time to time; 

(j) Excluded Subsidiary Information. At the time of the delivery of the financial statements described in clauses (b) and
(d) above, balance sheets and income statements of Excluded Subsidiaries, a schedule substantially in the form previously provided to the Lenders and such other additional information that any Lender (through Administrative Agent) may
reasonably request from time to time, regarding Borrower’s interests and obligations; 
 (k) ERISA Matters. Promptly after the
Borrower has knowledge or becomes aware of any of the following ERISA events affecting the Borrower or any ERISA Affiliate (but in no event more than ten days after such event), together with a copy of any notice with respect to such event that may
be required to be filed with a Governmental Authority and any notice delivered by a Governmental Authority to the Borrower or any ERISA Affiliate with respect to such event: (A) an ERISA Event, (B) the adoption of any amendment to a
Pension Plan, if such amendment will result in a material increase in benefits or unfunded benefit liabilities (as defined in Section 4001(a)(18) of ERISA), or (C) the commencement of contributions by the Borrower or any ERISA Affiliate to
any Pension Plan that is subject to Title IV of ERISA or Section 412 of the Internal Revenue Code (D) all notices received by the Borrower or any of its ERISA Affiliates from a Multiemployer Plan sponsor concerning an ERISA Event,
(E) copies of such other documents or governmental reports or filings relating to any Pension Plan or Multiemployer Plan as the Administrative Agent shall reasonably request; and (F) and, without limiting the generality of the foregoing,
such certifications or other evidence of compliance with the provisions of Section 7.5 as the Administrative Agent may from time to time reasonably request; and 

6.2 Payment of Taxes and Other Potential Liens. 

Borrower shall pay and discharge promptly, and cause each Subsidiary to pay and discharge promptly, all material taxes, assessments, and
governmental levies imposed upon them, their 

  
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property, their income or profits, except for such amounts that are not yet past due or are being actively contested in good faith by appropriate proceedings, so long as adequate reserves have
been established and maintained with respect to such amounts and, by reason of nonpayment and, by reason of such failure to pay, a Material Adverse Effect reasonably would be expected to occur. 

6.3 Preservation of Existence. 

Except where the failure to do so would not reasonably be expected to have a Material Adverse Effect, Borrower shall preserve and maintain,
and cause each Subsidiary to preserve and maintain, its legal existence in the jurisdiction of its organization, as well as all material franchises, privileges, rights, authorizations, approvals, licenses, permits, or exemptions from, or
registrations or qualifications with, any Governmental Authority that are necessary for the transaction of its business, and remain qualified to do business as a foreign entity in each jurisdiction in which such qualification is necessary; provided
that Borrower may, so long as no Default or Event of Default exists or would result therefrom, dissolve, liquidate, or merge out of existence any Subsidiary. 

6.4 Maintenance of Properties. 

Borrower shall maintain, preserve, and protect, and cause each Subsidiary to maintain, preserve and protect, all of its properties in good
order and condition, subject to wear and tear in the ordinary course of business and, in the case of unimproved properties, damage caused by the natural elements and not permit any Subsidiary to permit any waste of its properties, except that
neither (a) the failure to maintain, preserve and protect a particular item of property that would not reasonably be expected to have a Material Adverse Effect, nor (b) the failure to maintain, preserve, and protect a particular item of
property due to compliance with a written order from a governmental authority, will constitute a violation of this Section 6.4. 

6.5 Maintenance of Insurance. 

Borrower shall maintain, and cause each Subsidiary to maintain, (a) insurance with responsible companies in such amounts and against such
risks as is usually carried by companies engaged in similar businesses and owning similar properties in the same general area in which Borrower or any such Subsidiary operates (provided that Borrower and its Subsidiaries may choose to establish a
self-insurance program consistent with self-insurance programs maintained by companies in similar businesses and owning similar properties), and (b) insurance required by any Governmental Authority having jurisdiction over Borrower or any
Subsidiary. 
 6.6 Books and Records. 

Borrower shall maintain, and shall cause each Subsidiary to maintain, full and complete books and records reflecting the results of their
operations in conformity with GAAP and all applicable requirements of any Governmental Authority having jurisdiction over Borrower or any such Subsidiary or any business or properties of Borrower or any such Subsidiary. 

6.7 Inspection Rights. 

At any time during regular business hours and as often as reasonably requested, upon reasonable notice, Borrower shall permit, and cause each
Subsidiary to permit Administrative Agent and each Lender or any employee, agent or representative thereof to (i) inspect and make copies and abstracts from the records and books of account of, and to visit and inspect the properties of
Borrower and any Subsidiary, and (ii) discuss any affairs, finances, and accounts of Borrower and any Subsidiary with any of their officers. 

  
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 6.8 Compliance with Laws and Other Requirements. 

(a) Borrower shall comply, and shall cause each Subsidiary to comply, with all applicable laws and the orders of any Governmental Authority,
noncompliance with which would reasonably be expected to have a Material Adverse Effect. 
 (b) Borrower shall comply, and shall cause each
Subsidiary to comply, with all applicable laws and other requirements relating to the development of each of its projects and the sale of Units therein (where the failure to so comply could reasonably be expected to have a Material Adverse Effect),
and shall obtain, and cause each Subsidiary to obtain, all necessary authorizations, consents, approvals, licenses and permits of any governmental authority with respect thereto (except where failure to so obtain could not reasonably be expected to
have a Material Adverse Effect). 
 (c) The Borrower will maintain in effect and enforce policies and procedures designed to ensure
compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 

6.9 Guaranties. 
 The
direct and indirect Subsidiaries of Borrower listed on Schedule 4.4 under the heading “Guarantors” shall provide a Guarantee Agreement hereunder on the Closing Date. Borrower shall cause each Subsidiary (other than an Excluded Subsidiary)
that does not provide a Guarantee Agreement hereunder on the Closing Date to provide a Guarantee Agreement hereunder and such other documentation required by Administrative Agent, all in form and substance reasonably acceptable to Administrative
Agent within thirty (30) days after the date on which such Subsidiary qualifies as Subsidiary (other than an Excluded Subsidiary); provided that if any Subsidiary that provides or has provided a Guarantee Agreement hereunder (i) is sold or
otherwise disposed of in a transaction permitted by this Agreement to a Person other than Borrower or one of the Guarantors, (ii) ceases, at any time, to qualify as a Subsidiary (other than an Excluded Subsidiary) or (iii) is designated an
Excluded Subsidiary in accordance with the terms of this Agreement, then, upon the request of Borrower, Administrative Agent shall, so long as no Default or Event of Default exists or would result therefrom, release such Subsidiary from its
Guarantee Agreement pursuant to a release in form and substance reasonably acceptable to Administrative Agent and Borrower. 

  
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 6.10 Use of Proceeds. 

The proceeds of the Loans shall be used only for general corporate purposes, including for acquisitions and to finance the other working
capital needs of the Borrower and its Subsidiaries (“Approved Uses”). Letters of Credit will be issued only to support Approved Uses. The Borrower will not request any Loan or Letter of Credit, and the Borrower shall not use, and
shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Loan or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of
the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned
Person, or in any Sanctioned Country, or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 7. NEGATIVE COVENANTS 

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

7.1 Mergers. 
 Borrower
shall not merge or consolidate, or permit any Subsidiary (other than an Excluded Subsidiary) to merge or consolidate, with or into any Person, except that (a) any Subsidiary may merge into Borrower so long as Borrower is the surviving entity;
(b) any Guarantor may merge into any Guarantor, (c) no merger in connection with an acquisition permitted under this Agreement will constitute a violation of this covenant, and (d) no merger in connection with a disposition permitted
under this Agreement will constitute a violation of this covenant (provided that, in each instance, the corporate existence of Borrower is continued). 

