Document:

Exhibit 10.1

 

Employment
Agreement

 

This
employment agreement (the “Agreement”) is dated as of May 18, 2017 by and between NanoFlex Power Corporation,
a Florida corporation (the “Company”) and Ronald V. DaVella (the “Executive.”)

 

WHEREAS,
the Executive has been appointed as the Company’s Chief Financial Officer effective May 15, 2017, and possesses the experience
and knowledge required to serve in such capacity. The Company desires to enter into this Agreement with the Executive and the
Executive desires to enter into this Agreement with the Company.

 

NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants and agreements of the parties set forth in this Agreement,
and of other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, the parties hereto,
intending to be legally bound, agree as follows:

 

1.       Term
of Employment. The Company hereby agrees to employ the Executive and the Executive hereby agrees to continue to serve the
Company, in accordance with the terms and conditions set forth herein, for a maximum period of four (4) years commencing on May
18, 2017 (the “Effective Date”) subject to renewal or termination at the Company’s discretion at each anniversary
of Effective Date (the “Period End Dates” and each a “Period End Date”) as described herein.
The Company shall have the option to renew the Agreement until the next Period End Date or terminate this Agreement and the Executive’s
employment hereunder, at each Period End Date by giving the Executive ninety (90) days’ written notice, prior to each Period
End Date, of the intent of such renewal or termination (the “Notice of Renewal” or “Notice of Termination,”
respectively.) This Agreement and the Executive’s employment hereunder shall remain effective until the Company sends a
Notice of Termination, the Company or the Executive terminate this Agreement and the Executive’s employment hereunder for
any reason, or upon the expiration of the final Period End Date, and such period shall be referred to as the “Term.”

 

2.       Position
and Responsibilities. During the Term of this Agreement, the Executive shall serve as the Chief Financial Officer of the Company.
The Executive shall have the duties and functions that are generally associated with the position of Chief Financial Officer and
will be responsible for such other duties as may from time to time be reasonably assigned to him by the Company’s Board
of Directors (the “Board”) or Chief Executive Officer.

 

3.       Performance
of Duties. During the Term of this Agreement, the Executive shall devote substantially all of his working time to the performance
of his responsibilities and duties hereunder and shall comply with the policies of the Company with respect to conflict of interest
and business ethics from time to time in effect. During the Term of this Agreement, the Executive shall not, without the prior
written consent of the Board, render services, whether or not compensated, to any other person or entity as an employee, independent
contractor or otherwise; provided, however, that, except as provided in Section 8 below, nothing contained herein
shall restrict the Executive from: (i) rendering services to charitable organizations and from managing his personal investments
in such manner as shall not interfere with the performance by the Executive of his duties hereunder; or (ii) serving on the board
of directors of any other entity so long as (iii) such entity is not in a business which is competitive with that of the Company,
(iv) such service does not interfere with the performance by the Executive of his duties hereunder and (v) the Executive receives
the prior approval of the Board with respect to such service. The Company has approved the Executive’s continued role as
a director of the Joint Corporation, a Delaware Corporation.

 

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4.       Compensation.
As remuneration for all services to be rendered by the Executive during the Term, and as consideration for complying with the
covenants herein, the Company shall pay and provide to the Executive the following:

 

4.1        Base
Salary. The Company shall pay the Executive as compensation for his services hereunder, in equal monthly
installments until such time that the Chief Executive Officer in his discretion determines that the Company’s cash
flows can support semi-monthly or bi-weekly installments during the Term, the sum of $180,000 per annum (the “Base
Salary”).

 

4.2       
Warrants. In addition to the Base Salary provided for in Section 4.1, as compensation for services provided hereunder,
the Executive shall also receive warrants, in the form substantially attached hereto as Exhibit A, to purchase 1,800,000
shares (the “Warrant Shares”) of the Company’s $.0001 par value per share common stock (the “Common
Stock”) to vest as described in the warrant attached hereto as Exhibit A. The Warrant Shares are intended to
be exempt from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act,”)
pursuant to Regulation D and shall bear a “restricted legend.” In connection with his acquisition of the Warrant
Shares, the Executive represents and warrants to the Company that (i) he will not sell or otherwise transfer the Warrant Shares
during the period in which they are subject to forfeiture and without registration under the Securities Act or an exemption therefrom;
(ii) he has such knowledge and experience in financial and business matters that he is capable of evaluating the merits and risks
of his investment in the Warrant Shares and is able to bear such risks; and (iii) he is acquiring the Warrant Shares for the his
own account, for investment purposes only and not with a view to distribute or resell such securities in whole or in part.

 

4.3        Conditions
to Compensation. Compensation in the form of the Warrant Shares shall be conditioned upon the Executive providing the Company,
at the Company’s request, with any completed and executed documentation and information as may be reasonably be required
by the Company to issue the Warrant Shares under applicable laws and regulations, including a completed investor questionnaire
attached hereto as Exhibit B.

 

4.4
      Compensation Plans. The Executive shall be eligible to participate in such profit-sharing, 401K, stock option, bonus
and performance award programs as are made available generally to executive officers of the Company, such participation to be
on a basis which is commensurate with the Executive’s position with the Company.

 

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4.5        Health
Care and Other Benefits. The Executive shall receive full family plan coverage under any health and dental plans established
for the Company. In addition to the foregoing, the Executive shall also be entitled to participate in all other benefit programs
that the Company establishes and makes available to its employees to the extent the Executive’s position, tenure, salary,
age, health and other qualifications make him eligible to participate, and shall be entitled to receive such perquisites as are
made available generally to executive officers of the Company.

 

4.6       Vacation.
The Executive shall be entitled to four weeks of vacation per each year during the Term which shall be taken at such times so
as to not reasonably impede the Executive’s duties hereunder. Vacation days that are not taken may not be carried over into
future years.

 

4.7       Annual
Bonus. In addition to his Base Salary, the Executive shall be eligible to receive an annual cash bonus (the “Bonus”)
of up to 30% of his Base Salary in respect of each fiscal year during the term of this Agreement to be approved the Board and
the Company’s Chief Executive Officer. The Bonus shall be payable to the Executive in cash as promptly as practical after
the completion by the Company of an audit of its financial statements for the fiscal year to which such bonus relates.

 

5.       Expenses.
The Company shall reimburse the Executive for all reasonable, ordinary and necessary documented travel, entertainment and other
out-of-pocket expenses that the Executive incurs on behalf of the Company in the course of his employment hereunder in accordance
with the Company’s normal policies and provisions regarding such reimbursements. Notwithstanding the foregoing, Executive
shall be required to get prior written approval from the Company’s Chief Executive Officer for reimbursement for expenses
of $500 or more.

 

6.       Termination.

 

6.1      
Termination Date. Either Party may terminate this Agreement at any time with or without cause upon ninety (90) days’ prior
written notice to the other party. The date ninety (90) days after such notice, and the date ninety (90) days from the date the
Company sends a Notice of Termination as described in Section 1 herein, shall be deemed the “Termination Date.”
By signing below, Executive hereby acknowledges that employment hereunder is at will and may be terminated at any time for any
reason.

 

6.2       Effect
of Termination.

 

(a)      If
the Executive’s employment is terminated voluntarily by the Executive, or if the Company terminates the Executive’s employment
hereunder for any reason other than through giving a Notice of Termination as described in Section 1 herein, the Executive or
his estate shall be paid any accrued Base Salary, Warrant Shares and other benefits, if any, hereunder through the Termination
Date. The Executive shall also be paid any unreimbursed expenses incurred by the Executive pursuant to Section 5 hereof in accordance
with the terms and provisions of that section incurred through the Termination Date.

 

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(b)      If,
the Company sends a Notice of Termination, as described in Section 1 hereof, the Executive shall be paid any accrued Base Salary,
Warrant Shares and other benefits, if any, hereunder through the Termination Date and if the Executive continues to perform his
duties pursuant to this Agreement after receipt of the Notice of Termination until the Termination Date, the Executive shall also
receive the Base Salary, Warrant Shares, and other benefits hereunder, if any, for an additional ninety (90) days after the Termination
Date. The Executive shall also be paid any unreimbursed expenses incurred by the Executive pursuant to Section 5 hereof in accordance
with the terms and provisions of that section, incurred through the Termination Date and for an additional ninety (90) days after
the Termination Date if the Executive continues to perform his duties pursuant to this Agreement until the Termination Date after
receipt of the Notice of Termination.

 

6.3       Payments
Upon Termination. Except as otherwise provided in this Agreement, any payments to which the Executive shall be entitled under
this Section 6, shall be made as promptly as possible following the Termination Date, but in no event more than 30 days after
the Termination Date. If the amount of any payment due to the Executive cannot be finally determined within 30 days after the
Termination date, such amount shall be reasonably estimated on a good faith basis by the Company and the estimated amount shall
be paid no later than thirty (30) days after such Termination date. As soon as practicable thereafter, the final determination
of the amount due shall be made and any adjustment requiring a payment to the Executive shall be made as promptly as practicable.

 

7.       Change
of Control.

 

7.1       Change
of Control. Upon a Change of Control (as hereinafter defined), the Executive shall receive all compensation due for the Term
of this Agreement. This Agreement will be enforceable but the duties and responsibilities may change for the Executive subject
to mutual agreement between the Executive and the new ownership or the Executive may voluntarily terminate his employment hereunder
and receive the compensation described in Section 6.2(a). If the Executive does not voluntarily terminate his employment, then
the Executive (or his estate) shall receive all compensation provided by this Agreement herein at such times as he would have
received them if there was no Change of Control. Additionally, in the event of a Change of Control during the Term, the Warrant
Shares, and any additional unvested equity compensation granted by the Company to the Executive hereunder, shall vest immediately
upon the occurrence of a Change of Control. For purposes of this Agreement “Change of Control” means the occurrence
of any of the following events: (a) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities
Exchange Act of 1934 (the “Exchange Act”) becomes the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of the total
voting power of the Company’s then outstanding voting securities or 50% or more of the fair market value of the Company;
or (b) The Company has sold all or substantially all of its assets to another person or entity that is not a majority-owned subsidiary
of the Company. Notwithstanding the preceding, the above-listed events must satisfy the requirements of Treasury Regulation Section
1.409A-3(i)(5) in order to be deemed a Change of Control.

 

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8.       Noncompetition/Nondisclosure.

 

8.1       
Executive’s Acknowledgment. The Executive agrees and acknowledges that in order to assure the Company that it will
retain its value as a going concern, it is necessary that the Executive undertake not to utilize his special knowledge of the
Company’s business of engaging in the development, commercialization, and licensing of advanced thin film solar technologies
and intellectual property (the “Business”) and his relationships with those in the Company’s industry,
customers and suppliers to compete with the Company. Executive further acknowledges that: (i) the Company is and will be engaged
in the Business; (ii) Executive has occupied a position of trust and confidence with the Company prior to the date of this Agreement
and, during such period the Executive has, and during the term of this Agreement the Executive will, become familiar with the
Company’s trade secrets and with other proprietary and confidential information concerning the Company and the Business;
(iii) the agreements and covenants contained in this Section 8 are essential to protect the Company and the goodwill of the Business;
and (iv) the Executive’s employment with the Company has special, unique and extraordinary value to the Company and the
Company would suffer irreparable harm, for which money damages would not constitute adequate compensation, if Executive were to
provide services to any person or entity in violation of the provisions of this Agreement or otherwise violate any of the terms
of this Section 8.

 

8.2       
Competitive Activities. The Executive hereby agrees that for a period (the “Restricted Period”) commencing
on the Effective Date and ending ninety (90) days following the termination of Executive’s employment with the Company for
whatever reason, Executive shall not, on behalf of himself or any other individual or group of individuals, firm, company, corporation,
partnership, trust or other entity or enterprise or successor in interest to any of the foregoing, or any employee, partner, officer,
director, partner, or stockholder of any of the foregoing (each individually, a Person and collectively, “Persons,”)
directly or indirectly, as an employee, proprietor, stockholder, partner, consultant, or otherwise, engage in any business or
activity directly competitive with the Business or any of the business activities of the Company as they are now, currently proposed
to be, or are, at the time in question, undertaken by the Company, anywhere in North America (the “Territory,”)
except as expressly approved by the Board in writing. With respect to the Territory, Executive specifically acknowledges that
the Company has conducted the Business throughout those areas comprising the Territory and the Company intends to continue to
expand the Business throughout the Territory.

 

8.3       
Blue-Pencil. If any court of competent jurisdiction shall at any time deem the term of this Agreement or any particular
covenant contained in this Section 8, including, without limitation, the Restricted Period, to be too lengthy or the Territory
to be too extensive, the other provisions of this Section 8 shall nevertheless stand, the Restricted Period shall be deemed to
be the longest period permissible by law under the circumstances and the Territory shall be deemed to comprise the largest territory
permissible by law under the circumstances. The court in each case shall reduce the Restricted Period and/or the Territory to
permissible duration or size.

 

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8.4        
Confidential Information. During the term of this Agreement and for a period of three (3) years thereafter, the Executive
shall keep secret and retain in strictest confidence, and shall not, without the prior written consent of the Board, furnish,
make available or disclose to any third party or use for the benefit of himself or any third party, any Confidential Information.
As used in this Section 8.4, the term “Confidential Information” shall mean any information relating to the
business or affairs of the Company or the Business, including, but not limited to, information relating to financial statements,
customer identities, potential customers, employees, suppliers, servicing methods, equipment, programs, strategies and information,
analyses, profit margins or other proprietary information used by the Company in connection with the Business; provided, however,
that Confidential Information shall not include any information which is the public domain, becomes generally known in the industry
through no wrongful act on the part of the Executive or as required to be disclosed by a court of competent jurisdiction. The
Executive acknowledges that the Confidential Information is vital, sensitive, confidential and proprietary to the Company.

 

9.       Inventions
and Other Intellectual Property. The Executive hereby agrees that all right, title and interest in and to all of Executive’s
“Creations” and work product made during the term of the Executive’s employment with the Company, whether
pursuant to this Agreement or otherwise, shall belong solely to the Company, whether or not they are protected or protectible
under applicable patent, trademark, service mark, copyright or trade secret laws. For purposes of this Section 9, the term “Creations”
shall mean all inventions, designs, discoveries, books, newsletters, manuscripts, articles, research, compilations, improvements,
and other works which are or may be copyrighted, trade-marked or patented or otherwise constitute works of intellectual property
which may be protected (including, without limitation, any information relating to the Company’s software products, source
code, know-how, processes, designs, algorithms, computer programs and routines, formulae, techniques, developments or experimental
work, works-in-progress, or business trade secrets whether now existing, or hereafter developed during the Term) made or conceived
or reduced to practice by the Company. Executive agrees that all work or other material containing or reflecting any such Creations
shall be deemed work made for hire as defined in Section 101 of the Copyright Act, 15 U.S.C. Section 101. If a court of competent
jurisdiction determines that any such works are not works made for hire, Executive hereby assigns to the Company all of Executive’s
right, title and interest, including all rights of copyright, patent, and other intellectual property rights, to or in such Creations.
Executive covenants that he shall keep the Company informed of the development of all Creations made, conceived or reduced to
practice by the Company, in whole or in part, by Executive or any other alone or with others, which either result from any work
Executive may do for, or at the request of, the Company, or are related to the Company’s present or contemplated activities,
investigations, or obligations. Executive further agrees that (i) at the Company’s request and expense, he will execute
any assignments or any other documents or instruments necessary to transfer all rights any such Creations to the Company and (ii)
he will cooperate with the Company or its nominee in perfecting the Company’s title (or the title of the Company’s
nominee) in any or all such materials.

 

10.     Interference
with Relationships.

 

10.1       Suppliers,
Customers, Service Providers. During the Restricted Period, Executive shall not, directly or indirectly, as employee, agent,
consultant, stockholder, director, partner or in any other individual or representative capacity intentionally solicit or encourage
any present or future customer, employee, consultant, service provider, stockholder, officer, director or supplier of or service
provider to the Company to terminate or otherwise alter his, their or its relationship with the Company in a manner having an
adverse effect on the Company or the Business.

 

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10.2       No
Breach. Executive represents and warrants that he is not under any contractual obligation to any party, which obligation would
prevent him from accepting full-time employment with the Company or from otherwise fulfilling any of his obligations under this
Agreement. Executive hereby agrees to indemnify the Company and hold it and its officers and directors harmless from and against
any and all claims against or any losses or liabilities, including reasonable attorney’s fees, incurred by, the Company
or any of its officers or directors derived from any breach or failure of the representation and warranty contained in this Section10.2.

 

11.      Return
of Company Materials Upon Termination. Executive acknowledges that all price lists, sales manuals, catalogs, binders, customer
lists and other customer information, supplier lists, financial information, business plans, corporate records, working notes,
work product, sales manuals, catalogs, binders and other records or documents containing any Confidential Information prepared
by Executive or coming into Executive’s possession by virtue of Executive’s employment by the Company, other than
personal information belonging to the Executive, is and shall remain the property of the Company and that immediately upon termination
of Executive’s employment hereunder, Executive shall return all such items in his possession, together with all copies thereof,
to the Company.

 

12.      Indemnification.
The Company hereby covenants and agrees to indemnify and hold harmless the Executive fully, completely, and absolutely against
and in respect to any and all actions, suits, proceedings, claims, demands, judgments, costs, expenses (including attorney’s fees),
losses, and damages resulting from the Executive’s good faith performance of his duties and obligations under the terms of this
Agreement, subject to compliance with any applicable requirements and limitations improved by the Company’s Certificate of Incorporation
and By-Laws as in effect on the date hereof and applicable law.

 

13.    
Maintenance of Liability Insurance. So long as the Executive shall serve as an executive officer of the Company pursuant
to this Agreement, the Company shall obtain and maintain in full force and effect a policy of director and officer liability insurance
of at least $ 3 million from an established and reputable insurer. In all policies of such instance, the Company shall cause the
Executive to be named as an insured in such a manner as to provide the Executive the same rights and benefits as are accorded
to the most favorably insured of the Company’s executive officers or directors.

 

14.     Assignment.

 

14.1       Assignment
by Company. This Agreement may be assigned or transferred to, and shall be binding upon and shall inure to the benefit of,
any successor of the Company, and any such successor shall be deemed substituted for all purposes of the “Company”
under the terms of this Agreement. As used in this Agreement, the term “successor” shall mean any person, firm,
corporation, or business entity to which the Company assigns this Agreement or which at any time, whether by merger, purchase,
or otherwise, acquires all or substantially all of the assets or the Business of the Company. Notwithstanding such assignment,
the Company shall remain, with such successor, jointly and severally liable for all its obligations hereunder.

 

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14.2       Assignment
by Executive. The services to be provided by the Executive to the Company hereunder are personal to the Executive, and the
Executive’s duties may not be assigned by the Executive; provided, however that this Agreement shall inure to the benefit of and
be enforceable by the Executive’s personal or legal representatives, executors, and administrators, successors, heirs, distributees,
devisees, and legatees. If the Executive dies while any amounts payable to the Executive hereunder remain outstanding, all such
amounts, unless otherwise provided herein, shall be paid in accordance with the terms of this Agreement to the Executive’s devisee,
legatee, or other designee or, in the absence of such designee, to the Executive’s estate or trust.

 

14.3       Name
Change. Upon any name change by Company, no assignment need occur as the same entity is bound by the terms of this Agreement.

 

15.     Dispute
Resolution and Notice.

 

15.1       Dispute
Resolution. Either the Executive or the Company may elect to have any good faith dispute or controversy arising under or in
connection with this Agreement settled by arbitration, by providing written notice of such election to the other party hereto,
specifying the nature of the dispute to be arbitrated, provided that if the other party objects to the use of arbitration within
thirty (30) days of the receipt of such notice, the dispute may only be settled by litigation unless otherwise agreed. If arbitration
is selected, such proceeding shall be conducted before a panel of three (3) arbitrators sitting in a location agreed to by the
Company and the Executive within fifty (50) miles from the location of the Executive’s principal place of employment, in accordance
with the Employment Dispute Resolution Rules of the American Arbitration Association then in effect. Judgment may be entered on
the award of the arbitrators in any court having competent jurisdiction. To the extent that the Executive prevails in any litigation
or arbitration seeking to enforce the provisions of this Agreement, the Executive shall be entitled to reimbursement by the Company
of all expenses of such litigation or arbitration, including the reasonable fees and expenses of the legal representative for
the Executive, and necessary costs and disbursements incurred as a result of such dispute or legal proceeding.

 

15.2       Notice.
Any notices, requests, demands, or other communications provided for by this Agreement shall be sufficient if in writing and if
sent by registered or certified mail to the Executive at the last address he has filed in writing with the Company or, in the
case of the Company, at its principal offices.

 

16.     
No Mitigation. The Executive shall have no duty to seek other employment and the amounts, benefits and entitlements payable
to the Executive hereunder or otherwise shall not be subject to reduction, offset or repayment for any compensation received by
the Executive from services provided by the Executive following the termination of the Executive’s employment with the Company.

 

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17.    
Section 409A.

 

17.1       The
intent of the parties is that payments and benefits under this Agreement comply with Internal Revenue Code Section 409A and the
regulations and guidance promulgated thereunder (collectively “Code Section 409A”) and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  In no event whatsoever
shall the Company be liable for any additional tax, interest or penalty that may be imposed on the Executive by Code Section 409A
or damages for failing to comply with Code Section 409A.

 

17.2
    A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for
the payment of any amounts or benefits upon or following a termination of employment unless such termination is also a “separation
from service” within the meaning of Code Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation
from service.”  Notwithstanding anything to the contrary in this Agreement, if the Executive is deemed on
the date of termination to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B),
then with regard to any payment or the provision of any benefit that is considered deferred compensation under Code Section 409A
payable on account of a “separation from service,” such payment or benefit shall not be made or provided until
the date which is the earlier of (A) the expiration of the six (6)-month period measured from the date of such “separation
from service” of the Executive, and (B) the date of the Executive’s death, to the extent required under Code Section
409A.  Upon the expiration of the foregoing delay period, all payments and benefits delayed pursuant to this Agreement
(whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid
or reimbursed to the Executive in a lump sum, and any remaining payments and benefits due under this Agreement shall be paid or
provided in accordance with the normal payment dates specified for them herein.

 

17.3     
To the extent that reimbursements or other in-kind benefits under this Agreement constitute “nonqualified deferred compensation”
for purposes of Code Section 409A, (A) all such expenses or other reimbursements hereunder shall be made on or prior to the last
day of the taxable year following the taxable year in which such expenses were incurred by the Executive, (B) any right to such
reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (C) no such reimbursement,
expenses eligible for reimbursement, or in-kind benefits provided in any taxable year shall in any way affect the expenses eligible
for reimbursement, or in-kind benefits to be provided, in any other taxable year.

 

17.4       For
purposes of Code Section 409A, the Executive’s right to receive any installment payments pursuant to this Agreement shall
be treated as a right to receive a series of separate and distinct payments.  Whenever a payment under this Agreement
specifies a payment period with reference to a number of days, the actual date of payment within the specified period shall be
within the sole discretion of the Company.

 

17.5       Notwithstanding
any other provision of this Agreement to the contrary, in no event shall any payment under this Agreement that constitutes “nonqualified
deferred compensation” for purposes of Code Section 409A be subject to offset by any other amount unless otherwise permitted
by Code Section 409A.

