Document:

EX-4.3

 Exhibit 4.3 
 EXECUTION VERSION 
  

 
 REGISTRATION RIGHTS AGREEMENT

 Dated February 4, 2013 
 among 
 LENNAR CORPORATION 

AND THE GUARANTORS NAMED HEREIN 
 as Issuers, 
 and 

CITIGROUP GLOBAL MARKETS INC., 
 DEUTSCHE BANK SECURITIES INC., 
 J.P. MORGAN SECURITIES LLC, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 UBS SECURITIES LLC, 
 and 

BMO CAPITAL MARKETS CORP., 
 as Representatives of the Several Initial Purchasers 
 4.750% Senior Notes due 2022

  
  

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (this “Agreement”) is made and entered into on February 4, 2013, among LENNAR
CORPORATION, a Delaware corporation (the “Company”), and the other entities that are listed on the signature pages hereof (collectively with any entity that in the future executes a supplemental indenture pursuant to which such
entity agrees to guarantee the Notes (as hereinafter defined), the “Guarantors” and, together with the Company, the “Issuers”), and CITIGROUP GLOBAL MARKETS INC., DEUTSCHE BANK SECURITIES INC., J.P. MORGAN
SECURITIES LLC, MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, UBS SECURITIES LLC and BMO CAPITAL MARKETS CORP., as representatives (the “Representatives”) of the several initial purchasers (the “Initial
Purchasers”) under the Purchase Agreement (as defined below). 
 This Agreement is entered into in connection with the
Purchase Agreement, dated January 30, 2013, among the Company, the Guarantors listed on Schedule II thereto and the Representatives, as representatives of the Initial Purchasers (the “Purchase Agreement”), which provides
for, among other things, the sale by the Company to the Initial Purchasers of $175,000,000 aggregate principal amount of the Company’s 4.750% Senior Notes due 2022 (the “Additional Notes”, and together with the $350,000,000
aggregate principal amount of the Company’s 4.750% Senior Notes due 2022 that were issued on October 23, 2012, the “Notes”). The Notes are unconditionally guaranteed (the “Guarantees”) by each of the
Guarantors. The Notes and the Guarantees are collectively referred to herein as the “Securities”. In order to induce the Representatives to enter into the Purchase Agreement, the Issuers have agreed to provide the registration
rights set forth in this Agreement for the benefit of the Initial Purchasers and any subsequent holder or holders of the Securities. The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase
the Additional Notes under the Purchase Agreement. 
 The parties hereby agree as follows: 

 

	 	1.	Definitions 

 As used in
this Agreement, the following terms shall have the following meanings: 
 Additional Interest: See Section 4 hereof.

 Additional Notes: See the second introductory paragraph hereto. 

Advice: See the last paragraph of Section 5 hereof. 
 Agreement: See the introductory paragraphs hereto. 
 Applicable
Period: See Section 2 hereof. 
 Automatic Shelf Registration Statement: An “automatic shelf
registration” statement within the meaning of Rule 405. 

 Business Day: Each Monday, Tuesday, Wednesday, Thursday and Friday which is a day on
which banking institutions are open in New York, New York. 
 Company: See the introductory paragraphs hereto.

 Effectiveness Date: March 22, 2013; provided, however, that with respect to any Shelf Registration
Statement, the Effectiveness Date shall be the 75th day following the Filing Date with respect thereto. 
 Effectiveness
Period: See Section 3(a) hereof. 
 Event Date: See Section 4(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder.

 Exchange Notes: See Section 2 hereof. 
 Exchange Offer: See Section 2 hereof. 
 Exchange Offer Registration
Statement: See Section 2 hereof. 
 Existing Registration Rights Agreement: The Registration Rights Agreement,
dated as of October 23, 2012, relating to the $350,000,000 aggregate principal amount of the Company’s 4.750% Senior Notes due 2022 that were issued on October 23, 2012. 

Filing Date: (A) If no Exchange Offer Registration Statement has been filed by the Issuers pursuant to this Agreement,
February 20, 2013; and (B) in each other case (which may be applicable notwithstanding the consummation of the Exchange Offer), the 30th day after the delivery of a Shelf Notice. 

FINRA: See Section 5(r) hereof. 
 Guarantees: See the introductory paragraphs hereto. 
 Guarantors:
See the introductory paragraphs hereto. 
 Holder: Any holder of a Registrable Security or Registrable Securities.

 Identical Notes: See Section 2(a) hereof. 

Indemnified Person: See Section 7(c) hereof. 
 Indemnifying Person: See Section 7(c) hereof. 
 Indenture: The
Indenture, dated as of October 23, 2012, by and among the Issuers, the Guarantors named therein and The Bank of New York Mellon Trust Company, N.A., as trustee, as the same may be amended or supplemented from time to time in accordance with the
terms thereof. 

  
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 Initial Purchasers: See the introductory paragraphs hereto. 

Initial Shelf Registration Statement: See Section 3(a) hereof. 

Inspectors: See Section 5(m) hereof. 
 Issue Date: October 23, 2012, the date of original issuance of the Securities. 
 Notes: See the introductory paragraphs hereto. 
 Participant: See
Section 7(a) hereof. 
 Participating Broker-Dealer: See Section 2(a) hereof. 

Person: An individual, trustee, corporation, limited liability company, partnership, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof.

 Private Exchange Notes: See Section 2(b) hereof. 

Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to
completion and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act and any term sheet filed pursuant to
Rule 433 under the Securities Act), as amended or supplemented by any prospectus supplement, and all other amendments and supplements to the Prospectus, including post-effective amendments, and all material incorporated by reference or deemed to be
incorporated by reference in such Prospectus. 
 Purchase Agreement: See the introductory paragraphs hereto. 

Records: See Section 5(m) hereof. 
 Registrable Notes: Each Note upon its original issuance and at all times subsequent thereto, each Exchange Note as to which Section 2(c)(iv) hereof is applicable upon original issuance and at
all times subsequent thereto and each Private Exchange Note upon original issuance thereof and at all times subsequent thereto, until the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Note as to
which Section 2(c)(iv) hereof is applicable, the Exchange Offer Registration Statement) covering such Note, Exchange Note or Private Exchange Note has been declared effective by the SEC and such Note, Exchange Note or such Private Exchange
Note, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Note has been exchanged pursuant to the Exchange Offer for an Exchange Note or Exchange Notes that may be resold (or, but for the
status of such Holder as an affiliate of the Issuers under Rule 405, could be resold) without restriction under state and federal securities laws, (iii) such Note, Exchange Note or Private Exchange Note, as the case may be, ceases to be
outstanding for purposes of the 

  
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Indenture or (iv) such Note, Exchange Note or Private Exchange Note, as the case may be, may be resold without restriction pursuant to Rule 144 (as amended or replaced) under the Securities
Act and if requested by the Holder the restrictive legend has been removed. 
 Registrable Securities: Each Registrable
Note and related guarantees. 
 Registration Statement: Any registration statement of the Issuers that covers any of the
Securities, the Exchange Notes (and related guarantees) or the Private Exchange Notes (and related guarantees) filed with the SEC under the Securities Act, including the Prospectus, amendments and supplements to such registration statement,
including post-effective amendments, all exhibits, and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 
 Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144A) or regulation hereafter adopted by the SEC
providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of the issuer of such securities being free of the registration and prospectus delivery
requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated under the Securities Act, as such Rule may be
amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 
 Rule
405: Rule 405 under the Securities Act. 
 Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may
be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 
 SEC: The Securities and
Exchange Commission. 
 Securities: See the introductory paragraphs hereto. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder.

 Shelf Notice: See Section 2(c) hereof. 
 Shelf Registration Statement: See Section 3(b) hereof. 
 Subsequent
Shelf Registration Statement: See Section 3(b) hereof. 
 TIA: The Trust Indenture Act of 1939, as amended.

 Trustee: The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Notes
(and related guarantees) and Private Exchange Notes (and related guarantees). 

  
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 Underwritten registration or underwritten offering: A registration in which
securities of one or more of the Issuers are sold to an underwriter for reoffering to the public. 
 WKSI: A “well
known seasoned issuer” as defined in Rule 405. 
  

	 	2.	Exchange Offer 

 (a) The
Issuers shall file with the SEC, no later than the Filing Date, a Registration Statement (the “Exchange Offer Registration Statement”) on an appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Securities for a like aggregate principal amount of notes of the Company, guaranteed by the Guarantors, that are identical in all material respects to the Securities, except that the
Exchange Notes shall contain no restrictive legend thereon and no provision for payment of additional interest in the event of a registration default (the “Exchange Notes”), and which are entitled to the benefits of the Indenture or
a trust indenture which is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are necessary to comply with the TIA) and which, in either case, has been qualified
under the TIA. Interest on each Exchange Note will accrue (A) from the later of (1) the last interest payment date on which interest was paid on the Note surrendered, or (2) if the Note is surrendered for exchange on a date in a
period which includes the record date for an interest payment date to occur on or after the date of the exchange and as to which interest will be paid, such interest payment date or (B) if no interest has been paid on that Note, from the Issue
Date. The Exchange Offer shall comply with all applicable tender offer rules and regulations under the Exchange Act and other applicable laws. The Issuers shall use their reasonable best efforts to (x) cause the Exchange Offer Registration
Statement to be declared effective under the Securities Act on or before the Effectiveness Date; (y) keep the Exchange Offer open for acceptance for not less than 30 days (or longer if required by applicable law) after the date that notice of
the Exchange Offer is mailed to Holders; and (z) consummate the Exchange Offer on or before April 22, 2013. If, after the Exchange Offer Registration Statement is initially declared effective by the SEC, the Exchange Offer or the issuance
of the Exchange Notes (and related guarantees) thereunder is interfered with by any stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, the Exchange Offer Registration Statement shall be deemed
not to have become effective for purposes of this Agreement. 
 Each Holder that participates in the Exchange Offer will be
required, as a condition to its participation in the Exchange Offer, to represent to the Company in writing (which may be contained in the applicable letter of transmittal) (1) that any Exchange Notes (and related guarantees) to be received by
it will be acquired in the ordinary course of its business, (2) that at the time of the consummation of the Exchange Offer such Holder will have no arrangement or understanding with any Person to participate in the distribution of the Exchange
Notes (and related guarantees) in violation of the provisions of the Securities Act, (3) that such Holder is not an “affiliate” (as defined in Rule 405 promulgated under the Securities Act) of any Issuer, (4) if the holder
is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of Exchange Notes (and related guarantees) and (5) if the holder is a broker-dealer (a “Participating Broker-Dealer”) that it
will receive the Exchange Notes (and related guarantees) for its own account in exchange for Securities that were acquired as a result 

  
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of market-making or other trading activities, and that it will deliver a prospectus in connection with any resale of the Exchange Notes (and related guarantees). 

Upon consummation of the Exchange Offer in accordance with this Section 2, the provisions of this Agreement shall continue to apply,
mutatis mutandis, solely with respect to Registrable Securities that are Private Exchange Notes (and related guarantees), Exchange Notes (and related guarantees) as to which Section 2(c)(iv) is applicable and Exchange Notes (and
related guarantees) held by Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Securities (other than Private Exchange Notes (and related guarantees) and other than in respect of any Exchange Notes
(and related guarantees) as to which clause 2(c)(iv) hereof applies) pursuant to Section 3 hereof. 
 No securities other
than the Exchange Notes (and related guarantees) shall be included in the Exchange Offer Registration Statement; provided, however that if the Company issues under the Indenture additional 4.750% Senior Notes due 2022 (and related guarantees) that
are identical in all material respects to the Notes and have the same CUSIP number as the Notes (“Identical Notes”), the Company may include in the Exchange Offer Registration Statement a like aggregate principal amount of notes of
the Company, guaranteed by the Guarantors, that are identical in all material respects to the Identical Notes, except that such notes shall contain no restrictive legend thereon and no provision for payment of additional interest in the event of a
registration default. The period of resale restrictions applicable to any Notes previously offered and sold in reliance on Rule 144A under the Securities Act shall automatically be extended to the last day of the period of any resale restrictions
imposed on such Identical Notes. 
 (b) The Issuers shall include within the Prospectus contained in the Exchange Offer
Registration Statement a section entitled “Plan of Distribution,” reasonably acceptable to the Representatives, which shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the
potential “underwriter” status of any Participating Broker-Dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received by such Participating Broker-Dealer in the Exchange Offer, whether
such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies represent the prevailing views of the staff of the SEC. Such “Plan of Distribution” section shall also expressly permit, to
the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the prospectus delivery requirements of the Securities Act with respect to the Exchange Notes, including, to the extent
permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating Broker-Dealers may resell the Exchange Notes in compliance with the Securities Act.