7.2 Liens. 
 Borrower
shall not create, incur, assume or allow to exist, or permit any Subsidiary (other than an Excluded Subsidiary) to create, incur, assume or allow to exist any Lien upon any property, whether now owned or hereafter acquired, of Borrower or any
Subsidiary (other than an Excluded Subsidiary) except: 
 (a) Liens securing indebtedness existing on the date hereof and disclosed in the
notes to the financial statements incorporated in the Form 10-Q for the period ending June 30, 2015, but only to the extent of the indebtedness secured thereby and the property subject thereto on the date hereof; 

(b) pledges, guarantees and deposits under workers’ compensation laws, unemployment insurance laws or similar legislation, good faith
deposits under bids, tenders or contracts, deposits to secure public or statutory obligations or appeal or similar bonds, and Liens created by special assessment districts used to finance infrastructure improvements; 

(c) Liens existing on property or assets of any entity on the date on which the entity becomes a Loan Party, where the indebtedness secured is
not incurred in contemplation of such entity becoming a Loan Party; 
 (d) Liens on or leases of Model Units; 

  
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 (e) Liens securing Capitalized Lease Obligations entered into in the ordinary course of business;

 (f) the replacement of any of the Liens or items set forth in clauses (a) through (e) above; provided, that: 

(i) the principal amount of the indebtedness secured by any such Liens shall not be increased; 

(ii) the indebtedness secured by any such Lien, determined as of the date of incurrence, has an average life at least equal to
the remaining average life of the indebtedness to be refinanced; 
 (iii) the maturity of indebtedness secured by any such
Lien is not earlier than the indebtedness to be refinanced; and 
 (iv) the 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; 

(g) Liens or priorities incurred in the ordinary course of business such as laborers’, employees’, carriers’, mechanics’,
vendors’ and landlords’ Liens; provided that (i) the underlying obligations are not overdue or (ii) such Liens are being contested in good faith and by appropriate proceedings and adequate reserves with respect thereto in
accordance with GAAP are maintained on the books of the Borrower; 
 (h) Liens for (i) delinquent taxes which are being contested in
good faith and by appropriate proceedings if adequate reserves with respect thereto in accordance with GAAP are maintained on the books of the Borrower, (ii) taxes not yet delinquent and (iii) customary survey and title exceptions; 

(i) Liens securing judgments or awards against any Loan Party with respect to which the Loan Party is in good faith prosecuting an appeal or
proceeding for review and with respect to which it has secured a stay of execution pending such appeal or proceeding for review; 
 (j)
Liens on property owned by any Homebuilding Joint Venture or any Excluded Subsidiary; 
 (k) Liens securing surety bonds entered into in the
ordinary course of business; 
 (l) Liens securing Non-Recourse Indebtedness; 

(m) Liens on reimbursement obligations of Performance Letters of Credit; 

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

  
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 (o) Liens on securities, investments and similar brokerage accounts incurred in the ordinary
course of business to the extent there are no monetary obligations relating to such Liens; 
 (p) Liens securing Indebtedness incurred to
refinance any Indebtedness that was previously so secured by a Lien and permitted hereunder (which refinancing Indebtedness may exceed the amount refinanced, provided such refinancing Indebtedness is otherwise permitted under this Agreement) upon
terms and conditions substantially similar to the terms of the Lien securing such refinanced Indebtedness immediately prior to it having been so refinanced; 

(q) Liens arising from vexatious, frivolous or meritless claims, suits, actions or filings, or other similar bad faith actions; provided that
the Borrower or a Subsidiary, as applicable, is disputing such Lien in good faith and by appropriate proceedings; and 
 (r) Liens securing
other indebtedness that do not exceed $100,000,000 in the aggregate. 
 7.3 Prepayment of Indebtedness. 

If a Default has occurred and is continuing or an acceleration of the indebtedness under this Agreement has occurred, Borrower shall not
voluntarily prepay, or permit any Guarantor voluntarily to prepay, the principal amount, in whole or in part, of any indebtedness other than (a) indebtedness owed to each Lender hereunder or under some other agreement between Borrower and such
Lender, (b) indebtedness which ranks pari passu with the indebtedness incurred under this Agreement which is or becomes due and owing whether by reason of acceleration or otherwise and (c) indebtedness which is exchanged for, or converted
into, Capital Stock (or securities to acquire Capital Stock) of any Loan Party. 
 7.4 Change in Nature of Business. 

Borrower shall not make, or permit any Subsidiary to make, any change in the nature of its or their respective businesses as carried on at the
date hereof that is material to Borrower and its Subsidiaries, taken as a whole, which has not been consented to by the Required Lenders. None of the following will constitute a violation of this covenant: (a) the engaging by a Subsidiary in or
withdrawal from any business related to homebuilding (including, without limitation, title, mortgage, security or pest control, landscaping, homebuilding related technology initiatives); (b) a change in the geographic regions in the United
States in which the Subsidiaries operate; and (c) the reorganization of the business of the Subsidiaries among the Subsidiaries. 
 7.5
Pension Plan. 
 Borrower shall not and shall not permit any of its ERISA Affiliates or Guarantors to: (i) enter into, maintain,
make contributions to, become liable for or permit any Guarantor or ERISA Affiliate to enter into, maintain, make contributions to or become liable for, directly or indirectly, any Pension Plan or Multiemployer Plan, (ii) terminate any Pension
Plan so as to result in any material liability to the Borrower or any ERISA Affiliate, (iii) permit to exist any ERISA Event, or any other event or condition, which presents the material risk of a material liability to the Borrower or any ERISA
Affiliate or Guarantor, (iv) make a complete or partial withdrawal (within the meaning of ERISA Section 4201) from any Multiemployer Plan so as to result in any material liability to the Borrower or any ERISA Affiliate, (v) enter into
any new Pension Plan or modify any existing Pension Plan so as to increase its obligations 

  
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thereunder which would reasonably be expected to result in any material liability to any ERISA Affiliate, or (vi) permit the present value of all nonforfeitable accrued benefits under any
Pension Plan (using the actuarial assumptions utilized by the PBGC upon termination of a Pension Plan) materially to exceed the fair market value of Pension Plan assets allocable to such benefits, all determined as of the most recent valuation date
for each such Pension Plan. 
 7.6 Dividends and Subordinated Debt. 

Borrower shall not declare or pay any dividend on, or purchase, redeem, retire, or otherwise acquire for value any of its Capital Stock now or
hereafter outstanding, return any capital to its stockholders or make any distribution of assets to its stockholders, whether in cash, property, or obligations, or pay, repurchase, or redeem all or any part of any Subordinated Debt, transfer any
property in payment of or as security for the payment of all or any part of any Subordinated Debt, or establish any sinking fund, reserve, or like set aside of funds or other property for the redemption, retirement, or repayment of all or any part
of any Subordinated Debt, except: 
 (a) Subject to the subordination terms applicable to such Subordinated Debt, Borrower may make
regularly scheduled and mandatory payments in respect of any Subordinated Debt as and when due by the terms thereof; provided, further, that Borrower may prepay or repurchase Subordinated Debt at any time from the proceeds of
indebtedness issued by Borrower following the Closing Date so long as (i) the maturity date of all such indebtedness is at least one (1) year beyond the Maturity Date, and (ii) no Default exists both before and after giving effect
thereto; 
 (b) So long as no Default exists both before and after giving effect to such dividend, the Leverage Ratio is less than 1.50 to
1.00, Borrower may declare and pay dividends; 
 (c) So long as no Default exists both before and after giving effect to such repurchase,
the Leverage Ratio is less than 1.50 to 1.00, Borrower may from time to time repurchase shares of its Capital Stock; and 
 (d) Borrower
may, at any time, (i) declare or pay dividends on Capital Stock in the form of Capital Stock (or warrants or rights to acquire Capital Stock) of Borrower or through an accretion to the liquidation preference of such Capital Stock,
(ii) purchase, redeem, retire or otherwise acquire Capital Stock or Subordinated Debt solely in consideration of Capital Stock (or warrants or rights to acquire Capital Stock) of Borrower, (iii) exchange Capital Stock or Subordinated Debt
solely for Capital Stock (or warrants or rights to acquire Capital Stock) of Borrower or (iv) convert Capital Stock or Subordinated Debt solely into Capital Stock (or warrants or rights to acquire Capital Stock) of Borrower, in each case
without transfer to the holders of Capital Stock or Subordinated Debt of any cash or other property of Borrower or any of its Subsidiaries in respect thereof. 

