Document:

EX-4.8

 Exhibit 4.8 

SECOND SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of October 1, 2015, among CALATLANTIC
GROUP, INC. (f/k/a Standard Pacific Corp.), a Delaware corporation and successor-in-interest to Standard Pacific Escrow LLC, a Delaware limited liability company (the “Company”), each of the Subsidiaries of the Company party
hereto (each, a “Guaranteeing Subsidiary” and, together, the “Guaranteeing Subsidiaries”) and THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as trustee under the indenture referred to below (the
“Trustee”). 
 W I T N E S S E T H : 

WHEREAS the Company has heretofore executed and delivered to the Trustee an indenture (as amended or supplemented prior to the date hereof,
the “Indenture”) dated as of September 17, 2009, in respect of the issuance of an aggregate principal amount of $280,000,000 of 10.750% Senior Notes due 2016 (the “Notes”); 

WHEREAS, Section 4.14 of the Indenture provides that, under certain circumstances, if any Restricted Subsidiaries of the Company,
directly or indirectly, guarantee any Other Public Notes or other notes issued by the Company under an indenture or comparable documents to indentures used in jurisdictions outside of the United States (other than guarantees in existence on the
Original Issue Date), such Restricted Subsidiaries shall simultaneously execute and deliver a supplemental indenture to the Indenture providing for the guarantee of the Notes on the same terms as the guarantee of such Other Public Notes; 

WHEREAS, simultaneously herewith, the Guaranteeing Subsidiaries are becoming Restricted Subsidiaries of the Company pursuant to the merger
(the “Merger”) of The Ryland Group, Inc., a Maryland corporation and parent company to each of the Guaranteeing Subsidiaries immediately prior to the Merger, with and into the Company; 

WHEREAS, the Guaranteeing Subsidiaries are guarantors of Other Public Notes or other notes issued by the Company under an indenture or
comparable documents to indentures used in jurisdictions outside of the United States (other than guarantees in existence on the Original Issue Date) on a senior unsecured basis; and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture; 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Trustee, the Company and the Guaranteeing Subsidiaries mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to them in the
Indenture. 
 2. Agreement to Guarantee. The Guaranteeing Subsidiaries hereby agree, jointly and severally with all other Guarantors,
to unconditionally guarantee the obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article Eleven of the Indenture and to be bound by all other applicable provisions of the Indenture. 

3. Ratification of Indenture; Supplemental Indenture Part of Indenture. Except as expressly amended hereby, the Indenture is in all
respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of the Notes heretofore or
hereafter authenticated and delivered shall be bound hereby. 

 4. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 5. Trustee. The Trustee shall not be responsible in any manner whatsoever for
or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company, and the Trustee assumes no responsibility for their correctness.

 6. Duplicate Originals. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 7. Effect of Headings. The Section headings herein are for
convenience only and shall not effect the construction thereof. 
 8. No Adverse Interpretation of Other Agreements. This
Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret this Supplemental Indenture. 

9. No Recourse Against Others. A director, officer, employee, controlling person, manager or equity holder, as such, of the Company or
the Guaranteeing Subsidiaries shall not have any liability for any obligations of the Company or the Guaranteeing Subsidiaries under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their
creation. Each Holder by accepting the Notes waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

10. Successors and Assigns. All covenants and agreements of the Company and the Guaranteeing Subsidiaries in this Supplemental
Indenture and the Notes shall bind their respective successors and assigns. All agreements of the Trustee in this Supplemental Indenture shall bind its successors and assigns. 

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

12. Notices. Any order, consent, notice or communication shall be sufficiently given if in writing and delivered in person or mailed by
first class mail, postage prepaid, addressed as follows: 
 If to the Company or any Guaranteeing Subsidiary: 

c/o CalAtlantic Group, Inc. 

15326 Alton Parkway 
 Irvine,
California 92618 
 Attn: Secretary 

13. Amendments and Modification. This Supplemental Indenture may be amended, modified, or supplemented only as permitted by the
Indenture and by written agreement of each of the parties hereto. 
 [Signature Pages Follow.] 

  
 -2- 

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

			
	CALATLANTIC GROUP, INC.
		
	By:	 	 /s/ John P. Babel

	Name:	 	John P. Babel
	Title:	 	Executive Vice President, General Counsel & Secretary
	
	RYLAND ORGANIZATION COMPANY
	THE RYLAND CORPORATION
		
	By:	 	 /s/ Timothy J. Geckle

	Name:	 	Timothy J. Geckle
	Title:	 	Senior Vice President & Secretary
	
	RH BUILDERS OF INDIANA, INC.
	RH INVESTMENT OF INDIANA, INC.
	RYLAND COMMUNITIES, INC.
	RYLAND HOMES INVESTMENT-TEXAS, INC.
	RYLAND HOMES OF TEXAS, INC.
	RYLAND HOMES OF ARIZONA, INC.
	RYLAND HOMES OF CALIFORNIA, INC.
	THE REGENCY ORGANIZATION, INC.
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President
	
	RH OF INDIANA, L.P.
		