 

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18.    
Adjustment. Anything in this Agreement to the contrary notwithstanding, in the event it shall be determined that as
a result of any payment or distribution by the Company to or for Executive’s benefit whether paid or payable or distributed
or distributable pursuant to the terms of this Agreement or otherwise (the “Payments”), Executive would be
subject to the excise tax imposed by Sections 409A, 280G or Section 4999 of the Internal Revenue Code or any
interest or penalties are incurred by the Executive with respect to such excise tax (such excise tax, together with any such interest
and penalties, are hereinafter collectively referred to as the “Excise Tax”), the Executive shall be entitled
to receive an additional payment (a “Gross-Up Payment”) in an amount such that, after payment by the Executive
of all taxes (including any interest or penalties imposed with respect to such taxes), including, without limitation, any income
taxes and Excise Tax imposed upon the Gross-Up Payment, Executive is in the same after-tax position as if no Excise Tax had been
imposed upon Executive with respect to the Payments, provided further that such Gross-Up Payment shall be made prior to April 15th
of the calendar year following the year in which Executive receive any payment or distribution from the Company which gives rise
to a Gross-Up Payment.

 

19.     Miscellaneous

 

19.1       Entire
Agreement. This Agreement supersedes any prior agreements or understandings, oral or written, between the parties hereto,
with respect to the subject matter hereof and constitutes the entire agreement of the parties with respect thereto.

 

19.2       Modification.
This Agreement shall not be varied, altered, modified, canceled, changed, or in any way amended except by mutual agreement of
the parties in a written instrument executed by the parties hereto or their legal representatives.

 

19.3
      Severability. In the event that any provision or portion of this Agreement shall be determined to be invalid or unenforceable
for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect.

 

19.4
     Tax Withholding. The Company may withhold from any benefits payable under this Agreement all Federal, state, city,
or other taxes as may be required pursuant to any law or governmental regulation or ruling.

 

19.5
      Beneficiaries. The Executive may designate one or more persons or entities as the primary and/or contingent beneficiaries
of any amounts to be received under this Agreement. Such designation must be in the form of a signed writing acceptable to the
Board or the Board’s designee. The Executive may make or change such designation at any time.

 

19.6
      Board Committee. Any action to be taken, or determination to be made, by the Board under this Agreement may be taken
or made by the compensation committee or any other Committee authorized by the Board of Directors to act on its behalf.

 

19.7
    Governing Law. To the extent not preempted by Federal law, the provisions of this Agreement shall be construed and
enforced in accordance with the internal, substantive laws of the State of New York, without regards to the principles of conflicts
of laws thereof.

 

19.8       Inurement.
This Agreement is binding on the parties and on their heirs, personal representatives, administrators, successors and assigns.

 

 

*
* * * *

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

 

	NanoFlex
    Power Corporation	 	Executive:
	 	 	 	 
	By:	 	 	 
	 	Dean
    L. Ledger, Chief Executive Officer	 	Ronald
    V  DaVella

 

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Exhibit A

 

Form of Warrant

 

    	 	Exhibit A-1	 

     

    

 

 

	WARRANT HOLDER:	Ronald V. DaVella
	 	[address]

 

NUMBER
OF WARRANT SHARES: 1,800,000

 

THE
ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933,
AS AMENDED, NOR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR
(B) AN OPINION OF COUNSEL (REASONABLY ACCEPTABLE TO THE COMPANY), IN AN ACCEPTABLE FORM, THAT REGISTRATION IS NOT REQUIRED UNDER
SAID ACT OR (II) UNLESS SOLD PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT.

 

No.
S-0012

Issuance
Date: May 18, 2017

 

NANOFLEX
POWER CORPORATION

 

Common
Stock Purchase Warrant

 

NanoFlex
Power Corporation, a Florida corporation, for value received in the form of services provided under the Employment Agreement between
the Holder and the Company dated May 18, 2017 (the “Employment Agreement”), hereby grants to the holder as indicated
at the beginning of this Warrant, its successors and permitted assigns (collectively, the “Holder”), this right (the
“Warrant”), subject to the terms set forth below, to purchase at the purchase price per share as defined in Section
2.1 below (the “Purchase Price”), up to that number of Shares (defined below), subject to adjustment as herein provided
(such total number of Shares that may be purchased hereunder being referred to herein as the “Warrant Shares”).

 

1.       Definitions.
As used herein, the following terms, unless the context otherwise requires, have the following respective meanings:

 

1.1.       “Company”
shall include NanoFlex Power Corporation, a Florida corporation, and, unless otherwise noted to the contrary, any company which
shall succeed to, by merger, consolidation or similar arrangement of the Company’s and assume the obligations of NanoFlex Power
Corporation hereunder.

 

1.2.       “Other
Securities” refers to any stock (other than the Shares) and other securities of the Company or any other person (corporate
or otherwise) that the Holder at any time shall be entitled to receive, or shall have received, on the exercise of this Warrant,
in lieu of or in addition to Shares, or which at any time shall be issuable or shall have been issued in exchange for or in replacement
of Shares.

 

1.3.       “Shares”
means (a) the Company’s Common Stock, as authorized on the date of this Warrant and (b) if the class of securities described in
(a) shall cease to be issued and outstanding, securities of the same class issued in exchange for or in respect of the securities
described in (a) pursuant to a plan of merger, consolidation, recapitalization or reorganization, the sale of substantially all
of the Company’s assets or a similar transaction.

 

    	 	Exhibit A-2	 

     

    

 

2.       Exercise
of Warrant.

 

2.1.       Purchase
Price. The Warrant may be exercised, subject to the adjustments in Section 5 hereof, at the initial purchase price of $0.50
per Share (the “Purchase Price”).

 

2.2.       Exercise
Period. The Warrant may be exercised (the “Exercise Period”) at any time from the date of grant to and including
the fifth anniversary of the Issuance Date (the “Expiration Date”).

 

2.3.       Shares.
The number of shares subject to this warrant is 1,800,000, subject to the terms specified herein, the Shares shall vest
as follows:

 

(a)       450,000
of the Shares shall vest immediately upon the execution of the Employment Agreement.

 

(b)       450,000
of the Shares shall vest on the first anniversary of the date of the Employment Agreement, however such vesting shall only occur
if the Employment Agreement is not terminated prior to such date of vesting.

 

(c)       450,000
of the Shares shall vest on the second anniversary date of the Employment Agreement, however such vesting shall only occur if
the Employment Agreement is not terminated prior to such date of vesting.

 

(d)       450,000
of the Warrant Shares shall vest on the third anniversary date of the Employment Agreement, however such vesting shall only occur
if the Employment Agreement is not terminated prior to such date of vesting.

 

2.4.       Exercise
in Full. Subject to the limitations stated above, this Warrant may be exercised in full at the option of the Holder by surrender
of this Warrant, with the form of subscription at the end hereof duly executed by the Holder, to the Company at its principal
office in the United States, accompanied by payment, in cash or by certified or official bank check payable to the order of the
Company, in the amount obtained by multiplying the number of Shares for which this Warrant may be exercised by the Purchase Price.

 

2.5.
        Partial Exercise. This Warrant may be exercised in part by surrender of this
Warrant in the manner and at the place provided in subsection 2.4 along with payment in the amount determined by multiplying (a)
the number of Shares designated by the holder in the subscription at the end hereof by (b) the Purchase Price. On any such partial
exercise, the Company at its expense will forthwith issue and deliver to or upon the order of the Holder a new Warrant or Warrants
of like tenor, in the name of the Holder or as the Holder (upon payment by the Holder of any applicable transfer taxes) may request,
calling in the aggregate on the face or faces thereof for the number of Shares for which such Warrant or Warrants may still be
exercised.

  

    	 	Exhibit A-3	 

     

    

 

2.6.
       Cashless Exercise. The Holder of this Warrant may also exercise this Warrant
as to any or all of the Warrant Shares and, in lieu of making the cash payment otherwise contemplated to be made to the Company
upon such exercise in payment of the aggregate Exercise Price, elect instead to receive upon such exercise a reduced number of
shares of Common Stock (the “Net Number”) determined according to the following formula (a “Cashless Exercise”):

 

	 	Net Number = 	(A x B) - (A x C)	 
	 	 	B	 

 

For
purposes of the foregoing formula:

 

A=
the total number of shares with respect to which this Warrant is then being exercised in a Cashless Exercise.

 

B=
the Market Price on the Trading Day immediately preceding the date of the Exercise Notice.

 

C=
the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

There
cannot be a Cashless Exercise unless “B” exceeds “C.”

 

For
the purpose of this Warrant, the term (a) “Trading Day” means (x) if the Common Stock is not listed on the NYSE Euronext
or NYSE AMEX but sale prices of the Common Stock are reported on Nasdaq Global Market, Nasdaq Global Select Market, Nasdaq Capital
Market or another automated quotation system, a day on which trading is reported on the principal automated quotation system on
which sales of the Common Stock are reported, (y) if the Common Stock is listed on the NYSE Euronext or NYSE AMEX, a day on which
there is trading on such stock exchange, or (z) if the foregoing provisions are inapplicable, a day on which quotations are reported
by National Quotation Bureau Incorporated and (b) “Market Price” means the fair market value of one share of Common
Stock as determined by the Company’s Board of Directors in good faith; provided, however, that where there exists a public
market for the Company’s Common Stock at the time of such exercise, the Market Price shall be the average of the closing
bid and asked prices of the Common Stock quoted in the Over-The-Counter Market Summary or the last reported sale price of the
Common Stock or the closing price quoted on the Nasdaq National Market or on any exchange on which the Common Stock is listed
whichever is applicable, as published in the Eastern Edition of The Wall Street Journal on the Trading Day immediately preceding
the date of the Exercise Notice.

 

3.       Delivery
of Share Certificates on Exercise.

 

3.1.       As
soon as practicable after the exercise of this Warrant in full or in part, the Company, at its expense (including the payment
by it of any applicable issue taxes) will cause to be issued in the name of and delivered to the Holder, or as the Holder (upon
payment by the Holder of any applicable transfer taxes) may direct, a certificate or certificates for the number of fully paid
and non-assessable Shares (or Other Securities) to which the Holder shall be entitled on such exercise, plus, in lieu of any fractional
share to which the Holder would otherwise be entitled, cash equal to such fraction multiplied by the then current market value
of one full share, together with any other stock or other securities and property (including cash, where applicable) to which
the Holder is entitled upon such exercise pursuant to Section 2 or otherwise.

 

    	 	Exhibit A-4	 

     

    

 

4.       Covenants
as to Shares.

 

4.1.       Issuance
of Shares upon Exercise. All Shares that may be issued upon the exercise of the rights represented by this Warrant will, upon
issuance, be validly issued, fully paid and non-assessable and free from all taxes, liens and charges with respect to the issue
thereof. The Company will at all times have authorized and reserved, free from preemptive rights, a sufficient number of its Shares
to provide for the exercise of the rights represented by this Warrant.

 

4.2       Restrictions
on Transfer. Holder represents to the Company that Holder is acquiring the Warrants for Holder’s own investment account
and without a view to the subsequent public distribution of the Warrants or Shares otherwise than pursuant to an effective registration
statement under the Securities Act. Each Warrant and each certificate for Shares issued to the Holder and any subsequent holder
that have not been sold to the public pursuant to an effective registration statement under the Securities Act or as to which
the restrictions on transfer have not been removed as hereinafter provided, shall bear a restrictive legend reciting that the
same have not been registered pursuant to the Securities Act and may not be transferred in the absence of an effective registration
statement under the Securities Act, the holder thereof shall give written notice to the Company of its intention to effect such
transfer. Each such notice shall describe the manner of the proposed transfer and shall be accompanied by an opinion of counsel
experienced in federal securities laws matters and reasonably acceptable to the company and its counsel to the effect that the
proposed transfer may be effected without registration under the Securities Act, whereupon, the holder of such Registrable Common
Stock shall be entitled to transfer such securities in accordance with the terms of its notice and such opinion. Restrictions
imposed under this Section 4 upon the transferability of the Warrants or of Shares shall cease when:

 

(a)       a
registration statement covering such Shares becomes effective under the Securities Act, or

 

(b)       the
Company receives from the Holder thereof an opinion of counsel experienced in federal securities laws matters, which counsel shall
be reasonably acceptable to the Company, that such restrictions are no longer required in order to insure compliance with the
Securities Act.

 

5.       Adjustment
of Purchase Price and Number of Warrant Shares.

 

5.1.       Reorganization,
Consolidation or Merger. If at any time or from time to time, the Company shall (a) effect a plan of merger, consolidation,
recapitalization or reorganization or similar transaction with a corporation (the “Acquiror”) whereby the shareholders
of the Company will exchange their shares of the Company for the shares of the parent corporation of the Acquiror, or (b) transfer
all or substantially all of its properties or assets to any other person, under any plan or arrangement contemplating the dissolution
of the Company (which along with any transactions set forth in (a) hereof shall be an “Extraordinary Transaction”),
then, in each such case, the holder of this Warrant, on the exercise hereof as provided in Section 2 at any time after the completion
of any Extraordinary Transaction shall receive, such Shares or Other Securities and property (including cash) to which such holder
would have been entitled in any Extraordinary Transaction as if such holder had so exercised this Warrant, immediately prior thereto.

 

Upon
any Extraordinary Transaction, this Warrant shall continue in full force and effect and the terms hereof shall be applicable to
the securities, Shares and Other Securities and property receivable on the exercise of this Warrant after the consummation of
reorganization, consolidation or merger or the effective date of dissolution following any such transfer, as the case may be,
any Extraordinary Transaction and shall be binding upon the party or parties to the Extraordinary Transaction and their successors,
including, in the case of any such transfer, the person acquiring all or substantially all of the properties or assets of the
Company, whether or not such person shall have expressly assumed the terms of this Warrant as provided in Section 6.

 

    	 	Exhibit A-5	 

     

    

 

5.2.       Subdivisions,
Combinations, Stock Dividends and other Issuances. If the Company shall, at any time while this Warrant is outstanding, (i)
pay a stock dividend or otherwise make a distribution or distributions on any equity securities (including instruments or securities
convertible into or exchangeable for such equity securities) in shares of Common Stock, (ii) subdivide outstanding shares of Common
Stock into a larger number of shares, or (iii) combine outstanding Common Stock into a smaller number of shares, then the Purchase
Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding before
such event and the denominator of which shall be the number of shares of Common Stock outstanding after such event. Any adjustment
made pursuant to this Section 5 shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case
of a subdivision or combination. The number of shares which may be purchased hereunder shall be increased proportionately to any
reduction in Purchase Price pursuant to this Section 5.2, so that after such adjustments the aggregate Purchase Price payable
hereunder for the increased number of shares shall be the same as the aggregate Purchase Price in effect just prior to such adjustments.

 

5.3       Reclassification,
etc. If at any time after the date hereof there shall be a reorganization or reclassification of the securities as to which
purchase rights under this Warrant exist into the same or a different number of securities of any other class or classes, then
the Holder shall thereafter be entitled to receive upon exercise of this Warrant, during the period specified herein and upon
payment of the Purchase Price then in effect, the number of shares or other securities or property resulting from such reorganization
or reclassification, which would have been received by the Holder for the shares of stock subject to this Warrant had this Warrant
at such time been exercised.

 

6.       Transfers.

 

6.1.       The
Warrant and the Warrant Shares are not transferable, in whole or in part, without compliance with the Securities Act of 1933,
as amended (the “Securities Act”), and any applicable state securities laws.

 

6.2.       Subject
to subsection 6.1, this Warrant, or any portion hereof, may be transferred by the Holder’s execution and delivery of the form
of assignment attached hereto along with this Warrant. Any transferee shall be required, as a condition to the assignment, to
deliver all such documentation as the Company deems appropriate. However, until such assignment and such other documentation are
presented to the Company at its principal offices in the United States, the Company shall be entitled to treat the registered
holder hereof as the absolute owner hereof for all purposes.

 

6.3.       Upon
a transfer of this Warrant in accordance with this Section 6, the Company, at its expense, will issue and deliver to or on the
order of the Holder a new Warrant or Warrants of like tenor, in the name of the Holder or as the Holder (on payment by the Holder
of any applicable transfer taxes) may direct, calling in the aggregate on the face or faces thereof for the Shares called for
on the face or faces of the Warrant or Warrants so surrendered. If this Warrant is divided into more than one Warrant, or if there
is more than one Holder thereof, all references herein to “this Warrant” shall be deemed to apply to the several Warrants,
and all references to “the Holder” shall be deemed to apply to the several Holders, except in either case to the extent
that the context indicates otherwise.

 

    	 	Exhibit A-6	 

     

    

 

7.       Replacement
of Warrants.

 

7.1.       On
receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of any Warrant and, in
the case of any such loss, theft or destruction of any Warrant, on delivery of an indemnity agreement or security reasonably satisfactory
in form and amount to the Company or, in the case of any such mutilation, on surrender and cancellation of such Warrant, the Company
at its expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

 

8.       Notices.

 

11.1.       All
notices required hereunder shall be deemed to have been given and shall be effective only when personally delivered or sent by
Federal Express, UPS or other express delivery service or by certified or registered mail to the address of the Company’s principal
office in the United States as follows:

 

NanoFlex
Power Corporation

17207
N. Perimeter Dr., Suite 210,

Scottsdale,
AZ 85255

 

in
the case of any notice to the Company, and until changed by notice to the Company, to the address of the Holder set forth above
in the case of any notice to the Holder.

 

9.       Miscellaneous.

 

9.1.       This
Warrant and any term hereof may be changed, waived, discharged or terminated, other than on expiration, only by an instrument
in writing signed by the party against which enforcement of such change, waiver, discharge or termination is sought. This Warrant
shall be construed and enforced in accordance with and governed by the laws of the State of Florida. The headings in this Warrant
are for purposes of reference only, and shall not limit or otherwise affect any of the terms hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of any other provision. This Warrant embodies the
entire agreement and understanding between the Company and the other parties hereto and supersedes all prior agreements and understandings
relating to the subject matter hereof.

 

    	 	Exhibit A-7	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officers thereunto duly authorized.

 

	 	NANOFLEX POWER CORPORATION
	 	 	 
	 	By:	 
	 	 	Dean L. Ledger,
	 	 	Chief Executive Officer

 

    	 	Exhibit A-8	 

     

    

 

FORM
OF SUBSCRIPTION

 

(To
be signed only on exercise of Warrant)

 

TO
NANOFLEX POWER CORPORATION:

 

The
undersigned, the holder of the attached Warrant, hereby irrevocably elects to exercise such Warrant for, and to purchase thereunder,
__________ Shares (as defined in the attached Warrant) and herewith makes payment of $___________ therefor, and requests that
the certificates for such shares be issued in the name of, and delivered to _____________________, whose address is ___________________________________.

 

Please
issue a new Warrant for the unexercised portion of the attached Warrant in the name of the undersigned or in such other name as
is specified below:

 

	 	 	 
	 	 	 

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature
    must conform in all respects to name

 of holder as specified on the face of the Warrant) 

 

	 	 
	 	 
	 	 
	 	(Address)
    

 

    	 	Exhibit A-9	 

     

    

 

FORM
OF ASSIGNMENT

 

(To
be signed only on transfer of Warrant)

 

For
value received, the undersigned hereby sells, assigns, and transfers unto ______________________________________________
whose address is ________________________________________________________the right represented by the attached Warrant to
purchase _____________ Shares (as defined in the Warrant Agreement governing the attached Warrant) to which the within
Warrant relates, and appoints __________________________ Attorney to transfer such right on the books of
____________________________ with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	(Signature
    must conform in all respects to name

 of holder as specified on the face of the Warrant) 

 

	 	 
	 	 
	 	 
	 	(Address)
    

 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

  

    	 	Exhibit A-10	 

     

    

Exhibit B

 

Investor Questionnaire

 

    	 	Exhibit B-1	 

     

    

 

Confidential
Investor Questionnaire

 

I.       The
Investor represents and warrants that he, she or it comes within one category marked below, and that for any category marked,
he or it has truthfully set forth, where applicable, the factual basis or reason the Investor comes within that category. ALL
INFORMATION IN RESPONSE TO THIS SECTION WILL BE KEPT STRICTLY CONFIDENTIAL EXCEPT AS NECESSARY FOR THE COMPANY TO COMPLY WITH
LAW AND/OR ANY RULES PROMULGATED BY ANY REGULATORY AGENCY. The undersigned shall furnish any additional information which the
Company deems necessary in order to verify the answers set forth below. Capitalized terms not defined herein shall have the meaning
ascribed to them in the Subscription Agreement between the Investor and the Company.

 

	Category
    A     __	The
    undersigned is an individual (not a partnership, corporation, etc.) whose individual net worth, or joint net worth with his
    or her spouse, presently exceeds $1,000,000.
	 	 
	 	Explanation.  In
    calculating net worth you may include equity in personal property and real estate (other than the value, after deducting mortgage
    obligations, of Investor’s principal residence which may not be included in such net worth calculation), cash, short-term
    investments, stock and securities.  Equity in personal property and real estate should be based on the fair market
    value of such property less debt secured by such property.
	 	 
	Category
    B     __	The
    undersigned is an individual (not a partnership, corporation, etc.) who had an individual income in excess of $200,000 in
    each of the two most recent years, or joint income with his or her spouse in excess of $300,000 in each of those years (in
    each case including foreign income, tax exempt income and full amount of capital gains and losses but excluding any income
    of other family members and any unrealized capital appreciation) and has a reasonable expectation of reaching the same income
    level in the current year.
	 	 
	Category
    C     __	The
    undersigned is a director or executive officer of the Company which is issuing and selling the Company’s securities.
	 	 
	Category
    D     __	The
    undersigned is a bank; a savings and loan association; insurance company; registered investment company; registered business
    development company; licensed small business investment company (“SBIC”); or employee benefit plan within
    the meaning of Title 1 of ERISA and (a) the investment decision is made by a plan fiduciary which is either a bank, savings
    and loan association, insurance company or registered investment advisor, or (b) the plan has total assets in excess of $5,000,000
    or is a self directed plan with investment decisions made solely by persons that are accredited investors.

 

 

 

 

 

(describe
entity)

 

    	 	Exhibit B-2	 

     

    

 

	Category
    E     __	The
    undersigned is a private business development company as defined in section 202(a)(22) of the Investment Advisors Act of 1940.

 

 

 

 

 

(describe
entity)

 

	Category
    F     __	The
    undersigned is either a corporation, partnership, Massachusetts business trust, or non-profit organization within the meaning
    of Section 501(c)(3) of the Internal Revenue Code, in each case not formed for the specific purpose of acquiring the Company’s
    securities and with total assets in excess of $5,000,000.

 

 

 

 

 

(describe
entity)

 

	Category
    G     __	The
    undersigned is a trust with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the Company’s
    securities, where the purchase is directed by a “sophisticated person” as defined in Regulation 506(b)(2)(ii)
    under the Securities Act.
	 	 
	Category
    H     __	The
    undersigned is an entity (other than a trust) all the equity owners of which are “accredited investors” within
    one or more of the above categories.  If relying upon this Category alone, each equity owner must complete a separate
    copy of this Agreement.

 

 

 

 

 

(describe
entity)

 

	Category
    I     __	The
    undersigned is not within any of the categories above and is therefore not an accredited investor.

 

For
purposes hereof, “individual income” means adjusted gross income less any income attributable to a spouse or to property
owned by a spouse, increased by the following amounts (but not including any amounts attributable to a spouse or to property owned
by a spouse): (i) the amount of any interest income received which is tax-exempt under Section 103 of the Internal Revenue Code
of 1986, as amended (the “Code”), (ii) the amount of losses claimed as a limited partner in a limited partnership
(as reported on Schedule E of Form 1040), (iii) any deduction claimed for depletion under Section 611 et seq. of the Code, and
(iv) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to
the provisions of Section 12.02 of the Code.