7.7 Disposition of Properties. 

No Loan Party shall, sell, assign, exchange, transfer, lease, or otherwise dispose of any of their respective properties (whether real or
personal), other than: 
 (a) properties sold, assigned, exchanged, transferred, leased, or otherwise disposed of for fair value and in the
ordinary course of business (excluding a bulk sale of up to all of the properties held in a geographic region); 
 (b) transfers among the
Loan Parties; 

  
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 (c) the ownership interests of any Excluded Subsidiary or Homebuilding Joint Venture; and 

(d) other properties sold, assigned, exchanged, transferred, leased, or otherwise disposed of for fair value with an aggregate value that does
not exceed, in any period of twelve (12) consecutive months, (i) subject to the effect of the following clause (ii), ten percent (10%) of Consolidated Total Assets as of the date of disposition or (ii) if, at least ten
(10) business days prior to any such disposition, Borrower delivers to Administrative Agent a pro forma balance sheet and calculations evidencing that, after giving effect to such disposition, Borrower would not trigger the mandatory prepayment
provisions set forth in Section 2.8, twenty percent (20%) of Consolidated Total Assets as of the date of such disposition. 

7.8 Limitation on Investments. 

Borrower shall not, nor shall it permit any Subsidiary (other than an Excluded Subsidiary) to, make any Investment or otherwise acquire any
interest in any Person, except: 
 (a) (i) Investments by Guarantors in Borrower consisting of loans or other indebtedness or guarantees of
indebtedness otherwise permitted hereunder, (ii) Investments in Guarantors (x) existing on the Closing Date, or (y) formed or acquired after the Closing Date and (iii) Investments in Subsidiaries that are not Material
Subsidiaries; 
 (b) Investments in a Homebuilding Joint Venture or a Consolidated Homebuilding Non-Guarantor Entity, provided that
without the prior written approval of the Required Lenders, Borrower shall not make an Investment in a Homebuilding Joint Venture or a Consolidated Non-Guarantor Entity if as a result of such Investment the aggregate Investment of Borrower and its
Subsidiaries in all Homebuilding Joint Ventures and Consolidated Homebuilding Non-Guarantor Entities would exceed thirty-five percent (35%) of Consolidated Tangible Net Worth plus $80,000,000; 

(c) temporary cash Investments (including Permitted Investments); 

(d) Investments in Persons engaged in businesses other than homebuilding at any time outstanding not to exceed ten percent (10%) of
Consolidated Tangible Net Worth; 
 (e) receivables owing to Borrower or any Guarantor if created or acquired in the ordinary course of
business; 
 (f) Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or customers; 
 (g) lease, utility and other similar deposits in the
ordinary course of business; 
 (h) Investments made by Borrower or any Guarantor for consideration consisting only of common equity
interests; 
 (i) Investments or securities received in settlement of debts owing to Borrower or any Guarantor in the ordinary course of
business; 

  
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 (j) other Investments in the aggregate amount not to exceed $25,000,000 at any time outstanding
(with each Investment being valued as of the date made without subsequent regard to change in value); 
 (k) Investments in the entities
listed on Schedule 4.4 to this Agreement under the heading “Excluded Subsidiaries—Cash Pledgors for LC Facilities” and any successors thereto; and 

(l) Investments in contract rights granted by, entitlements granted by, interests in securities issued by, political subdivisions or
enterprises thereof related to the home building or real estate operations of the Borrower or any Guarantor or any Subsidiary, including without limitation investments in special, community improvement or similar forms of districts; provided that
such Investments are sold upon completion of the associated home building project. 
 7.9 Transactions with Affiliates. 

Borrower shall not, and shall not permit any of its Subsidiaries (other than Excluded Subsidiaries) to, enter into any transaction of any kind
with any Affiliate (including, for purposes of this Section 7.9, each MP Excluded Entity), whether or not in the ordinary course of business, other than on fair and reasonable terms substantially as favorable to Borrower or such
Subsidiary as would be obtainable by such Person at the time in a comparable arm’s length transaction with someone other than an Affiliate (including, for purposes of this Section 7.9, each MP Excluded Entity), provided that the
foregoing restriction shall not apply to transactions between or among Borrower and any of its Subsidiaries or between and among any Subsidiaries; provided, further, that the foregoing restriction shall not apply to the payment of compensation or
benefits to directors and executive officers in the ordinary course of business or transactions, agreements or contracts in existence on the Closing Date between Borrower and an MP Excluded Entity. 

7.10 Consolidated Tangible Net Worth. 

As of any Test Date, commencing December 31, 2015, the Consolidated Tangible Net Worth shall not be less than (a) $1,650,000,000
plus (b) 50% of the cumulative Consolidated Net Income (without deductions for losses sustained during any fiscal quarter) of Borrower and its Subsidiaries for each completed fiscal quarter (commencing with the fiscal quarter ending
December 31, 2015) plus (c) 50% of the cumulative Net Cash Proceeds of any Equity Issuances received during each completed fiscal quarter (commencing with the fiscal quarter ending December 31, 2015). 

7.11 Liquidity and Consolidated Interest Expense. 

As of the last day of any Measurement Period, commencing with September 30, 2015, Borrower shall comply with either one of the following:

 (a) Liquidity. Liquidity shall not be less than (i) Consolidated Interest Expense less (ii) non-cash interest
expense for the Measurement Period ending as of such Test Date; or 
 (b) Consolidated Interest Expense. For the Measurement Period
ending on each Test Date, the Interest Coverage Ratio shall not be less than 1.25 to 1.00. 
 7.12 Leverage Ratio. 

As of any Test Date, commencing with September 30, 2015, the Leverage Ratio shall not be in excess of 2.00 to 1.00. 

  
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 7.13 Land Not Under Development to Consolidated Tangible Net Worth Ratio. 

As of any Test Date, commencing with September 30, 2015, the ratio of (a) the book value of Land Not Under Development to
(b) Consolidated Tangible Net Worth shall not be more than 1.00 to 1.00. 
 7.14 Foreign Assets Control Regulations 

The Borrower shall not use or permit the use the proceeds of any Loan or any extension of credit in any manner that will violate the Trading
with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or the Anti-Terrorism Order or any enabling legislation or executive order relating
to any of the same. Without limiting the foregoing, neither the Borrowers nor any Loan Party will permit itself nor any of its Subsidiaries to (a) become a blocked person described in Section 1 of the Anti-Terrorism Order or
(b) engage in any dealings or transactions or be otherwise associated with any person who is a blocked person 
 SECTION 8. EVENTS OF
DEFAULT 
 8.1 Events of Default. If any of the following events shall occur and be continuing: 