	By:	 	RH Builders of Indiana, Inc., its General Partner
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President

  
 [Signature Page –
Second Supplemental Indenture] 

 
			
	RYLAND HOMES OF NEVADA, LLC
		
	By:	 	The Ryland Group, Inc., its Sole Member
		
	By:	 	 /s/ Larry T. Nicholson

	Name:	 	Larry T. Nicholson
	Title:	 	President and Chief Executive Officer

  
 [Signature Page –
Second Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Valère Boyd

	Name:	 	Valère Boyd
	Title:	 	Vice President

  
 [Signature Page –
Second Supplemental Indenture]EX-4.9

 Exhibit 4.9 

CALATLANTIC GROUP, INC. 

TWENTY-SECOND SUPPLEMENTAL INDENTURE 

This Twenty-Second Supplemental Indenture, dated as of October 1, 2015 (the “Twenty-Second Supplemental Indenture”), is
entered into by and among CalAtlantic Group, Inc. (f/k/a Standard Pacific Corp.), a Delaware corporation (the “Company”), the Subsidiaries of the Company party hereto (each, a “Guaranteeing Subsidiary” and,
collectively, the “Guaranteeing Subsidiaries”) and The Bank of New York Mellon Trust Company, N.A. (as successor to J.P. Morgan Trust Company, National Association, Bank One Trust Company, N.A. and The First National Bank of
Chicago), as trustee (the “Trustee”); 
 W I T N E S S E T H: 

WHEREAS, The Company has heretofore executed and delivered to the Trustee an Indenture, dated as of April 1, 1999 (the
“Base Indenture”), providing for the issuance from time to time of its notes and other evidences of senior debt securities, to be issued in one or more series as therein provided; 

WHEREAS, the Company authorized the issuance of (i) $300,000,000 of its 8 3/8% Senior Notes due 2018 (the
“Initial Notes”) pursuant to the Fourteenth Supplemental Indenture, dated as of May 3, 2010, by and among the Company, the Guarantors party thereto and the Trustee (the “Fourteenth Supplemental Indenture”)
and (ii) $275,000,000 of its 8 3/8% Senior Notes due 2018 (together with the Initial Notes, the “Notes”) pursuant to the Fifteenth Supplemental Indenture, dated as of December 22, 2010, by and among the Company, the
Guarantors party thereto and the Trustee (the “Fifteenth Supplemental Indenture”; the Base Indenture, as amended, supplemented or otherwise modified prior to the date hereof, including pursuant to the Fourteenth Supplemental
Indenture and the Fifteenth Supplemental Indenture, the “Indenture”); 
 WHEREAS, the Guaranteeing Subsidiaries
unconditionally guarantee on a senior unsecured basis the obligations of The Ryland Group, Inc., a Maryland corporation (“Ryland”), under certain notes (the “Ryland Notes”) issued by Ryland under the Indenture,
dated as of June 28, 1996, by and among Ryland, the Guaranteeing Subsidiaries and The Bank of New York Mellon Trust Company, N.A., as trustee (as amended or supplemented, the “Ryland Indenture”); 

WHEREAS, on the date hereof, Ryland is merging with and into the Company, and the Company is assuming all obligations of Ryland under
the Ryland Indenture and the Ryland Notes; 
 WHEREAS, Section 6.07 of the Fourteenth Supplemental Indenture provides that, if
any of the Company’s Restricted Subsidiaries guarantee other notes issued by the Company under an indenture, such Restricted Subsidiaries shall execute and deliver to the Trustee a supplemental indenture pursuant to which such Restricted
Subsidiaries shall guarantee the Notes on the same terms as the guarantee of such other notes; 

 WHEREAS, pursuant to Section 9.01 of the Base Indenture and Section 9.01 of the
Fourteenth Supplemental Indenture, the Trustee is authorized to execute and deliver this Twenty-Second Supplemental Indenture; 

WITNESSETH: 
 NOW,
THEREFORE, for and in consideration of the premises contained herein, each party agrees for the benefit of each other party and for the equal and ratable benefit of the Holders, as follows: 

ARTICLE ONE 

DEFINITIONS 

Section 1.01 Capitalized Terms. Capitalized terms used but not defined in this Twenty-Second Supplemental
Indenture shall have the meanings ascribed to them in the Fourteenth Supplemental Indenture, as supplemented by the Fifteenth Supplemental Indenture. 