 

The
undersigned agrees that the undersigned will notify the Company at any time on or prior to the execution of this Agreement in
the event that the representations and warranties in this Agreement shall cease to be true, accurate and complete.

 

    	 	Exhibit B-3	 

     

    

 

II.       SUITABILITY
(please answer each question)

 

(a)       For
an individual Investor, please describe your current employment, including the company by which you are employed and its principal
business:

 

 

 

 

 

 

(b)       For
an individual Investor, please describe any college or graduate degrees held by you:

 

 

 

 

 

(c)       For
all Investors, please list types of prior investments:       

 

 

 

 

 

(d)       For
all Investors, please state whether you have you participated in other private placements before:

 

	 	YES_______	 	NO_______

 

(e)       If
your answer to question (d) above was “YES”, please indicate frequency of such prior participation in private placements
of:

 

	 	 	 	Public
    Companies	 	Private
    Companies	 	 
	 	 	 	 	 	 	 	 
	 	Frequently	 	 	 	 	 	 
	 	Occasionally	 	 	 	 	 	 
	 	Never	 	 	 	 	 	 

 

(f)       For
individual Investors, do you expect your current level of income to significantly decrease in the foreseeable future:

 

	 	YES_______	 	NO_______

 

(g)       For
trust, corporate, partnership and other institutional Investors, do you expect your total assets to significantly decrease in
the foreseeable future:

 

	 	YES_______	 	NO_______

 

(h)       For
all Investors, do you have any other investments or contingent liabilities which you reasonably anticipate could cause you to
need sudden cash requirements in excess of cash readily available to you:

 

	 	YES_______	 	NO_______

 

    	 	Exhibit B-4	 

     

    

 

(i)       For
all Investors, are you familiar with the risk aspects and the non-liquidity of investments such as the Company’s securities
for which you seek to subscribe?

 

	 	YES_______	 	NO_______

 

(j)       For
all Investors, do you understand that there is no guarantee of financial return on this investment and that you run the risk of
losing your entire investment?

 

	 	YES_______	 	NO_______

 

III.       MANNER
IN WHICH TITLE IS TO BE HELD. (circle one)

 

	 	(a)	Individual
    Ownership
	 	(b)	Community
    Property
	 	(c)	Joint
    Tenant with Right of Survivorship (both parties must sign)
	 	(d)	Partnership*
	 	(e)	Tenants
    in Common
	 	(f)	Corporation*
	 	(g)	Trust*
	 	(h)	Limited
    Liability Company*
	 	(i)	Other

 

*If
the Company’s securities are being subscribed for by an entity, the attached Certificate of Signatory must also be completed.

 

IV.       FINRA
AFFILIATION.

 

Are
you affiliated or associated with an FINRA member firm (please check one):

 

	Yes_______	 	No_______

 

If
Yes, please describe:

 

 

 

 

 

*If
Investor is a Registered Representative with an FINRA member firm, have the following acknowledgment signed by the appropriate
party:

 

The
undersigned FINRA member firm acknowledges receipt of the notice required by Rule 3050 of the NASD Conduct Rules.

 

	 	 
	Name of FINRA Member Firm	 
	 	 	 
	By:
    	 	 
	 	Authorized
    Officer	 
	 	 	 
	Date:	 	 

 

    	 	Exhibit B-5	 

     

    

 

V.       The
undersigned is informed of the significance to the Company of the foregoing representations and answers contained in the Confidential
Investor Questionnaire contained herein and such answers have been provided under the assumption that the Company will rely on
them.

 

VI.       In
furnishing the above information, the undersigned acknowledges that the Company will be relying thereon in determining, among
other things, whether there are reasonable grounds to believe that the undersigned qualifies as a Purchaser under Section 4(2)
and/or Regulation D of the Securities Act of 1933 and applicable State Securities laws for the purposes of the proposed investment.

 

VII.     The
undersigned understands and agrees that the Company may request further information of the undersigned in verification or amplification
of the undersigned’s knowledge of business affairs, the undersigned’s assets and the undersigned’s ability to
bear the economic risk involved in an investment in the securities of the Company.

 

VIII.    The
undersigned represents to you that (a) the information contained herein is complete and accurate on the date hereof and may be
relied upon by you and (b) the undersigned will notify you immediately of any change in any such information occurring prior to
the acceptance of the subscription and will promptly send you written confirmation of such change. The undersigned hereby certifies
that he, she or it has read and understands the Subscription Agreement related hereto.

 

IX.      In
order for the Company to comply with applicable anti-money laundering/U.S. Treasury Department Office of Foreign Assets Control
(“OFAC”) rules and regulations, Investor is required to provide the following information:

 

1.       Payment
Information

 

(a)
Name and address (including country) of the bank from which Investor’s payment to the Company is being wired (the “Wiring
Bank”):

 

 

 

 

 

 

 

 

 

 

 

 

 

 (b) Investor’s wiring instructions at the Wiring Bank:

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	Exhibit B-6	 

     

    

 

(c)
Is the Wiring Bank located in the U.S. or another “FATF Country”*?

 

	 	_______Yes	 	_______No

 

(d)
Is Investor a customer of the Wiring Bank?

 

	 	_______Yes	 	_______No

 

2.       Additional
Information

 

For
Individual Investors:

 

	 	_____	A government issued form of picture identification (e.g.,
passport or driver’s license).

 

	 	_____	Proof of the individual’s current address (e.g.,
current utility bill), if not included in the form of picture identification.

 

For
Funds of Funds or Entities that Invest on Behalf of Third Parties:

 

	 	_____
    	A
    certificate of due formation and organization and continued authorization to conduct business in the jurisdiction of its organization
    (e.g., certificate of good standing).
	 	 	 
	 	_____	An
    “incumbency certificate” attesting to the title of the individual executing these subscription materials on behalf
    of the prospective investor.
	 	 	 
	 	_____	A
    completed copy of a certification that the entity has adequate anti-money laundering policies and procedures (“AML
    Policies and Procedures”) in place that are consistent with the USA PATRIOT Act, OFAC and other relevant federal,
    state or non-U.S. anti-money laundering laws and regulations (with a copy of the entity’s current AML Policies and Procedures
    to which such certification relates).
	 	 	 
	 	_____	A
    letter of reference any entity not located in the U.S. or other FATF country, from the entity’s local office of a reputable
    bank or brokerage firm that is incorporated, or has its principal place of business located, in the U.S. or other FATF Country
    certifying that the prospective investor maintains an account at such bank/brokerage firm for a length of time and containing
    a statement affirming the prospective investor’s integrity.  

 

 

 

*
As of the date hereof, countries that are members of the Financial Action Task Force on Money Laundering (“FATF Country”) are:  Argentina, Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, Iceland, Ireland, Italy, Japan, Luxembourg, Mexico, Kingdom of the Netherlands, New Zealand, Norway, Portugal, Russian Federation, Singapore, South Africa, Spain, Sweden, Switzerland, Turkey, United Kingdom and the United States of America.

 

    	 	Exhibit B-7	 

     

    

 

For
all other Entity Investors:

 

	 	_____	A
    certificate of due formation and organization and continued authorization to conduct business in the jurisdiction of its organization
    (e.g., certificate of good standing).
	 	 	 
	 	_____	An
    “incumbency certificate” attesting to the title of the individual executing these subscription materials on behalf
    of the prospective investor. 
	 	 	 
	 	_____
    	A
    letter of reference from the entity’s local office of a reputable bank or brokerage firm that is incorporated, or has
    its principal place of business located, in the U.S. or other FATF Country certifying that the prospective investor maintains
    an account at such bank/brokerage firm for a length of time and containing a statement affirming the prospective investor’s
    integrity.
	 	 	 
	 	_____	If
    the prospective investor is a privately-held entity, a certified list of the names of every person or entity who is directly
    or indirectly the beneficial owner of 25% or more of any voting or non-voting class of equity interests of the Investor, including
    (i) country of citizenship (for individuals) or principal place of business (for entities) and, (ii) for individuals, such
    individual’s principal employer and position.
	 	 	 
	 	_____	If
    the prospective investor is a trust, a certified list of (i) the names of the current beneficiaries of the trust that have,
    directly or indirectly, 25% or more of any interest in the trust, (ii) the name of the settlor of the trust, (iii) the name(s)
    of the trustee(s) of the trust, and (iv) the country of citizenship (for individuals) or principal place of business (for
    entities).

 

X.            ADDITIONAL
INFORMATION.

 

A
TRUST MUST ATTACH A COPY OF ITS DECLARATION OF TRUST OR OTHER GOVERNING INSTRUMENT, AS AMENDED, AS WELL AS ALL OTHER DOCUMENTS
THAT AUTHORIZE THE TRUST TO INVEST IN THE SECURITIES. ALL RESOLUTIONS AND DOCUMENTATION MUST BE COMPLETE AND CORRECT AS OF THE
DATE HEREOF.

 

XI.          INFORMATION
VERIFICATION CONSENT.

 

BY
SIGNING THIS SUBSCRIPTION AGREEMENT, SUBSCRIBER HEREBY GRANTS THE COMPANY PERMISSION TO REVIEW ALL PUBLICLY AVAILABLE INFORMATION
REGARDING SUBSCRIBER, INCLUDING, BUT NOT LIMITED TO INFORMATION PROVIDED BY THE OFFICE OF FOREIGN ASSETS CONTROL (“OFAC”)
FOR THE PURPOSE OF VERIFYING INFORMATION PROVIDED BY SUBSCRIBER HEREIN.

 

    	 	Exhibit B-8	 

     

    

 

INVESTOR
QUESTIONNAIRE EXECUTION PAGE

 

	 	 	 
	Signature	 	Signature
    (if purchasing jointly)
	 	 	 
	 	 	 
	Name
    Typed or Printed	 	Name
    Typed or Printed
	 	 	 
	 	 	 
	Entity
    Name	 	Entity
    Name
	 	 	 
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	City,
    State and Zip Code	 	City,
    State and Zip Code

 

 

Exhibit B-9EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

SENIOR NOTES INDENTURE 
 Dated as
of May 18, 2017 
 Among 

AV HOMES, INC., 
 THE SUBSIDIARY
GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO 
 and 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee 
 6.625% SENIOR NOTES
DUE 2022 
  
  

 

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act Section
	  	 Indenture Section

	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)
	  	4.06; 12.02; 12.05
	       (b)
	  	N.A.
	       (c)(1)
	  	12.04
	       (c)(2)
	  	12.04
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 12.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.14
	 316(a)(last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12; 9.04
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.12
	       (b)
	  	2.04
	 318(a)
	  	12.01
	       (b)
	  	N.A.
	       (c)
	  	12.01

 N.A. means not applicable. 
  

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

 TABLE OF CONTENTS 
  

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	26	 
	 Section 1.03
	 	 Rules of Construction
	  	 	27	 
	 Section 1.04
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	28	 
	 Section 1.05
	 	 Acts of Holders
	  	 	28	 
		
	 ARTICLE 2 THE NOTES
	  	 	30	 
			
	 Section 2.01
	 	 Form and Dating; Terms
	  	 	30	 
	 Section 2.02
	 	 Execution and Authentication
	  	 	31	 
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	32	 
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	32	 
	 Section 2.05
	 	 Holder Lists
	  	 	33	 
	 Section 2.06
	 	 Transfer and Exchange
	  	 	33	 
	 Section 2.07
	 	 Replacement Notes
	  	 	34	 
	 Section 2.08
	 	 Outstanding Notes
	  	 	34	 
	 Section 2.09
	 	 Treasury Notes
	  	 	34	 
	 Section 2.10
	 	 Temporary Notes
	  	 	35	 
	 Section 2.11
	 	 Cancellation
	  	 	35	 
	 Section 2.12
	 	 Defaulted Interest
	  	 	35	 
	 Section 2.13
	 	 CUSIP Numbers
	  	 	36	 
	 Section 2.14
	 	 Covenant Replacement Event
	  	 	36	 
		
	 ARTICLE 3 REDEMPTION
	  	 	38	 
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	38	 
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	38	 
	 Section 3.03
	 	 Notice of Redemption
	  	 	38	 
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	39	 
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	39	 
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	40	 
	 Section 3.07
	 	 Optional Redemption
	  	 	40	 
	 Section 3.08
	 	 Mandatory Redemption; Open Market Purchases
	  	 	41	 
		
	 ARTICLE 4 COVENANTS
	  	 	41	 
			
	 Section 4.01
	 	 Payment of Notes
	  	 	41	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	41	 
	 Section 4.03
	 	 [Reserved.]
	  	 	42	 
	 Section 4.04
	 	 Stay, Extension and Usury Laws
	  	 	42	 
	 Section 4.05
	 	 Corporate Existence
	  	 	42	 
	 Section 4.06
	 	 Reports
	  	 	42	 
	 Section 4.07
	 	 Compliance Certificate
	  	 	44	 
	 Section 4.08
	 	 Limitations on Restricted Payments
	  	 	45	 
	 Section 4.09
	 	 Limitations on Additional Indebtedness
	  	 	48	 

							
	 Section 4.10
	 	 Limitations on Liens
	  	 	51	 
	 Section 4.11
	 	 Future Subsidiary Guarantors
	  	 	52	 
	 Section 4.12
	 	 Limitations on Restrictions on Distribution from Restricted Subsidiaries
	  	 	52	 
	 Section 4.13
	 	 Limitations on Transactions with Affiliates
	  	 	53	 
	 Section 4.14
	 	 Change of Control
	  	 	55	 
	 Section 4.15
	 	 Limitations on Asset Sales
	  	 	58	 
	 Section 4.16
	 	 [Reserved.]
	  	 	61	 
	 Section 4.17
	 	 Post-Qualification Change of Control Triggering Event
	  	 	61	 
	 Section 4.18
	 	 Post-Qualification Limitations on Secured Indebtedness
	  	 	64	 
	 Section 4.19
	 	 Post-Qualification Limitations on Sale/Leaseback Transactions
	  	 	65	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	66	 
			
	 Section 5.01
	 	 Limitations on Mergers and Consolidations
	  	 	66	 
	 Section 5.02
	 	 Successor Entity Substituted
	  	 	67	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	68	 
			
	 Section 6.01
	 	 Events of Default
	  	 	68	 
	 Section 6.02
	 	 Acceleration
	  	 	70	 
	 Section 6.03
	 	 Other Remedies
	  	 	71	 
	 Section 6.04
	 	 Waiver of Past Defaults
	  	 	71	 
	 Section 6.05
	 	 Control by Majority
	  	 	71	 
	 Section 6.06
	 	 Limitation on Suits
	  	 	72	 
	 Section 6.07
	 	 Rights of Holders to Receive Payment
	  	 	72	 
	 Section 6.08
	 	 Collection Suit by Trustee
	  	 	72	 
	 Section 6.09
	 	 Restoration of Rights and Remedies
	  	 	72	 
	 Section 6.10
	 	 Rights and Remedies Cumulative
	  	 	73	 
	 Section 6.11
	 	 Delay or Omission Not Waiver
	  	 	73	 
	 Section 6.12
	 	 Trustee May File Proofs of Claim
	  	 	73	 
	 Section 6.13
	 	 Priorities
	  	 	73	 
	 Section 6.14
	 	 Undertaking for Costs
	  	 	74	 
		
	 ARTICLE 7 TRUSTEE
	  	 	74	 
			
	 Section 7.01
	 	 Duties of Trustee
	  	 	74	 
	 Section 7.02
	 	 Rights of Trustee
	  	 	75	 
	 Section 7.03
	 	 Individual Rights of Trustee
	  	 	76	 
	 Section 7.04
	 	 Trustee’s Disclaimer
	  	 	76	 
	 Section 7.05
	 	 Notice of Defaults
	  	 	77	 
	 Section 7.06
	 	 Reports by Trustee to Holders of the Notes
	  	 	77	 
	 Section 7.07
	 	 Compensation and Indemnity
	  	 	77	 
	 Section 7.08
	 	 Replacement of Trustee
	  	 	78	 
	 Section 7.09
	 	 Successor Trustee by Merger, etc.
	  	 	79	 
	 Section 7.10
	 	 Eligibility; Disqualification
	  	 	79	 
	 Section 7.11
	 	 Preferential Collection of Claims Against the Company
	  	 	79	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	79	 
			
	 Section 8.01
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	79	 
	 Section 8.02
	 	 Legal Defeasance and Discharge
	  	 	79	 

							
	 Section 8.03
	 	 Covenant Defeasance
	  	 	80	 
	 Section 8.04
	 	 Conditions to Legal or Covenant Defeasance
	  	 	81	 
	 Section 8.05
	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous
Provisions
	  	 	82	 
	 Section 8.06
	 	 Repayment to the Company
	  	 	82	 
	 Section 8.07
	 	 Reinstatement
	  	 	82	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	83	 
			
	 Section 9.01
	 	 Without Consent of Holders
	  	 	83	 
	 Section 9.02
	 	 With Consent of Holders
	  	 	84	 
	 Section 9.03
	 	 Compliance with Trust Indenture Act
	  	 	85	 
	 Section 9.04
	 	 Revocation and Effect of Consents
	  	 	85	 
	 Section 9.05
	 	 Notation on or Exchange of Notes
	  	 	86	 
	 Section 9.06
	 	 Trustee to Sign Amendments, etc.
	  	 	86	 
	 Section 9.07
	 	 Payments for Consent
	  	 	86	 
		
	 ARTICLE 10 GUARANTEES
	  	 	86	 
			
	 Section 10.01
	 	 Guarantee
	  	 	86	 
	 Section 10.02
	 	 Limitation on Guarantor Liability
	  	 	88	 
	 Section 10.03
	 	 Execution and Delivery
	  	 	88	 
	 Section 10.04
	 	 Subrogation
	  	 	89	 
	 Section 10.05
	 	 Benefits Acknowledged
	  	 	89	 
	 Section 10.06
	 	 Release of Subsidiary Guarantees
	  	 	89	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
	  	 	90	 
			
	 Section 11.01
	 	 Satisfaction and Discharge
	  	 	90	 
	 Section 11.02
	 	 Application of Trust Money
	  	 	90	 
		
	 ARTICLE 12 MISCELLANEOUS
	  	 	91	 
			
	 Section 12.01
	 	 Trust Indenture Act Controls
	  	 	91	 
	 Section 12.02
	 	 Notices
	  	 	91	 
	 Section 12.03
	 	 Communication by Holders with Other Holders
	  	 	93	 
	 Section 12.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	93	 
	 Section 12.05
	 	 Statements Required in Certificate or Opinion
	  	 	93	 
	 Section 12.06
	 	 Rules by Trustee and Agents
	  	 	94	 
	 Section 12.07
	 	 No Personal Liability of Incorporators, Shareholders, Equity Holders, Officers, Directors or
Employees
	  	 	94	 
	 Section 12.08
	 	 Governing Law
	  	 	94	 
	 Section 12.09
	 	 Waiver of Jury Trial
	  	 	94	 
	 Section 12.10
	 	 Force Majeure
	  	 	94	 
	 Section 12.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	94	 
	 Section 12.12
	 	 Successors
	  	 	95	 
	 Section 12.13
	 	 Severability
	  	 	95	 
	 Section 12.14
	 	 Counterpart Originals
	  	 	95	 
	 Section 12.15
	 	 Table of Contents, Headings, etc.
	  	 	95	 
	 Section 12.16
	 	 Facsimile and PDF Delivery of Signature Pages
	  	 	95	 
	 Section 12.17
	 	 U.S.A. PATRIOT Act
	  	 	95	 

							
	 Section 12.18
	 	 Payments Due on Non-Business Days
	  	 	95	 
	 Section 12.19
	 	 Qualification of Indenture
	  	 	95	 
			
	 Appendix A
	 	 Provisions Relating to Initial Notes, Additional Notes and Exchange Notes
	  			
			
	 Exhibit A
	 	 Form of Notes
	  			
	 Exhibit B
	 	 Form of Institutional Accredited Investor Transferee Letter of Representation
	  			
	 Exhibit C
	 	 Form of Supplemental Indenture to Be Delivered by Qualified Successor
	  			
	 Exhibit D
	 	 Form of Supplemental Indenture to Be Delivered by Qualified Parent Guarantor
	  			
	 Exhibit E
	 	 Form of Supplemental Indenture to Be Delivered by Subsequent Subsidiary Guarantors
	  			

 INDENTURE, dated as of May 18, 2017, among AV Homes, Inc., a Delaware corporation (the
“Company”), the Subsidiary Guarantors listed on the signature pages hereto and Wilmington Trust, National Association, a national banking association, as Trustee. 

W I T N E S S E T H 

WHEREAS, the Company has duly authorized the creation of and issue of $400,000,000 aggregate principal amount of 6.625% Senior Notes due 2022
(the “Initial Notes”); and 
 WHEREAS, the Subsidiary Guarantors have duly authorized the execution and delivery of this
Indenture. 
 NOW, THEREFORE, the Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for
the equal and ratable benefit of the Holders of the Notes. 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.01	Definitions. 

 “Acquired Indebtedness” means Indebtedness of any Person
and its Subsidiaries existing at the time such Person became a Restricted Subsidiary (or such Person is merged with or into the Company or a Restricted Subsidiary) or assumed in connection with the acquisition of assets from any such Person,
including, without limitation, Indebtedness Incurred in connection with, or in contemplation of (1) such Person being merged with or into the Company or a Restricted Subsidiary or becoming a Restricted Subsidiary (but excluding Indebtedness of
such Person which is extinguished, retired or repaid in connection with such Person being merged with or into the Company or a Restricted Subsidiary or becoming a Restricted Subsidiary) or (2) such acquisition of assets from any such Person.