 The Issuers shall use their best efforts to keep the Exchange Offer Registration Statement effective and to amend and
supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the prospectus delivery requirements of the Securities Act with respect to the Exchange Notes for such period of time
as is necessary to comply with applicable law in connection with any resale of the Exchange Notes covered thereby; provided, however, that such period shall not exceed 180 days after such

  
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Exchange Offer Registration Statement is declared effective (or such longer period if extended pursuant to the last paragraph of Section 5 hereof) (the “Applicable Period”).

 If, prior to consummation of the Exchange Offer, any Holder holds any Registrable Securities acquired by it that have, or
that are reasonably likely to be determined to have, the status of an unsold allotment in an initial distribution, or any Holder is not entitled to participate in the Exchange Offer, the Issuers upon the request of any such Holder shall
simultaneously with the delivery of the Exchange Notes in the Exchange Offer, issue and deliver to any such Holder, in exchange (the “Private Exchange”) for such Registrable Securities held by any such Holder, a like principal
amount of notes (the “Private Exchange Notes”) of the Company, guaranteed by the Guarantors, that are identical in all material respects to the Exchange Notes except for the placement of a restrictive legend on such Private Exchange
Notes. The Private Exchange Notes shall be issued pursuant to the same indenture as the Exchange Notes and bear the same CUSIP number as the Exchange Notes. 
 In connection with the Exchange Offer, the Issuers shall: 
 (i)
mail, or cause to be mailed, to each Holder of record entitled to participate in the Exchange Offer a copy of the Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related
documents; 
 (ii) use their best efforts to keep the Exchange Offer open for acceptance for not less than 30
days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 
 (iii) utilize the services of a depositary for the Exchange Offer with an address in the Borough of Manhattan, The City of New York; 

(iv) permit Holders to withdraw tendered Securities at any time prior to the close of business, New York time, on the last
Business Day on which the Exchange Offer shall remain open; and 
 (v) otherwise comply in all material respects
with all laws, rules and regulations applicable to the Exchange Offer. 
 As soon as practicable after the close of the Exchange
Offer and the Private Exchange, if any, the Issuers shall: 
 (vi) accept for exchange all Registrable Securities
that are validly tendered and not validly withdrawn pursuant to the Exchange Offer and the Private Exchange, if any; 
 (vii) deliver to the Trustee for cancellation all Registrable Securities so accepted for exchange; and 
 (viii) cause the Trustee to authenticate and deliver promptly to each Holder of Securities that are accepted for exchange, Exchange Notes or Private

  
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Exchange Notes (and related guarantees), as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange. 

The Exchange Notes (and related guarantees) and the Private Exchange Notes (and related guarantees) shall be issued under (i) the
Indenture or (ii) an indenture identical in all material respects to the Indenture and which, in either case, has been qualified under the TIA or is exempt from such qualification and shall provide that the Exchange Notes (and related
guarantees) shall not be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture shall provide that the Exchange Notes (and related guarantees), the Private Exchange Notes (and related guarantees) and the
Securities shall vote and consent together on all matters as one class and that none of the Exchange Notes (and related guarantees), the Private Exchange Notes (and related guarantees) or the Securities will have the right to vote or consent as a
separate class on any matter. 
 (c) If, (i) because of any change in law or in currently prevailing interpretations by the
SEC staff, the Issuers are not permitted to effect the Exchange Offer, (ii) the Exchange Offer is not consummated by April 22, 2013, (iii) in certain circumstances, certain holders of Private Exchange Notes (and related guarantees) so
request in writing to the Company, or (iv) in the case of any Holder that tenders Securities in response to the Exchange Offer, such Holder does not receive Exchange Notes on the date of the exchange that may be sold without restriction under
state and federal securities laws (other than due solely to the status of such Holder as an affiliate of any of the Issuers within the meaning of the Securities Act), then in the case of each of clauses (i) to and including (iv) of this
sentence, the Issuers shall (a) promptly deliver to the Holders and the Trustee written notice thereof (the “Shelf Notice”) and (b) at its sole expense and as promptly as practicable shall file a Shelf Registration
Statement pursuant to Section 3 hereof. 
 Notwithstanding anything in this Agreement to the contrary, if (i) a Filing
Date or Effectiveness Date (or other date by which a filing is to be made or become effective) would fall on a day that is not a Business Day or (ii) the date by which the Exchange Offer is to be consummated would fall on a day that is not a
Business Day, such Filing Date, Effectiveness Date (or other date by which a filing is to be made or become effective) or consummation date shall instead be the next succeeding Business Day. 

 

	 	3.	Shelf Registration 

 If at
any time a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 
 (a) Shelf Registration. The
Issuers shall file with the SEC a Registration Statement for an offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities not exchanged in the Exchange Offer, Private Exchange Notes (and related
guarantees) and Exchange Notes (and related guarantees) as to which Section 2(c)(iv) is applicable (the “Initial Shelf Registration Statement”), which Initial Shelf Registration Statement shall be an Automatic Shelf
Registration Statement if the Company is then a WKSI and there is no other reason the Company is not permitted to file the Initial Shelf Registration Statement as an Automatic Shelf Registration Statement. The Company shall use its best efforts to
file with 

  
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the SEC the Initial Shelf Registration Statement on or before the applicable Filing Date. The Initial Shelf Registration Statement shall be on Form S-3 or another appropriate form permitting
registration of such Registrable Securities for resale by Holders in the manner or manners designated by them (including, without limitation, one or more underwritten offerings). The Issuers shall not permit any securities other than the Registrable
Securities to be included in the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement (as defined below); provided, however that if the Company issues Identical Notes, the Company may include the Identical Notes in the
Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement. 
 If the Initial Shelf Registration
Statement is not an Automatic Shelf Registration Statement, the Issuers shall use their best efforts to cause the Initial Shelf Registration Statement to be declared effective under the Securities Act on or before the Effectiveness Date. The Issuers
shall use their best efforts to keep the Initial Shelf Registration Statement continuously effective under the Securities Act until the date which is two years from the Issue Date (the “Effectiveness Period”), or such shorter period
ending when (i) all Registrable Securities covered by the Initial Shelf Registration Statement have been sold in the manner set forth and as contemplated in the Initial Shelf Registration Statement, (ii) all Registrable Securities covered
by the Initial Shelf Registration Statement that have not been sold in sales contemplated by the Initial Shelf Registration Statement have become eligible for resale by holders thereof under Rule 144 without regard to volume, manner of sale or other
restrictions or (iii) a Subsequent Shelf Registration Statement covering all of the Registrable Securities covered by and not sold under the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration Statement has been
declared effective under the Securities Act; provided, however, that the Effectiveness Period in respect of the Initial Shelf Registration Statement shall be extended to the extent required to permit dealers to comply with the
applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. 
 (b)
Subsequent Shelf Registrations. If the Initial Shelf Registration Statement or any Subsequent Shelf Registration Statement ceases to be effective for any reason at any time during the Effectiveness Period (other than because of the sale of
all of the securities registered thereunder or because all of the securities registered thereunder that have not been sold in sales contemplated by the Initial Shelf Registration Statement have become eligible for resale by the holders thereof under
Rule 144 without regard to volume, manner of sale or other restrictions), the Company shall use its best efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in any event shall within 30 days of such
cessation of effectiveness amend the Initial Shelf Registration Statement in a manner to obtain the withdrawal of the order suspending the effectiveness thereof, or file an additional “shelf” Registration Statement pursuant to Rule 415
covering all of the Registrable Securities covered by and not sold under the Initial Shelf Registration Statement or an earlier Subsequent Shelf Registration Statement (each, a “Subsequent Shelf Registration Statement”). If a
Subsequent Shelf Registration Statement is filed and is not an Automatic Shelf Registration Statement, the Company shall use its best efforts to cause the Subsequent Shelf Registration Statement to be declared effective under the Securities Act as
soon as practicable after such filing. The Company shall use its best efforts to keep any subsequent Shelf Registration Statement continuously effective for a period equal to the number of days in the Effectiveness Period less the aggregate number
of days during which the Initial Shelf Registration Statement or any other Subsequent Shelf Registration Statement 

  
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was previously continuously effective. As used herein the term “Shelf Registration Statement” means the Initial Shelf Registration Statement and any Subsequent Shelf Registration
Statement. 
 (c) Supplements and Amendments. The Issuers shall promptly supplement and amend any Shelf Registration
Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested by the Holders of a majority in aggregate
principal amount of the Registrable Securities (or their counsel) covered by such Registration Statement or by any underwriter of such Registrable Securities. 
  

	 	4.	Additional Interest 

 (a)
The Issuers and the Representatives agree that the Holders will suffer damages if the Issuers fail to fulfill their obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages
with precision. Accordingly, the Issuers agree to pay, as liquidated damages, additional interest on the Notes (“Additional Interest”) under the circumstances and to the extent set forth below (each of which shall be given
independent effect): 
 (i) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf
Registration Statement has been filed with the SEC on or before the applicable Filing Date or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf Registration
Statement and such Shelf Registration Statement has not been filed with the SEC on or before the Filing Date applicable thereto, then, commencing on the day after any such Filing Date, Additional Interest shall accrue on the principal amount of the
Securities at a rate of 0.25% per annum for the first 90 days immediately following each such Filing Date, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period;
or 
 (ii) if (A) neither the Exchange Offer Registration Statement nor the Initial Shelf Registration
Statement has been declared effective by the SEC (or was automatically effectively upon its filing with the SEC) on or before the applicable Effectiveness Date or (B) notwithstanding that the Issuers have consummated or will consummate the
Exchange Offer, the Issuers are required to file a Shelf Registration Statement and such Shelf Registration Statement has not been declared effective by the SEC (or was not automatically effective upon its filing with the SEC) on or before the
applicable Effectiveness Date with respect to such Shelf Registration Statement, then, commencing on the day after such Effectiveness Date, Additional Interest shall accrue on the principal amount of the Securities at a rate of 0.25% per annum
for the first 90 days immediately following the day after such Effectiveness Date, and such Additional Interest rate shall increase by an additional 0.25% per annum at the beginning of each subsequent 90-day period; or 

  
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 (iii) if (A) the Issuers have not exchanged Exchange Notes (and related
guarantees) for all Registrable Securities validly tendered in accordance with the terms of the Exchange Offer on or before May 21, 2013 or (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf
Registration Statement ceases to be effective at any time during the Effectiveness Period, then, Additional Interest shall accrue on the principal amount of the Securities at a rate of 0.25% per annum for the first 90 days commencing on
(x) May 21, 2013, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective in the case of (B) above, and such Additional Interest rate shall increase by an additional 0.25% per
annum at the beginning of each such subsequent 90-day period; 
 provided, however, that Additional Interest on the Notes may not
under any circumstance accrue under more than one of the foregoing clauses (i), (ii) and (iii) of this Section 4(a) and the rate at which Additional Interest accrues on the Notes as a result of the provisions of clauses (i),
(ii) and (iii) of this Section 4(a) may not exceed in the aggregate 1.0% per annum; provided further, that (1) upon the filing of the applicable Exchange Offer Registration Statement or the applicable Shelf
Registration Statement as required hereunder (in the case of clause (i) of this Section 4(a)), (2) upon the effectiveness of the Exchange Offer Registration Statement or the applicable Shelf Registration Statement as required
hereunder (in the case of clause (ii) of this Section 4(a)), or (3) upon the exchange of the Exchange Notes (and related guarantees) for all Securities tendered (in the case of clause (iii)(A) of this Section 4(a)), or upon the
effectiveness of a Subsequent Shelf Registration Statement in the case of Shelf Registration Statement which had ceased to remain effective (in the case of clause (iii)(B) of this Section 4(a)), Additional Interest on the Registrable Notes as a
result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 
 (b) The Issuers shall
notify the Trustee within three Business Days after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”), which notice shall also be at least three Business
Days prior to the date of any payment to be made in accordance with the following sentence. Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this Section 4 will be payable in cash simultaneously with, and to the
same persons entitled to receive, stated interest on the Notes, commencing with the first such payment of interest occurring after any such Additional Interest commences to accrue. The amount of Additional Interest payable with respect to
Registrable Notes will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Notes, multiplied by a fraction, the numerator of which is the number of days such Additional Interest rate was
applicable during such period (determined on the basis of a 360-day year comprised of twelve 30-day months and, in the case of a partial month, the actual number of days elapsed), and the denominator of which is 360. 