ARTICLE TWO 
 AGREEMENT
TO BE BOUND; GUARANTEE 
 SECTION 2.01. Agreement to be Bound. Each of the Guaranteeing Subsidiaries hereby becomes a party to
the Fourteenth Supplemental Indenture, as supplemented by the Fifteenth Supplemental Indenture, as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Fourteenth
Supplemental Indenture, as supplemented by the Fifteenth Supplemental Indenture. 
 SECTION 2.02. Guarantee. Each of the Guaranteeing
Subsidiaries agrees, on a joint and several basis with all the existing Guarantors, to fully, unconditionally and irrevocably guarantee on a senior basis to each Holder of the Notes and the Trustee that: (i) the principal of and interest on the
Notes will be promptly paid in full when due, subject to any applicable grace period, whether at Maturity, by acceleration, by redemption or otherwise and interest on the overdue principal, if any, and interest on any interest of the Notes and all
other obligations of the Company to the Holders or the Trustee hereunder or thereunder, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or
renewal of any Notes or of any such other obligations, the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at stated Maturity, by
acceleration, by redemption or otherwise, subject, however, to the limitations set forth in Section 11.04 of the Fourteenth Supplemental Indenture, as supplemented by the Fifteenth Supplemental Indenture. 

  
 -2- 

 ARTICLE THREE 

MISCELLANEOUS 
 SECTION
3.01. Governing Law. The laws of the State of New York shall govern this Twenty-Second Supplemental Indenture. 
 SECTION 3.02.
No Adverse Interpretation of Other Agreements. This Twenty-Second Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such indenture, loan or debt agreement may not
be used to interpret this Twenty-Second Supplemental Indenture. 
 SECTION 3.03. No Recourse Against Others. A director,
officer, employee, controlling person, manager or equity holder, as such, of the Company or a Guaranteeing Subsidiary shall not have any liability for any obligations of the Company or such Guaranteeing Subsidiary under this Twenty-Second
Supplemental Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. 
 SECTION 3.04.
Successors and Assigns. All covenants and agreements of the Company and the Guaranteeing Subsidiaries in this Twenty-Second Supplemental Indenture shall bind their successors and assigns. All agreements of the Trustee in this Twenty-Second
Supplemental Indenture shall bind its successors and assigns. 
 SECTION 3.05. Duplicate Originals. The parties may sign any number
of copies of this Twenty-Second Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

SECTION 3.06. Severability. In case any one or more of the provisions contained in this Twenty-Second Supplemental Indenture shall for
any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Twenty-Second Supplemental Indenture. 

SECTION 3.07. Amendment and Modification. This Twenty-Second Supplemental Indenture may be amended, modified, or supplemented only
by written agreement of each of the parties hereto. 
 SECTION 3.08. Trustee. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Twenty-Second Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company, and the Trustee assumes no
responsibility for their correctness. 
 [Signature pages follow] 

  
 -3- 

 IN WITNESS WHEREOF, the parties to this Twenty-Second Supplemental Indenture have caused
it to be duly executed as of the day and year first above written. 
  

			
	CALATLANTIC GROUP, INC.
		
	By:	 	 /s/ John P. Babel

	Name:	 	John P. Babel
	Title:	 	Executive Vice President, General Counsel & Secretary
	
	RYLAND ORGANIZATION COMPANY
	THE RYLAND GROUP
		
	By:	 	 /s/ Timothy J. Geckle

	Name:	 	Timothy J. Geckle
	Title:	 	Senior Vice President & Secretary
	
	RH BUILDERS OF INDIANA, INC.
	RH INVESTMENT OF INDIANA, INC.
	RYLAND COMMUNITIES, INC.
	RYLAND HOMES INVESTMENT-TEXAS, INC.
	RYLAND HOMES OF TEXAS, INC.
	RYLAND HOMES OF ARIZONA, INC.
	RYLAND HOMES OF CALIFORNIA, INC.
	RYLAND ORGANIZATION COMPANY
	THE REGENCY ORGANIZATION, INC.
	THE RYLAND CORPORATION
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President

  
 [Signature Page –
Twenty-Second Supplemental Indenture] 

 
			
	RH OF INDIANA, L.P.
		
	By:	 	RH Builders of Indiana, Inc., its General Partner
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President
	
	RH OF TEXAS LIMITED PARTNERSHIP
		
	By:	 	Ryland Homes of Texas, Inc., its General Partner
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	President
	
	RYLAND HOMES OF NEVADA, LLC
		
	By:	 	The Ryland Group, Inc., its Sole Member
		
	By:	 	 /s/ Peter G. Skelly

	Name:	 	Peter G. Skelly
	Title:	 	Executive Vice President & Chief Operating Officer

  
 [Signature Page –
Twenty-Second Supplemental Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., as Trustee
		
	By:	 	 /s/ Valère Boyd

	Name:	 	Valère Boyd
	Title:	 	Vice President

  
 [Signature Page –
Twenty-Second Supplemental Indenture]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00250-of-00352.parquet"}]]