(a) Borrower shall fail to pay any principal of any Loan or Reimbursement Obligation when due in accordance with the terms hereof; or Borrower
shall fail to pay any interest on any Loan or Reimbursement Obligation, or any other amount payable hereunder or under any other Loan Document, within three (3) Business Days after any such interest or other amount becomes due in accordance
with the terms hereof; or 
 (b) any representation or warranty as to the absence of any change, event, circumstance, impairment or adverse
effect that reasonably could have a Material Adverse Effect is made or deemed made by any Loan Party herein or in any other Loan Document or that is contained in any certificate, document or financial or other statement furnished by it at any time
under or in connection with this Agreement or any such other Loan Document shall prove to have been inaccurate on or as of the date made or deemed made; or 

(c) any Loan Party shall default in the observance or performance of any agreement contained in Section 6.1(a),
Section 6.3 (with respect to Borrower only), Section 6.10, Section 7.1, 7.3, 7.4, 7.6, 7.8, 7.10, 7.11, 7.12 or 7.13 of this Agreement or Section 1 of
the Guarantee Agreement; or 
 (d) any Loan Party shall default in the observance or performance of any other agreement contained in this
Agreement or any other Loan Document (other than as provided in paragraphs (a) through (c) of this Section 8), and such default shall continue unremedied for a period of thirty (30) days after notice to Borrower from
Administrative Agent or the Required Lenders; or 
 (e) any Loan Party shall (i) default in making any payment of any principal of any
Consolidated Debt (excluding Non-Recourse Indebtedness and the Loans and Letters of Credit) on the scheduled or original due date with respect thereto beyond the period of grace, if any, provided in the instrument or agreement under which such
Consolidated Debt was created; or (ii) default in making any payment of any interest on any such Consolidated Debt (excluding Non-Recourse Indebtedness and the Loans and Letters of Credit) beyond the period of grace, if any, provided in the
instrument or agreement under which such Consolidated Debt was created; or (iii) default in the observance or performance of any other agreement or condition relating to any such Consolidated Debt or contained in any instrument or

  
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agreement evidencing, securing or relating thereto, or any other event shall occur or condition exist beyond the period of grace, if any, provided in the instrument or agreement under which such
Consolidated Debt was created, the effect of which default or other event or condition is to cause, or to permit the holder or beneficiary of such Indebtedness (or a trustee or agent on behalf of such holder or beneficiary) to cause, with the giving
of notice if required, such Consolidated Debt to become due prior to its stated maturity or to become payable; provided, that a default, event or condition described in clause (i), (ii) or (iii) of this paragraph (e) shall not
at any time constitute an Event of Default unless, at such time, one or more defaults, events or conditions of the type described in clauses (i), (ii) and (iii) of this paragraph (e) shall have occurred and be continuing with respect
to Indebtedness the outstanding principal amount of which exceeds in the aggregate $25,000,000; or 
 (f) (i) any Loan Party shall commence
any case, proceeding or other action (A) under any existing or future law of any jurisdiction, domestic or foreign, relating to bankruptcy, insolvency, reorganization or relief of debtors, seeking to have an order for relief entered with
respect to it, or seeking to adjudicate it a bankrupt or insolvent, or seeking reorganization, arrangement, adjustment, winding-up, liquidation, dissolution, composition or other relief with respect to it or its debts, or (B) seeking
appointment of a receiver, trustee, custodian, conservator or other similar official for it or for all or any substantial part of its assets, or any Loan Party shall make a general assignment for the benefit of its creditors; (ii) there shall
be commenced against any Loan Party any case, proceeding or other action of a nature referred to in clause (i) above that (A) results in the entry of an order for relief or any such adjudication or appointment or (B) remains
undismissed, undischarged or unbonded for a period of sixty (60) days; (iii) there shall be commenced against any Loan Party any case, proceeding or other action seeking issuance of a warrant of attachment, execution, distraint or similar
process against all or substantially all of its assets that results in the entry of an order for any such relief that shall not have been vacated, discharged, or stayed or bonded pending appeal within sixty (60) days from the entry thereof;
(iv) any Loan Party is the subject of an order for relief by any bankruptcy court, or is unable or admits in writing its inability to pay its debts as they mature or makes an assignment for the benefit of creditors; or applies for or consents
to the appointment of any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar officer for it or for all or any part of its property; or any receiver, trustee, custodian, conservator, liquidator, rehabilitator, or similar
officer is appointed without the application or consent of any Loan Party and the appointment continues undischarged or unstayed for sixty (60) days; or (v) any Loan Party shall generally not, or shall be unable to, or shall admit in
writing its inability to, pay its debts as they become due; or 
 (g) Borrower is dissolved or liquidated or all or substantially all of the
assets of Borrower are sold or otherwise transferred or encumbered without the prior written consent of each Lender; or 
 (h) Any Guarantor
is dissolved or liquidated or all or substantially all of the assets of any Guarantor are sold or otherwise transferred or encumbered in violation of this Agreement without the prior, written consent of the Required Lenders, in each case except to
the extent permitted by Sections 6.3, 7.1 and 7.7; or 
 (i) any Guarantor shall reject or disaffirm its Guarantee Agreement
(other than as a result of a liquidation or dissolution permitted under Sections 6.3 or 7.7 or a merger or consolidation permitted under Section 7.1 or the termination of a Guarantee Agreement as contemplated by
Section 6.9), or otherwise notify Administrative Agent that it does not intend the Guarantee Agreement or its liability thereunder to apply to any one or more future Loans or other Obligations; or 

(j) there is entered against Borrower or any Subsidiary (other than an Excluded Subsidiary) a final unsatisfied judgment or order for the
payment of money in an aggregate amount 

  
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exceeding $10,000,000 (to the extent not covered by insurance as to which the insurer does not dispute coverage or appropriately reserved) and (i) enforcement proceedings are commenced by
any creditor upon such judgment or order, or (ii) there is a period of ten (10) consecutive days during which a stay of enforcement of such judgment, by reason of a pending appeal or otherwise, is not in effect; or 

(k) (i) One or more ERISA Events occurs with respect to a Pension Plan or Multiemployer Plan which individually or in the aggregate has
resulted or could reasonably be expected to result in liability of Borrower under Title IV of ERISA to such Pension Plan or Multiemployer Plan or the PBGC in an aggregate amount in excess of $10,000,000, (ii) Borrower or any ERISA
Affiliate fails to pay when due, after the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of
$10,000,000; or (iii) there exists, an amount of unfunded benefit liabilities (as defined in Section 4001(a)(18) of ERISA), individually or in the aggregate for all Pension Plans (excluding for purposes of such computation any Pension
Plans with respect to which assets exceed benefit liabilities) which exceeds $10,000,000; or 
 (l) a Change of Control occurs 

then, and in any such event, (A) if such event is an Event of Default specified in clause (i), (ii) or (iv) of paragraph
(f) above with respect to Borrower, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of
L/C Obligations, whether or not the beneficiaries of the then-outstanding Letters of Credit shall have presented the documents required thereunder) shall immediately become due and payable, and (B) if such event is any other Event of Default,
either or both of the following actions may be taken: (i) with the consent of the Required Lenders, Administrative Agent may, or upon the request of the Required Lenders, Administrative Agent shall, by notice to Borrower declare the Commitments
to be terminated forthwith, whereupon the Commitments shall immediately terminate; and (ii) with the consent of the Required Lenders, Administrative Agent may, or upon the request of the Required Lenders, Administrative Agent shall, by notice
to Borrower, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the other Loan Documents (including all amounts of L/C Obligations, whether or not the beneficiaries of the then-outstanding Letters
of Credit shall have presented the documents required thereunder) to be due and payable forthwith, whereupon the same shall immediately become due and payable. With respect to all Letters of Credit with respect to which presentment for honor shall
not have occurred at the time of an acceleration pursuant to this paragraph, Borrower shall at such time deposit in a cash collateral account opened by Administrative Agent an amount equal to the aggregate then-undrawn and unexpired amount of such
Letters of Credit. Amounts held in such cash collateral account shall be applied by Administrative Agent to the payment of drafts drawn under such Letters of Credit, if any, and the unused portion thereof after all such Letters of Credit shall have
expired or been fully drawn upon, if any, shall be applied to repay other obligations of Borrower hereunder and under the other Loan Documents. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement
Obligations shall have been satisfied and all other obligations of Borrower hereunder and under the other Loan Documents shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to Borrower (or such other
Person as may be lawfully entitled thereto). Except as expressly provided above in this Section 8, presentment, demand, protest and all other notices of any kind are hereby expressly waived by Borrower. 