 

	 	5.	Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, the Issuers shall effect such
registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant 

  
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thereto and in connection with any Registration Statement filed by the Issuers hereunder each of the Issuers shall: 
 (a) Prepare and file with the SEC before the applicable Filing Date, a Registration Statement or Registration Statements as prescribed by Sections 2 or 3 hereof, and use its best efforts to cause each
such Registration Statement to become effective and remain effective as provided herein; provided, however, that, if (1) such filing is pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer
Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period relating
thereto, before filing any Registration Statement or Prospectus or any amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Securities included in such Registration Statement or each such
Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all
exhibits thereto) proposed to be filed (in each case at least five days prior to such filing, or such later date as is reasonable under the circumstances). The Issuers shall not file any Registration Statement or Prospectus or any amendments or
supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Securities included in such Registration Statement, or any such Participating Broker-Dealer, as the case may be, their counsel, or the managing
underwriters, if any, shall reasonably object. 
 (b) Prepare and file with the SEC such amendments and post-effective
amendments to each Shelf Registration Statement or Exchange Offer Registration Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as
the case may be; cause the related Prospectus to be supplemented by any Prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the
Securities Act; and comply with the provisions of the Securities Act and the Exchange Act applicable to each of them with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus. The Issuers shall be deemed not to have used their best efforts to keep a Registration Statement
effective during the Effectiveness Period or the Applicable Period, as the case may be, relating thereto, if any of the Issuers voluntarily takes any action that would result in selling Holders of the Registrable Securities covered thereby or
Participating Broker-Dealers seeking to sell Exchange Notes (and related guarantees) not being able to sell such Registrable Securities or such Exchange Notes (and related guarantees) during that period unless such action is required by applicable
law or permitted by this Agreement. 
 (c) If (1) a Shelf Registration Statement is filed pursuant to Section 3
hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes
(and related guarantees) during the Applicable Period relating thereto from whom any of the Issuers has received written notice that it will be a Participating Broker-Dealer in the Exchange Offer, notify the selling Holders of Registrable
Securities, or each such Participating Broker-Dealer, as the case may be, their counsel and the 

  
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managing underwriters, if any, promptly (but in any event within one day), and confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment
has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at
the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of
the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at
any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable Securities or resales of Exchange Notes (and related guarantees) by Participating Broker-Dealers, the representations and
warranties of the Issuers contained in any agreement (including any underwriting agreement) contemplated by Section 5(l) hereof cease to be true and correct in all material respects, (iv) of the receipt by any of the Issuers of any
notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Securities or the Exchange Notes (and related guarantees) to be sold by any Participating
Broker-Dealer for offer or sale in any jurisdiction, or the initiation or threatening of any proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that makes any
statement made in such Registration Statement or related Prospectus or any document incorporated or deemed to be incorporated therein by reference untrue in any material respect or that requires the making of any changes in or amendments or
supplements to such Registration Statement, Prospectus or documents so that, in the case of the Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case of the Prospectus, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not misleading, and (vi) of the Issuers’ determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the
Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable
Period, use its best efforts to prevent the issuance of any order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of the Prospectus or suspending the qualification (or exemption from
qualification) of any of the Registrable Securities or the Exchange Notes (and related guarantees) to be sold by any Participating Broker-Dealer, for sale in any jurisdiction, and, if any such order is issued, to use its best efforts to obtain the
withdrawal of any such order at the earliest possible moment. 
 (e) If a Shelf Registration Statement is filed pursuant to
Section 3 and if requested by the managing underwriter or underwriters (if any), the Holders of a majority in aggregate principal amount of the Registrable Securities being sold in connection with an underwritten offering or any Participating
Broker-Dealer, (i) as promptly as practicable incorporate in a prospectus supplement or post-effective amendment such information as the 

  
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managing underwriter or underwriters (if any), such Holders, any Participating Broker-Dealer or counsel for any of them reasonably request to be included therein, (ii) make all required
filings of such prospectus supplement or such post-effective amendment as soon as practicable after the Company has received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment, and
(iii) supplement or make amendments to such Registration Statement. 
 (f) If (1) a Shelf Registration Statement is
filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer
who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period, furnish to each selling Holder of Registrable Securities and to each such Participating Broker-Dealer who so requests and to their respective counsel and each
managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto, including financial statements and schedules, and, if requested,
all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 
 (g) If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period, deliver to each selling Holder of Registrable Securities, or each such Participating Broker-Dealer, as the case may be, their
respective counsel, and the underwriters, if any, at the sole expense of the Issuers, as many copies of the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents
incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the
selling Holders of Registrable Securities or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if any, and dealers, if any, in connection with the offering and sale of the Registrable Securities covered by,
or the sale by Participating Broker-Dealers of the Exchange Notes (and related guarantees) pursuant to, such Prospectus and any amendment or supplement thereto. 
 (h) Prior to any public offering of Registrable Securities or Exchange Notes (and related guarantees) or any delivery of a Prospectus contained in the Exchange Offer Registration Statement by any
Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period, use its best efforts to register or qualify, and to cooperate with the selling Holders of Registrable Securities or each such
Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from such registration or qualification) of such
Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer, or the managing underwriter or underwriters reasonably request in
writing; provided, however, that where Exchange Notes (and related guarantees) held by Participating Broker-Dealers or Registrable Securities are offered other than through an underwritten offering, the Issuers agree to cause their
counsel to perform Blue Sky investigations 

  
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and file registrations and qualifications required to be filed pursuant to this Section 5(h), keep each such registration or qualification (or exemption therefrom) effective during the
period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the Exchange Notes (and related guarantees) held by
Participating Broker-Dealers or the Registrable Securities covered by the applicable Registration Statement; provided, however, that none of the Issuers shall be required to (A) qualify generally to do business in any jurisdiction
where it is not then so qualified, (B) take any action that would subject it to general service of process in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in excess of a nominal dollar amount in
any such jurisdiction where it is not then so subject. 
 (i) If a Shelf Registration Statement is filed pursuant to
Section 3 hereof, cooperate with the selling Holders of Registrable Securities and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Notes to be sold,
which certificates shall not bear any restrictive legends and shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Notes to be in such denominations permitted by the Indenture and registered in such
names as the managing underwriter or underwriters, if any, or Holders may request; provided, however, that if the Registrable Notes are also transferable by delivery through means other than on the records of The Depository Trust Company or another
clearing agency, in which case such preparation and delivery of certificates representing the Registrable Notes shall not be required. 
 (j) If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2
hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v)
or 5(c)(vi) hereof, as promptly as practicable prepare and (subject to Section 5(a) hereof) file with the SEC, at the sole expense of the Issuers, a supplement or post-effective amendment to the Registration Statement or a supplement to the
related Prospectus or any document incorporated or deemed to be incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder or to the
purchasers of the Exchange Notes (and related guarantees) to whom such Prospectus will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading. 
 (k) Prior to the effective date of the first Registration Statement relating to the Registrable Securities, (i) provide the Trustee with certificates for the Registrable Notes in a form eligible for
deposit with The Depository Trust Company and (ii) provide a CUSIP number for the Registrable Notes. 
 (l) In connection
with any underwritten offering of Registrable Securities pursuant to a Shelf Registration Statement, enter into an underwriting agreement which is customary in underwritten offerings of debt securities similar to the Securities in form and substance
reasonably satisfactory to the Issuers and take all such other actions as are reasonably 

  
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requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Securities and, in such connection, (i) make
such representations and warranties to, and covenants with, the underwriters with respect to the business of the Issuers (including any acquired business, properties or entity, if applicable) and the Registration Statement, the Prospectus and the
documents, if any, incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in
writing if and when requested in form and substance reasonably satisfactory to the Issuers; (ii) obtain the written opinions of counsel to the Issuers and written updates thereof in form, scope and substance reasonably satisfactory to the
managing underwriter or underwriters, addressed to the underwriters covering the matters customarily covered in opinions reasonably requested in underwritten offerings and such other matters as may be reasonably requested by the managing underwriter
or underwriters; (iii) obtain “cold comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers
(and, if necessary, any other independent certified public accountants of the Issuers, or of any business or entity acquired by the Issuers for which financial statements and financial data are, or are required to be, included or incorporated by
reference in the Registration Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings
of debt securities similar to the Securities and such other matters as are reasonably requested by the managing underwriter or underwriters as permitted by the Statement on Auditing Standards No. 72, as amended by the Statement on Auditing
Standards No. 76; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable to the sellers and underwriters, if any, than those set forth in Section 7
hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Securities covered by such Registration Statement and the managing underwriter or underwriters or agents, if any). The
above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 
 (m) If
(1) a Shelf Registration Statement is filed pursuant to Section 3 hereof, or (2) a Prospectus contained in the Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Notes (and related guarantees) during the Applicable Period, make available for inspection by any selling Holder of such Registrable Securities being sold, or each such
Participating Broker-Dealer, as the case may be, any underwriter participating in any such disposition of Registrable Securities, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”), at the offices where normally kept, during reasonable business hours, all financial and other records, pertinent corporate documents and instruments
of the Issuers and subsidiaries of the Issuers (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the officers, directors and employees
of the Issuers and any of their respective subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement and Prospectus. Each Inspector shall agree in writing that it will keep the
Records confidential and that it will not disclose any of the Records that any of the Issuers determines, in good faith, to be confidential and notifies the Inspectors in writing are 

  
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confidential unless (i) the disclosure of such Records is necessary to avoid or correct a material misstatement or material omission in such Registration Statement or Prospectus,
(ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, or (iii) the information in such Records has been made generally available to the public; provided,
however, that prior notice shall be provided as soon as practicable to any of the Issuers of the potential disclosure of any information by such Inspector pursuant to clauses (i) or (ii) of this sentence to permit the Issuers to
obtain a protective order (or waive the provisions of this paragraph (m)) and that such Inspector shall take such actions as are reasonably necessary to protect the confidentiality of such information (if practicable) to the extent such action is
otherwise not inconsistent with, an impairment of or in derogation of the rights and interests of the Holder or any Inspector. If, in the course of performing due diligence, any Inspector becomes aware of material non public information about the
Company and its subsidiaries, the Inspector will not, and will take all steps reasonably necessary to ensure that anyone to whom the Inspector discloses the material non public information will not, trade in any securities of the Company until the
information becomes public (whether through inclusion in the Shelf Registration Statement or Exchange Offer Registration Statement or otherwise) or the information ceases to be material. 

(n) Provide an indenture trustee for the Registrable Securities or the Exchange Notes (and related guarantees), as the case may be, and
cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the first Registration Statement relating to the Registrable Securities; and
in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Securities, to effect such changes to such indenture as may be required for such indenture to be so qualified in accordance with the
terms of the TIA; and execute, and use their best efforts to cause such trustee to execute, all documents as may be required to effect such changes, and all other forms and documents required to be filed with the SEC to enable such indenture to be
so qualified in a timely manner. 
 (o) Comply in all material respects with all applicable rules and regulations of the SEC and
make generally available to its securityholders with regard to any applicable Registration Statement, a consolidated earnings statement satisfying the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any similar
rule promulgated under the Securities Act) no later than 45 days after the end of any fiscal quarter (or 90 days after the end of any 12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Securities are sold to underwriters in a firm commitment or best efforts underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Company after
the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
 (p) Upon consummation of
the Exchange Offer or a Private Exchange, obtain an opinion of counsel to the Company, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders of Registrable Securities participating in the Exchange
Offer or the Private Exchange, as the case may be, that the Exchange Notes (and related guarantees) or Private Exchange Notes (and related guarantees), as the case may be, and the related indenture constitute legal, valid and binding obligations of
the Company, enforceable 

  
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against it in accordance with their respective terms, subject to customary exceptions and qualifications. 
 (q) If the Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable Securities by Holders to the Company (or to such other Person as directed by the Issuers) to be
exchanged for Exchange Notes (and related guarantees) or Private Exchange Notes (and related guarantees), as the case may be, the Issuers shall mark, or cause to be marked, on such Registrable Notes that such Registrable Notes are being canceled in
exchange for Exchange Notes (and related guarantees) or Private Exchange Notes (and related guarantees), as the case may be; in no event shall such Registrable Notes be marked as paid or otherwise satisfied. 