 “Additional Interest” means the interest payable as a consequence of the failure to effectuate in a timely manner the
exchange offer and/or shelf registration procedures set forth in the Registration Rights Agreement. 
 “Additional Notes”
means additional Notes (other than the Initial Notes and Exchange Notes for such Initial Notes) issued from time to time under this Indenture in accordance with Section 2.01 and Section 4.09, whether or not they bear the same CUSIP number
as the Initial Notes. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling or controlled
by, or under direct or indirect common control with, such Person. For purposes of this Indenture, each executive officer and director of the Company, any Qualified Parent Guarantor and each Subsidiary of the Company will be an Affiliate of the
Company. In addition, for purposes of this Indenture, control of a Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

 “Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to a Note at any redemption date, as calculated by the Company, the greater of (i)
1.00% of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption date of (1) the redemption price of such Note on May 15, 2019 (such redemption price being described in Section 3.07(b)
exclusive of any accrued interest) plus (2) all required remaining scheduled interest payments due on such Note through May 15, 2019 (but 

 
excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate plus 0.50% per annum, over (B) the principal amount of such
Note on such redemption date. 
 “Asset Sale” means any direct or indirect sale, transfer, lease, issuance, conveyance or
other disposition (including, without limitation, by merger, consolidation or sale and leaseback transaction, and whether by operation of law or otherwise) by the Company or any Restricted Subsidiary of any of their respective properties and assets
(including, without limitation, the sale or other disposition of Capital Stock of any Subsidiary except for Disqualified Stock to the extent permitted by Section 4.09 and Capital Stock of any Dormant Subsidiary), whether owned on the date of
this Indenture or subsequently acquired, in one transaction or a series of related transactions, in which the Company or any Restricted Subsidiary receives cash or other consideration (including, without limitation, the unconditional assumption of
Indebtedness of the Company or any Restricted Subsidiary) having an aggregate Fair Market Value of $10.0 million or more as to each such transaction or series of related transactions; provided, however, that none of the following shall
constitute an Asset Sale: 
 (1)    a transaction or series of related transactions that is governed by, and made in
accordance with, Section 5.01; 
 (2)    sales, leases and sale/leasebacks of raw land, entitled land, lots under
development, finished lots or other real property in the ordinary course of business or operation of the Real Estate Business; 

(3)    sales and partial repurchases of raw land, entitled land, lots under development, finished lots or other real
property in the ordinary course of business or operation of the Real Estate Business; 
 (4)    sales, leases,
conveyances or other dispositions, including, without limitation, exchanges or swaps, of real estate or other assets and dedication or other donations to governmental authorities, in each case in the ordinary course of business or operation of the
Real Estate Business, for development or disposition of the Company’s or any of its Subsidiaries’ projects; 

(5)    sales, leases and sale/leasebacks or other dispositions of amenities, model homes and other improvements at the
Company’s or its Subsidiaries’ projects in the ordinary course of business or operation of the Real Estate Business; 

(6)    transactions between the Company and any of its Restricted Subsidiaries, or among such Restricted Subsidiaries of
the Company; 
 (7)    issuances of Capital Stock by a Restricted Subsidiary to the Company or a Wholly Owned
Subsidiary; 
 (8)    any disposition of cash or Cash Equivalents or obsolete or worn out equipment, in each case, in
the ordinary course of business or operation of the Real Estate Business; 
 (9)    the sale or other disposition of
assets no longer used or useful in the conduct of business of the Company or any of its Restricted Subsidiaries; 

(10)    the creation of any Permitted Lien and the transfer of real or personal property pursuant to the realization on
any Permitted Lien; 

  
 -2- 

 (11)    the making of any Restricted Payment or Permitted Investment that is
permitted to be made, and is made, under Section 4.08 (other than a Permitted Investment to the extent such transaction results in the receipt of cash or Cash Equivalents by the Company or any Restricted Subsidiary); 

(12)    the surrender or waiver of contractual rights or the settlement, release or surrender of contract, tort or other
litigation claims of any kind, in each case in the ordinary course of business; and 
 (13)    the sale, assignment,
lease or other disposition, either directly by the Company or through one or more of its Subsidiaries, of amenity assets in the Solivita and Bellalago communities; provided that the gains (or any losses) realized by the Company or any of its
Subsidiaries resulting from any such disposition will be excluded in any computation made under Section 4.08(a)(1). 
 “Attributable
Indebtedness” in respect of a Sale/Leaseback Transaction means, as at the time of determination, the present value (discounted at the interest rate implicit in the transaction) of the total obligations of the lessee for rental payments
during the remaining term of the lease included in such Sale/Leaseback Transaction (including any period for which such lease has been extended), determined in accordance with GAAP; provided, however, that if such Sale/Leaseback Transaction
results in a Capitalized Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the definition of “Capitalized Lease Obligations.” 

“Bankruptcy Law” means Title 11 of the United States Code, as amended, or any similar federal or state law for the relief of
debtors. 
 “beneficial ownership” has the meaning assigned to such term in Rule
13d-3 and Rule 13d-5 under the Exchange Act, and “beneficial owner” has a corresponding meaning. 

“Board of Directors” means: 

(1)    with respect to a corporation, the Board of Directors of the corporation or (other than for purposes of determining
a Change of Control) any duly authorized committee of the Board of Directors; 
 (2)    with respect to a partnership,
the Board of Directors of the general partner of the partnership; and 
 (3)    with respect to any other Person, the
board or committee of such Person serving a similar function. 
 “Business Day” means any day other than a Legal Holiday.

 “Capital Stock” of any Person means any and all shares, rights to purchase, warrants or options (whether or not
currently exercisable), participations, or other equivalents of or interests in (however designated and whether voting or non-voting) the equity (which includes, but is not limited to, common stock, preferred
stock and partnership and joint venture interests) of such Person (excluding any debt securities that are convertible into, or exchangeable for, such equity). 

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

  
 -3- 

 “Cash Equivalents” mean any (1) securities, certificates and notes with
maturities of 364 days or less from the date of acquisition that are within one of the following classifications: (A) securities issued or fully guaranteed or insured by the U.S. government or any agency thereof; (B) mortgage-backed
securities issued or fully guaranteed or insured by the Federal Home Loan Mortgage Corporation, Federal National Mortgage Association or a similar government-sponsored enterprise or mortgage agency; (C) securities issued by States, territories
and possessions of the United States and their political subdivisions (municipalities), with ratings of at least “A” or the equivalent thereof by S&P or Moody’s; (D) time deposits, certificates of deposit, bankers’
acceptances, or similar short-term notes issued by a commercial bank domiciled and registered in the United States which has (or the holding company of which has) a commercial paper rating of at least A-l or
the equivalent thereof by S&P or P-l or the equivalent thereof by Moody’s; or (E) commercial paper of a domestic issuer rated at least A-l or the
equivalent thereof by S&P or P-l or the equivalent thereof by Moody’s; and (2) money market mutual funds which invest in securities listed in (A) through (E) above with a weighted average
maturity of less than one year. 
 “Change of Control” means any of the following: 

(1)    the sale, transfer, lease, conveyance or other disposition (in one transaction or a series of transactions) of all
or substantially all of the Company’s (or any Qualified Parent Guarantor’s) assets as an entirety or substantially as an entirety to any Person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act) other than to
a Permitted Holder; 
 (2)    the adoption by the stockholders of the Company (or any Qualified Parent Guarantor) of a
plan or proposal for the liquidation or dissolution of the Company (or any Qualified Parent Guarantor); 
 (3)    any
transaction or a series of related transactions (as a result of a tender offer, merger, consolidation or otherwise) that results in, or that is in connection with, any Person other than a Permitted Holder, including a “group” (within the
meaning of Section 13(d)(3) of the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable
immediately or only after the passage of time) acquiring “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the aggregate voting power
of all classes of Common Equity of the Company (or any Qualified Parent Guarantor) or any Person other than a Permitted Holder acquiring the power to direct the voting of 50% or more of the aggregate voting power of all classes of Common Equity of
the Company (or any Qualified Parent Guarantor); 
 (4)    the merger or consolidation of the Company (or any Qualified
Parent Guarantor) with or into another Person or the merger of another Person with or into the Company (or any Qualified Parent Guarantor) or the merger of any Person with or into a Subsidiary of the Company (or any Qualified Parent Guarantor),
unless the holders of a majority of the aggregate voting power of the Common Equity of the Company (or any Qualified Parent Guarantor, as the case may be), immediately prior to such transaction, hold securities of the surviving or transferee Person
that represent, immediately after such transaction, at least a majority of the aggregate voting power of the Common Equity of the surviving or transferee Person; or 

(5)    a majority of the Board of Directors of the Company (or any Qualified Parent Guarantor) not being comprised of
Continuing Directors. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating
Event. 

  
 -4- 

 “Common Equity” of any Person means all Capital Stock of such Person that is
generally entitled to (1) vote in the election of directors of such Person, or (2) if such Person is not a corporation, vote or otherwise participate in the selection of the governing body, partners, managers or others that will control
the management and policies of such Person. 
 “Company” means the party named as such in the first paragraph of this
Indenture or any successor obligor (including any Qualified Successor under the circumstances set forth in Section 2.14(d)) to its obligations under this Indenture and the Notes pursuant to Article 5. 

“Consolidated Cash Flow Available for Fixed Charges” of the Company and its Restricted Subsidiaries means for any period, the
sum (without duplication) of the amounts for such period of: 
 (1)    Consolidated Net Income, plus 

(2)    Consolidated Tax Expense, plus 

(3)    Consolidated Interest Expense, plus 

(4)    all depreciation, and, without duplication, amortization (including, without limitation, capitalized interest and
other charges amortized to cost of home and land sales), plus 
 (5)    all other
non-cash items reducing Consolidated Net Income during such period (excluding any non-cash item that results in an accrual of a reserve for a future cash charge or
amortization of a prepaid cash expense that was capitalized at the time of payment), 
 minus all other
non-cash items increasing Consolidated Net Income during such period (excluding any such items which represent the recognition of deferred revenue, the reversal of any accrual of a reserve for a future cash
charge that reduced Consolidated Cash Flow Available for Fixed Charges in any prior period, and any such items for which cash was received in a prior period that did not increase Consolidated Cash Flow Available for Fixed Charges in any prior
period) and if Consolidated Tax Expense is a benefit, by the amount of such benefit, all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in accordance with GAAP. 

“Consolidated Fixed Charge Coverage Ratio” of the Company means, with respect to any determination date, the ratio of
(i) Consolidated Cash Flow Available for Fixed Charges of the Company for the prior four consecutive full fiscal quarters immediately preceding the determination date for which consolidated financial statements prepared in accordance with GAAP
are available (the “Four-Quarter Period”), to (ii) the aggregate Consolidated Interest Incurred of the Company for such Four-Quarter Period; provided that: 

(1)    with respect to any Indebtedness (including Acquired Indebtedness) Incurred during, and remaining outstanding at
the end of, such Four-Quarter Period, such Indebtedness will be assumed to have been Incurred as of the first day of such Four-Quarter Period; 

(2)    with respect to Indebtedness repaid (other than a repayment of revolving credit obligations unless the
corresponding commitments have been terminated) during such Four-Quarter Period, such Indebtedness will be assumed to have been repaid on the first day of such Four-Quarter Period; 

(3)    the results of operations of any Person and any Restricted Subsidiary of such Person that becomes a Restricted
Subsidiary of the Company or is acquired or merged with or into the 

  
 -5- 

 
Company or one of the Company’s Restricted Subsidiaries or whose assets are acquired, will be included, on a pro forma basis, in the calculation of the Consolidated Fixed Charge Coverage
Ratio as if such transaction had occurred on the first day of such Four-Quarter Period; and 
 (4)    the results of
operations of any Person and any Restricted Subsidiary of such Person that is sold, discontinued, or otherwise disposed of or whose assets are sold, discontinued, or otherwise disposed of (including pursuant to any Asset Sale), will be excluded, on
a pro forma basis, in the calculation of the Consolidated Fixed Charge Coverage Ratio as if such transaction had occurred on the first day of such Four-Quarter Period. 

In calculating Consolidated Interest Incurred for purposes of determining the denominator (but not the numerator) of this Consolidated Fixed
Charge Coverage Ratio: 
 (a)    interest on outstanding Indebtedness determined on a fluctuating basis as of the date
of determination and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the date of determination; 

(b)    if interest on any Indebtedness actually Incurred on the date of determination may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate chosen by the Company will be deemed to have been in effect during the Four-Quarter Period; and 

(c)    notwithstanding clause (a) or (b) above, interest on Indebtedness determined on a fluctuating basis, to the
extent such interest is covered by agreements with a term of at least one year after the date of determination relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of these
agreements. 
 “Consolidated Interest Expense” of the Company for any period means the Interest Expense of the Company and
its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that there will be excluded therefrom such Interest Expense (to the extent otherwise included therein) of Joint Ventures (but
only to the extent that any corresponding Indebtedness does not have recourse to, and is not guaranteed by, the Company or any Subsidiary Guarantor) that otherwise is consolidated under GAAP. 

“Consolidated Interest Incurred” of the Company for any period means the Interest Incurred of the Company and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that there will be excluded therefrom such Interest Incurred (to the extent otherwise included therein) of Joint Ventures and Unrestricted
Subsidiaries (but (1) only to the extent that any corresponding Indebtedness does not have recourse to, and is not guaranteed by, the Company or any Subsidiary Guarantor and (2) Consolidated Interest Incurred of Joint Ventures and
Unrestricted Subsidiaries shall be included to the extent any such interest is paid by the Company or any Subsidiary Guarantor) that otherwise is consolidated under GAAP. 

“Consolidated Net Income” attributable to the Company for any period means the aggregate net income (or loss) of the Company
and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided that there will be excluded from such net income (to the extent otherwise included therein), without duplication: 

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

  
 -6- 

 
actually been received by the Company or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such period, or in any other form but converted to cash
during such period or (b) to the extent the Company’s equity in any such loss for such period has been funded with cash from the Company or a Restricted Subsidiary; 

(2)    except to the extent includable in Consolidated Net Income pursuant to the foregoing clause (1) or the
definition of “Consolidated Fixed Charge Coverage Ratio” for purposes of the calculation thereof, the net income (or loss) of any Person that accrued prior to the date that (a) such Person becomes a Restricted Subsidiary or is merged
with or into or consolidated with the Company or any of its Restricted Subsidiaries or (b) the assets of such Person are acquired by the Company or any of its Restricted Subsidiaries; 

(3)    the net income of any Restricted Subsidiary to the extent that (but only so long as) the declaration or payment of
dividends or similar distributions by such Restricted Subsidiary of that income is subject to prior governmental approval or is not permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute,
rule or governmental regulation applicable to that Restricted Subsidiary during such period; 
 (4)    for the purposes
of calculating Section 4.08(a)(1)(i) only (but without duplication of any pro forma effect given), in the case of a successor to the Company by consolidation, merger or transfer of its assets, any earnings of the successor prior to such merger,
consolidation or transfer of assets; and 
 (5)    the gains (but not losses) realized during such period by the Company
or any of its Restricted Subsidiaries resulting from (a) the acquisition of securities issued by the Company or extinguishment of Indebtedness of the Company or any of its Restricted Subsidiaries, (b) Asset Sales by the Company or any of
its Restricted Subsidiaries and (c) other extraordinary items realized by the Company or any of its Restricted Subsidiaries. 

Notwithstanding the foregoing, in calculating Consolidated Net Income, the Company will be entitled to take into consideration the tax
benefits associated with any loss described in clause (5) of the preceding sentence, but only to the extent such tax benefits are actually recognized by the Company or any of its Restricted Subsidiaries during such period. 

“Consolidated Net Tangible Assets” of the Company as of any date means the Consolidated Tangible Assets of the Company and
its Restricted Subsidiaries less: 
 (1)    all short-term liabilities, except for (x) liabilities payable by their
terms more than one year from the date of determination (or renewable or extendible at the option of the obligor for a period ending more than one year after such date) and (y) liabilities in respect of retiree benefits other than pensions for
which the Restricted Subsidiaries are required to accrue pursuant to Accounting Standards Codification 715, Compensation—Retirement Benefits (formerly Statement of Financial Accounting Standards No. 106); and 

(2)    investments in Subsidiaries that are not Restricted Subsidiaries; 

provided that if (i) a Covenant Replacement Event shall have occurred or (ii) in connection with any Incurrence of Secured Indebtedness or
Sale/Leaseback Transaction substantially concurrent with, or conditioned upon, the consummation of a Change of Control in connection with a Covenant Replacement Event, Consolidated Net Tangible Assets shall be calculated on a pro forma basis giving
effect to such Change of Control and the applicable Consolidated Tangible Assets, short-term liabilities and investments of any Qualified Successor that has expressly assumed (or, in the case of clause (ii), is expected to

  
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expressly assume) by supplemental indenture all of the Obligations of the Company under the Notes and this Indenture, so long as, in the case of clause (ii), the Qualified Rating Confirmation
shall have been received. 
 “Consolidated Tangible Assets” of the Company as of any date means the total amount of assets
of the Company and its Restricted Subsidiaries (less applicable reserves) on a consolidated basis at the end of the fiscal quarter immediately preceding such date for which consolidated financial statements are available, as determined in accordance
with GAAP, less: (1) Intangible Assets and (2) assets securing Non-Recourse Indebtedness up to the amount of such Non-Recourse Indebtedness. 

“Consolidated Tangible Net Worth” of the Company as of any date means the stockholders’ equity (including any Preferred
Stock that is classified as equity under GAAP, other than Disqualified Stock) of the Company and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal quarter immediately preceding such date for which consolidated financial
statements are available, as determined in accordance with GAAP, plus any amount of unvested deferred compensation included, in accordance with GAAP, as an offset to stockholders’ equity, less the amount of Intangible Assets at the end
of such fiscal quarter. 
 “Consolidated Tax Expense” of the Company for any period means the expense for income taxes or
other taxes of the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Continuing Director” means at any date a member of the Board of Directors of the Company (or the Qualified Parent Guarantor,
as the case may be) who: 
 (1)    was a member of the Board of Directors of the Company (or the Qualified Parent
Guarantor, as the case may be) on the Issue Date; or 
 (2)    was nominated for election or elected to the Board of
Directors of the Company (or the Qualified Parent Guarantor, as the case may be) with the affirmative vote of at least a majority of the directors who were Continuing Directors at the time of such nomination or election. 

“Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, one or more debt facilities or
other financing arrangements (including, without limitation, the Senior Credit Facilities and any commercial paper or letter of credit facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other
Indebtedness, including any notes, mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements, replacements or
refundings thereof and any indentures, credit facilities, letter of credit facilities or commercial paper facilities that replace, refund, refinance or otherwise restructure any part of the loans, notes, other credit facilities or commitments
thereunder, including any such replacement, refunding, refinancing or restructuring facility or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowings
is permitted by Section 4.09) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, creditor, lender or group of creditors or lenders. 

“Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 12.02 or such other
address as to which the Trustee may give notice to the Holders and the Company. 
 “Custodian” means any receiver, trustee,
assignee, liquidator or similar official under any Bankruptcy Law. 

  
 -8- 

 “Default” means any event, act or condition that is, or after notice or the
passage of time, or both, would be, an Event of Default. 
 “Definitive Note” means a certificated Initial Note, Additional
Note or Exchange Note (bearing the Restricted Notes Legend if the transfer of such Note is restricted by applicable law) that does not include the Global Notes Legend. 

“Depositary” means, unless otherwise specified by the Company with respect to any Notes issuable or issued in whole or in
part in the form of one or more Global Notes, the Person specified in Section 2.03(b) as the Depositary with respect to such series of Notes, or any successor thereto registered as a clearing agency under the Exchange Act or other applicable statute
or regulations, appointed as depositary hereunder and having become such pursuant to the applicable provisions of this Indenture. 

“Directly Related Assets” means, with respect to any particular property, assets directly related thereto or derived
therefrom, such as proceeds (including insurance proceeds), products, rents and profits thereof, and improvements and accessions thereto. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable), or upon the happening of any event, (1) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, (2) is convertible into or exchangeable for Indebtedness or Disqualified
Stock (excluding Capital Stock which is convertible or exchangeable solely at the option of the Company or a Restricted Subsidiary (it being understood that upon such conversion or exchange it shall be an Incurrence of such Indebtedness or
Disqualified Stock)) or (3) is redeemable at the option of the holder thereof, in whole or in part, on or prior to the date that is 91 days after the earlier of the final maturity date of the Notes or the date the Notes are no longer
outstanding; provided that any Capital Stock which would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require the Company to repurchase or redeem such Capital Stock upon the occurrence of a
change of control occurring prior to the final maturity of the Notes will not constitute Disqualified Stock if the change of control provisions applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than
Section 4.14 and such Capital Stock specifically provides that the Company will not repurchase or redeem (or be required to repurchase or redeem) any such Capital Stock pursuant to such provisions prior to the Company’s repurchase of Notes
pursuant to Section 4.14. 
 “Disqualified Stock Dividend” of any Person means, for any dividend payable with regard
to Disqualified Stock issued by such Person, the amount of such dividend multiplied by a fraction, the numerator of which is one and the denominator of which is one minus the maximum statutory combined federal, state and local income tax rate
(expressed as a decimal number between 1 and 0) then applicable to such Person. 
 “Dormant Subsidiary” means a Subsidiary
(1) with no active trade or business, (2) owning assets with a value of $50,000 or less and (3) that is dissolved or merged with another Subsidiary on or before the first anniversary of the Issue Date. 

“DTC” means The Depository Trust Company. 

“Equity Offering” means a public or private equity offering or sale after the Issue Date by the Company for cash of Capital
Stock, other than (1) any offering or sale of Disqualified Stock, (2) public offerings registered on Form S-4 or S-8 and (3) any offering of Capital Stock
issued in connection with a transaction that constitutes a Change of Control. 

  
 -9- 

 “Event of Default” has the meaning set forth in Section 6.01. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Exchange Notes” means notes issued in a registered exchange offer pursuant to the Registration Rights
Agreement. 
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement. 

“Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 

“Existing Covenants” means Sections 4.05(2), 4.08, 4.09, 4.10, 4.12, 4.13, 4.14 and 4.15. 

“Existing Indebtedness” means all of the Indebtedness of the Company and its Subsidiaries that is outstanding on the date of
this Indenture. 
 “Existing Notes” means the Company’s 8.50% Senior Notes due 2019 and 6.00% Senior Convertible Notes
due 2020. 
 “Fair Market Value,” with respect to any asset or property, means the sale value (after taking into account
any liabilities being transferred with such assets or property) that would be obtained in an arm’s length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to
buy. Fair Market Value of any asset or property with a Fair Market Value of $20.0 million or more shall be determined by the Board of Directors of the Company acting in good faith and shall be evidenced by a board resolution (certified by the
Secretary or Assistant Secretary of the Company) delivered to the Trustee. The Board of Directors’ determination must be based upon an opinion or appraisal issued by an Independent Financial Advisor if the Fair Market Value of such asset or
property exceeds $50.0 million. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and
interpretations of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and interpretations of the Financial Accounting Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession of the United States, as in effect on the Issue Date. At any time after the Issue Date, the Company may elect to apply International Financial Reporting Standards
(“IFRS”) accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture); provided that any such
election, once made, shall be irrevocable; provided, further, any calculation or determination in this Indenture that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election to
apply IFRS shall remain as previously calculated or determined in accordance with GAAP. The Company shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of Notes. 

“Guarantee” means any guarantee of the Obligations of the Company under this Indenture and the Notes in accordance with the
provisions of this Indenture. 
 “Guarantors” means, collectively, each Subsidiary Guarantor and any Qualified Parent
Guarantor. 

  
 -10- 

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

“Holder” means a Person in whose name a Note is registered in the Note Register. 