8.2 Application of Payments. 

On and after the occurrence of an Event of Default, the Administrative Agent shall apply all payments in respect of any Obligations in the
following order: (i) first and in the following order of 

  
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priority, to pay Obligations in respect of (A) any fees, expenses, reimbursements or indemnities then due to the Administrative Agent, (B) any fees (other than commitment fees and
Letter of Credit fees), expenses, reimbursements or indemnities then due to the Lenders and Issuing Lenders and (C) to pay commitment fees, Letter of Credit fees and interest due in respect of Loans and Letters of Credit; (ii) second, to
the ratable payment or prepayment of principal outstanding on Loans and Letters of Credit; and (iii) third, to the ratable payment of all other Obligations. On or after the occurrence of an Event of Default, all principal payments in
respect of Loans shall be applied, first, to repay outstanding Swingline Loans, next outstanding ABR Loans and then to repay outstanding Eurodollar Loans, with those that have the earlier expiring Interest Period being repaid prior to those that
have later expiring Interest Periods. The order of priority set forth in this paragraph and the related provisions of this Agreement are set forth solely to determine the rights and priorities of the Administrative Agent, the Lenders, and the
Issuing Lenders as among themselves. The order of priority set forth in clause (i) may be changed only with the prior written consent of the Administrative Agent and the order of priority of payments in respect of Letters of Credit may be
changed only with the prior written consent of the Issuing Lenders. 
 SECTION 9. ADMINISTRATIVE AGENT 

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

9.2 Delegation of Duties. 

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

9.3 Exculpatory Provisions. 

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

  
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 9.4 Reliance by Administrative Agent. 

Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument, writing, resolution, notice,
consent, certificate, affidavit, letter, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon
advice and statements of legal counsel (including counsel to Borrower), independent accountants and other experts selected by Administrative Agent. Administrative Agent may deem and treat the payee of any Note as the owner thereof for all purposes
unless a written notice of assignment, negotiation or transfer thereof shall have been filed with Administrative Agent. Administrative Agent shall be fully justified in failing or refusing to take any action under any Loan Document unless it shall
first receive such advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders) as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and
expense that may be incurred by it by reason of taking or continuing to take any such action. Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, under the Loan Documents in accordance with a request
of the Required Lenders (or, if so specified by this Agreement, all Lenders), and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders and all future holders of the Loans. 

9.5 Notice of Default. 

Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless
Administrative Agent has received notice from a Lender or Borrower referring to this Agreement, describing such Default or Event of Default and stating that such notice is a “notice of default”. In the event that Administrative Agent
receives such a notice, Administrative Agent shall give notice thereof to the Lenders. Administrative Agent shall take such action with respect to such Default or Event of Default as shall be reasonably directed by the Required Lenders (or, if so
specified by this Agreement, all Lenders); provided that unless and until Administrative Agent shall have received such directions, Administrative Agent may (but shall not be obligated to) take such action, or refrain from taking such action,
with respect to such Default or Event of Default as it shall deem advisable in the best interests of the Lenders. 
 9.6 Non-Reliance on
Administrative Agent and Other Lenders. 
 Each Lender expressly acknowledges that neither Administrative Agent nor any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates have made any representations or warranties to it and that no act by Administrative Agent hereafter taken, including any review of the affairs of a Loan Party or any affiliate of a Loan
Party, shall be deemed to constitute any representation or warranty by Administrative Agent to any Lender. Each Lender represents to Administrative Agent that it has, independently and without reliance upon Administrative Agent or any other Lender,
and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, operations, property, financial and other condition and creditworthiness of the Loan Parties and their
affiliates and made its own decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon Administrative Agent or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Loan Documents, and to make such investigation as it deems
necessary to inform itself as to the business, operations, property, financial and other condition and 

  
 64 

 
creditworthiness of the Loan Parties and their affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by Administrative Agent hereunder,
Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise), prospects or creditworthiness of any Loan
Party or any affiliate of a Loan Party that may come into the possession of Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 

9.7 Indemnification. 

The Lenders agree to indemnify Administrative Agent in its capacity as such (to the extent not reimbursed by Borrower and without limiting the
obligation of Borrower to do so), ratably according to their respective Aggregate Exposure Percentages in effect on the date on which indemnification is sought under this Section 9.7 (or, if indemnification is sought after the date upon
which the Revolving Commitments shall have terminated and the Loans shall have been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior to such date), from and against any and all liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever that may at any time (whether before or after the payment of the Loans) be imposed on, incurred by or asserted against Administrative
Agent in any way relating to or arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken
or omitted by Administrative Agent under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits,
costs, expenses or disbursements that are found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from Administrative Agent’s gross negligence or willful misconduct. The agreements in this
Section 9.7 shall survive the payment of the Loans and all other amounts payable hereunder. 
 9.8 Administrative Agent in
Its Individual Capacity. 
 Administrative Agent and its affiliates may make loans to, accept deposits from and generally engage in any
kind of business with any Loan Party as though Administrative Agent were not an agent. With respect to its Loans made or renewed by it and with respect to any Letter of Credit issued or participated in by it, Administrative Agent shall have the same
rights and powers under the Loan Documents as any Lender and may exercise the same as though it were not an agent, and the terms “Lender” and “Lenders” shall include Administrative Agent in its individual capacity. 

9.9 Successor Administrative Agent. 

Administrative Agent may resign as Administrative Agent upon ten (10) days’ notice to the Lenders and Borrower. Additionally, if the
Lender then acting as Administrative Agent is a Defaulting Lender, then Administrative Agent may be removed by the Required Lenders or Borrower. If Administrative Agent shall resign or be removed as provided above as Administrative Agent under the
Loan Documents, then the Required Lenders shall appoint from among the Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default shall have occurred and be continuing) be subject to approval by Borrower
(which approval shall not be unreasonably withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties of Administrative Agent, and the term “Administrative Agent” shall mean such successor agent
effective upon such appointment and approval, and the former Administrative Agent’s rights, powers and duties as Administrative Agent shall be terminated, without any other or further act or deed on the part of such former Administrative Agent
or any of the parties to this Agreement or any holders of the Loans. If no successor agent has accepted appointment as Administrative Agent by the date that is ten (10) days 

  
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following a retiring Administrative Agent’s notice of resignation, the retiring Administrative Agent’s resignation shall nevertheless thereupon become effective, and the Lenders shall
collectively assume and perform all of the duties of Administrative Agent hereunder until such time, if any, as the Required Lenders appoint a successor agent as provided for above. After any removed Administrative Agent’s removal, or retiring
Administrative Agent’s resignation, as Administrative Agent, the provisions of this Section 9 shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement and
the other Loan Documents. 
 SECTION 10. MISCELLANEOUS 