(r) Cooperate with each seller of Registrable Securities covered by any Registration Statement and each underwriter, if any,
participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (“FINRA”). 

(s) Use its best efforts to take all other steps reasonably necessary to effect the registration of the Exchange Notes (and related
guarantees) and/or Registrable Securities covered by a Registration Statement contemplated hereby. 
 The Issuers may require
each seller of Registrable Securities as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such Registrable Securities as the Issuers may, from time to time,
reasonably request. The Issuers may exclude from such registration the Registrable Securities of any seller so long as such seller fails to furnish such information within a reasonable time after receiving such request. Each seller as to which any
Shelf Registration is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 

If any Registration Statement refers to any Holder by name or otherwise as the holder of any securities of the Company, then such Holder
shall have the right to require (i) the insertion therein of language, in form and substance reasonably satisfactory to such Holder, to the effect that the holding by such Holder of such securities is not to be construed as a recommendation by
such Holder of the investment quality of the securities covered thereby and that such holding does not imply that such Holder will assist in meeting any future financial requirements of the Company, or (ii) in the event that such reference to
such Holder by name or otherwise is not required by the Securities Act or any similar federal statute then in force, the deletion of the reference to such Holder in any amendment or supplement to the Registration Statement filed or prepared
subsequent to the time that such reference ceases to be required. 
 Each Holder of Registrable Securities and each
Participating Broker-Dealer agrees by its acquisition of such Registrable Securities or of Exchange Notes (and related guarantees) to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the
Company of the happening of any event of the kind described in Section 5(c)(ii), 5(c)(iv), 5(c)(v), or 5(c)(vi) hereof, such Holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or
Prospectus 

  
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or Exchange Notes (and related guarantees) to be sold by such Holder or Participating Broker-Dealer, as the case may be, until such Holder’s or Participating Broker-Dealer’s receipt of
the copies of the supplemented or amended Prospectus contemplated by Section 5(j) hereof, or until it is advised in writing (an “Advice”) by the Issuers that the use of the applicable Prospectus may be resumed, and has received
copies of any amendments or supplements thereto. In the event that the Issuers shall give any such notice, the Applicable Period shall be extended by the number of days from and including the date of the giving of each such notice to and including
the date when each seller of Registrable Securities covered by such Registration Statement or Exchange Notes (and related guarantees) to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of the
supplemented or amended Prospectus contemplated by Section 5(j) hereof or (y) an Advice with respect to said notice. 
  

	 	6.	Registration Expenses 

All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers (other than any underwriting
discounts or commissions) shall be borne by the Company whether or not the Exchange Offer Registration Statement or any Shelf Registration Statement is filed or becomes effective or the Exchange Offer is consummated, including, without limitation,
(i) all registration and filing fees (including, without limitation, (A) fees with respect to filings required to be made with FINRA in connection with an underwritten offering and (B) reasonable fees and expenses of compliance with
state securities or Blue Sky laws (including, without limitation, fees and disbursements of counsel in connection with Blue Sky qualifications of the Registrable Securities or Exchange Notes (and related guarantees) and determination of the
eligibility of the Registrable Securities or Exchange Notes (and related guarantees) for investment under the laws of the jurisdictions (x) where the holders of Registrable Securities are located, in the case of the Exchange Notes (and related
guarantees), or (y) as provided in Section 5(h) hereof, in the case of Registrable Securities or Exchange Notes (and related guarantees) to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing
expenses, including, without limitation, expenses of printing certificates for Registrable Notes or Exchange Notes in a form eligible for deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is
requested by the managing underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable Securities included in any Registration Statement or in respect of Registrable Securities or Exchange Notes
(and related guarantees) to be sold by any Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Issuers and
reasonable fees and disbursements of one firm of special counsel for the sellers of Registrable Securities and any Participating Broker-Dealers, (v) fees and disbursements of all independent certified public accountants referred to in
Section 5(l)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) Securities Act liability insurance, if the Issuers desire
such insurance, (vii) fees and expenses of all other Persons retained by the Issuers, (viii) internal expenses of the Issuers (including, without limitation, all salaries and expenses of officers and employees of the Issuers performing
legal or accounting duties), (ix) the expense of any annual audit, (x) any fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, and the obtaining of a rating of the
securities, in each case, if applicable, and (xi) the expenses relating to printing, word processing and distributing all Registration Statements, 

  
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underwriting agreements, indentures and any other documents necessary in order to comply with this Agreement. 
  

	 	7.	Indemnification 

 (a) Each
of the Issuers agree, jointly and severally, to indemnify and hold harmless each Holder of Registrable Securities and each Participating Broker-Dealer selling Exchange Notes (and related guarantees) during the Applicable Period, the affiliates,
officers, directors, representatives, employees and agents of each such Person, and each Person, if any, who controls any such Person within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a
“Participant”), from and against any and all losses, claims, damages, judgments, liabilities and expenses (including, without limitation, the reasonable legal fees and other expenses actually incurred in connection with any suit,
action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue statement or alleged untrue statement of a material fact contained in any Registration Statement (or any amendment thereto) or Prospectus (as amended or
supplemented if any of the Issuers shall have made any amendments or supplements thereto) or any preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be
stated therein or necessary to make the statements therein, in the case of the Prospectus in light of the circumstances under which they were made, not misleading, except insofar as such losses, claims, damages or liabilities are caused by
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Participant, any underwriter, or the manner in which securities are to be distributed, furnished to the
Issuers in writing by such Participant or an underwriter expressly for use therein. 
 (b) Each Participant agrees, severally
and not jointly, to indemnify and hold harmless the Issuers, their respective affiliates, officers, directors, representatives, employees and agents and each Person who controls the Issuers within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act to the same extent (but on a several, and not joint, basis) as the foregoing indemnity from the Issuers to each Participant, but only with reference to information relating to such Participant or the manner in
which securities are to be distributed by such Participant or someone acting on such Participant’s behalf, furnished to the Issuers in writing by such Participant expressly for use in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus. The liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales of Registrable Securities or Exchange Notes (and related
guarantees) giving rise to such obligations. 
 (c) If any suit, action, proceeding (including any governmental or regulatory
investigation), claim or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to either of the two preceding paragraphs, such Person (the “Indemnified Person”) shall promptly
notify the Persons against whom such indemnity may be sought (the “Indemnifying Persons”) in writing, and the Indemnifying Persons, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others the Indemnifying Persons may reasonably designate (which may include the Indemnifying Persons, unless representation of the

  
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Indemnifying Persons by the same counsel would be inappropriate due to actual or potential differing interests between them) in such proceeding and shall pay the fees and expenses actually
incurred by such counsel related to such proceeding; provided, however, that the failure to so notify the Indemnifying Persons (i) will not relieve them from any liability under paragraph (a) or (b) above unless and to
the extent such failure results in the forfeiture by an Indemnifying Person of substantial rights and defenses and (ii) will not, in any event, relieve any Indemnifying Person from any obligations to any Indemnified Person other than the
indemnification obligation provided in paragraphs (a) and (b) above. In any such proceeding, any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such
Indemnified Person unless (i) the Indemnifying Persons and the Indemnified Person shall have mutually agreed to the contrary, (ii) the Indemnifying Persons shall have failed within a reasonable period of time to retain counsel reasonably
satisfactory to the Indemnified Person or (iii) the named parties in any such proceeding (including any impleaded parties) include both any Indemnifying Person and the Indemnified Person or any affiliate thereof and representation of both
parties by the same counsel would be inappropriate due to actual or potential differing interests between them. It is understood that, unless there exists a conflict among the Indemnified Persons, the Indemnifying Persons shall not, in connection
with such proceeding or separate but substantially similar related proceeding in the same jurisdiction arising out of the same general allegations, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel)
for all Indemnified Persons, and that all such fees and expenses shall be reimbursed promptly as they are incurred. Any such separate firm for the Participants against whom a suit, action, proceeding, claim or demand is brought or asserted and
control Persons of such Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Securities and Exchange Notes (and related guarantees) sold by all such Participants, and any such separate firm for
the Issuers, their affiliates, officers, directors, representatives, employees and agents and such control Persons of the Issuers shall be designated in writing by the Issuers. 

The Indemnifying Persons shall not be liable for any settlement of any proceeding effected without their prior written consent, but if
settled with such consent or if there be a final non-appealable judgment for the plaintiff for which any Indemnified Persons are entitled to indemnification pursuant to this Agreement, each of the Indemnifying Persons agrees to indemnify and hold
harmless each Indemnified Person from and against any loss or liability by reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified Persons, effect any settlement or compromise of any
pending or threatened proceeding in respect of which any Indemnified Person is or could have been a party, or indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional written
release of such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission
of fault, culpability or failure to act by or on behalf of such Indemnified Person. 
 (d) If the indemnification provided for
in the first and second paragraphs of this Section 7 is for any reason unavailable to, or insufficient to hold harmless, an Indemnified Person in respect of any losses, claims, damages or liabilities referred to therein, then each Indemnifying
Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in order to provide for just and equitable contribution, shall contribute to the 

  
 - 21 -

 
amount paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect (i) the relative benefits
received by the Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons on the other from the applicable offering of Registrable or Exchanged Notes or (ii) if the allocation provided by the foregoing clause
(i) is not permitted by applicable law, not only such relative benefits but also the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person or Persons on the other in connection with the statements or
omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Company on the one hand or such Participant or
such other Indemnified Person, as the case may be, on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, and any other equitable considerations appropriate
in the circumstances. 
 (e) The parties agree that it would not be just and equitable if contribution pursuant to this
Section 7 were determined by pro rata allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable considerations referred to in
the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages, judgments, liabilities and expenses referred to in the immediately preceding paragraph shall be deemed to include,
subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 7, in no event shall a Participant be required to contribute any amount in excess of the amount by which proceeds received by such Participant from sales of Registrable Securities or Exchange Notes (and related guarantees), as the case
may be, exceeds the amount of any damages that such Participant has otherwise been required to pay or has paid by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of a fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 
 (f) Any losses, claims, damages, liabilities or expenses for which an indemnified party is entitled to indemnification or contribution under this Section 7 shall be paid by the Indemnifying Person to
the Indemnified Person as such losses, claims, damages, liabilities or expenses are incurred. The indemnity and contribution agreements contained in this Section 7 and the representations and warranties of the Company set forth in this
Agreement shall remain operative and in full force and effect, regardless of (i) any investigation made by or on behalf of any Holder or any person who controls a Holder, or by the Company, its directors, officers, employees or agents or any
person controlling any of the Issuers, and (ii) any termination of this Agreement. 
 (g) The indemnity and contribution
agreements contained in this Section 7 will be in addition to any liability which the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 

  
 - 22 -

	 	8.	Rules 144 and 144A 

 Each
of the Issuers covenants and agrees that it will file the reports required to be filed by it under the Securities Act and the Exchange Act and the rules and regulations adopted by the SEC thereunder in a timely manner in accordance with the
requirements of the Securities Act and the Exchange Act and, if at any time such Issuer is not required to file such reports, such Issuer will, upon the request of any Holder or beneficial owner of Registrable Securities, make available such
information as is necessary to permit sales pursuant to Rule 144A under the Securities Act. The Company further covenants and agrees, for so long as any Registrable Securities remain outstanding, that it will take such further action as any Holder
of Registrable Securities may reasonably request, all to the extent required from time to time to enable such holder to sell Registrable Securities without registration under the Securities Act within the limitations of the exemptions provided by
(a) Rule 144 and Rule 144A under the Securities Act, as such Rules may be amended from time to time, or (b) any similar rule or regulation hereafter adopted by the SEC. 

 

	 	9.	Underwritten Registrations 

If any of the Registrable Securities covered by any Shelf Registration Statement are to be sold in an underwritten offering, the
investment banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Securities included in such offering and shall be
reasonably acceptable to the Issuers. 
 No Holder of Registrable Securities may participate in any underwritten registration
hereunder unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and
executes in a timely manner all questionnaires, powers of attorney, indemnities, underwriting agreements and other customary documents required by the Company or the underwriter in connection with such underwriting arrangements. 