“Incur” (and derivatives thereof) means to, directly or indirectly, create, incur, assume, guarantee, extend the maturity of,
or otherwise become liable with respect to any Indebtedness; provided, however, that neither the accrual of interest (whether such interest is payable in cash or kind) nor the accretion of original issue discount shall be considered an
Incurrence of Indebtedness. 
 “Indebtedness” of any Person at any date means, without duplication: 

(1)    all indebtedness (including premium, if any) of such Person for borrowed money (whether or not the recourse of the
lender is to the whole of the assets of such Person or only to a portion thereof); 
 (2)    all obligations (including
premium, if any) of such Person evidenced by bonds, debentures, notes or other similar instruments (including a purchase money obligation); 

(3)    all fixed obligations of such Person in respect of letters of credit or other similar instruments or reimbursement
obligations with respect thereto (other than standby letters of credit or similar instruments issued for the benefit of, or surety, performance, completion or payment bonds, earnest money notes or similar purpose undertakings or indemnifications
issued by, such Person in the ordinary course of business); 
 (4)    all obligations of such Person with respect to
Hedging Obligations (the amount of any such obligations to be equal at any time to the termination value of such agreement or arrangement giving rise to such Obligation that would be payable by such Person at such time); 

(5)    all Capitalized Lease Obligations and Attributable Indebtedness of such Person (whether or not such items would
appear on the balance sheet of such Person in accordance with GAAP); 
 (6)    all principal component of Indebtedness
of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person (the amount of such Indebtedness, if such Indebtedness is not assumed by such Person, being the lesser of the (A) Fair Market
Value of all assets subject to a Lien securing the Indebtedness of others at such date and (B) principal component of the Indebtedness secured); 

(7)    all principal component of Indebtedness of others guaranteed by, or otherwise the liability of, such Person to the
extent of such guarantee or liability; provided, however, that Indebtedness of the Company or its Subsidiaries that is guaranteed by the Company or its Subsidiaries shall be counted only once in the calculation of the amount of
Indebtedness of the Company and its Subsidiaries on a consolidated basis (whether or not such items would appear on the balance sheet of such Person in accordance with GAAP); 

(8)    all Disqualified Stock and, with respect to any Non-Guarantor Subsidiary,
Preferred Stock issued by such Person (the amount of Indebtedness represented by any Disqualified Stock or Preferred Stock will equal the greater of the voluntary or involuntary liquidation preference, the maximum mandatory redemption or repurchase
price (not including, in either case, any redemption or repurchase premium) or the principal component); and 

  
 -11- 

 (9)    the principal component of all obligations of such Person to pay the
deferred and unpaid purchase price of property (including earn-out obligations), which purchase price is due after the date of placing such property in service or taking delivery and title thereto, to the
extent such items would be indebtedness on the balance sheet of such Person in accordance with GAAP; 
 provided that Indebtedness shall not include (a) earn-out obligations or similar profit sharing arrangements until such obligation or arrangement becomes a liability on a balance sheet of such Person; (b) accrued expenses, trade payables, liabilities
related to inventory not owned, customer deposits or deferred income taxes arising in the ordinary course of business; (c) completion guarantees entered into in the ordinary course of business; and (d) other than for purposes of Section
6.01(a)(5), any payment obligation under any warrants or call options in respect of the Company’s Common Equity sold by the Company concurrently with any Permitted Bond Hedge, except to the extent that any such payment obligation, if and when
any such payment obligation may arise, is greater than the amount of any concurrent payment or payments received by the Company in connection with the termination, cancellation or early unwind of any Permitted Bond Hedge. 

Notwithstanding the foregoing, the amount of any Indebtedness outstanding as of any date shall (1) be the accreted value thereof in the
case of any Indebtedness issued with original issue discount or the aggregate principal amount outstanding in the case of Indebtedness issued with interest payable in kind and (2) include any interest (or in the case of Preferred Stock,
dividends) thereon that is more than 30 days past due. Except to the extent provided in the preceding sentence, the amount of any Indebtedness that is convertible into or exchangeable for Capital Stock of the Company outstanding as of any date shall
be deemed to be equal to the principal and premium, if any, in respect of such Indebtedness, notwithstanding the provisions of GAAP (including Accounting Standards Codification Topic 470-20, Debt—Debt
with Conversion and Other Options). 
 “Indenture” means this Indenture, as amended or supplemented from time to time.

 “Independent Financial Advisor” means (1) an accounting, appraisal or investment banking firm of nationally
recognized standing that is, in the reasonable judgment of the Company’s Board of Directors, (a) qualified to perform the task for which it has been engaged, and (b) disinterested and independent, in a direct and indirect manner, of
the parties to the Affiliate Transaction with respect to which such firm has been engaged, or (2) in the case of an Affiliate Transaction involving the sale, transfer or other disposition or purchase of real property by the Company or a
Restricted Subsidiary, an appraisal firm reasonably satisfactory to the independent financial institution that provided the financing for the initial acquisition of such real property by the Affiliate, the Company or the Restricted Subsidiary. 

“Initial Notes” has the meaning set forth in the recitals hereto. 

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

“interest” with respect to the Notes means interest with respect thereto and Additional Interest, if any. 

“Interest Expense” of any Person for any period means, without duplication, the aggregate amount of interest expense and
capitalized interest and other interest charges amortized to cost of sales of such Person determined in accordance with GAAP. 

  
 -12- 

 “Interest Incurred” of any Person for any period means, without duplication, the
aggregate amount of interest (excluding interest among the Company and the Restricted Subsidiaries) incurred, whether such interest was expensed or capitalized, paid, accrued, or scheduled to be paid or accrued during such period, including
(1) the interest portion of all deferred payment obligations, and (2) all commissions, discounts, and other fees and charges (excluding premiums) owed with respect to bankers’ acceptances and letter of credit financings (including,
without limitation, letter of credit fees) and Hedging Obligations, in each case to the extent attributable to such period; provided, however, that Interest Incurred shall not include the amortization of deferred financing costs or expenses.
For purposes of this definition, interest on Capital Lease Obligations shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capital Lease Obligations in accordance with GAAP.

 “Interest Payment Date” means May 15 and November 15 of each year to Stated Maturity of the Notes. 

“Investments” of any Person means all (1) direct or indirect investments by such Person in any other Person in the form
of loans, advances or capital contributions or other credit extensions constituting Indebtedness of such other Person, (2) guarantees of Indebtedness or other obligations of any other Person by such Person, (3) purchases (or other
acquisitions for consideration) by such Person of Indebtedness, Capital Stock or other securities of any other Person, (4) other items that would be classified as investments on a balance sheet of such Person determined in accordance with GAAP
and (5) the designation of any Subsidiary as an Unrestricted Subsidiary. For all purposes of this Indenture, the amount of any such Investment shall be the Fair Market Value thereof (with the Fair Market Value of each Investment being measured
at the time made and without giving effect to subsequent changes in value). The making of any payment in accordance with the terms of a guarantee or other contingent obligation permitted under this Indenture shall not be considered an Investment.

 “Issue Date” means May 18, 2017, the initial date of issuance of the Notes under this Indenture. 

“Joint Venture” means any Person, other than a Subsidiary, in which the Company or a Subsidiary holds any stock, partnership
interest, joint venture interest, limited liability company interest or other equity interest. 
 “Legal Holiday” means
Saturday, Sunday or a day on which banking institutions in New York, New York or at a place of payment are authorized or obligated by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment,
payment shall be made at that place on the next succeeding day that is not a Legal Holiday. 
 “Lien” means, with respect
to any asset, any mortgage, lien, pledge, charge, security interest or other similar encumbrance of any kind upon or in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including, without limitation,
any conditional sale or other title retention agreement). 
 “Material Subsidiary” means any Subsidiary of the Company
which accounted for 5.0% or more of the Consolidated Tangible Assets or Consolidated Cash Flow Available for Fixed Charges of the Company on a consolidated basis for the fiscal year ending immediately prior to any Default or Event of Default. 

“Moody’s” means Moody’s Investors Service, Inc. or any successor to its debt rating business. 

  
 -13- 

 “Net Proceeds” means: 

(1)    cash (in U.S. dollars or freely convertible into U.S. dollars) received by the Company or any Restricted Subsidiary
from an Asset Sale net of: 
 (a)    all brokerage commissions, investment banking fees and all other
fees and expenses (including, without limitation, fees and expenses of counsel, financial advisors, accountants and investment bankers) related to such Asset Sale; 

(b)    provisions for all income and other taxes measured by or resulting from such Asset Sale of the
Company or any of its Restricted Subsidiaries; 
 (c)    payments made to retire Indebtedness that was
Incurred in accordance with this Indenture and that, by its terms, is required to be made in connection with such Asset Sale, in each case to the extent actually repaid in cash; 

(d)    amounts required to be paid to any Person (other than the Company or a Restricted Subsidiary) owning
a beneficial interest in the assets subject to the Asset Sale; 
 (e)    payments of unassumed
liabilities (not constituting Indebtedness) relating to the assets sold at the time of or within 30 days after the date of such Asset Sale; and 

(f)    appropriate amounts to be provided by the Company or any Restricted Subsidiary thereof, as the case
may be, as a reserve, in accordance with GAAP, against any liabilities associated with such Asset Sale and retained by the Company or any Restricted Subsidiary thereof, as the case may be, after such Asset Sale, including, without limitation,
pension and other post-employment benefit liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations or post-closing purchase price adjustments associated with such Asset Sale, all as reflected in
an Officers’ Certificate delivered to the Trustee; and 
 (2)    all
non-cash consideration received by the Company or any of its Restricted Subsidiaries from such Asset Sale upon the liquidation or conversion of such consideration into cash, without duplication, net of all
items enumerated in subclauses (a) through (f) of clause (1) hereof. 
 “New Covenants” means Sections 4.17, 4.18
and 4.19. 
 “Non-Guarantor Subsidiary” means any Restricted Subsidiary that is not
a Subsidiary Guarantor. 
 “Non-Recourse Indebtedness” with respect to any Person
means Indebtedness of such Person for which (i) the sole legal recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing or securing such Indebtedness and
such property was acquired (directly or indirectly, including through the purchase of Capital Stock of the Person owning such property) with the proceeds of such Indebtedness or such Indebtedness was Incurred within 90 days after the acquisition
(directly or indirectly, including through the purchase of Capital Stock of the Person owning such property) of such property and (ii) no other assets of such Person may be realized upon in collection of principal or interest on such
Indebtedness. Indebtedness which is otherwise Non-Recourse Indebtedness will not lose its character as Non-Recourse Indebtedness because there is recourse to the
borrower, any guarantor or any other Person for (a) environmental warranties and indemnities, (b) indemnities for and liabilities arising from fraud, misrepresentation, misapplication or non-payment
of rents, profits, insurance and condemnation proceeds and other sums actually received by 

  
 -14- 

 
the borrower from secured assets to be paid to the lender, waste and mechanics’ liens or (c) similar customary “bad boy” guarantees. 

“Note Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 “Note Register” is a register of the Notes and of their transfer and exchange kept by the Registrar as defined in
Section 2.03. 
 “Notes” means the Initial Notes and more particularly means any Note authenticated and delivered
under this Indenture. For all purposes of this Indenture, the term “Notes” shall also include any Additional Notes that may be issued under a supplemental indenture and Notes to be issued or authenticated upon transfer, replacement or
exchange of Notes. 
 “Obligations” means, with respect to any Indebtedness, all obligations (whether in existence on the
Issue Date or arising afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to purchase, or
otherwise), premium, interest, penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing after the commencement of any bankruptcy,
insolvency or reorganization or similar case or proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such interest is allowed
as a claim in such case or proceeding. 
 “Officer” means the chairman, the chief executive officer, the president, the
chief financial officer, the chief operating officer, the chief accounting officer, the treasurer, or any assistant treasurer, the controller, the secretary, any assistant secretary or any vice president of a Person. 

“Officers’ Certificate” means a certificate signed by two Officers. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. Such counsel may be an
employee of or counsel to the Company. 
 “Pari Passu Indebtedness” means any Indebtedness of the Company or any Subsidiary
Guarantor that ranks pari passu in right of payment with the Notes or the Subsidiary Guarantees, as applicable. 
 “Paying
Agent” means any office or agency where Notes and the Subsidiary Guarantees may be presented for payment. 
 “Permitted
Bond Hedge” means any net-settled call options or capped call options referencing the Company’s Common Equity purchased by the Company in connection with the issuance of convertible or
exchangeable debt securities by the Company or any Restricted Subsidiary to hedge the Company’s or such Restricted Subsidiary’s obligations to deliver Common Equity under such Indebtedness, which call options are either “capped”
or are purchased concurrently with the sale by the Company of a call option or options in respect of its Common Equity, in either case on terms that are customary for “call spread” transactions entered in connection with the issuance of
convertible or exchangeable debt securities. 
 “Permitted Holder” means TPG Aviator, L.P. (the
“Investor”) and each of its Affiliates that are collective investment vehicles for which the Investor acts directly or indirectly as general partner, investment manager, managing member or in a similar capacity, but not including,
however, any portfolio 

  
 -15- 

 
companies of any of the foregoing. Any Person or group whose acquisition of beneficial ownership constitutes a Change of Control in respect of which a Change of Control Offer is made in
accordance with the requirements of this Indenture (or would result in a Change of Control Offer in the absence of the waiver of such requirement by Holders in accordance with this Indenture) will thereafter constitute additional Permitted Holders.

 “Permitted Investments” of any Person means Investments of such Person in: 

(1)    Investments by the Company or any Restricted Subsidiary in (a) the Company or any Restricted Subsidiary or
(b) in any Person that is, or will become immediately after such Investment, a Restricted Subsidiary or that will merge or consolidate into the Company or a Restricted Subsidiary; 

(2)    loans and advances to directors, employees and officers of the Company and the Restricted Subsidiaries for bona
fide business purposes or to purchase Capital Stock of the Company in an aggregate amount not in excess of $2.0 million with respect to all loans or advances made since the Issue Date (without giving effect to the forgiveness of any such loans
or advances); 
 (3)    Hedging Obligations permitted to be Incurred pursuant to Section 4.09; 

(4)    cash and Cash Equivalents; 

(5)    receivables owing to the Company or any Restricted Subsidiary if created or acquired in the ordinary course of
business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as the Company or any such Restricted Subsidiary deems reasonable under the
circumstances; 
 (6)    Investments received pursuant to any plan of reorganization or similar arrangement, including
foreclosure, perfection or enforcement of any Lien, upon the bankruptcy or insolvency of trade creditors or customers; 

(7)    Investments made by the Company or any Restricted Subsidiary as a result of consideration received in connection
with an Asset Sale made in compliance with Section 4.15; 
 (8)    lease, utility and other similar deposits in the
ordinary course of business; 
 (9)    Investments made by the Company or a Restricted Subsidiary for consideration
consisting only of Capital Stock that is not Disqualified Stock; 
 (10)    stock, obligations or securities received in
settlement of debts created in the ordinary course of business and owing to the Company or any Restricted Subsidiary or in satisfaction of judgments; 

(11)    Investments in existence on the Issue Date and any extension, modification or renewal of such Investments or any
Investments made with the proceeds of any disposition of any such Investments, but only to the extent not involving additional advances, contributions or other Investments of cash or other assets or other increases thereof (other than as a result of
the appreciation, accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such
Investment as in effect on the Issue Date); 
 (12)    completion guarantees entered into in the ordinary course of
business; 
 (13)    Investments consisting of Permitted Bond Hedges; and

  
 -16- 

 (14)    (a) Investments in Joint Ventures or (b) other Investments, in
each case having an aggregate Fair Market Value (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value) that, taken together with all other Investments made pursuant to
this clause (14), are in an aggregate amount not in excess of the greater of (i) $40.0 million and (ii) 5.0% of Consolidated Tangible Assets at any one time outstanding. 

“Permitted Liens” means: 

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

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

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

(4)    Liens Incurred or deposits made to secure the performance of tenders, bids, leases, statutory obligations, surety
and appeal bonds, progress payments, government contracts, utility services, developer’s or other obligations to make on-site or off-site improvements and other
obligations of like nature (exclusive of obligations for the payment of borrowed money but including the items referred to in the parenthetical in clause (3) of the definition of “Indebtedness”), in each case Incurred in the ordinary
course of business of the Company and the Restricted Subsidiaries; 
 (5)    attachment or judgment Liens not giving
rise to a Default or an Event of Default and which are being contested in good faith by appropriate proceedings; 

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

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

(8)    leases or subleases (or any Liens related thereto) granted to others not materially interfering with the ordinary
course of business of the Company and its Subsidiaries; 
 (9)    purchase money mortgages (including, without
limitation, Capitalized Lease Obligations and purchase money security interests); provided that: (a) the aggregate principal amount of Indebtedness secured by such Liens is otherwise permitted to be Incurred under this Indenture and does
not exceed the cost of the assets or property so acquired, constructed or improved; and (b) such Liens are created within 90 days of construction, acquisition or improvement of such assets or property and do not encumber any other assets or
property of the Company or any Restricted Subsidiary other than such assets or property, assets affixed or appurtenant thereto and other Directly Related Assets; 

  
 -17- 

 (10)    Liens to secure Attributable Indebtedness permitted to be incurred
under this Indenture; provided that any such Lien shall not extend to or cover any assets or property of the Company or any Restricted Subsidiary other than (a) the assets which are the subject of the Sale/Leaseback Transaction in which
the Attributable Indebtedness is incurred and (b) Directly Related Assets; 
 (11)    Liens securing Refinancing
Indebtedness permitted to be Incurred under this Indenture; provided that such Liens only extend to assets which are similar to the type of assets securing the Indebtedness being refinanced and Directly Related Assets, and such refinanced
Indebtedness was previously secured by such similar assets in accordance with the terms of this Indenture; 

(12)    any interest in or title of a lessor or sublessor to property subject to any (a) Capitalized Lease
Obligations Incurred in compliance with the provisions of this Indenture or (b) any lease or sublease; 

(13)    Liens existing on the date of this Indenture; 

(14)    any right of first refusal, right of first offer, option, contract or other agreement to sell an asset;
provided such sale is not otherwise prohibited under this Indenture; 
 (15)    Liens securing Non-Recourse Indebtedness of the Company or a Restricted Subsidiary thereof; provided that such Liens apply only to (a) the property financed out of the net proceeds of such Non-Recourse Indebtedness within 90 days after Incurrence thereof and (b) Directly Related Assets; 

(16)    Liens on property or assets of any Restricted Subsidiary securing Indebtedness of such Restricted Subsidiary owing
to the Company or one or more Restricted Subsidiaries; 
 (17)    Liens on Capital Stock of an Unrestricted Subsidiary
securing Indebtedness of such Unrestricted Subsidiary; 
 (18)    any right of a lender or lenders to which the Company
or a Restricted Subsidiary may be indebted to offset against, or appropriate and apply to the payment of, such Indebtedness any and all balances, credits, deposits, accounts or monies of the Company or a Restricted Subsidiary with or held by such
lender or lenders; 
 (19)    any pledge or deposit of cash or property in conjunction with obtaining surety and
performance bonds and letters of credit required to engage in constructing on-site and off-site improvements required by municipalities or other governmental authorities
in the ordinary course of business of the Company or any Restricted Subsidiary; 
 (20)    Liens in favor of customs and
revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 

(21)    Liens encumbering customary initial deposits and margin deposits, and other Liens that are customary in the
industry and Incurred in the ordinary course of business securing Indebtedness under Hedging Obligations and forward contracts, options, futures contracts, futures options or similar agreements or arrangements designed to protect the Company or any
of its Subsidiaries from fluctuations in the price of commodities; 
 (22)    Liens on property acquired by the Company
or a Restricted Subsidiary and Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary or becomes a Restricted Subsidiary; provided that in each case

  
 -18- 

 
such Liens (a) were in existence prior to the contemplation of such acquisition, merger or consolidation and (b) do not extend to any asset other than those of the Person merged with or
into or consolidated with the Company or the Restricted Subsidiary or the property acquired by the Company or the Restricted Subsidiary; 

(23)    Liens replacing any of the Liens described in clauses (13) and (22) above; provided that (a) the
principal amount of the Indebtedness secured by such Liens shall not be increased (except to the extent of reasonable premiums or other payments required to be paid in connection with the repayment of the previously secured Indebtedness or
Incurrence of related Refinancing Indebtedness and expenses Incurred in connection therewith) and (b) the new Liens shall be limited to the property or part thereof which secured the Lien so replaced or property substituted therefor as a result
of the destruction, condemnation or damage of such property; 
 (24)    Liens securing Indebtedness Incurred pursuant to
Section 4.09(b)(17); 
 (25)    Liens on Capital Stock of a Joint Venture securing Indebtedness of such Joint Venture;

 (26)    Liens encumbering deposits made in the ordinary course of business to secure obligations arising from
contractual or warranty requirements of the Company or any Restricted Subsidiary, including rights of offset and setoff; 

(27)    bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash
Equivalents on deposit in one or more accounts maintained by the Company or any Restricted Subsidiary, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts
owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided, however, that in no case shall any such Liens secure (either directly or
indirectly) the repayment of any Indebtedness; 
 (28)    Liens arising from filing Uniform Commercial Code financing
statements regarding leases; 
 (29)    Liens securing all of the Notes and Liens securing any Subsidiary Guarantee;

 (30)    Liens securing Indebtedness Incurred pursuant to Section 4.09(b)(10); provided that such Liens shall
be limited to the subject land or lots; 
 (31)    leases of model homes; 

(32)    Liens in favor of homeowner and property owner association developments for unpaid assessments; 

(33)    Liens, encumbrances or other restrictions not securing Indebtedness contained in any joint venture agreement
entered into by the Company or any Restricted Subsidiary with respect to the Capital Stock in the Joint Venture or the assets of such Joint Venture; and 

(34)    Liens Incurred in the ordinary course of business as security for the obligations of the Company and its
Restricted Subsidiaries with respect to indemnification in respect of title insurance providers. 

  
 -19- 

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

“Preferred Stock” of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect
to the payment of dividends. 
 “Qualified Rating” means a senior unsecured debt rating equal to or higher than Ba3 (or the
equivalent) by Moody’s or equal to or higher than BB– (or the equivalent) by S&P (or a senior unsecured debt rating equal to or higher than the equivalent credit rating from any replacement rating agency or rating agencies selected by
the Company pursuant to clause (2) of the definition of “Rating Agencies”). 
 “Rating Agencies” means
(1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to rate the Notes (or the senior unsecured debt of a Qualified Successor, as the case may be) or fails to make such a rating publicly available for
reasons beyond the Company’s control, a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange Act selected by the Company (as certified by a resolution of the Company’s
Board of Directors) as a replacement agency for Moody’s or S&P, or both, as the case may be. 
 “Rating Event”
means the rating on the Notes is lowered by either of the Rating Agencies and the Notes are rated below a Qualified Rating by both of the Rating Agencies, in each case on any day during the 60-day period
(which 60-day period will be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing on the earlier of
(i) the first public notice of the occurrence of a Change of Control or (ii) the first public notice of the Company’s intention to effect a Change of Control. 

“Real Estate Business” means the business of owning, developing and selling single-family and multi-family residential real
estate, acquiring real estate for such purposes and, in connection therewith, providing the required services, credit and other facilities related thereto. 

“Record Date” for the interest or Additional Interest, if any, payable on any applicable Interest Payment Date means the
May 1 or November 1 (whether or not a Business Day) next preceding such Interest Payment Date. 
 “Refinancing
Indebtedness” means Indebtedness issued in exchange for or that redeems, refunds, refinances or extends, in whole or in part (“Refinances”), any Existing Indebtedness or other Indebtedness permitted to be Incurred by the
Company or its Restricted Subsidiaries pursuant to the terms of this Indenture, but only to the extent that: 

(1)    if the Indebtedness being Refinanced is subordinated in right of payment to the Notes or the Subsidiary Guarantees,
then such Refinancing Indebtedness is also subordinated in right of payment to the Notes to the same extent as, and on terms at least as favorable to the Holders as those contained in, the Indebtedness being Refinanced; 

(2)    the Refinancing Indebtedness is scheduled to mature either (a) no earlier than the Indebtedness being
Refinanced (if such Indebtedness being Refinanced is scheduled to mature earlier than the Notes), or (b) at least 91 days after the maturity date of the Notes (if the Indebtedness being Refinanced is scheduled to mature after the Notes); 

(3)    the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date
of the Notes has a Weighted Average Life to Maturity at the time such 

  
 -20- 

 
Refinancing Indebtedness is Incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion of the Indebtedness being Refinanced that is scheduled to mature on or
prior to the maturity date of the Notes; 
 (4)    such Refinancing Indebtedness is in an aggregate amount that is equal
to or less than the aggregate amount then outstanding (including accrued interest) under the Indebtedness being Refinanced plus an amount necessary to pay any reasonable fees and expenses, including premiums and defeasance costs, related to
such Refinancing; 
 (5)    such Refinancing Indebtedness is Incurred by the same Person that initially Incurred the
Indebtedness being Refinanced, except that the Company may Incur Refinancing Indebtedness to Refinance Indebtedness of any Restricted Subsidiary; and 

(6)    such Refinancing Indebtedness is Incurred within 180 days before or after the Indebtedness being Refinanced. 