10.1 Amendments and Waivers. 

Neither this Agreement, any other Loan Document, nor any terms hereof or thereof may be amended, supplemented or modified except in accordance
with the provisions of this Section 10.1. The Required Lenders and each Loan Party to the relevant Loan Document may, or, with the written consent of the Required Lenders, Administrative Agent and each Loan Party party to the relevant
Loan Document may, from time to time, (a) enter into written amendments, supplements or modifications hereto and to the other Loan Documents for the purpose of adding any provisions to this Agreement or the other Loan Documents or changing in
any manner the rights of the Lenders or of the Loan Parties hereunder or thereunder or (b) waive, on such terms and conditions as the Required Lenders or Administrative Agent, as the case may be, may specify in such instrument, any of the
requirements of this Agreement or the other Loan Documents or any Default or Event of Default and its consequences; provided, however, that no such waiver and no such amendment, supplement or modification shall (i) forgive the principal amount
or extend the final scheduled date of maturity of all or any portion of any Loan, reduce the stated rate of any interest or fee payable hereunder (except that any amendment or modification of defined terms used in the financial covenants in this
Agreement shall not have the effect of constituting a reduction in the rate of interest or fees for purposes of this clause (i)) or extend the scheduled date of any payment thereof, or increase the dollar amount or extend the expiration date of any
Lender’s Commitment in each case without the written consent of each Lender directly affected thereby (except that waivers or modifications of conditions precedent, covenants, Defaults or Events of Default or of a mandatory reduction in the
Total Commitments shall not be deemed to constitute an increase of the Commitment of any Lender, and that an increase in the available portion of any Commitment of any Lender shall not be deemed to constitute an increase of the Commitment of such
Lender); (ii) eliminate or reduce the voting rights of any Lender under this Section 10.1 without the written consent of such Lender; (iii) reduce any percentage specified in the definition of Required Lenders, consent to the
assignment or transfer by Borrower of any of its rights and obligations under this Agreement and the other Loan Documents, release all or substantially all of the Guarantors from their obligations under the Guarantee Agreement, in each case without
the written consent of all Lenders; (iv) amend, modify or waive any provision of Section 2.14 and/or Section 8.2 (subject to any required consents expressly set forth therein) without the written consent of all of the
Lenders; (v) amend, modify or waive any provision of Section 9 without the written consent of Administrative Agent; (vi) amend, modify or waive any provision of Section 2.3 or 2.4 without the written consent
of the Swingline Lender and the Borrower; or (viii) amend, modify or waive any provision of Section 3 without the written consent of the Issuing Lender and the Borrower. Any such waiver and any such amendment, supplement or
modification shall apply equally to each of the Lenders and shall be binding upon the Loan Parties, the Lenders, Administrative Agent and all future holders of the Loans. In the case of any waiver, the Loan Parties, the Lenders and Administrative
Agent shall be restored to their former position and rights hereunder and under the other Loan Documents, and any Default or Event of Default waived shall be deemed to be cured and not continuing; but no such waiver shall extend to any subsequent or
other Default or Event of Default, or impair any right consequent thereon. 

  
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 10.2 Notices. 

All notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (including by telecopy), and,
unless otherwise expressly provided herein, shall be deemed to have been duly given or made when delivered, or three (3) Business Days after being deposited in the mail, postage prepaid, or, in the case of telecopy notice, when received,
addressed as follows in the case of Borrower and Administrative Agent, and as set forth in an administrative questionnaire delivered to Administrative Agent in the case of the Lenders, or to such other address as may be hereafter notified by the
respective parties hereto: 
  

			
	Borrower:	  	 15360 Barranca Parkway
 Irvine, CA
92618

		  	Attn:    John P. Babel
		  	            Jeff J. McCall
		  	Telecopy:
	
	With a copy (which shall not constitute valid delivery to Borrower) to:
		
		  	Snell & Wilmer, L.L.P.
		  	One Arizona Center
		  	400 E. Van Buren
		  	Phoenix, Arizona 85004-2202
		  	Attn: Jeff Beck, Esq.
		  	Telecopy: (602) 382-6070
		  	Electronic Mail: jbeck@swlaw.com
		  	Telephone: (602) 382-6316
		
	Administrative Agent:	  	JPMorgan Chase Bank, N.A.
		  	383 Madison Avenue, 24th Floor
		  	New York, NY 10179
		  	Attention: Mohammad Hasan, Executive Director
		  	Telecopy: (646) 328-3040
		  	Electronic Mail: mohammad.s.hasan@jpmorgan.com
		  	Telephone: (212) 622-8174
		
	With a copy to:	  	Morrison & Foerster LLP
		  	707 Wilshire Blvd., Suite 6000
		  	Los Angeles, CA 90071
		  	Attention: Marc D. Young, Esq.
		  	Telecopy: (213) 892-5454
		  	Electronic Mail: myoung@mofo.com
		  	Telephone: (213) 892-5659

 provided that any notice, request or demand to or upon Administrative Agent or the Lenders shall not be effective until
received. 
 10.3 No Waiver; Cumulative Remedies. 

No failure to exercise and no delay in exercising, on the part of Administrative Agent or any Lender, any right, remedy, power or privilege
hereunder or under the other Loan Documents shall 

  
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operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any
other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

10.4 Survival of Representations and Warranties. 

All representations and warranties made hereunder, in the other Loan Documents and in any document, certificate or statement delivered
pursuant hereto or in connection herewith shall survive the execution and delivery of this Agreement and the making of the Loans and other extensions of credit hereunder. 

10.5 Payment of Expenses and Taxes. 

Borrower agrees (a) to pay or reimburse Administrative Agent for all its reasonable out-of-pocket costs and expenses incurred in
connection with the development, preparation and execution of, and any amendment, supplement or modification to, this Agreement and the other Loan Documents and any other documents prepared in connection herewith or therewith, and the consummation
and administration of the transactions contemplated hereby and thereby, including the reasonable fees and disbursements of counsel to Administrative Agent and filing and recording fees and expenses, with statements with respect to the foregoing to
be submitted to Borrower prior to the Closing Date (in the case of amounts to be paid on the Closing Date) and from time to time thereafter on a quarterly basis or such other periodic basis as Administrative Agent shall deem appropriate, (b) to
pay or reimburse the Administrative Agent for all its reasonable costs and expenses incurred in connection with the enforcement or preservation of any rights under this Agreement, the other Loan Documents and any such other documents, including the
fees and disbursements of counsel (including the allocated fees and expenses of in-house counsel) to each Lender and of one primary outside counsel (other than local or special counsel) to Administrative Agent, (c) to pay, indemnify, and hold
each Lender and Administrative Agent harmless from, any and all recording and filing fees and any and all liabilities with respect to, or resulting from any delay in paying, stamp, excise and other taxes, if any, that may be payable or determined to
be payable in connection with the execution and delivery of, or consummation or administration of any of the transactions contemplated by, or any amendment, supplement or modification of, or any waiver or consent under or in respect of, this
Agreement, the other Loan Documents and any such other documents, and (d) to pay, indemnify, and hold each Lender, the Issuing Lenders, the Administrative Agent and their respective officers, directors, employees, affiliates, agents and
controlling persons (each, an “Indemnitee”) harmless from and against any and all other liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature
whatsoever with respect to the execution, delivery, enforcement, performance and administration of this Agreement, the other Loan Documents and any such other documents, including any of the foregoing relating to the use of proceeds of the Loans or
Letters of Credit (including any refusal by an Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit) or the
violation of, noncompliance with or liability under, any Environmental Law applicable to the operations of any Loan Party or any of the properties owned by any Loan Parties and the reasonable fees and expenses of legal counsel in connection
therewith or any actual or prospective claim, litigation, investigation by a Governmental Authority or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by Borrower or any
other third Person and whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto (all the foregoing in this clause (d), collectively, the “Indemnified Liabilities”),
provided, that the Borrower shall have no obligation hereunder to any Indemnitee with respect to Indemnified Liabilities to the extent such Indemnified Liabilities are found by a final and nonappealable decision of a court of

  
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competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Indemnitee. Without limiting the foregoing, and to the extent permitted by applicable law, Borrower
agrees not to assert and to cause its Subsidiaries not to assert, and hereby waives and agrees to cause its Subsidiaries to waive, all rights for contribution or any other rights of recovery with respect to all claims, demands, penalties, fines,
liabilities, settlements, damages, costs and expenses of whatever kind or nature, under or related to Environmental Laws, that any of them might have by statute or otherwise against any Indemnitee. All amounts due under this Section 10.5
shall be payable not later than ten (10) days after written demand therefor. Statements payable by Borrower pursuant to this Section 10.5 shall be submitted to the address of Borrower set forth in Section 10.2, or to
such other Person or address as may be hereafter designated by Borrower in a written notice to Administrative Agent. The agreements in this Section 10.5 shall survive repayment of the Loans and all other amounts payable hereunder. 