 

	 	10.	Miscellaneous 

 (a) No
Inconsistent Agreements. The Issuers have not, as of the date hereof, and the Issuers shall not, after the date of this Agreement, enter into any agreement with respect to any of their securities that is inconsistent with the rights granted to
the Holders of Registrable Securities in this Agreement or the Existing Registration Rights Agreement or otherwise conflicts with the provisions hereof or thereof. The rights granted to the Holders hereunder do not in any way conflict with and are
not inconsistent with the rights granted to the holders of the Issuers’ other issued and outstanding securities under any such agreements. Other than the Existing Registration Rights Agreement, the Issuers will not enter into any agreement with
respect to any of its securities which will grant to any Person piggyback registration rights with respect to any Registration Statement; provided, however that the Company may enter into an agreement in connection with the issuance of Identical
Notes which will grant the holders of the Identical Notes the right to have them included in a Registration Statement. 

  
 - 23 -

 (b) Adjustments Affecting Registrable Securities. The Issuers shall not, directly or
indirectly, take any action with respect to the Registrable Securities as a class that would adversely affect the ability of the Holders of Registrable Securities to include such Registrable Securities in a registration undertaken pursuant to this
Agreement. 
 (c) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented,
and waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of (I) the Company and (II)(A) the Holders of not less than a majority in aggregate principal amount of the then
outstanding Registrable Securities and (B) if the amendment, modification, supplement, waiver or consent would adversely affect the Participating Broker-Dealers, the Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes (and related guarantees) held by all Participating Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may not be amended, modified or supplemented without the prior
written consent of each Holder and each Participating Broker-Dealer (including any person who was a Holder or Participating Broker-Dealer of Registrable Securities or Exchange Notes (and related guarantees), as the case may be, disposed of pursuant
to any Registration Statement) affected by any such amendment, modification or supplement. Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of
Holders of Registrable Securities whose securities are being sold pursuant to a Registration Statement and that does not directly or indirectly affect, impair, limit or compromise the rights of other Holders of Registrable Securities may be given by
Holders of at least a majority in aggregate principal amount of the Registrable Securities being sold pursuant to such Registration Statement. 
 (d) Notices. All notices and other communications (including, without limitation, any notices or other communications to the Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile: 
 (i) if to a Holder of the
Registrable Securities or any Participating Broker-Dealer, at the most current address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to
the Representatives as follows: 
 Citigroup Global Markets Inc. 

388 Greenwich Street 
 New York, NY 10179 
 Attention: General Counsel 

Fax No.: (212) 816-7912 
 Deutsche Bank Securities Inc. 
 60 Wall Street 

New York, New York 10005 
 Attention: Leveraged Debt Capital Markets, 2nd Floor 
 Fax no.: (212) 797-4877 

  
 - 24 -

 with a copy to: 

Attention: General Counsel, 36th Floor 
 Fax no.: (212) 797-4561 
 J.P. Morgan Securities LLC 

383 Madison Avenue, 27th Floor 
 New York, New York 10179 
 Attention: Ken Lang 

Fax No.: (212) 270-1063 
 Merrill Lynch, Pierce, Fenner & Smith Incorporated 
 One Bryant Park

 New York, New York 10036 
 Attention: High Yield Legal 
 Fax no.: (917) 267-7085 

UBS Securities LLC 
 677 Washington Blvd. 
 Stamford, Connecticut 06901 

Attention: High Yield Syndicate Department 
 Fax no.: (203) 719-3667 
 BMO Capital Markets Corp. 

3 Times Square, 28th Floor 
 New York, New York 10036 
 Attention: Maya Patel 

Fax no.: (212) 702-1885 
 and with a copy to: 
 Willkie Farr & Gallagher LLP 

787 Seventh Avenue 
 New York, New York 10019 
 Attention: David K. Boston, Esq. 

(ii) if to the Company, at the address as follows: 

700 N.W. 107th Avenue 
 Miami, Florida 33172 
 Attention: General Counsel, Mark Sustana 

with a copy to: 
 K&L Gates LLP 
 599 Lexington Avenue 

New York, New York 10022 

  
 - 25 -

 Attention: David W. Bernstein, Esq. 

(iii) if to the Representatives, at the address specified in Section 10(d)(i). 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by facsimile. 

Copies of all such notices, demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee
under an indenture at the address and in the manner specified in the indenture. 
 (e) Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto, the Holders and the Participating Broker-Dealers. 
 (f) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original
(including facsimile signatures) and all of which taken together shall constitute one and the same agreement. 
 (g)
Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (h) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND TO BE PERFORMED ENTIRELY WITHIN
THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW THAT WOULD APPLY THE LAW OF ANY OTHER JURISDICTION. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK
COUNTY OR OF THE UNITED STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (i) Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the
terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated, and the parties hereto shall use their best efforts to find and employ an alternative
means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby stipulated and declared to be the intention of the parties that they would have executed the remaining
terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or unenforceable. 

  
 - 26 -

 (j) Securities Held by the Issuers or their Affiliates. Whenever the consent or
approval of Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Issuers or their respective affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be
counted in determining whether such consent or approval was given by the Holders of such required percentage. 
 (k)
Third-Party Beneficiaries. Holders of Registrable Securities and Participating Broker-Dealers are intended third-party beneficiaries of this Agreement, and this Agreement may be enforced by such Persons. 

(l) Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the parties as a
final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties, contracts,
understandings, correspondence, conversations and memoranda between the Holders on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in interest or successors
in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 
 [Signature page
follows] 

  
 - 27 -

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

			
	LENNAR CORPORATION
		
	By:	 	 /s/ Bruce Gross

	Name:	 	Bruce Gross
	Title:	 	 Vice President and
 Chief
Financial Officer

	
	GUARANTORS
	
	Authorized signatory for each of the Guarantors listed on Schedule I hereto
		
	By:	 	 /s/ Mark Sustana

	Name:	 	Mark Sustana
	Title:	 	Secretary

 Signature Page to Registration Rights Agreement 

 The foregoing Agreement is hereby confirmed and accepted as of the date first above written. 

CITIGROUP GLOBAL MARKETS INC. 
 J.P. MORGAN
SECURITIES LLC 
 UBS SECURITIES LLC 

BMO CAPITAL MARKETS CORP. 
 DEUTSCHE BANK
SECURITIES INC. 
 MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

for themselves and on behalf of 
 the several Initial Purchasers 
 By: CITIGROUP GLOBAL MARKETS INC. 

 

			
	By:	 	 /s/ Brian D. Bednarski

	Name:	 	Brian D. Bednarski
	Title:	 	Managing Director

 By: DEUTSCHE BANK SECURITIES INC. 
  

									
	By:	  	 /s/ Christopher Blum
	  		  	By:	  	 /s/ Scott Sartorius

	Name:	  	Christopher Blum	  		  	Name:	  	Scott Sartorius
	Title:	  	Managing Director	  		  	Title:	  	Managing Director

 By: J.P. MORGAN SECURITIES LLC 
  

			
	By:	 	 /s/ Meghann Dotson

	Name:	 	Meghann Dotson
	Title:	 	Vice President

 By: MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED 

 

			
	By:	 	 /s/ Eric Gaaserud

	Name:	 	Eric Gaaserud
	Title:	 	Managing Director

 Signature Page to Registration Rights Agreement 

 By: UBS SECURITIES LLC 
  

									
	By:	  	 /s/ Kevin T. Pluff
	  		  	By:	  	 /s/ Peter Chomyonk

	Name:	  	Kevin T. Pluff	  		  	Name:	  	Peter Chomyonk
	Title:	  	Executive Director	  		  	Title:	  	Executive Director

  

			
	By: BMO CAPITAL MARKETS CORP.
		
	By:	 	 /s/ Sumit Sengupta

	Name:	 	Sumit Sengupta
	Title:	 	Managing Director

 Signature Page to Registration Rights Agreement 

 SCHEDULE I 
 GUARANTORS 
 308 Furman, Ltd. 

360 Developers, LLC 
 Ann Arundel Farms, Ltd.

 Aquaterra Utilities, Inc. 
 Asbury
Woods L.L.C. 
 Astoria Options, LLC 

Autumn Creek Development, Ltd. 
 Aylon, LLC

 Bainebridge 249, LLC 
 Bay Colony
Expansion 369, Ltd. 
 Bay River Colony Development, Ltd. 
 BB Investment Holdings, LLC 
 BCI Properties, LLC 

Bellagio Lennar, LLC 
 Belle Meade LEN Holdings,
LLC 
 Belle Meade Partners, LLC 
 BPH
I, LLC 
 Bramalea California, Inc. 

Bressi Gardenlane, LLC 
 Builders LP, Inc.

 Cambria L.L.C. 
 Cary Woods, LLC

 Casa Marina Development, LLC 

Caswell Acquisition Group, LLC 
 Cedar Lakes II,
LLC 
 Chancellor Place at Hamilton, LLC 

Cherrytree II LLC 
 CL Ventures, LLC 

Coco Palm 82, LLC 
 Colonial Heritage LLC

 Concord Station, LLP 
 Coto de Caza,
Ltd., Limited Partnership 
 Coventry L.L.C. 
 CPFE, LLC 
 CP Red Oak Management, LLC 
 CP Red Oak Partners, Ltd. 
 Creekside Crossing, L.L.C. 

Danville Tassajara Partners, LLC 
 Darcy-Joliet,
LLC 
 DBJ Holdings, LLC 
 DTC Holdings
of Florida, LLC 
 Estates Seven, LLC 

 Evergreen Village LLC 
 EV, LLC 
 F&R Florida Homes, LLC 
 F&R QVI Home Investments USA, LLC 
 FLORDADE LLC 

Fox-Maple Associates, LLC 
 Friendswood
Development Company, LLC 
 Garco Investments, LLC 
 Greentree Holdings, LLC 
 Greystone Construction, Inc. 

Greystone Homes of Nevada, Inc. 
 Greystone
Homes, Inc. 
 Greystone Nevada, LLC 

Greywall Club L.L.C. 
 Hammocks Lennar, LLC

 Harveston, LLC 
 Haverford Venture
L.L.C. 
 Haverton L.L.C. 
 HCC
Investors, LLC 
 Heathcote Commons LLC 

Heritage of Auburn Hills, L.L.C. 
 Hewitts
Landing Trustee, LLC 
 Home Buyer’s Advantage Realty, Inc. 
 Homecraft Corporation 
 HTC Golf Club, LLC 
 Inactive Companies, LLC 
 Independence L.L.C. 

Isles at Bayshore Club, LLC 
 Lakelands at
Easton, L.L.C. 
 Lakeside Farm, LLC 

Largo Park Multifamily Developer, LLC 
 LCD
Asante, LLC 
 Legends Club, LLC 

Legends Golf Club, LLC 
 LEN - Belle Meade, LLC

 LEN — CG South, LLC 
 LEN - Palm
Vista, LLC 
 LEN Paradise Cable, LLC 

LEN Paradise Operating, LLC 
 Len Paradise, LLC

 Lencraft, LLC 
 LENH I, LLC

 Len-Hawks Point, LLC 
 Lennar - BVHP,
LLC 
 Lennar Aircraft I, LLC 
 Lennar
Arizona Construction, Inc. 

 Lennar Arizona, Inc. 
 Lennar Associates Management Holding Company 
 Lennar Associates Management, LLC 

Lennar Avenue One, LLC 
 Lennar Bridges, LLC

 Lennar Buffington Colorado Crossing, L.P. 
 Lennar Buffington Zachary Scott, L.P. 
 Lennar Carolinas, LLC 

Lennar Central Park, LLC 
 Lennar Central Region
Sweep, Inc. 
 Lennar Central Texas, L.P. 
 Lennar Chicago, Inc. 
 Lennar Cobra, LLC 
 Lennar Colorado, LLC 
 Lennar Colorado Minerals LLC 

Lennar Communities Development, Inc. 
 Lennar
Communities Nevada, LLC 
 Lennar Communities of Chicago L.L.C. 
 Lennar Communities, Inc. 
 Lennar Construction, Inc. 

Lennar Coto Holdings, L.L.C. 
 Lennar Developers,
Inc. 
 Lennar Distressed Investments, LLC 
 Lennar Family of Builders GP, Inc. 
 Lennar Family of Builders Limited Partnership 

Lennar Fresno, Inc. 
 Lennar Gardens, LLC

 Lennar Georgia, Inc. 
 Lennar Greer
Ranch Venture, LLC 
 Lennar Heritage Fields, LLC 
 Lennar Hingham Holdings, LLC 
 Lennar Hingham JV, LLC 

Lennar Homes Holding, LLC 
 Lennar Homes NJ, LLC

 Lennar Homes of Arizona, Inc. 