“Registrar” means an office or agency where Notes may be presented for registration of transfer or for exchange. 

“Registration Rights Agreement” means that certain Registration Rights Agreement, dated as of the Issue Date, by and among
the Company, the Subsidiary Guarantors and the initial purchasers set forth therein and, with respect to any Additional Notes, one or more substantially similar registration rights agreements among the Company and the other parties thereto, as such
agreements may be amended from time to time. 
 “Responsible Officer” means, when used with respect to the Trustee, any
officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter relating to this Indenture is referred because of such Person’s knowledge of and familiarity with the
particular subject and who, in each case, shall have direct responsibility for the administration of this Indenture. 
 “Restricted
Investment” means any Investment other than any Permitted Investment. 
 “Restricted Payment” means any of the
following: 
 (i)    the declaration of any dividend or the making of any other payment or distribution of cash,
securities or other property or assets in respect of the Capital Stock of the Company or any Restricted Subsidiary (other than (a) dividends, payments or distributions payable solely in Capital Stock (other than Disqualified Stock) of the
Company and (b) in the case of a Restricted Subsidiary, dividends, payments or distributions payable to the Company or to another Restricted Subsidiary and pro rata dividends, payments or distributions payable to minority equity holders of such
Restricted Subsidiary); 
 (ii)    the purchase, redemption, retirement or other acquisition for value of any Capital
Stock of the Company or any Restricted Subsidiary (other than Capital Stock held by the Company or a Restricted Subsidiary); provided that, for the avoidance of doubt, the redemption price or repurchase price paid in cash in connection with
any redemption or repurchase of any convertible or exchangeable debt securities (other than Subordinated Obligations) shall not constitute a Restricted Payment; 

(iii)    any Restricted Investment; and 

  
 -21- 

 (iv)    any principal payment, redemption, repurchase, defeasance or other
acquisition or retirement for value, prior to any scheduled repayment, scheduled sinking fund payment or scheduled maturity, of any Subordinated Indebtedness (other than (a) Indebtedness permitted under Section 4.09(b)(7) or (b) the
payment, redemption, repurchase, defeasance or other acquisition or retirement of such Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due within one year of the date of
such payment, redemption, repurchase, defeasance or other acquisition or retirement); 
 provided, however, that Restricted Payments will not include
any purchase, redemption, retirement or other acquisition for value of Indebtedness or Capital Stock of the Company or a Restricted Subsidiary if the consideration therefor consists solely of Capital Stock (other than Disqualified Stock) of the
Company. 
 “Restricted Subsidiary” means each of the Subsidiaries of the Company which is not an Unrestricted Subsidiary.

 “S&P” means Standard and Poor’s Ratings Services or any successor to its debt rating business. 

“Sale/Leaseback Transaction” means an arrangement relating to property now owned or hereafter acquired whereby the Company or
a Restricted Subsidiary transfers such property to a Person (other than the Company or any of its Restricted Subsidiaries) and the Company or a Restricted Subsidiary leases it from such Person. 

“SEC” means the Securities and Exchange Commission. 

“Secured Indebtedness” means any Indebtedness which is secured by (1) a Lien on any property of the Company or the
property of any Restricted Subsidiary or (2) a Lien on Capital Stock owned directly or indirectly by the Company or a Restricted Subsidiary in any Person or in the Company’s rights or the rights of a Restricted Subsidiary in respect of
Indebtedness of a Person in which the Company or a Restricted Subsidiary has an equity interest; provided that “Secured Indebtedness” shall not include Non-Recourse Indebtedness of any
Subsidiary that was formed for and is engaged in homebuilding or land development operations which is secured principally by unimproved land (whether entitled or unentitled), improved land (including lots under development), housing units under
construction, completed housing units and other related property customarily included as collateral under mortgages, deeds of trust and related documents for homebuilding or land development operations. The securing in the foregoing manner of any
such Indebtedness which immediately prior thereto was not Secured Indebtedness shall be deemed to be the creation of Secured Indebtedness at the time security is given. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Senior Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, the
$155.0 million revolving Credit Facility pursuant to that certain Credit Agreement, dated as of the Issue Date, as amended from time to time, among the Company, the several lenders from time to time parties thereto, and JPMorgan Chase Bank,
N.A., as Administrative Agent, which may be increased to $250.0 million in accordance with the terms thereof, as the same may be amended, supplemented, modified, extended, renewed, restated, replaced or refunded in whole or in part from time to
time, including increasing the amount permitted to be borrowed thereunder (provided that such increase in borrowings is permitted by Section 4.09) or adding Restricted Subsidiaries as additional borrowers or guarantors thereunder and
whether by the same or any other agent, creditor, lender or group of creditors 

  
 -22- 

 
or lenders; provided, further, that the Senior Credit Facilities shall not (1) include Indebtedness issued, created or Incurred pursuant to a registered offering of securities under
the Securities Act or a private placement of securities (including under Rule 144A or Regulation S) pursuant to an exemption from the registration requirements of the Securities Act or (2) relate to Indebtedness that does not consist
exclusively of Pari Passu Indebtedness. 
 “Shelf Registration Statement” means the Shelf Registration Statement as defined
in the Registration Rights Agreement. 
 “Sponsor Management Agreement” means the Management Services Agreement, dated
June 20, 2013, between the Company and TPG VI Management, LLC. 
 “Stated Maturity” means, with respect to any
security, the date specified in the agreement governing or certificate relating to such Indebtedness as the fixed date on which the final payment of principal of such security is due and payable, including pursuant to any mandatory redemption
provision, but not including any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Indebtedness” means any Indebtedness which is subordinated in right of payment to the Notes or the Subsidiary
Guarantees, as the case may be. 
 “Subsidiary” of any Person means any (i) corporation of which at least a majority
of the aggregate voting power of all classes of the Common Equity is directly or indirectly beneficially owned by such Person and (ii) any entity other than a corporation of which such Person, directly or indirectly, beneficially owns at least
a majority of the Common Equity; provided that in each of case (i) and (ii), such Person does or is required to consolidate such entity in accordance with GAAP. 

“Subsidiary Guarantee” means the guarantee of the Notes by each Subsidiary Guarantor under this Indenture. 

“Subsidiary Guarantors” means each of the Company’s Subsidiaries that guarantees the Notes pursuant to the provisions of
this Indenture. 
 “Transfer Restricted Note” means a Note bearing the Restricted Notes Legend. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date or, in the case of a
satisfaction, discharge or defeasance, at least two Business Days prior to the deposit of funds with the Trustee to pay and discharge the entire indebtedness of the Notes (or, if such Statistical Release is no longer published, any publicly
available source of similar market data)) most nearly equal to the period from the redemption date to May 15, 2019; provided, however, that if the period from the redemption date to May 15, 2019 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 

“Trustee” means Wilmington Trust, National Association, as trustee, until a successor replaces such party in accordance with
the applicable provisions of this Indenture and thereafter means the successor trustee serving hereunder. 

  
 -23- 

 “Unrestricted Subsidiary” means each Subsidiary of the Company (including any
newly formed or acquired Subsidiary) so designated by a resolution adopted by the Board of Directors of the Company as provided below and provided that: 

(1)    except as permitted by Section 4.09(b)(15) (if then applicable) neither the Company nor any of its Restricted
Subsidiaries (a) provides any guarantee or direct or indirect credit support for any Indebtedness of such Subsidiary (including any undertaking, agreement or instrument evidencing such Indebtedness) or (b) is directly or indirectly liable
for any Indebtedness of such Subsidiary, except, in the case of Non-Recourse Indebtedness, to the extent such liability is for the matters discussed in the last sentence of the definition of “Non-Recourse Indebtedness”; and 
 (2)    no default with respect to any
Indebtedness of such Subsidiary (including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or both) any holder of any other Indebtedness of the Company or any
Restricted Subsidiary to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 

The Board of Directors of the Company may designate an Unrestricted Subsidiary to be a Restricted Subsidiary; provided that: 

(1)    if a Covenant Replacement Event has not occurred, any such redesignation will be deemed to be an Incurrence by the
Company and its Restricted Subsidiaries of the Indebtedness (if any) of such redesignated Subsidiary for purposes of Section 4.09 as of the date of such redesignation; 

(2)    if a Covenant Replacement Event has not occurred, immediately after giving effect to such redesignation and the
Incurrence of any such additional Indebtedness, the Company and its Restricted Subsidiaries could Incur $1.00 of additional Indebtedness under the Consolidated Fixed Charge Coverage Ratio contained in Section 4.09; 

(3)    the Liens on the property and assets of such Unrestricted Subsidiary could then be Incurred in accordance with
Section 4.10 (or, following a Covenant Replacement Event, Section 4.18) as of the date of such redesignation; and 

(4)    no Default or Event of Default shall have occurred or be continuing after giving effect to such redesignation. 

Subject to the foregoing, the Board of Directors of the Company also may designate any Restricted Subsidiary to be an Unrestricted Subsidiary;
provided that: 
 (1)    the Subsidiary to be so designated and its Subsidiaries do not at the time of
designation own any Capital Stock or Indebtedness of, or own or hold any Lien with respect to, the Company or any Restricted Subsidiary of the Company; 

(2)    such Subsidiary is a Person with respect to which neither the Company nor any of its Restricted Subsidiaries has
any direct or indirect obligation (a) to subscribe for additional Capital Stock of such Subsidiary or (b) to maintain or preserve such Subsidiary’s financial condition or to cause such Subsidiary to achieve any specified levels of
operating results; 
 (3)    on the date such Subsidiary is designated an Unrestricted Subsidiary, such Subsidiary is
not a party to any agreement, contract, arrangement or understanding with the Company or any Restricted Subsidiary with terms substantially less favorable to the Company than those that might have been obtained from Persons who are not Affiliates of
the Company; 

  
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 (4)    if a Covenant Replacement Event has not occurred: 

(i) the Company and its Restricted Subsidiaries would be permitted to make, at the time of the designation, an Investment in
such Restricted Subsidiary in an amount equal to the Fair Market Value of the Company’s and any Restricted Subsidiary’s proportionate interests in such Subsidiary at the time of such designation either as a Permitted Investment or pursuant
to Section 4.08; and 
 (ii)    immediately after giving effect to such designation and reduction of
amounts available for Restricted Payments under Section 4.08, the Company and its Restricted Subsidiaries could Incur $1.00 of additional Indebtedness under the Consolidated Fixed Charge Coverage Ratio contained in Section 4.09(a); 

(5)    following the occurrence of a Covenant Replacement Event, any Investments (including any guarantee of Indebtedness)
made by the Company or any Restricted Subsidiary of the Company in any such Subsidiaries designated as Unrestricted Subsidiaries shall not exceed the greater of (A) $50.0 million and (B) 6.0% of Consolidated Tangible Assets in the aggregate
(the “Unrestricted Subsidiary Basket”) (with the amount of each investment being calculated based upon the Fair Market Value of the Company’s and any Restricted Subsidiary’s proportionate interests in such Subsidiary at
the time such Subsidiary is designated as an Unrestricted Subsidiary (the “Designation Date”) plus the amount of Investments made in such Subsidiary on or after the Designation Date); provided further that if
the Company subsequently designates any Subsidiary, which previously had been designated as an Unrestricted Subsidiary, to be a Restricted Subsidiary and causes such Subsidiary to comply with Section 4.11 to the extent applicable, then the
amount of any investments in such Subsidiary made on or after the Designation Date shall be credited against the Unrestricted Subsidiary Basket (up to a maximum amount of the greater of (A) $50.0 million and (B) 6.0% of Consolidated Tangible
Assets); and 
 (6)    no Default or Event of Default shall have occurred or be continuing after giving effect to such
designation. 
 Any such designation or redesignation by the Board of Directors of the Company will be evidenced to the Trustee by the
filing with the Trustee of a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation or redesignation and an Officers’ Certificate certifying that such designation or redesignation complied
with the foregoing conditions and setting forth the underlying calculations. 
 “U.S. Government Obligations” means
securities which are (1) direct obligations of the United States of America, for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, are not callable or redeemable at the option of the issuer thereof, and
shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such
custodian for the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

“Voting Record Date” means the date set pursuant to Section 1.05 for purposes of determining the identity of Holders
entitled to make, give or take any request, demand, authorization, 

  
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direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on or consent to any action authorized or permitted to be taken by Holders. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or portion thereof, at any date, the number of
years obtained by dividing (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including, without limitation, payment
at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (2) the sum of all such
payments described in clause (a) above. 
 “Wholly Owned Restricted Subsidiary” means a Wholly Owned Subsidiary that
is a Restricted Subsidiary. 
 “Wholly Owned Subsidiary” of any Person means (1) a Subsidiary of which 100% of the
Capital Stock (except for directors’ qualifying shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what is required
for such purpose) is owned directly by such Person or through one or more other Wholly Owned Subsidiaries of such Person, or (2) any entity other than a corporation in which such Person, directly or indirectly, owns all of the Capital Stock of
such entity. 
  

	Section 1.02	Other Definitions. 

  

			
	 Term
	  	 Defined in Section

	 “Agent Members”
	  	2.1(c) of Appendix A
	 “Affiliate Transaction”
	  	4.13(a)
	 “Applicable Procedures”
	  	1.1(a) of Appendix A
	 “Authentication Order”
	  	2.02(c)
	 “Change of Control Offer”
	  	4.14(a)
	 “Change of Control Payment”
	  	4.14(a)
	 “Change of Control Payment Date”
	  	4.14(a)
	 “Change of Control Price”
	  	4.14(a)
	 “Clearstream”
	  	1.1(a) of Appendix A
	 “Covenant Defeasance”
	  	8.03
	 “Covenant Replacement Event”
	  	2.14(a)
	 “Definitive Notes Legend”
	  	2.2(e) of Appendix A
	 “Distribution Compliance Period”
	  	1.1(a) of Appendix A
	 “ERISA Legend”
	  	2.2(e) of Appendix A
	 “Euroclear”
	  	1.1(a) of Appendix A
	 “Event of Default”
	  	6.01(a)
	 “Excess Proceeds”
	  	4.15(f)
	 “Expiration Date”
	  	1.05(j)
	 “Global Note”
	  	2.1(b) of Appendix A
	 “Global Notes Legend”
	  	2.2(e) of Appendix A
	 “Guaranteed Obligations”
	  	10.01(a)
	 “IAI”
	  	1.1(a) of Appendix A
	 “IAI Global Note”
	  	2.1(b) of Appendix A
	 “Legal Defeasance”
	  	8.02(a)
	 “Net Proceeds Offer”
	  	4.15(g)
	 “Net Proceeds Offer Period”
	  	4.15(g)
	 “Net Proceeds Purchase Date”
	  	4.15(g)

  
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	 Term
	  	 Defined in Section

	“Note Register”	  	2.03(a)
	“Offered Price”	  	4.15(g)
	“Pari Passu Indebtedness Price”	  	4.15(g)
	“Paying Agent”	  	2.03(a)
	“Payment Amount”	  	4.15(g)
	“QIB”	  	1.1(a) of Appendix A
	“Qualified Parent Guarantor”	  	2.14(a)
	“Qualified Rating Confirmation”	  	2.14(b)
	“Qualified Successor”	  	2.14(a)
	“Ratio Exception”	  	4.09(b)
	“Registrar”	  	2.03(a)
	“Regulation S”	  	1.1(a) of Appendix A
	“Regulation S Global Note”	  	2.1(b) of Appendix A
	“Regulation S Notes”	  	2.1(a) of Appendix A
	“Restricted Notes Legend”	  	2.2(e) of Appendix A
	“Rule 144”	  	1.1(a) of Appendix A
	“Rule 144A”	  	1.1(a) of Appendix A
	“Rule 144A Global Note”	  	2.1(b) of Appendix A
	“Rule 144A Notes”	  	2.1(a) of Appendix A
	“Successor”	  	5.01(a)
	“Successor Guarantor”	  	5.01(b)
	“Unrestricted Global Note”	  	1.1(a) of Appendix A

  

	Section 1.03	Rules of Construction. 

 Unless the context otherwise requires: 

(1)    a term defined in Section 1.01 or 1.02 has the meaning assigned to it therein, and a term used
herein that is defined in the Trust Indenture Act, either directly or by reference therein, shall have the meaning assigned to it therein; 

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

 (3)    “or” is not exclusive; 

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

(5)    provisions apply to successive events and transactions; 

(6)    unless the context otherwise requires, any reference to an “Appendix,”
“Article,” “Section,” “clause,” “Schedule” or “Exhibit” refers to an Appendix, Article, Section, clause, Schedule or Exhibit, as the case may be, of this Indenture; 

(7)    the words “herein,” “hereof” and other words of similar import refer to this
Indenture as a whole and not any particular Article, Section, clause or other subdivision; 

(8)    “including” means including without limitation; 

  
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 (9)    references to sections of, or rules under, the
Securities Act, the Exchange Act or the Trust Indenture Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time; 

(10)    unless otherwise provided, references to agreements and other instruments shall be deemed to
include all amendments and other modifications to such agreements or instruments, but only to the extent such amendments and other modifications are not prohibited by the terms of this Indenture; and 

(11)    in the event that a transaction meets the criteria of more than one category of permitted
transactions or listed exceptions, the Company may classify such transaction as it, in its sole discretion, determines. 
  

	Section 1.04	Incorporation by Reference of Trust Indenture Act. 

 Whenever this Indenture refers to a
provision of the Trust Indenture Act as applicable to this Indenture, the provision is incorporated by reference in and made a part of this Indenture. 

The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“Commission” means the SEC; 

“indenture securities” means the Notes; 

“indenture security holder” means a Holder of a Note; 

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and 

“obligor” on the Notes and the Subsidiary Guarantees means the Company and the Subsidiary Guarantors,
respectively, and any successor obligor upon the Notes and the Subsidiary Guarantees, respectively. 
 All other terms used in this
Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 

 

	Section 1.05	Acts of Holders. 

 (a)    Any request, demand, authorization,
direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing. Except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the
Company and the Subsidiary Guarantors. Proof of execution of any such instrument or of a writing appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to
Section 7.01) conclusive in favor of the Trustee, the Company and the Subsidiary Guarantors, if made in the manner provided in this Section 1.05. 

(b)    The fact and date of the execution by any Person of any such instrument or writing may be proved (1) by the
affidavit of a witness of such execution or by the certificate of any 

  
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notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof or
(2) in any other manner deemed reasonably sufficient by the Trustee. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person
executing the same. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

(c)    The ownership of Notes shall be proved by the Note Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note
shall bind every future Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee, the Company
or the Subsidiary Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 

(e)    The Company may set a Voting Record Date for purposes of determining the identity of Holders entitled to make, give
or take any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, or to vote on or consent to any action authorized or permitted to be taken by Holders; provided that the
Company may not set a Voting Record Date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in clause (f) below. Unless otherwise
specified, if not set by the Company prior to the first solicitation of a Holder made by any Person in respect of any such action, or in the case of any such vote, prior to such vote, any such Voting Record Date shall be the later of 30 days prior
to the first solicitation of such consent or vote or the date of the most recent list of Holders furnished to the Trustee prior to such solicitation or vote. If any Record Date is set pursuant to this clause (e), the Holders on such Voting Record
Date, and only such Holders, shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action (including revocation of any action), whether or not such Holders remain Holders after such
Voting Record Date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Notes, or each affected Holder, as
applicable, on such Voting Record Date. Promptly after any Voting Record Date is set pursuant to this paragraph, the Company, at its own expense, shall cause notice of such Voting Record Date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder in the manner set forth in Section 12.02. 

(f)    The Trustee may set any day as a Voting Record Date for the purpose of determining the Holders entitled to join in
the giving or making of (1) any notice of default under Section 6.01(a), (2) any declaration of acceleration referred to in Section 6.02, (3) any direction referred to in Section 6.05 or (4) any request to pursue a remedy as
permitted in Section 6.06. If any Voting Record Date is set pursuant to this paragraph, the Holders on such Voting Record Date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not
such Holders remain Holders after such Voting Record Date; provided that no such action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of
Notes or each affected Holder, as applicable, on such Voting Record Date. Promptly after any Voting Record Date is set pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause notice of such Voting Record Date, the
proposed action by Holders and the applicable Expiration Date to be given to the Company and to each Holder in the manner set forth in Section 12.02. 

  
 -29- 

 (g)    Without limiting the foregoing, a Holder entitled to take any action
hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such appointment with regard to all or any part
of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given or taken by separate Holders of each such
different part. 
 (h)    Without limiting the generality of the foregoing, a Holder, including a Depositary that is the
Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by
Holders, and a Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such Depositary’s standing instructions and customary practices. 

(i)    The Company may fix a Voting Record Date for the purpose of determining the Persons who are beneficial owners of
interests in any Global Note held by a Depositary entitled under the procedures of such Depositary, if any, to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent,
waiver or other action provided in this Indenture to be made, given or taken by Holders; provided that if such a Voting Record Date is fixed, only the beneficial owners of interests in such Global Note on such Voting Record Date or their duly
appointed proxy or proxies shall be entitled to make, give or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such beneficial owners remain beneficial owners of interests in such Global
Note after such Voting Record Date. No such request, demand, authorization, direction, notice, consent, waiver or other action shall be effective hereunder unless made, given or taken on or prior to the applicable Expiration Date. 

(j)    With respect to any Voting Record Date set pursuant to this Section 1.05, the party hereto that sets such
Voting Record Date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed
new Expiration Date is given to the other party hereto in writing, and to each Holder of Notes in the manner set forth in Section 12.02, on or prior to both the existing and the new Expiration Date. If an Expiration Date is not designated with
respect to any Voting Record Date set pursuant to this Section 1.05, the party hereto which set such Voting Record Date shall be deemed to have initially designated the 90th day after such Voting Record Date as the Expiration Date with respect
thereto, subject to its right to change the Expiration Date as provided in this clause (j). 
 ARTICLE 2 

THE NOTES 
  

	Section 2.01	Form and Dating; Terms. 

 (a)    Provisions relating to the Initial
Notes, Additional Notes, Exchange Notes and any other Notes issued under this Indenture are set forth in Appendix A, which is hereby incorporated in and expressly made a part of this Indenture. The Notes and the Trustee’s certificate of
authentication shall each be substantially in the form of Exhibit A hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements required by law, rules or agreements
with national securities exchanges to which the Company or any Subsidiary Guarantor is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Note shall be dated the
date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

  
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 (b)    The aggregate principal amount of Notes that may be authenticated and
delivered under this Indenture is unlimited. 
 (c)    The terms and provisions contained in the Notes shall constitute,
and are hereby expressly made, a part of this Indenture, and the Company, the Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to
the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

(d)    The Notes shall be subject to repurchase by the Company pursuant to a Net Proceeds Offer as provided in
Section 4.15 (if then applicable) or a Change of Control Offer as provided in Section 4.14 (or, following a Covenant Replacement Event, Section 4.17), and otherwise as not prohibited by this Indenture. The Notes shall not be
redeemable, other than as provided in Article 3. 
 (e)    Additional Notes ranking pari passu with the Initial
Notes may be created and issued from time to time by the Company without notice to or consent of the Holders and shall be consolidated with and form a single class with the Initial Notes and the Exchange Notes and shall have the same terms as to
status, redemption or otherwise (other than issue date, issue price and, if applicable, the first Interest Payment Date and the first date from which interest will accrue) as the Initial Notes; provided that the Company’s ability to
issue Additional Notes shall be subject to the Company’s compliance with Section 4.09 (if then applicable); provided, further, that if any Additional Notes are not fungible with the Initial Notes for U.S. federal income tax
purposes, such Additional Notes will be issued as a separate series under this Indenture and will have a separate CUSIP number from the Initial Notes. Any Additional Notes shall be issued with the benefit of an indenture supplemental to this
Indenture. 
  