10.6 Successors and Assigns; Participations and Assignments. 

(a) This Agreement shall be binding upon and inure to the benefit of Borrower, the Lenders, Administrative Agent, all future holders of the
Loans and their respective successors and assigns, except that Borrower may not assign or transfer any of its rights or obligations under this Agreement without the prior written consent of each Lender. 

(b) Any Lender may, without the consent of Borrower, in accordance with applicable law, at any time sell to one or more banks, financial
institutions or other entities other than to a Competitor (each, a “Participant”) participating interests in any Loan owing to such Lender, any Commitment of such Lender or any other interest of such Lender hereunder and under the
other Loan Documents. In the event of any such sale by a Lender of a participating interest to a Participant, such Lender’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Lender shall remain
solely responsible for the performance thereof, such Lender shall remain the holder of any such Loan for all purposes under this Agreement and the other Loan Documents, and Borrower and Administrative Agent shall continue to deal solely and directly
with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. In no event shall any Participant under any such participation have any right to approve any amendment or waiver of any
provision of any Loan Document, or any consent to any departure by any Loan Party therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Loans or any fees payable hereunder, or
postpone the date of the final maturity of the Loans, in each case to the extent subject to such participation. Borrower agrees that if amounts outstanding under this Agreement and the Loans are due or unpaid, or shall have been declared or shall
have become due and payable upon the occurrence of an Event of Default, each Participant shall, to the maximum extent permitted by applicable law, be deemed to have the right of setoff in respect of its participating interest in amounts owing under
this Agreement to the same extent as if the amount of its participating interest were owing directly to it as a Lender under this Agreement, provided that, in purchasing such participating interest, such Participant shall be deemed to have
agreed to share with the Lenders the proceeds thereof as provided in Section 10.7(a) as fully as if it were a Lender hereunder. Borrower also agrees that each Participant shall be entitled to the benefits of Sections 2.15,
2.16 and 2.17 with respect to its participation in the Commitments and the Loans outstanding from time to time as if it was a Lender; provided that, in the case of Section 2.16, such Participant shall have complied
with the requirements of said Section and provided, further, that no Participant shall be entitled to receive any greater amount pursuant to any such Section than the transferor Lender would have been entitled to receive in respect of
the amount of the participation transferred by such transferor Lender to such Participant had no such transfer occurred. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to
cooperate with the Borrower to effectuate the provisions of Section 2.19 with respect to any Participant. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it
enters the name and address 

  
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of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant
Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any
Commitments, Loans, Letters of Credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no
responsibility for maintaining a Participant Register. 
 (c) Any Lender (an “Assignor”) may, in accordance with applicable
law, at any time and from time to time assign to any Lender or any Eligible Assignee all or any part of its rights and obligations under this Agreement and the other Loan Documents pursuant to an Assignment and Acceptance, executed by such Eligible
Assignee, such Assignor and any other Person whose consent is required pursuant to this paragraph, and delivered to Administrative Agent for its acceptance and recording in the Register; provided that, unless otherwise agreed by Borrower and
Administrative Agent no such assignment to an Eligible Assignee (other than any Lender or any Lender Affiliate) shall be in an aggregate principal amount of less than $5,000,000, in each case except in the case of an assignment of all of a
Lender’s interests under this Agreement. For purposes of the proviso contained in the preceding sentence, the amount described therein shall be aggregated in respect of each Lender and its Lender Affiliates, if any. Upon such execution,
delivery, acceptance and recording, from and after the effective date determined pursuant to such Assignment and Acceptance, (x) the Eligible Assignee thereunder shall be a party hereto and, to the extent provided in such Assignment and
Acceptance, have the rights and obligations of a Lender hereunder with a Commitment and/or Loans as set forth therein, and (y) the Assignor thereunder shall, to the extent provided in such Assignment and Acceptance, be released from its
obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of an Assignor’s rights and obligations under this Agreement, such Assignor shall cease to be a party hereto). Notwithstanding any provision of this
Section 10.6, the consent of Borrower shall not be required for any assignment to a Lender or an Affiliate of a Lender or for any assignment that occurs when an Event of Default shall have occurred and be continuing. 

(d) Administrative Agent shall, on behalf of Borrower, maintain at its address referred to in Section 10.2 a copy of each
Assignment and Acceptance delivered to it and a register (the “Register”) for the recordation of the names and addresses of the Lenders and the Commitment of, and the principal amount of the Loans owing to, each Lender from time to
time. The entries in the Register shall be conclusive, in the absence of manifest error, and Borrower, each other Loan Party, Administrative Agent and the Lenders shall treat each Person whose name is recorded in the Register as the owner of the
Loans and any Notes evidencing the Loans recorded therein for all purposes of this Agreement. Any assignment of any Loan, whether or not evidenced by a Note, shall be effective only upon appropriate entries with respect thereto being made in the
Register (and each Note shall expressly so provide). Any assignment or transfer of all or part of a Loan evidenced by a Note shall be registered on the Register only upon surrender for registration of assignment or transfer of the Note evidencing
such Loan, accompanied by a duly executed Assignment and Acceptance, and thereupon one or more new Notes shall be issued to the designated Eligible Assignee. 

(e) Upon its receipt of an Assignment and Acceptance executed by an Assignor, an Eligible Assignee and any other Person whose consent is
required by Section 10.6(c), together with payment to Administrative Agent of a registration and processing fee of $3,500, Administrative Agent shall (i) promptly accept such Assignment and Acceptance and (ii) record the
information contained therein in the Register on the effective date determined pursuant thereto. 

  
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 (f) For avoidance of doubt, the parties to this Agreement acknowledge that the provisions of this
Section 10.6 concerning assignments relate only to absolute assignments and that such provisions do not prohibit assignments creating security interests, including any pledge or assignment by a Lender to any Federal Reserve Bank in
accordance with applicable law. 
 (g) Borrower, upon receipt of written notice from the relevant Lender, agrees to issue Notes to any
Lender requiring Notes to facilitate transactions of the type described in paragraph (f) above. 
 10.7 Adjustments; Set-off.

 (a) Except to the extent that this Agreement expressly provides for payments to be allocated to a particular Lender or to the Lenders, if
any Lender (a “Benefitted Lender”) shall receive any payment of all or part of the Obligations owing to it, or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or
proceedings of the nature referred to in Section 8(f), or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender or such
other Lender’s Revolving Percentage, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each of the other Lenders, or shall provide such other Lenders with
the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; provided, however, that if all or any portion of such excess
payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest. 

(b) In addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without prior notice to Borrower,
any such notice being expressly waived by Borrower to the extent permitted by applicable law, upon the occurrence and during the continuance of an Event of Default, to set off and appropriate and apply against the payment of Obligations owing to
such Lender any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or
unmatured, at any time held or owing by such Lender or any branch or agency thereof to or for the credit or the account of Borrower, as the case may be. Each Lender agrees promptly to notify Borrower and Administrative Agent after any such setoff
and application made by such Lender, provided that the failure to give such notice shall not affect the validity of such setoff and application. 