Lennar Homes of California, Inc. 
 Lennar Homes
of Texas Land and Construction, Ltd. 
 Lennar Homes of Texas Sales and Marketing, Ltd. 
 Lennar Homes, LLC 
 Lennar Illinois Trading Company, LLC 

Lennar Imperial Holdings Limited Partnership 

Lennar International Holding, LLC 
 Lennar
International, LLC 
 Lennar Land Partners Sub II, Inc. 
 Lennar Land Partners Sub, Inc. 
 Lennar Layton, LLC 

 Lennar Long Beach Promenade Partners, LLC 
 Lennar Lytle, LLC 
 Lennar Mare Island, LLC 

Lennar Marina A Funding, LLC 
 Lennar
Massachusetts Properties, Inc. 
 Lennar Middletown, LLC 
 Lennar Multifamily Investors, LLC 
 Lennar New Jersey Properties, Inc. 

Lennar New York, LLC 
 Lennar Northeast
Properties LLC 
 Lennar Northeast Properties, Inc. 
 Lennar Northwest, Inc. 
 Lennar Pacific Properties Management, Inc. 

Lennar Pacific Properties, Inc. 
 Lennar Pacific,
Inc. 
 Lennar PI Acquisition, LLC 

Lennar PI Property Acquisition, LLC 
 Lennar PIS
Management Company, LLC 
 Lennar PNW, Inc. 
 Lennar Point, LLC 
 Lennar Port Imperial South, LLC 

Lennar Realty, Inc. 
 Lennar Renaissance, Inc.

 Lennar Reno, LLC 
 Lennar Riverside
West Urban Renewal Company, L.L.C. 
 Lennar Riverside West, LLC 
 Lennar Sacramento, Inc. 
 Lennar Sales Corp. 

Lennar San Jose Holdings, Inc. 

Lennar/Shadeland, LLC 
 Lennar Southland I, Inc.

 Lennar Southwest Holding Corp. 

Lennar Spencer’s Crossing, LLC 
 Lennar
Texas Holding Company 
 Lennar Trading Company, LP 
 Lennar Ventures, LLC 
 Lennar West Valley, LLC 

Lennar.com Inc. 
 Lennar/LNR Camino Palomar, LLC

 Lennar-Lantana Boatyard, Inc. 

LEN-Ryan 1, LLC 
 Len-Verandahs, LLP 

LFS Holding Company, LLC 
 LH Eastwind, LLC

 LH-EH Layton Lakes Estates, LLC 
 LHI
Renaissance, LLC 

 LMI Fullerton, LLC 
 LMI Glencoe Dallas, LLC 
 LMI Las Colinas Station, LLC 

LMI Naperville, LLC 
 LMI Naperville Investor,
LLC 
 LMI Park Central, LLC 
 LMI Pearl
Apartment Homes, LLC 
 LMICS, LLC 

LMI-Contractors, LLC 
 LMI-Jacksonville Investor,
LLC 
 LMI-JC Developer, LLC 
 LMI-JC,
LLC 
 LMI-South Kings Development, LLC 

LMI-West Seattle, LLC 
 LNC at Meadowbrook, LLC

 LNC at Ravenna, LLC 
 LNC Communities
I, Inc. 
 LNC Communities II, LLC 
 LNC
Communities III, Inc. 
 LNC Communities IV, LLC 
 LNC Communities IX, LLC 
 LNC Communities V, LLC 

LNC Communities VI, LLC 
 LNC Communities VII,
LLC 
 LNC Communities VIII, LLC 
 LNC
Northeast Mortgage, Inc. 
 LNC Pennsylvania Realty, Inc. 
 Long Beach Development, LLC 
 Lori Gardens Associates II, LLC 

Lori Gardens Associates III, LLC 
 Lori Gardens
Associates, L.L.C. 
 Lorton Station, LLC 
 LW D’Andrea, LLC 
 Madrona Ridge L.L.C. 

Madrona Village L.L.C. 
 Madrona Village Mews
L.L.C. 
 Majestic Woods, LLC 
 Marble
Mountain Partners, LLC 
 Mid-County Utilities, Inc. 
 Mission Viejo 12S Venture, LP 
 Mission Viejo Holdings, Inc. 

Moffett Meadows Partners, LLC 
 NC Properties I,
LLC 
 NC Properties II, LLC 

Northbridge L.L.C. 
 Northeastern Properties LP,
Inc. 

 OHC/Ascot Belle Meade, LLC 
 One SR, L.P. 
 Palm Gardens At Doral Clubhouse, LLC 

Palm Gardens at Doral, LLC 
 Palm Vista Preserve,
LLC 
 PD-Len Boca Raton, LLC 
 PD-Len
Delray, LLC 
 PG Properties Holding, LLC 
 Pioneer Meadows Development, LLC 
 Pioneer Meadows Investments, LLC 

POMAC, LLC 
 Prestonfield L.L.C. 

Providence Lakes, LLP 
 PT Metro, LLC 

Raintree Village II L.L.C. 
 Raintree Village,
L.L.C. 
 Renaissance Joint Venture 

Reserve @ Pleasant Grove II LLC 
 Reserve @
Pleasant Grove LLC 
 Reserve at River Park, LLC 
 Reserve at South Harrison, LLC 
 Rivendell Joint Venture 

Rivenhome Corporation 
 RMV, LLC 

Rutenberg Homes of Texas, Inc. 
 Rutenberg Homes,
Inc. (Florida) 
 Rye Hill Company, LLC 

R-Ranch Development, LLC 
 R-Ranch Orlando
Lender, LLC 
 S. Florida Construction II, LLC 
 S. Florida Construction III, LLC 
 S. Florida Construction, LLC 

San Lucia, LLC 
 Santa Ana Transit Village, LLC

 Savannah Development, Ltd. 
 Savell
Gulley Development, LLC 
 Scarsdale, LTD. 
 Schulz Ranch Developers, LLC 
 Seminole/70th, LLC 

Siena at Old Orchard, LLC 
 South Development,
LLC 
 Southbank Holding, LLC 
 Spanish
Springs Development, LLC 
 St. Charles Active Adult Community, LLC 
 Stoney Corporation 
 Stoney Holdings, LLC 

 Stoneybrook Clubhouse, Inc. 
 Stoneybrook Joint Venture 
 Strategic Cable Technologies, L.P. 

Strategic Holdings, Inc. d/b/a Lennar Communications Ventures (LCV) 
 Strategic Technologies, LLC 
 Summerfield Venture L.L.C. 

Summerwood, LLC 
 SunStreet Energy Group, LLC

 TCO QVI, LLC 
 Temecula Valley, LLC

 Terra Division, LLC 
 The Baywinds
Land Trust 
 The Bridges at Rancho Santa Fe Sales Company, Inc. 
 The Bridges Club at Rancho Santa Fe, Inc. 
 The LNC Northeast Group, Inc. 

The Preserve at Coconut Creek, LLC 
 Treviso
Holding, LLC 
 Tustin Villas Partners, LLC 
 Tustin Vistas Partners, LLC 
 U.S. Home Corporation 

U.S. Home of Arizona Construction Co. 
 U.S. Home
Realty, Inc. 
 U.S.H. Los Prados, Inc. 

U.S.H. Realty, Inc. 
 USH - Flag, LLC 

USH (West Lake), Inc. 
 USH Equity Corporation

 USH LEE, LLC 
 USH Woodbridge, Inc.

 UST Lennar GP PIS 10, LLC 
 UST
Lennar GP PIS 7, LLC 
 Valencia at Doral, LLC 
 Vineyard Point 2009, LLC 
 WCP, LLC 
 West Chocolate Bayou Development, LLC 
 West Lake Village, LLC 

West Seattle Project X, LLC 
 West Van Buren
L.L.C. 
 Westchase, Inc. 
 Willowbrook
Investors, LLC 
 Woodbridge Multifamily Developer I, LLC 
 Wright Farm, L.L.C.EX-4.1

 Exhibit 4.1 
 FIRST SUPPLEMENTAL INDENTURE 
 FIRST SUPPLEMENTAL INDENTURE (this
“Supplemental Indenture”), dated as of January 31, 2013, by and among Hexion U.S. Finance Corp., a Delaware corporation (the “Issuer”), Momentive Specialty Chemicals Inc., a New Jersey corporation
(“Holdings”), the Subsidiary Guarantors party hereto (the “Subsidiary Guarantors” and, together with Holdings, the “Guarantors”) and Wilmington Trust, National Association, as trustee under the
indenture referred to below (the “Trustee”). 
 W I T N E S S E T H : 

WHEREAS, the Issuer and Guarantors have heretofore executed and delivered to the Trustee an Indenture (the “Indenture”),
dated as of March 14, 2012, providing for the issuance of the Issuer’s 6.625% First-Priority Senior Secured Notes due 2020 (the “Notes”), initially in the aggregate principal amount of $450,000,000 (the “Existing
Notes”); 
 WHEREAS, on the date hereof the Issuer intends to issue an aggregate principal amount of $1,100,000,000 of
the Notes (the “New Notes”), which shall be Additional Notes under the Indenture; 
 WHEREAS, the issuance and
sale of the New Notes has been authorized by resolutions adopted by the Board of Directors of Holdings; 
 WHEREAS, the Existing
Notes and the New Notes will be treated as a single series of Notes for all purposes of the Indenture (as supplemented by this Supplemental Indenture, including, without limitation, waivers, amendments, redemptions and offers to purchase);

 WHEREAS, the Incurrence of the Indebtedness represented by the New Notes is permitted as of the date hereof by Sections 4.03
and 4.12 of the Indenture and the New Notes will be issued in compliance with the other applicable provisions of the Indenture; 

WHEREAS, pursuant to Sections 2.01 and 9.01(x) of the Indenture, the Issuer, the Guarantors and the Trustee are authorized to execute and
deliver this Supplemental Indenture to provide for the issuance of the New Notes; 
 WHEREAS the Issuer has complied with all
conditions precedent provided for in the Indenture relating to this Supplemental Indenture; and 
 WHEREAS the Issuer has
requested that the Trustee execute and deliver this Supplemental Indenture. 
 NOW, THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Issuer, the Guarantors and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

 SECTION 1. Defined Terms. As used in this Supplemental Indenture, terms defined in
the Indenture or in the preamble or recital hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture
refer to this Supplemental Indenture as a whole and not to any particular section hereof. 
 SECTION 2. Terms of New
Notes. The terms of the New Notes shall be identical to the Existing Notes issued on the Issue Date other than with respect to the following: 
  

	 	(a)	The aggregate principal amount of New Notes which may be authenticated and delivered under the Indenture shall be $1,100,000,000. 

 

	 	(b)	The issue price of the New Notes shall be 100.75% of the aggregate principal amount of the New Notes. 

 

	 	(c)	The issuance date of the New Notes shall be the date of this Supplemental Indenture. 

 

	 	(d)	Interest on the New Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 15, 2012.

  

	 	(e)	The New Notes shall be issuable in whole or in part in the form of one or more Global Notes. The depositary for such Global Notes shall be The Depository Trust Company.

  

	 	(f)	The New Notes shall have the other terms set forth in the form of global note attached hereto as Exhibit A. 

 

	 	(g)	The New Notes shall be considered Additional Notes issued pursuant to Section 2.01 of the Indenture. 

 

	 	(h)	The Registration Rights Agreement with respect to the New Notes shall refer to the Registration Rights Agreement, dated January 31, 2013, by and among the Issuer,
the Guarantors and J.P. Morgan Securities LLC, acting on behalf of the Initial Purchasers. 

 SECTION 3.
Execution of the Notes. The Notes shall be executed on behalf of the Issuer by an Officer and authenticated by the Trustee pursuant to Section 2.03 of the Indenture. 

SECTION 4. Ratification of Indenture; Supplemental Indentures 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. 

 SECTION 5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 SECTION 6. Trustee Makes No Representation. The
Trustee makes no representation as to the validity or sufficiency of this Supplemental Indenture. 
 SECTION 7.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

SECTION 8. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof.

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

			
	HEXION U.S. FINANCE CORP.
		
	 By:
	 	 /s/ Ellen G. Berndt

	 Name:
	 	 Ellen German Berndt

	 Title:
	 	 Vice President and Secretary

	
	 MOMENTIVE SPECIALTY CHEMICALS INC.