	Section 2.02	Execution and Authentication. 

 (a)    At least one Officer shall
execute the Notes on behalf of the Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. 

(b)    A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until
authenticated substantially in the form of Exhibit A attached hereto by the manual signature of an authorized signatory of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered under
this Indenture. 
 (c)    On the Issue Date, the Trustee shall, upon receipt of a written order of the Company signed by
an Officer (an “Authentication Order”) and an Officer’s Certificate, authenticate and deliver the Initial Notes. In addition, at any time and from time to time, the Trustee shall, upon receipt of an Authentication Order and an
Officer’s Certificate, authenticate and deliver any Additional Notes and the Exchange Notes in an aggregate principal amount specified in such Authentication Order for such Additional Notes or Exchange Notes issued hereunder. In addition, with
respect to any Additional Notes, the Opinion of Counsel delivered to the Trustee shall state: 

(1)    that the form and terms of such Additional Notes have been established in conformity with this
Indenture; and 
 (2)    that such Additional Notes, when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and binding obligations of the Company and the Guarantors, enforceable in accordance with their terms, subject to
bankruptcy, insolvency, 

  
 -31- 

 
reorganization and other laws of general applicability relating to or affecting the enforcement of creditors’ rights and to general equity principles. 

(d)    The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating
agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders, the
Company or an Affiliate of the Company. 
 (e)    The Trustee shall authenticate and make available for delivery upon
receipt of an Authentication Order (a) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $400,000,000 and (b) subject to the terms of this Indenture, Additional Notes, (c) the Exchange Notes for
issue only in an Exchange Offer and pursuant to the Registration Rights Agreement and for a like principal amount of Initial Notes exchanged pursuant thereto and (d) any Unrestricted Global Notes issued in exchange for any of the foregoing in
accordance with this Indenture. Such order shall specify the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated and whether the Notes are to be Initial Notes, Additional Notes, Exchange
Notes or Unrestricted Global Notes. 
  

	Section 2.03	Registrar and Paying Agent. 

 (a)    The Company shall maintain an
office or agency where Notes may be presented for registration of transfer or for exchange (“Registrar”) and at least one office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar
shall keep a register of the Notes (“Note Register”) and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term
“Registrar” includes any co-registrar, and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar without prior
notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act
as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
 (b)    The Company initially
appoints DTC to act as Depositary with respect to the Global Notes. The Company initially appoints the Trustee to act as Paying Agent and Registrar for the Notes and to act as Note Custodian with respect to the Global Notes. 

 

	Section 2.04	Paying Agent to Hold Money in Trust. 

 The Company shall, no later than noon (New York
City time) on each due date for the payment of principal, premium, if any, and interest on any of the Notes, deposit with the Paying Agent a sum sufficient to pay such amount, such sum to be held in trust for the Holders entitled to the same, and
(unless such Paying Agent is the Trustee) the Company shall promptly notify the Trustee of its action or failure so to act. The Company shall require each Paying Agent other than the Trustee to agree in writing that such Paying Agent shall hold in
trust for the benefit of Holders or the Trustee all money held by such Paying Agent for the payment of principal, premium, if any, and interest on the Notes, and shall notify the Trustee of any default by the Company in making any such payment.
While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require the Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee,
the Paying Agent shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any
bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

  
 -32- 

	Section 2.05	Holder Lists. 

 The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with Trust Indenture Act Section 312(b). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten
Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders, and the Company
shall otherwise comply with Trust Indenture Act Section 312(a). 
  

	Section 2.06	Transfer and Exchange. 

 (a)    The Notes shall be issued in
registered form and shall be transferable only upon the surrender of a Note for registration of transfer and in compliance with Appendix A. 

(b)    To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate
Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(c)    No service charge shall be imposed in connection with any registration of transfer or exchange (other than pursuant
to Section 2.07), but the Holders shall be required to pay any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.10, 3.06, 4.14 (or, following a Covenant Replacement Event, Section 4.17), 4.15 and 9.05). 

(d)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (e)    Neither the Company nor the Registrar shall be required (1) to issue, to register the transfer of or to
exchange any Note during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 and ending at the close of business on the day of selection or (2) to register the
transfer of or to exchange any Note so selected for redemption, or tendered for repurchase (and not withdrawn) in connection with a Change of Control Offer or a Net Proceeds Offer, in whole or in part, except the unredeemed or unpurchased portion of
any Note being redeemed or repurchased in part; provided, that the Registrar may register a transfer or exchange pursuant to clause (1) or (2) with the consent of the Company. 

(f)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may
deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and (subject to the Record Date provisions of the Notes) interest on such Notes and
for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(g)    Upon surrender for registration of transfer of any Definitive Note at the office or agency of the Company
designated pursuant to Section 4.02, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations
of a like aggregate principal amount. 
 (h)    At the option of the Holder of a Definitive Note, Definitive Notes may
be exchanged for other Definitive Notes of any authorized denomination or denominations of a like 

  
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aggregate principal amount upon surrender of the Definitive Notes to be exchanged at such office or agency. Whenever any Definitive Notes are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and mail, the replacement Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Appendix A. 

(i)    All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by mail or by facsimile. A medallion guarantee on any document submitted to the Registrar shall be an original document and not a facsmile or “pdf” file.

  

	Section 2.07	Replacement Notes. 

 If a mutilated Note is surrendered to the Trustee or if a Holder
claims that its Note has been lost, destroyed or wrongfully taken and the Trustee receives evidence to its satisfaction of the ownership and loss, destruction or theft of such Note, the Company shall issue and the Trustee, upon receipt of an
Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are otherwise met. If required by the Trustee or the Company, an indemnity bond must be provided by the Holder that is sufficient in the judgment of each
of the Trustee and the Company to protect each of the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and
the Trustee in replacing a Note. Every replacement Note is a contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. Notwithstanding
the foregoing provisions of this Section 2.07, in case any mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Note, pay such Note.

  

	Section 2.08	Outstanding Notes. 

 (a)    The Notes outstanding at any time are all
the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note; provided that Notes held by the Company or a
Subsidiary of the Company will not be deemed to be outstanding for purposes of Section 3.07(c). 
 (b)    If a Note is
replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser, as such term is defined in
Section 8-303 of the Uniform Commercial Code in effect in the State of New York. 

(c)    If the principal amount of any Note is considered paid under Section 4.01, it ceases to be outstanding and
interest on it ceases to accrue from and after the date of such payment. 
 (d)    If a Paying Agent (other than the
Company, a Subsidiary or an Affiliate of any thereof) holds, on the maturity date, any redemption date or any date of purchase pursuant to an offer to purchase, money sufficient to pay Notes payable or to be redeemed or purchased on that date, then
on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
  

	Section 2.09	Treasury Notes. 

 In determining whether the Holders of the requisite principal amount of
Notes have concurred in any direction, waiver or consent, Notes beneficially owned by the Company, or by any 

  
 -34- 

 
Affiliate of the Company, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Notes so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction
of the Trustee the pledgee’s right to deliver any such direction, waiver or consent with respect to the Notes and that the pledgee is not the Company or any obligor upon the Notes or any Affiliate of the Company or of such other obligor. 

 

	Section 2.10	Temporary Notes. 

 Until definitive Notes are ready for delivery, the Company may prepare
and the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have variations that the Company considers appropriate for temporary Notes.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the
benefits accorded to Holders, or beneficial holders, respectively, of Notes under this Indenture. 
  

	Section 2.11	Cancellation. 

 The Company at any time may deliver Notes to the Trustee for
cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee or, at the direction of the Trustee, the Registrar or the Paying Agent and no one
else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and shall dispose of cancelled Notes in accordance with its customary procedures (subject to the record retention requirement of the
Exchange Act and the Trustee). Certification of the cancellation of all such Notes shall, upon the written request of the Company, be delivered to the Company. Except for Notes surrendered for registration of transfer or exchange, the Company may
not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  

	Section 2.12	Defaulted Interest. 

 (a)    If the Company defaults in a payment of
interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special Record Date (a “Special
Record Date”), in each case at the rate provided in the Notes and in Section 4.01. The Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed
payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such defaulted interest as provided in this Section 2.12. The Company shall fix or cause to be fixed
each such Special Record Date and payment date; provided that no such Special Record Date shall be less than ten days prior to the related payment date for such defaulted interest. The Company shall promptly notify the Trustee of such Special
Record Date. At least 15 days before the Special Record Date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the Company) shall mail or deliver by electronic transmission in accordance with
the applicable procedures of the Depositary, to each Holder a notice that states the Special Record Date, the related payment date and the amount of such interest to be paid. 

  
 -35- 

 (b)    Subject to the foregoing provisions of this Section 2.12 and for
greater certainty, each Note delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue interest, which were carried by such
other Note. 
  

	Section 2.13	CUSIP Numbers 

 The Company in issuing the Notes may use CUSIP numbers (if then generally
in use) and, if so, the Trustee shall use CUSIP numbers in notices of redemption or exchange or in offers to purchase as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Notes or as contained in any notice of redemption or exchange or in offers to purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or
exchange or offer to purchase shall not be affected by any defect in or omission of such numbers. The Company shall as promptly as practicable notify the Trustee in writing of any change in the CUSIP numbers. 

 

	Section 2.14	Covenant Replacement Event. 

 (a)    Upon the occurrence of a
Covenant Replacement Event, the Existing Covenants shall immediately cease to be applicable to the Notes (and any references in this Indenture or the Notes to such Existing Covenants shall no longer apply), and the New Covenants shall immediately
become applicable to the Notes without any further action by the Issuer, the Subsidiary Guarantors, the Trustee or the Holders. For the avoidance of doubt, (x) the New Covenants shall not be applicable to the Notes prior to the occurrence of a
Covenant Replacement Event, (y) all covenants and agreements contained in this Indenture other than the Existing Covenants and the New Covenants shall apply both before and after a Covenant Replacement Event and (z) any terms defined in
the Existing Covenants and used in the New Covenants (including, without limitation, the definitions of “Change of Control Offer,” “Change of Control Payment Date” and “Change of Control Price”) shall apply, mutatis
mutandis, to the New Covenants to the extent used therein. A “Covenant Replacement Event” shall be deemed to occur if at any time, as a result of a Change of Control, a Person that is a corporation or other legal entity
organized and existing under the laws of the United States or any state thereof or the District of Columbia and having a Qualified Rating (such person, a “Qualified Successor”) either (i) expressly assumes by supplemental
indenture substantially in the form of Exhibit C hereto all of the Obligations of the Company under the Notes and this Indenture and assumes by written agreement all of the Obligations of the Company under the Registration Rights Agreement or
(ii) irrevocably and unconditionally guarantees on a senior basis by supplemental indenture substantially in the form of Exhibit D hereto the full and prompt payment of the principal, premium, if any, and interest (including Additional
Interest, if any) in respect of the Notes and all other Obligations under this Indenture (such guarantor, a “Qualified Parent Guarantor”). 

(b)    A Covenant Replacement Event shall be deemed to have occurred as of the date that each of the following conditions
are satisfied (and which conditions must be satisfied within the period set forth in Section 2.14(c)): 

(1)    a Change of Control shall have occurred; 

(2)    the Trustee shall have received a supplemental indenture described in Section 2.14(a)(i) or Section
2.14(a)(ii), as applicable, duly executed and delivered by the Qualified Successor and expressly assuming or guaranteeing, as the case may be, all of the Obligations of the Company under the Notes and this Indenture; 

(3)    the Trustee shall have received a copy of a press release or written communication from either of
the Rating Agencies, evidencing the Qualified Rating of the 

  
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Qualified Successor after giving effect to the Change of Control (which press releases or written communications may be issued by either of the Rating Agencies before the consummation of the
Change of Control, so long as such press releases or written communications publicly announce or confirm, or either of the Rating Agencies informs the Trustee, that the ratings reflected in such press releases or written communications give effect
to the Change of Control) (the “Qualified Rating Confirmation”); 
 (4)    immediately
after giving effect to the Change of Control and the assumption or guarantee, as the case may be, referred to in Section 2.14(b)(2), no Default or Event of Default will have occurred and be continuing under the New Covenants and the other covenants
and agreements that apply following a Covenant Replacement Event; and 
 (5)    the Trustee shall have
received an Officers’ Certificate and an Opinion of Counsel, each stating that such Covenant Replacement Event complies with this Indenture. 

(c)    For a Covenant Replacement Event to be effective, the conditions set forth in Section 2.14(b) must be satisfied no
later than 60 days after the date on which a Change of Control occurs. If the conditions set forth in Section 2.14(b) shall not have been met within 30 days after the date on which a Change of Control occurs, the Company shall commence a Change of
Control Offer in accordance with Section 4.14(a) and may rescind such Change of Control Offer if the conditions to a Covenant Replacement Event are satisfied no later than 60 days after the date on which such Change of Control occurred in accordance
with Section 4.14(b). 
 (d)    Upon the occurrence of a Covenant Replacement Event in accordance with this Indenture in
which a Qualified Successor expressly assumes by supplemental indenture all of the Obligations of the Company under the Notes and this Indenture and assumes by written agreement all of the obligations of the Company under the Registration Rights
Agreement and the Company is not the continuing obligor under the Notes, the Qualified Successor will succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture, the Notes and the Registration
Rights Agreement with the same effect as if Qualified Successor had been named herein and therein as the Company (and references herein and therein to the “Company” shall be deemed to refer to such Qualified Successor), and the Company
shall be released from the obligation to pay the principal of and interest on the Notes and all of the Company’s other obligations and covenants under the Notes and this Indenture; provided that in the case of a lease of all or
substantially of the Company’s assets to a Qualified Successor, the Company will not be released from the obligation to pay the principal of and interest on the Notes. 

(e)    For the avoidance of doubt, if a Covenant Replacement Event occurs, the Company shall not be required to undertake
a Change of Control Offer with respect to the Change of Control that resulted in such Covenant Replacement Event. However, if, in connection with such Change of Control, the Company shall consolidate or merge with or into, or sell, lease, convey or
otherwise dispose of all or substantially all of its assets (including, without limitation, by way of liquidation or dissolution) (as an entirety or substantially in one transaction or series of related transactions), to any Person, the Company
shall comply with Section 5.01; provided that Section 5.01(a)(3) shall not apply if the Qualified Rating Confirmation shall have been received and such transaction is occurring substantially concurrently with, or is conditioned upon, the
consummation of a Change of Control resulting in a Covenant Replacement Event. In addition, if the Company shall take any other action in anticipation or contemplation of or in connection with such Covenant Replacement Event (including, without
limitation, any financing in connection with such transaction), the Company shall comply with all applicable New Covenants (and shall not, for the avoidance of doubt, be required to comply with the Existing Covenants in respect of any such action);
provided that at the time such action is taken, the 

  
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Qualified Rating Confirmation shall have been received and such action is taken substantially concurrently with, or is conditioned upon, the consummation of the Change of Control resulting in a
Covenant Replacement Event. 
 ARTICLE 3 

REDEMPTION 
  

	Section 3.01	Notices to Trustee. 

 If the Company elects to redeem Notes pursuant to
Section 3.07, it shall furnish to the Trustee, at least five Business Days before notice of redemption is required to be sent to Holders pursuant to Section 3.03 (unless a shorter notice shall be agreed to by the Trustee) but not more than
60 days before a redemption date (provided, however, that notice may be given more than 60 days before the redemption date if given pursuant to Article 8 or Article 11), an Officers’ Certificate setting forth (1) the paragraph or
subparagraph of such Note or Section of this Indenture pursuant to which the redemption shall occur, (2) the redemption date, (3) the principal amount of the Notes to be redeemed and (4) the redemption price, if then ascertainable.

  

	Section 3.02	Selection of Notes to Be Redeemed or Purchased. 

 (a)    In the event
that less than all of the Notes are to be redeemed at any time pursuant to Section 3.07, selection of the Notes for redemption will be made by the Trustee as follows: 

(1)    in compliance with the requirements of the principal national securities exchange, if any, on which
the Notes are listed, so long as the Trustee knows of such listing (it being understood that the Company shall provide written notice to the Trustee of each such listing, if any); or 

(2)    if the Notes are not then listed on a national security exchange, on a pro rata basis, by lot in
accordance with the applicable procedures of the Depositary, or by such method as the Trustee shall deem fair and appropriate in the case of Definitive Notes . In the event of partial redemption or purchase by lot, the particular Notes to be
redeemed or purchased shall be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee from the then outstanding Notes not previously called for redemption or purchase. 

(b)    The Trustee shall promptly notify the Company in writing of the Notes selected for redemption or purchase and, in
the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in an amount of $1,000 or integral multiples of $1,000 in excess thereof;
provided that no Notes of $2,000 in principal amount or less shall be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of
Notes called for redemption or purchase. 
  

	Section 3.03	Notice of Redemption. 

 (a)    The Company shall mail or deliver by
electronic transmission in accordance with the applicable procedures of the Depositary, or cause to be mailed or delivered by electronic transmission in accordance with the applicable procedures of the Depositary, a notice of redemption at least 30
but not 

  
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more than 60 days before the date of redemption to each Holder of Notes to be redeemed at its registered address; provided, however, that notice may be given more than 60 days before the
redemption date if given pursuant to Article 8 or Article 11. Notices of redemption may not be conditional. 

(b)    The notice shall identify the Notes to be redeemed (including CUSIP number, if applicable) and shall state: 

(1)    the redemption date; 

(2)    the redemption price, including the portion thereof representing any accrued and unpaid interest;
provided that in connection with a redemption under Section 3.07(d), the notice need not set forth the redemption price but only the manner of calculation thereof; 

(3)    if any Note is to be redeemed in part only, the portion of the principal amount of that Note that is
to be redeemed; 
 (4)    the name and address of the Paying Agent; 

(5)    that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption
price; 
 (6)    that, unless the Company defaults in making such redemption payment or the Paying Agent
is prohibited from making such payment pursuant to the terms of this Indenture, interest on Notes called for redemption ceases to accrue on and after the redemption date; 

(7)    the paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and 
 (8)    that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 (c)    At the
Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense; provided that the Company shall have delivered to the Trustee, at least five Business Days before notice of
redemption is required to be sent to Holders pursuant to this Section 3.03 (unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information
to be stated in such notice as provided in Section 3.03(b). 
  

	Section 3.04	Effect of Notice of Redemption. 

 Once notice of redemption is sent in accordance with
Section 3.03, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption. The notice, if mailed or delivered by electronic transmission in a manner herein provided, shall be conclusively presumed to
have been given, whether or not the Holder receives such notice. In any case, failure to give such notice or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the
proceedings for the redemption of any other Note. Subject to Section 3.05, on and after the redemption date, interest shall cease to accrue on Notes or portions of Notes called for redemption. 

 

	Section 3.05	Deposit of Redemption or Purchase Price. 

 (a)    No later than noon
(New York City time) on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption 

  
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or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Paying Agent shall promptly send to each Holder whose Notes are to be redeemed or
repurchased the applicable redemption or purchase price thereof and accrued and unpaid interest thereon. The Trustee or the Paying Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in
excess of the amounts necessary to pay the redemption or purchase price of, and accrued and unpaid interest on, all Notes to be redeemed or purchased. 

(b)    If the Company complies with the provisions of Section 3.05(a), on and after the redemption or purchase date,
interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the
Company to comply with Section 3.05(a), interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and, to the extent lawful, on any interest accrued to the redemption or purchase date not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01. 
  

	Section 3.06	Notes Redeemed or Purchased in Part. 

 Upon surrender of a Definitive Note that is
redeemed or purchased in part, the Company shall issue and the Trustee shall promptly authenticate and mail to the Holder (or cause to be transferred by book entry in the case of the Global Note) at the expense of the Company a new Definitive Note
equal in principal amount to the unredeemed or unpurchased portion of the Definitive Note surrendered representing the same Indebtedness to the extent not redeemed or purchased; provided that each new Definitive Note shall be in a principal
amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
  

	Section 3.07	Optional Redemption. 

 (a)    Except as set forth below, the Company
will not be entitled to redeem the Notes at its option. 
 (b)    On or after May 15, 2019, the Company may, at its
option, redeem the Notes, in whole or in part, at any time and from time to time, at the following redemption prices (expressed in percentages of the principal amount thereof), plus accrued and unpaid interest, if any, to but excluding 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 falling prior to or on the redemption date), if redeemed during the
12-month period beginning on May 15 of each year indicated below: 
  

					
	Year	 	Percentage    	 
	 2019
	 	 	103.313%	 
	 2020
	 	 	101.656%	 
	 2021 and thereafter
	 	 	100.000%	 

 (c)    In addition, prior to May 15, 2019, the Company may, at its option, redeem up
to 35% of the aggregate principal amount of Notes (including Additional Notes, if any) issued under this Indenture with the net proceeds of an Equity Offering at 106.625% of the principal amount thereof plus accrued and unpaid interest, if
any, to but excluding 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 falling prior to or on the redemption date); provided that at least
65% of the aggregate principal amount of the Notes (including Additional Notes, if any) originally issued under this Indenture remain outstanding after such redemption. Notice of any such redemption must be given within 60 days after the date of the
closing of the relevant Equity Offering. 

  
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 (d)    Prior to May 15, 2019, the Company may, at its option, redeem the
Notes, in whole or in part, at any time and from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, plus accrued and unpaid interest, if any, to but
excluding, the redemption date (subject to the right of Holders on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the redemption date). 

 

	Section 3.08	Mandatory Redemption; Open Market Purchases. 

 (a)    The Company
will not be required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, the Company may be required to offer to purchase the Notes (i) upon a Change of Control that does
not result in a Covenant Replacement Event pursuant to Section 4.14, (ii) following the occurrence of a Covenant Replacement Event, upon a Change of Control Triggering Event pursuant to Section 4.17 and (iii) if a Covenant Replacement
Event has not occurred, pursuant to Section 4.15. 
 (b)    The Company or its Affiliates may acquire Notes by
means other than a redemption, whether by tender offer, open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws, so long as such acquisition does not otherwise violate the terms of this Indenture.

 ARTICLE 4 
 COVENANTS 

 

	Section 4.01	Payment of Notes. 

 (a)    The Company will pay, or cause to be paid,
the principal, premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a
Subsidiary, holds as of noon (New York City) time, on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay the principal, premium, if any, and interest then due. 

(b)    The Company shall pay all Additional Interest, if any, in the same manner on the dates and in the amounts set forth
in the Registration Rights Agreement. In the event the Company is required to pay Additional Interest, the Company shall provide written notice to the Trustee of the Company’s obligation to pay Additional Interest no later than 15 days prior to
the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Company. 

(c)    The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 
  

	Section 4.02	Maintenance of Office or Agency. 