10.8 Counterparts. 
 This
Agreement may be executed by one or more of the parties to this Agreement on any number of separate counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of an executed
signature page of this Agreement by facsimile transmission or electronic transmission (e.g. “pdf” or “tif”) shall be effective as delivery of a manually executed counterpart hereof. A set of the copies of this Agreement signed by
all the parties shall be lodged with Borrower and Administrative Agent. 

  
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 10.9 Severability. 

Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other
jurisdiction. 
 10.10 Integration. 

This Agreement and the other Loan Documents represent the entire agreement of Borrower, Administrative Agent and the Lenders with respect to
the subject matter hereof and thereof, and there are no promises, undertakings, representations or warranties by Administrative Agent or any Lender relative to the subject matter hereof not expressly set forth or referred to herein or in the other
Loan Documents. 
 10.11 Governing Law. 

THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 10.12 Submission to Jurisdiction; Waivers. 

Borrower hereby irrevocably and unconditionally: 

(a) submits for itself and its property in any legal action or proceeding relating to this Agreement and the other Loan Documents to which it
is a party, or for recognition and enforcement of any judgment in respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, County of New York, Borough of Manhattan, the courts of the United States for the
Southern District of New York, and appellate courts from any thereof; 
 (b) consents that any such action or proceeding may be brought
in such courts and waives any objection that it may now or hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the
same; 
 (c) agrees that service of process in any such action or proceeding may be effected by mailing a copy there of by registered or
certified mail (or any substantially similar form of mail), postage prepaid, to Borrower, as the case may be at its address set forth in Section 10.2 or at such other address of which Administrative Agent shall have been notified
pursuant thereto; 
 (d) agrees that nothing herein shall affect the right to effect service of process in any other manner permitted by law
or shall limit the right to sue in any other jurisdiction; and 
 (e) waives, to the maximum extent not prohibited by law, any right it may
have to claim or recover in any legal action or proceeding referred to in this Section 10.12 any special, exemplary, punitive or consequential damages. 

10.13 Acknowledgements. 

Borrower hereby acknowledges that: 

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

  
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 (b) neither Administrative Agent nor any Lender has any fiduciary relationship with or duty to
Borrower arising out of or in connection with this Agreement or any of the other Loan Documents, and the relationship between Administrative Agent and Lenders, on one hand, and Borrower, on the other hand, in connection herewith or therewith is
solely that of debtor and creditor; and 
 (c) no joint venture is created hereby or by the other Loan Documents or otherwise exists by
virtue of the transactions contemplated hereby among the Lenders or among Borrower and the Lenders. 
 10.14 Releases of Guarantee
Obligations. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, Administrative Agent is hereby
irrevocably authorized by each Lender (without requirement of notice to or consent of any Lender except as expressly required by Section 10.1) to take any action requested by Borrower having the effect of releasing any guarantee
obligations to the extent necessary to permit consummation of any transaction not prohibited by any Loan Document or that has been consented to in accordance with Section 10.1, provided that releases of Guarantors must comply with
Section 6.9 unless otherwise consented to by the Lenders in accordance with Section 10.1. 
 10.15
Confidentiality. 
 Each of Administrative Agent and each Lender and each of their affiliates agrees to keep confidential all
non-public information provided to it by any Loan Party pursuant to this Agreement; provided that nothing herein shall prevent Administrative Agent or any Lender from disclosing any such information (a) to Administrative Agent, any other Lender
or any Lender Affiliate, (b) subject to an agreement to comply with the provisions of this Section 10.15, to any actual or prospective Transferee or any direct or indirect counterparty to any Hedging Obligations (or any professional
advisor to such counterparty), (c) to its employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates who need to know such information to further the purpose of this Agreement,
(d) upon the request or demand of any Governmental Authority or self-regulatory body having oversight of the Administrative Agent or any Lender, (e) in response to any order of any court or other Governmental Authority or as may otherwise
be required pursuant to any Requirement of Law, (f) if requested or required to do so in connection with any litigation or similar proceeding, (g) that has been publicly disclosed, (h) to the National Association of Insurance
Commissioners or any similar organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, or (i) in
connection with the exercise of any remedy hereunder or under any other Loan Document. 
 10.16 WAIVERS OF JURY TRIAL. 

BORROWER, ADMINISTRATIVE AGENT AND THE LENDERS HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING
RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN. 

  
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 10.17 PATRIOT Act. 

Each Lender and Administrative Agent (for itself and not on behalf of any Lender) hereby notifies Borrower that pursuant to the requirements
of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify, and record information that identifies Borrower, which information includes the name and
address of Borrower and other information that will allow such Lender or Administrative Agent, as applicable, to identify Borrower in accordance with the Act. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their proper and duly authorized officers as of the day and year first above written. 
  

			
	CALATLANTIC GROUP, INC., a Delaware corporation, as Borrower
		
	By:	 	 /s/ Jeff J. McCall

	Name:	 	Jeff J. McCall
	Title:	 	Chief Financial Officer
		
	By:	 	 /s/ John P. Babel

	Name:	 	John P. Babel
	Title:	 	Executive Vice President, General Counsel & Secretary

  
 S-1 

			
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent and as a Lender
		
	By:	 	 /s/ Chiara Carter

	Name:	 	Chiara Carter
	Title:	 	Vice President

  
 S-2 

			
	CITIBANK, N.A.,
	as a Lender
		
	By:	 	 /s/ Michael Vondriska

	Name:	 	Michael Vondriska
	Title:	 	Vice President

  
 S-3 

			
	BANK OF THE WEST, a California banking corporation, as a Lender
		
	By:	 	 /s/ Jon Tarnow

	Name:	 	Jon Tarnow
	Title:	 	Director
		
	By:	 	 /s/ Chuck Weerasooriya

	Name:	 	Chuck Weerasooriya
	Title:	 	Managing Director

  
 S-4 

			
	MIZUHO BANK, N.A., as a Lender
		
	By:	 	 /s/ John Davies

	Name:	 	John Davies
	Title:	 	Authorized Signatory

  
 S-5 

			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ Thomas W. Nowak

	Name:	 	Thomas W. Nowak
	Title:	 	Vice President

  
 S-6 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Bill O’Daly

	Name:	 	Bill O’Daly
	Title:	 	Authorized Signatory
		
	By:	 	 /s/ Sean MacGregor

	Name:	 	Sean MacGregor
	Title:	 	Authorized Signatory

  
 S-7 

			
	WELLS FARGO BANK, N.A., as a Lender
		
	By:	 	 /s/ Elena Bennett

	Name:	 	Elena Bennett
	Title:	 	Senior Vice President

  
 S-8 

			
	SUNTRUST BANK, as a Lender
		
	By:	 	 /s/ Michael L. Kauffman

	Name:	 	Michael L. Kauffman
	Title:	 	Senior Vice President

  
 S-9 

			
	TEXAS CAPITAL BANK, N.A., as a Lender
		
	By:	 	 /s/ Carolynn Alexander

	Name:	 	Carolynn Alexander
	Title:	 	Senior Vice President

  
 S-10 

			
	COMERICA BANK, as a Lender
		
	By:	 	 /s/ Jonathan R. Ward

	Name:	 	Jonathan R. Ward
	Title:	 	Vice President-Western Market

  
 S-11 

			
	U.S. BANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ Adrian B. Montero

	Name:	 	Adrian B. Montero
	Title:	 	Senior Vice President

  
 S-12 

			
	CALIFORNIA BANK & TRUST, a California banking corporation, as a Lender
		
	By:	 	 /s/ Marisa Drury

	Name:	 	Marisa Drury
	Title:	 	Senior Vice President

  
 S-13

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