		
	 By:
	 	 /s/ Ellen G. Berndt

	 Name:
	 	 Ellen German Berndt

	 Title:
	 	 Vice President and Secretary

	
	 BORDEN CHEMICAL FOUNDRY, LLC

		
	 By:
	 	 /s/ Ellen G. Berndt

	 Name:
	 	 Ellen German Berndt

	 Title:
	 	 Vice President and Secretary

	
	 MOMENTIVE INTERNATIONAL INC.

		
	 By:
	 	 /s/ Ellen G. Berndt

	 Name:
	 	 Ellen German Berndt

	 Title:
	 	 Vice President and Secretary

	
	MOMENTIVE SPECIALTY CHEMICALS INVESTMENTS INC.
		
	 By:
	 	 /s/ Ellen G. Berndt

	 Name:
	 	 Ellen German Berndt

	 Title:
	 	 Vice President and Secretary

 [Signature Page to First Supplemental Indenture] 

 
			
	MOMENTIVE CI HOLDING COMPANY (CHINA) LLC
		
	By:	 	Lawter International Inc, as sole managing member
		
	By:	 	/s/ Ellen G. Berndt
	Name:	 	Ellen German Berndt
	Title:	 	Vice President and Secretary
	
	HSC CAPITAL CORPORATION
		
	By:	 	/s/ Ellen G. Berndt
	Name:	 	Ellen German Berndt
	Title:	 	Vice President and Secretary
	
	LAWTER INTERNATIONAL INC.
		
	By:	 	/s/ Ellen G. Berndt
	Name:	 	Ellen German Berndt
	Title:	 	Vice President and Secretary
	
	OILFIELD TECHNOLOGY GROUP, INC.
		
	By:	 	/s/ Ellen G. Berndt
	Name:	 	Ellen German Berndt
	Title:	 	Vice President and Secretary
	
	NL COOP HOLDINGS LLC
		
	By:	 	/s/ Ellen G. Berndt
	Name:	 	Ellen German Berndt
	Title:	 	Vice President and Secretary

 [Signature Page to First Supplemental Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as trustee
		
	By:	 	/s/ Jane Schweiger
	Name:	 	Jane Schweiger
	Title:	 	Vice President

 [Signature Page to First Supplemental Indenture] 

 Exhibit A 
 [FORM OF FACE OF GLOBAL NOTE] 
 [Global Notes Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC) ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE LATER
OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF NOTES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE
THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Notes Legend for Notes Offered Otherwise than in Reliance on
Regulation S] 
 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND THIS NOTE MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS NOTE IS
HEREBY NOTIFIED THAT THE SELLER OF THIS NOTE MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. 

 THE HOLDER OF THIS NOTE AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) THIS NOTE MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) TO THE ISSUER, (II) WITHIN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES
ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (III) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT,
PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN
AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (IV) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH
RULE 904 UNDER THE SECURITIES ACT, (V) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (VI) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT, IN EACH OF CASES (I) THROUGH (VI) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS NOTE FROM IT
OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. 
 [Restricted Notes Legend for Notes Offered in Reliance on Regulation S.]

 THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S.
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT. 
 [Temporary Regulation S Global Note Legend] 
 EXCEPT AS SET FORTH BELOW,
BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOT BE EXCHANGEABLE FOR INTERESTS IN THE PERMANENT REGULATION S GLOBAL NOTE OR ANY OTHER NOTE REPRESENTING AN INTEREST IN THE NOTES REPRESENTED HEREBY WHICH DO
NOT CONTAIN A LEGEND CONTAINING RESTRICTIONS ON TRANSFER, UNTIL THE EXPIRATION OF THE “40-DAY DISTRIBUTION COMPLIANCE PERIOD” (WITHIN THE MEANING OF RULE 903(B)(2) OF REGULATION S UNDER THE SECURITIES ACT) AND THEN ONLY UPON
CERTIFICATION TO THE TRUSTEE THAT SUCH BENEFICIAL INTERESTS ARE OWNED EITHER BY NON-U.S. PERSONS OR U.S. PERSONS WHO PURCHASED SUCH INTERESTS IN A TRANSACTION THAT DID NOT REQUIRE REGISTRATION UNDER THE SECURITIES ACT. DURING SUCH 40-DAY
DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL OWNERSHIP INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY ONLY BE SOLD, PLEDGED OR TRANSFERRED (I) TO THE ISSUER, (II) OUTSIDE THE UNITED STATES IN A TRANSACTION IN ACCORDANCE WITH
RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, OR (III) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES (I) THROUGH (III) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES. HOLDERS OF INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE WILL NOTIFY ANY PURCHASER OF THIS NOTE OF THE RESALE RESTRICTIONS REFERRED TO ABOVE, IF THEN APPLICABLE. 

 AFTER THE EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS
TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN A RULE 144A GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES IN COMPLIANCE WITH RULE 144A AND (2) THE TRANSFEROR OF THE REGULATION
S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S GLOBAL NOTE IS BEING TRANSFERRED (A) TO A PERSON WHO THE TRANSFEROR REASONABLY BELIEVES TO BE A
QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, (B) TO A PERSON WHO IS PURCHASING FOR ITS OWN ACCOUNT OR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, AND (C) IN
ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 
 AFTER THE
EXPIRATION OF THE DISTRIBUTION COMPLIANCE PERIOD, BENEFICIAL INTERESTS IN THIS TEMPORARY REGULATION S GLOBAL NOTE MAY BE EXCHANGED FOR INTERESTS IN AN IAI GLOBAL NOTE ONLY IF (1) SUCH EXCHANGE OCCURS IN CONNECTION WITH A TRANSFER OF THE NOTES
IN COMPLIANCE WITH AN EXEMPTION UNDER THE SECURITIES ACT AND (2) THE TRANSFEROR OF THE REGULATION S GLOBAL NOTE FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE (IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT THE REGULATION S
GLOBAL NOTE IS BEING TRANSFERRED (A) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION
OF COUNSEL ACCEPTABLE TO THE ISSUER THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS. 

 BENEFICIAL INTERESTS IN A RULE 144A GLOBAL NOTE OR AN IAI GLOBAL NOTE MAY BE TRANSFERRED TO
A PERSON WHO TAKES DELIVERY IN THE FORM OF AN INTEREST IN THE REGULATION S GLOBAL NOTE, WHETHER BEFORE OR AFTER THE EXPIRATION OF THE 40-DAY DISTRIBUTION COMPLIANCE PERIOD, ONLY IF THE TRANSFEROR FIRST DELIVERS TO THE TRUSTEE A WRITTEN CERTIFICATE
(IN THE FORM ATTACHED TO THIS CERTIFICATE) TO THE EFFECT THAT SUCH TRANSFER IS BEING MADE IN ACCORDANCE WITH RULE 903 OR 904 OF REGULATION S OR RULE 144 (IF AVAILABLE). 
 [Definitive Notes Legend] 
 IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

 HEXION U.S. FINANCE CORP. 

6.625% First-Priority Senior Secured Notes due 2020 
 144A CUSIP No. [            ] 
 144A ISIN No. [            ] 
 REG S CUSIP No. [            ] 
 REG S ISIN No. [            ] 
  

			
	No. [            ]	  	$ [            ]

 HEXION U.S. FINANCE CORP., a Delaware corporation promises to pay to
[            ], or its registered assigns, the principal sum of [            ] Dollars
($[            ]) on April 15, 2020. 
 Interest Payment Dates:
April 15 and October 15 
 Record Dates: April 1 and October 1 

Additional provisions of this Note are set forth on the other side of this Note. 
 Dated: January 31, 2013 
 [SIGNATURE PAGE FOLLOWS] 

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

 

					
		 	HEXION U.S. FINANCE CORP.
			
		 	         by
	 	
		 		 	  

		 		 	Name:
		 		 	Title:

 Dated: 

TRUSTEE’S CERTIFICATE OF 

    AUTHENTICATION 
  

			
	 WILMINGTON TRUST, NATIONAL
     ASSOCIATION,

		
	     as Trustee, certifies that this is one of
         the Notes referred to in the Indenture.
	  	

			
		
	    by	 	 
		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF INITIAL NOTE] 

6.625% First-Priority Senior Secured Notes Due 2020 
 1. Interest 
 Hexion U.S. Finance Corp., a Delaware corporation (such
Person, and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises to pay interest on the principal amount of this Note at a rate per annum of 6.625%; provided,
however, that if a Registration Default (as defined in the Registration Rights Agreement) occurs, additional interest will accrue on this Note at a rate of 0.25% per annum (increasing by an additional 0.25% per annum after each
consecutive 90-day period that occurs after the date on which such Registration Default occurs up to a maximum additional interest rate of 1.00%) from and including the date on which any such Registration Default shall occur to but excluding the
earlier of (x) the date on which all Registration Defaults have been cured and (y) the date which is two years from January 31, 2013. The Issuer will pay interest semiannually in arrears to the holders of record of the Notes on
April 15 and October 15 of each year, commencing April 15, 2013. Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from October 15, 2012. Interest will
be computed on the basis of a 360-day year of twelve 30-day months. The Issuer will pay interest on overdue principal at the rate borne by this Note plus 1.00% per annum, and it will pay interest on overdue installments of interest at the same
rate to the extent lawful. 
 2. Method of Payment 
 The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered holders of Notes at the close of business on the April 1 or October 1 next preceding the
interest payment date even if Notes are canceled after the record date and on or before the interest payment date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Issuer will pay principal and interest in money of
the United States that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a Global Note (including principal, premium and interest) will be made by wire transfer of
immediately available funds to the accounts specified by the Depository. The Issuer will make all payments in respect of a certificated Note (including principal, premium and interest) by mailing a check to the registered address of each Holder
thereof; provided, however, that payments on a certificated Note will be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving
written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

 3. Paying Agent and Registrar 
 Initially, Wilmington Trust, National Association (the “Trustee”) will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or co-registrar without
notice. Holdings or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or co-registrar. 

 4. Indenture 
 The Issuer issued the Notes under an Indenture dated as of March 14, 2012 (as supplemented to the date hereof, the “Indenture”), among the Issuer, the Guarantors and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) (the “Act”). Terms defined in the Indenture and not
defined herein have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and holders of the Notes are referred to the Indenture and the Act for a statement of those terms. 

The Notes are secured obligations of the Issuer and consist of (i) $450,000,000 aggregate principal amount of 6.625% First-Priority
Senior Secured Notes due 2020 issued on March 14, 2012, (ii) $1,100,000,000 aggregate principal amount of 6.625% First-Priority Senior Secured Notes due 2020 issued on January 31, 2013 as Additional Notes under the Indenture,
including this Note, and (iii) any other Additional Notes that may be issued after the Issue Date. The Indenture contains covenants that, among other things, limit the ability of Holdings and its Restricted Subsidiaries to incur additional
indebtedness; pay dividends or distributions on, or redeem or repurchase capital stock; make investments; engage in transactions with affiliates; create liens on assets to secure indebtedness; transfer or sell assets; guarantee indebtedness;
restrict dividends or other payments of subsidiaries; consolidate, merge or transfer all or substantially all of its assets; and engage in sale/leaseback transactions. These covenants are subject to important exceptions and qualifications contained
in the Indenture. 
 5. Optional Redemption 
 Except as set forth below, the Issuer shall not be entitled to redeem the Notes. 

On and after April 15, 2015, the Issuer shall be entitled at its option on one or more occasions to redeem all or a portion of the
Notes upon not less than 30 nor more than 60 days’ notice, at the following redemption prices (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest and additional interest, if any, to
the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on April 15th of the years set forth
below: 
  

					
	 Period
	  	Redemption
Price	 
	 2015
	  	 	104.969	% 
	 2016
	  	 	103.313	% 
	 2017
	  	 	101.656	% 
	 2018 and thereafter
	  	 	100.000	% 

 In addition, prior to April 15, 2015, the Issuer may redeem Notes at its option, in
whole at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior notice mailed by first-class mail to each Holder’s registered address, at a redemption price equal to 100% of the principal amount of the
Notes redeemed plus the Applicable Premium as of, and accrued and unpaid interest and additional interest, if any, to the applicable redemption date (subject to the right of holders of record on the relevant record date to receive interest due on
the relevant interest payment date). 
 During any twelve month period prior to April 15, 2015, the Issuer may redeem up to
10% of the original aggregate principal amount of the Notes (calculated after giving effect to any issuance of Additional Notes) at a redemption price of 103%, plus accrued and unpaid interest and additional interest, if any, to the redemption date
(subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date). 
 Notwithstanding the foregoing, prior to April 15, 2015, the Issuer shall upon not less than 30 nor more than 60 days’ notice, be entitled at their option on one or more occasions to redeem
Notes (which includes Additional Notes) in an aggregate principal amount not to exceed 35% of the original aggregate principal amount of the Notes (which includes Additional Notes) originally issued at a redemption price of 106.625% of the principal
amount thereof, plus accrued and unpaid interest and additional interest, if any, to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), with the
net cash proceeds from one or more Equity Offerings (1) by Holdings or (2) by any direct or indirect parent of Holdings, in each case, to the extent the net cash proceeds thereof are contributed to the common equity capital of Holdings or
used to purchase Capital Stock (other than Disqualified Stock) of Holdings from it; provided, however, that (1) at least 65% of such aggregate principal amount of Notes (which includes Additional Notes) remains outstanding
immediately after the occurrence of each such redemption; and (2) each such redemption occurs within 90 days after the consummation of the related Equity Offering. Notwithstanding the foregoing, the Issuer may at any time and from time to
time purchase Notes in the open market or otherwise. 
 Notice of any redemption upon any Equity Offering may be given prior to
the completion thereof, and any such redemption or notice may, at Holding’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering. 

6. Notice of Redemption 

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date to each
Holder of Notes to be redeemed at his registered address. Notes in denominations larger than $2,000 principal amount may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
interest on all Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on
such Notes (or such portions thereof) called for redemption. 

 7. Put Provisions 
 The occurrence of any Change of Control will constitute an Event of Default under the Indenture unless the Issuer (i)(A) makes an offer within 30 days following such Change of Control to all holders of
the Notes to purchase all the Notes properly tendered (a “Change of Control Offer”) at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof, plus accrued and unpaid interest (if
any) and additional interest, if any, to the date of repurchase (subject to the right of holders of record on the relevant record date to receive interest due on the relevant interest payment date); and (B) purchases all the Notes properly
tendered in accordance with the Change of Control Offer or (ii) exercises its right, within 30 days following such Change of Control, to redeem all the Notes as described under paragraph 5 of this Note. 

8. Guarantee 
 The
payment by the Issuer of the principal of, and premium and interest on, the Notes is fully and unconditionally guaranteed on a joint and several basis by each of the Guarantors to the extent set forth in the Indenture. 

9. Security 
 The Notes
will be secured by the Collateral on the terms and subject to the conditions set forth in the Indenture and the Security Documents, such security interest to be pari passu in priority to security interests granted for the benefit of holders of other
First-Priority Lien Obligations. The First Lien Collateral Agent holds the Collateral in trust for the benefit of the Trustee and the Holders pursuant to the Security Documents and the First Lien Intercreditor Agreement. Each Holder, by accepting
this Note, consents and agrees to the terms of the Security Documents (including the provisions providing for the foreclosure and release of Collateral) and the First Lien Intercreditor Agreement and the Junior Priority Intercreditor Agreements in
effect or as they may be amended from time to time in accordance with their terms and the Indenture and authorizes and directs the First Lien Collateral Agent to enter into the Collateral Agreement Supplement, any other Security Documents and the
First Lien Intercreditor Agreement and the joinders to the Junior Priority Intercreditors Agreements, and to perform its obligations and exercise its rights thereunder in accordance therewith. 

10. Denominations; Transfer; Exchange 
 The Notes are in registered form without coupons in denominations of $2,000 principal amount and whole multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the Indenture. The
Registrar may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange
any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or any Notes for a period of 15 days before a selection of Notes to be redeemed or 15 days before an
interest payment date. 

 11. Persons Deemed Owners 
 The registered Holder of this Note may be treated as the owner of it for all purposes. 
 12.
Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee or
Paying Agent shall pay the money back to the Issuer at its request unless an abandoned property law designates another Person. After any such payment, Holders entitled to the money must look only to the Issuer and not to the Trustee for payment.

 13. Discharge and Defeasance 
 Subject to certain conditions set forth in the Indenture, the Issuer at any time shall be entitled to terminate some or all of their and the Guarantors’ obligations under the Notes and the Indenture
if the Issuer deposits with the Trustee money or, in certain cases, U.S. Government Obligations for the payment of principal and interest on the Notes to redemption or maturity, as the case may be. 

14. Amendment, Waiver 

Subject to certain exceptions set forth in the Indenture, (a) the Indenture, the Security Documents, the First Lien Intercreditor
Agreement, the Junior Priority Intercreditor Agreements and the Notes may be amended with the written consent of the Holders of at least a majority in principal amount outstanding of the Notes voting as a single class (which consents may be obtained
in connection with a tender offer or exchange offer for the Notes) and (b) any default or noncompliance with any provision may be waived with the written consent of the Holders of a majority in principal amount outstanding of the Notes voting
as a single class (which consents may be obtained in connection with a tender offer or exchange offer for the Notes). Subject to certain exceptions set forth in the Indenture, without the consent of any Noteholder, the Issuer, the Guarantors and the
Trustee shall be entitled to amend the Indenture, the Security Documents, the First Lien Intercreditor Agreement, the Junior Priority Intercreditor Agreements or the Notes to cure any ambiguity, omission, defect, mistake or inconsistency, or to
comply with Article 5 of the Indenture, or to provide for uncertificated Notes in addition to or in place of certificated Notes, or to add guarantees with respect to the Notes, including Guarantees, or to secure the Notes, or to add additional
assets as Collateral, or to release Collateral when permitted or required under the Indenture or the Security Documents, or to add additional secured creditors holding Junior Priority Obligations or other First Priority Lien Obligations so long as
such obligations are not prohibited by the Indenture, or to additional covenants or surrender rights and powers conferred on the Issuer or the Guarantors, or to conform the text of the Indenture, the Notes, the Security Documents, the First Lien
Intercreditor Agreement or the Junior Priority Intercreditor Agreements, to any provision of the section captioned “Description of Notes” in the Offering Circular to the extent such provision was intended by the Issuer to be a verbatim
recitation of a provision of the Indenture, the Notes, the Security Documents, the First Lien Intercreditor Agreement or the Junior Priority Intercreditor Agreements, or to comply with any requirement of the SEC in connection with qualifying the
Indenture under the Act, to make the changes contemplated pursuant to Article 12 of the Indenture in connection with an ABL Transaction and changes in furtherance thereof, to make certain changes to the Indenture to provide for the issuance of
Additional Notes or to make any change that does not adversely affect the rights of any Noteholder, or to make amendments to provisions of the Indenture relating to the transfer and legending of the Notes. 

 15. Defaults and Remedies 
 Under the Indenture, Events of Default include (a) default for 30 days in payment of interest on the Notes; (b) default in payment of principal on the Notes at maturity, upon redemption
pursuant to paragraph 5 of the Notes, upon acceleration or otherwise, or the failure by the Issuer to redeem or purchase Notes when required; (c) failure by the Issuer or certain Subsidiaries to comply with other agreements in the
Indenture or the Notes, in certain cases subject to notice and lapse of time; (d) certain accelerations (including failure to pay within any grace period after final maturity) of other Indebtedness of the Issuer if the amount accelerated (or so
unpaid) exceeds $35.0 million; (e) certain events of bankruptcy or insolvency with respect to the Issuer, the Guarantors and the Significant Subsidiaries; (f) certain judgments or decrees for the payment of money in excess of
$35.0 million; (g) certain defaults with respect to Guarantees; and (h) certain defaults relating to the Collateral under the Security Documents. If an Event of Default occurs and is continuing, the Trustee or the Holders of at least
25% in principal amount of the Notes may declare all such Notes to be due and payable immediately, subject to certain conditions set forth in the Indenture. Certain events of bankruptcy or insolvency are Events of Default which will result in the
Notes being due and payable immediately upon the occurrence of such Events of Default. 
 Noteholders may not enforce the
Indenture or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security reasonably satisfactory to it. Subject to certain limitations, Holders of a majority in
principal amount of the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Noteholders notice of any continuing Default (except a Default in payment of principal or interest) if it determines that
withholding notice is in the interest of the Holders. 
 16. Trustee Dealings with the Issuer 

Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its individual or any other capacity, may become
the owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee.

 17. No Recourse Against Others 
 A director, officer, employee or stockholder, as such, of the Issuer or the Trustee shall not have any liability for any obligations of the Issuer under the Notes or the Indenture or for any claim based
on, in respect of or by reason of such obligations or their creation; provided, however, the foregoing will not affect or limit any liability of any Guarantor under the Indenture or its Guarantee. By accepting a Note, each Noteholder
waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

 18. Authentication 
 This Note shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Note. 

19. Abbreviations 

Customary abbreviations may be used in the name of a Noteholder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by
the entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 20. CUSIP Numbers 
 Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures the Issuer has caused CUSIP numbers to be printed on the Notes and has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. No representation is
made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

21. Holders’ Compliance with Registration Rights Agreement 
 Each Holder of a Note, by acceptance hereof, acknowledges and agrees to the provisions of the Registration Rights Agreement, including the obligations of the Holders with respect to a registration and the
indemnification of the Issuer to the extent provided therein. 
 22. Governing Law 

This Note shall be governed by, and construed in accordance with, the laws of the state of New York. 

The Issuer will furnish to any Noteholder upon written request and without charge to the Noteholder a copy of the Indenture which has in
it the text of this Note in larger type. Requests may be made to: 
 Momentive Specialty Chemicals Inc. 

180 East Broad St. 
 Columbus, OH 43215 
 Attention: General Counsel 

 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 I or we assign and transfer this Note to

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

(Insert assignee’s soc. sec. or tax I.D. No.) 
 and irrevocably appoint              agent to transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

  

									
	 	  	 	  	 	 	 	  	 
				
	Date:	  	 	  	 	Your Signature:	  	  	 

  

							
	 	  	 	  	 	  	 

 Sign exactly as your name appears on the other side of this Note. 

In connection with any transfer of any of the Notes evidenced by this certificate occurring prior to the expiration of the applicable holding period
referred to in Rule 144(d) under the Securities Act after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuer or any Affiliate of the Issuer, the undersigned confirms
that such Notes are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 

 

	 ̈	to the Issuer; or 

  

	 	(1)         ̈	pursuant to an effective registration statement under the Securities Act of 1933; or 

 

	 	(2)         ̈	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own
account or for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933; or

  

	 	(3)         ̈	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities
Act of 1933; or 

  

	 	(4)         ̈	pursuant to the exemption from registration provided by Rule 144 under the Securities Act of 1933; or 

	 	(5)         ̈	to an institutional “accredited investor” (as defined in Rule 501(a)(1),(2),(3) or (7) under the Securities Act of 1933) that has furnished to the
Trustee a signed letter containing certain representations and agreements. 

 Unless one of the boxes is checked,
the Trustee will refuse to register any of the Notes evidenced by this certificate in the name of any person other than the registered holder thereof; provided, however, that if box (3), (4) or (5) is checked, the Trustee
shall be entitled to require, prior to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being made pursuant to an exemption
from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933, such as the exemption provided by Rule 144 under such Act. 
  

			
	Signature	  	  

 Signature Guarantee: 

 

			
	  
	  	  

	Signature must be guaranteed	  	Signature

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

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

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

			
	Dated:
                                        
	  	  

		  	 Notice:     To be executed by

       an executive officer

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 
 The following increases or decreases in this Global Note have been made: 
  

			                		                		                		                		                		                		                		                
	 Date of Exchange
	  	 	 	 Amount of decrease in
 Principal amount of this

Global Note
	 	 	  	 Amount of increase in
 Principal amount of

this Global Note
	 	 	 	 Principal amount of this

Global Note following such
decrease or increase
	 	 	 	 Signature of authorized
 officer of Trustee or Notes
Custodian

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.06 or 4.08 of the Indenture, check the box:

  

							
		  	 	  	 	  	

 If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.06
or 4.08 of the Indenture, state the amount in principal amount: $                     

 

					
	Dated:
                                    	  	Your Signature:  	  	 
		  		  	 (Sign exactly as your name

appears on the other side
 of this
Note.)

  

			
	Signature Guarantee:	 	 
	(Signature must be guaranteed)

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

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