 The Company shall maintain an office or agency (which
may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices in respect of the Notes
and this Indenture may be made. The Company shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or

  
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agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders and notices may be made at the Corporate Trust Office of the Trustee; provided,
however, no service of legal process may be made at an office of the Trustee. 
 The Company may also from time to time designate
additional offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Company shall give prompt written notice to the Trustee of any such designation or
rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates the Corporate Trust Office
of the Trustee as one such office or agency of the Company in accordance with Section 2.03. 
  

	Section 4.03	[Reserved.] 

  

	Section 4.04	Stay, Extension and Usury Laws. 

 The Company and each Subsidiary Guarantor covenants (to
the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force,
that prohibits or forgives the obligation to pay principal, premium, if any, or interest on the Notes; and the Company and each Subsidiary Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any
such law, and covenant that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law has been
enacted. 
  

	Section 4.05	Corporate Existence. 

 Subject to Article 5, the Company shall do or cause to be done all
things necessary to preserve and keep in full force and effect (1) its corporate, partnership, limited liability company or other existence in accordance with its organizational documents (as the same may be amended from time to time) and
(2) the corporate, partnership, limited liability company or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of any such
Restricted Subsidiary; provided that, in the case of each of clauses (1) and (2), the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership, limited liability company or other
existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its Restricted Subsidiaries, taken as a whole. 

 

	Section 4.06	Reports. 

 (a)    Whether or not required by the SEC, so long as any
Notes are outstanding and subject to Section 4.06(c), the Company will furnish to the Trustee and the Holders, within the time periods specified in the SEC’s rules and regulations then applicable to the Company (or if the Company is not then
subject to the reporting requirements of the Exchange Act, then the time periods for filing applicable to a filer that is not an “accelerated filer” as defined in such rules and regulations): 

(1)    all quarterly and annual financial information that would be required to be contained in a filing
with the SEC on Forms 10-Q and 10-K if the Company were required to file these Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, an audit report on the annual financial statements by the Company’s certified independent accountants; and 

  
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 (2)    all current reports that would be required to be filed
with the SEC on Form 8-K if the Company were required to file these reports (other than Items 1.04 (Mine safety – reporting of shutdowns and patterns of violations), 3.01 (Notice of delisting or failure
to satisfy a continued listing rule or standard; transfer of listing), 3.02 (Unregistered sales of equity securities), 3.03 (material modifications to rights of security holders) (other than as relates to debt securities), 5.03(a) (Amendments to
Articles of Incorporation or Bylaws), 5.04 (Temporary suspension of trading under registrant’s employee benefit plans), 5.05 (Amendments to the Registrant’s Code of Ethics, or Waiver of a Provision of the Code of Ethics), 5.06 (Change in
shell company status), 5.07 (Submission of matters to a vote of security holders), 5.08 (Shareholder director nominations) and all items in Section 6 (Asset-Backed Securities)); 

in each case in a manner that complies in all material respects with the requirements specified in such form; provided that the foregoing delivery
requirements as to the Holders and the Trustee will be deemed satisfied if the foregoing materials are publicly available on the SEC’s EDGAR system (or a successor thereto) within the applicable time periods specified above; provided,
further, however, that all such reports (i) will not be required to comply with Section 302 or Section 404 of the Sarbanes-Oxley Act of 2002, or related Items 307 and 308 of Regulation
S-K promulgated by the SEC, or Item 10(e) of Regulation S-K (with respect to any non-GAAP financial measures contained therein),
(ii) will not be required to contain the separate financial information for Subsidiary Guarantors (other than summary revenue, operating income, Adjusted EBITDA assets and liabilities of non-guarantors of the
type included in the offering memorandum, dated May 4, 2017, relating to the Notes) if such information would be required by Rule 3-10 of Regulation S-X promulgated
by the SEC, (iii) will not be required to comply with Section 13(r) of the Exchange Act (relating to the Iran Threat Reduction and Syrian Human Rights Act) or Rule 13p-1 under the Exchange Act and Form SD
(relating to conflict minerals), (iv) will not be required to contain disclosure regarding executive compensation, a description of employment agreements with officers or a description of any incentive plans and (v) will not be required to
provide Exhibits, except for financial statements and pro forma financial statements in connection with significant acquisitions or dispositions. 

(b)    Delivery of such reports, information and documents to the Trustee will be for informational purposes only, and the
Trustee’s receipt of such shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder
(as to which the Trustee is entitled to conclusively rely exclusively on an Officer’s Certificate). Notwithstanding anything to the contrary herein, the Company will not be required to deliver to the Trustee or the Holders any material for
which the Company has sought and received confidential treatment by the SEC. 
 (c)    Following a Covenant Replacement
Event, the Qualified Successor (for the avoidance of doubt, whether such Qualified Successor (i) has expressly assumed all of the Obligations of the Company under the Notes and this Indenture or (ii) is a Qualified Parent Guarantor) shall
file or furnish the reports required under Section 4.06(a), and the information set forth therein shall be provided with respect to the Qualified Successor and its consolidated Subsidiaries; provided that (a) any financial statements or
other applicable financial information included in such reports shall be accompanied by consolidating information that explains in reasonable detail the differences between the information relating to the Qualified Successor and its consolidated
Subsidiaries, on the one hand, and the Company and its consolidated Restricted Subsidiaries on a standalone basis, on the other hand, and (b) any annual or quarterly reports provided pursuant to Section 4.06(a)(1) shall include calculations of
Adjusted EBITDA and Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries. 
 (d)    At any
time that there shall be one or more Unrestricted Subsidiaries that, in the aggregate, hold more than 15.0% of Consolidated Tangible Assets as of the last date of the fiscal quarter 

  
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for which financial statements are available, the quarterly and annual financial information required by Section 4.06(a) shall include a reasonably detailed presentation, either on the face of
the financial statements or in the footnotes thereto of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries. 
 (e)    For so long as any Notes remain outstanding, to the extent not satisfied by the foregoing, the
Company will furnish to the Holders, securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(f)    The filing requirements set forth in this Section 4.06 for the applicable period may be satisfied by the
Company prior to the commencement of the Exchange Offer or the effectiveness of the Shelf Registration Statement by the filing with the SEC of the Exchange Offer Registration Statement or Shelf Registration Statement, and any amendments thereto,
with such financial information that satisfies Regulation S-X of the Securities Act; provided, that this Section 4.06(f) shall not supersede or in any manner suspend or delay the Company’s
reporting obligations set forth in Sections 4.06(a) through (e). 
 (g)    The requirements for delivery to Holders,
prospective investors, securities analysts and market making institutions as set forth in Sections 4.06(a) through (e) may be satisfied by posting copies of such information on a website (which may be nonpublic and may be maintained by the
Company or a third party) to which access will be given to Holders, prospective investors, securities analysts and market making institutions that certify their status as such to the reasonable satisfaction of the Company. 

(h)    In addition, Company (or, following a Covenant Replacement Event, the Qualified Successor) will: 

(1)    hold a quarterly conference call (with opportunities to ask questions of management) to discuss the
information contained in the reports not later than ten Business Days from the time Company (or, following a Covenant Replacement Event, the Qualified Successor) files or furnishes its quarterly and annual reports pursuant to Section 4.06(a)(1); and

 (2)    no fewer than two Business Days prior to the date of the conference call required to be held in
accordance with Section 4.06(a)(1), issue a press release to the appropriate U.S. wire services announcing the time and date of such conference call and directing the Holders or beneficial owners of, and prospective investors in, the Notes,
securities analysts and market making institutions to contact an individual at the Company (or, following a Covenant Replacement Event, the Qualified Successor) (for whom contact information shall be provided in such press release) to obtain the
reports and information on how to access such conference call. 
  

	Section 4.07	Compliance Certificate. 

 (a)    The Company and each Guarantor (to
the extent that such Guarantor is so required under the Trust Indenture Act) will deliver to the Trustee, within 90 days after the end of each fiscal year ending after the Issue Date, a certificate from the principal executive officer, principal
financial officer or principal accounting officer stating that a review of the activities of the Company and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to such Officer signing such certificate, that to the best of his or her knowledge, the Company has kept,
observed, performed and fulfilled each 

  
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and every condition and covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions, covenants and conditions of this Indenture
(or, if a Default or Event of Default shall have occurred, describing all such Defaults or Event of Defaults of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto). 

(b)    When any Default or Event of Default has occurred and is continuing under this Indenture, or if the Trustee or the
holder of any other evidence of Indebtedness of the Company or any Subsidiary gives any notice or takes any other action with respect to a claimed Default or Event of Default, the Company will promptly (which shall be within ten Business Days
following the date on which the Company becomes aware of such Default or Event of Default) send to the Trustee an Officers’ Certificate specifying such event, its status and what action the Company is taking or proposes to take with respect
thereto. 
  

	Section 4.08	Limitations on Restricted Payments. 

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

(1)    the amount of such proposed Restricted Payment, when added to the aggregate amount of all Restricted
Payments (excluding Restricted Payments permitted by clauses (2), (3), (5) and (6) of Section 4.08(b)) declared or made after the Issue Date exceeds the sum of: 

(i)    50% of the Company’s Consolidated Net Income accrued during the period (taken as a single
period) commencing on the first day of the fiscal quarter in which the Issue Date occurs and ending on the last day of the fiscal quarter immediately preceding the fiscal quarter in which the Restricted Payment is to occur for which consolidated
financial statements are available (or, if such aggregate Consolidated Net Income is a deficit, minus 100% of such aggregate deficit), plus  

(ii)    the net cash proceeds received from the issuance and sale of Capital Stock of the Company (or any
capital contribution to the Company or a Restricted Subsidiary) that is not Disqualified Stock after the Issue Date plus (without duplication) the Fair Market Value of any assets used in the Real Estate Business of the Company and its
Restricted Subsidiaries purchased with such proceeds concurrently with such issuance and sale or capital contribution, other than: 

(A)    net cash proceeds received from an issuance or sale of such Capital Stock to a Subsidiary of the
Company or to an employee stock ownership plan, option plan or similar trust to the extent such sale to an employee stock ownership plan or similar trust is financed by loans from or guaranteed by the Company or any Restricted Subsidiary unless such
loans have been repaid with cash on or prior to the date of determination; and 
 (B)    net cash
proceeds received by the Company from the issue and sale of its Capital Stock or capital contributions to the extent applied to redeem Notes in compliance with the provisions set forth under Section 3.07(c); plus 

  
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 (iii)    100% of the principal amount of, or, if issued at a
discount, the accreted value of, any Indebtedness of the Company or a Restricted Subsidiary which is issued (other than to a Subsidiary of the Company) after the Issue Date that is converted into or exchanged for Capital Stock of the Company that is
not Disqualified Stock (to the extent reduced on the Company’s balance sheet upon such conversion or exchange), less the amount of any cash or the fair value of assets distributed by the Company or any Restricted Subsidiary upon such conversion
or exchange, plus 
 (iv)    100% of the aggregate amounts received by the Company or any
Restricted Subsidiary from the sale, repayment, disposition or liquidation (including by way of dividends) of, or return on, any Investment (other than any Investment in any Subsidiary of the Company or any Investment to the extent sold, repaid,
disposed of or liquidated with recourse to the Company, any of its Subsidiaries or any of their respective properties or assets) (less the cost of the sale, repayment, disposition or liquidation of such Investment and net of taxes) but only to the
extent (A) not included in clause (i) above and (B) that the amount of such Investment constituted a permitted Restricted Investment that was made pursuant to this Section 4.08(a), plus 

(v)    100% of the principal amount of, or if issued at a discount, the accreted value of, any Indebtedness
or other obligation that is the subject of a guarantee by the Company or any Restricted Subsidiary which is released (other than due to a payment on such guarantee) after the Issue Date, but only to the extent that the amount of such guarantee
constituted a permitted Restricted Payment that was made pursuant to this Section 4.08(a), plus 

(vi)    with respect to any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary in
accordance with the definition of “Unrestricted Subsidiary” (so long as the designation of such Subsidiary as an Unrestricted Subsidiary was treated as a Restricted Payment made after the Issue Date, and only to the extent not included in
clause (ii) above), an amount equal to the lesser of (A) the proportionate interest of the Company or a Restricted Subsidiary in an amount equal to the excess of (I) the total assets of such Subsidiary, valued on an aggregate basis at
the lesser of book value and Fair Market Value thereof, over (II) the total liabilities of such Subsidiary, determined in accordance with GAAP, and (B) the amount of the Restricted Payment that had been deemed to be made pursuant to this
Section 4.08(a) (to the extent not previously repaid or otherwise reduced) upon such Subsidiary’s designation as an Unrestricted Subsidiary; or 

(2)    immediately after giving effect to such transactions on a pro forma basis, the Company would be
unable to Incur $1.00 of additional Indebtedness under the Consolidated Fixed Charge Coverage Ratio contained in Section 4.09(a); or 

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

 (b)    Notwithstanding the foregoing, the provisions of this Section 4.08 will not prevent: 

(1)    the payment by the Company or any Restricted Subsidiary of any dividend within 60 days after the
date of declaration thereof if the payment thereof would have complied with the limitations of this Indenture on the date of declaration; 

  
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 (2)    the making by the Company or any Restricted Subsidiary
of any Restricted Payment by exchange for or out of the net proceeds of a substantially concurrent sale (other than a sale to a Subsidiary of the Company) of shares of its Capital Stock (other than Disqualified Stock), or from the substantially
concurrent contribution of common equity capital to the Company; provided that the proceeds of any such sale to the extent used as set forth in this clause (2) will be excluded in any computation made under clause (1)(ii) of Section
4.08(a); 
 (3)    the purchase, repayment, redemption, repurchase, defeasance or other acquisition or
retirement for value of Subordinated Indebtedness of the Company or any Restricted Subsidiary, including premium, if any, with the proceeds of a substantially concurrent Incurrence of Refinancing Indebtedness; 

(4)    any purchase, redemption, retirement or other acquisition for value of Capital Stock of the Company
or any Subsidiary held by officers, directors or employees or former officers, directors or employees of the Company or any Restricted Subsidiary (or their transferees, estates or beneficiaries under their estates) not to exceed $2.0 million in
any calendar year; 
 (5)    repurchases of Capital Stock (i) deemed to occur upon the exercise of
stock options, warrants or similar instruments if such Capital Stock represents a portion of the exercise price of such options, warrants or similar instruments or (ii) upon the vesting of restricted stock, restricted stock units, or similar
equity incentives to satisfy tax withholding or similar tax obligations with respect thereto; 

(6)    the payment by the Company of cash in lieu of the issuance of fractional shares upon the exercise of
options, warrants or similar instruments, upon the conversion or exchange of Capital Stock of the Company or upon the conversion or exchange of convertible or exchangeable debt securities of the Company or any Restricted Subsidiary; 

(7)    the payment of dividends on, or purchase, redemption, retirement or other acquisition for value of,
Disqualified Stock up to an aggregate amount of $5.0 million in any fiscal year; provided that immediately after giving effect to any declaration of such dividend, the Company could incur at least $1.00 of Indebtedness under the
Consolidated Fixed Charge Coverage Ratio contained in Section 4.09(a); 
 (8)    payments made to
purchase, redeem, defease or otherwise acquire or retire for value any Subordinated Indebtedness of the Company pursuant to provisions requiring the Company to offer to purchase, redeem, defease or otherwise acquire or retire for value such
Subordinated Indebtedness upon the occurrence of a “change of control” as defined in the agreements or instruments governing such Subordinated Indebtedness, at a purchase price not greater than 101% of the principal amount thereof;
provided, however, that the Company has made an offer to purchase the Notes upon a Change of Control pursuant to Section 4.14 and has purchased all Notes tendered in connection with such offer; 

(9)    the purchase of any Permitted Bond Hedge; or 

(10)    other Restricted Payments made after the Issue Date in an aggregate amount not to exceed
$20.0 million. 
 (c)    The amount of all Restricted Payments (other than cash) will be the Fair Market Value on
the date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the Company or a Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. 

  
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 (d)    For purposes of determining compliance with the provisions set forth
in this Section 4.08, in the event that a Restricted Payment or Permitted Investment meets the criteria of more than one of the types of Restricted Payments or Permitted Investments described in Section 4.08 or the definitions thereof, the
Company, in its sole discretion, may order and classify, and later reclassify, such Restricted Payment or Permitted Investment if it would have been permitted at the time such Restricted Payment or Permitted Investment was made and at the time of
any such reclassification. 
  

	Section 4.09	Limitations on Additional Indebtedness. 

 (a)    The Company will
not, and will not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to, Incur any Indebtedness including Acquired Indebtedness; provided that the Company and the Subsidiary Guarantors may Incur Indebtedness,
including Acquired Indebtedness, if, after giving effect thereto and the application of the proceeds therefrom, (1) either (i) the Company’s Consolidated Fixed Charge Coverage Ratio on the date thereof would be at least 2.0 to 1.0 or
(ii) the ratio of consolidated Indebtedness of the Company and the Restricted Subsidiaries to Consolidated Tangible Net Worth is less than 2.0 to 1.0 (either (i) or (ii), the “Ratio Exception”) and (2) no Default
or Event of Default will have occurred or be continuing or would occur as a consequence of Incurring the Indebtedness or entering into the transactions relating to such Incurrence. 

(b)    Notwithstanding the foregoing, the provisions of this Indenture will not prevent: 

(1)    the Company or any Restricted Subsidiary from Incurring (i) Refinancing Indebtedness of
Indebtedness initially Incurred under Section 4.09(a) or clauses (1)(i), (1)(ii) or (2) of this Section 4.09(b) and (ii) Existing Indebtedness (including, without limitation, the Existing Notes); 

(2)    the Company from Incurring Indebtedness evidenced by the Notes issued on the Issue Date or evidenced
by the Exchange Notes (including any guarantee of such Exchange Notes); 
 (3)    the Company or any
Subsidiary Guarantor from Incurring Indebtedness under Credit Facilities in an aggregate principal amount at any one time outstanding (with letters of credit being deemed to have a principal amount equal to the maximum potential liability of the
Company and its Restricted Subsidiaries thereunder) not to exceed the greater of (i) $250.0 million and (ii) 25.0% of Consolidated Tangible Assets; 

(4)    any Subsidiary Guarantee; 

(5)    the Company or any Restricted Subsidiaries from Incurring Indebtedness to secure performance of
tenders, bids, leases, statutory obligations, surety and appeal bonds, progress statements, government contracts and other obligations of like nature (exclusive of the obligation for the payment of borrowed money); 

(6)    any Restricted Subsidiary from guaranteeing Indebtedness of the Company or any other Restricted
Subsidiary (other than Non-Recourse Indebtedness or, in the case of a guarantee by a Non-Guarantor Subsidiary, Indebtedness Incurred pursuant to the Ratio Exception), or
the Company from guaranteeing Indebtedness of any Restricted Subsidiary (other than Non-Recourse Indebtedness), in each case so long as such Indebtedness is permitted to be Incurred under this Indenture;
provided that in the event such Indebtedness that is being guaranteed is Subordinated Indebtedness, then the related guarantee shall be subordinated in right of payment to the Notes or any Subsidiary Guarantee, as the case may be; 

  
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 (7)    (i) any Restricted Subsidiary from Incurring
Indebtedness owing to the Company or any other Restricted Subsidiary; provided that (A) such Indebtedness is subordinated to any Subsidiary Guarantee of such Restricted Subsidiary, if any, and (B) such Indebtedness shall only be
permitted pursuant to this clause (7)(i) for so long as the Person to whom such Indebtedness is owing is the Company or a Person that is both a Wholly Owned Subsidiary and a Restricted Subsidiary, and (ii) the Company from Incurring
Indebtedness owing to any Restricted Subsidiary; provided that (I) such Indebtedness is subordinated to the Company’s obligations under the Notes and this Indenture, and (II) such Indebtedness shall only be permitted pursuant
to this clause (7)(ii) for so long as the Person to whom such Indebtedness is owing is both a Wholly Owned Subsidiary and a Restricted Subsidiary; 

(8)    the Company and any Restricted Subsidiary from Incurring Indebtedness under Capitalized Lease
Obligations or for purchase money obligations Incurred for the purpose of acquiring or financing all or any part of the purchase price or cost of construction or improvement of property or equipment used in the business of the Company or such
Restricted Subsidiary, as the case may be, in an aggregate amount not to exceed the greater of (i) $15.0 million and (ii) 2.0% of Consolidated Tangible Assets at any one time outstanding; 

(9)    the Company or any Restricted Subsidiary from Incurring Obligations for, pledges of assets in
respect of, and guaranties of, bond financings of political subdivisions or enterprises thereof in the ordinary course of business; 

(10)    the Company or any Restricted Subsidiary from Incurring Indebtedness owed to a seller of raw land,
entitled land, lots under development, finished lots or other real property under the terms of which the Company or such Restricted Subsidiary, as obligor, is required to make a payment upon the future sale of such land or lots; 

(11)    Indebtedness of the Company or any Restricted Subsidiary under Hedging Obligations entered into for
bona fide hedging purposes of the Company or any Restricted Subsidiary not for the purpose of speculation; provided, however, that in the case of Hedging Obligations relating to interest rates, (i) such Hedging Obligations relate
to payment obligations on Indebtedness otherwise permitted to be Incurred under this Indenture and (ii) the notional principal amount of such Hedging Obligations at the time Incurred does not exceed the principal amount of the Indebtedness to
which such Hedging Obligations relate; 
 (12)    Non-Recourse
Indebtedness of the Company or any Restricted Subsidiary Incurred for the acquisition, development and/or improvement of real property and secured by Liens only on such real property and Directly Related Assets; 

(13)    Indebtedness arising from the honoring by a bank or other financial institution of a check, draft
or similar instrument inadvertently (except in the case of daylight overdrafts) drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within five Business Days of
Incurrence; 
 (14)    Indebtedness arising in connection with endorsement of instruments for deposit in
the ordinary course of business; 
 (15)    guarantees by the Company or any Restricted Subsidiary in
respect of Indebtedness incurred by Joint Ventures or joint ventures in the form of Unrestricted Subsidiaries that are not Wholly Owned Subsidiaries in an aggregate amount not to exceed the greater of (i) $5.0 million and (ii) 1.0% of
Consolidated Tangible Assets at any time outstanding; 

  
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 (16)    Indebtedness arising from agreements of the Company
or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than
guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that (i) the maximum aggregate liability in respect
of all such Indebtedness shall at no time exceed the gross proceeds, including non-cash proceeds (the Fair Market Value of such non-cash proceeds being measured at the
time received and without giving effect to subsequent changes in value) actually received by the Company and its Restricted Subsidiaries in connection with such disposition and (ii) such Indebtedness is not reflected on the balance sheet of the
Company or any Restricted Subsidiary (contingent obligations referred to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause
(16)); and 
 (17)    the Company or any Restricted Subsidiary from Incurring Indebtedness in an
aggregate principal amount at any time outstanding not to exceed the greater of (i) $85.0 million and (ii) 10.0% of Consolidated Tangible Assets. 

(c)    The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur Indebtedness the proceeds of
which are used, directly or indirectly, to refinance any Subordinated Indebtedness, unless such Indebtedness will also be subordinated to the Notes to at least the same extent as such Subordinated Indebtedness. A
Non-Guarantor Subsidiary will not be permitted to Incur Indebtedness if the proceeds are used to refinance Indebtedness of the Company or a Subsidiary Guarantor. The Company and the Subsidiary Guarantors will
not be permitted to Incur Indebtedness that is contractually subordinated to any other Indebtedness of the Company or such Subsidiary Guarantor, unless such Indebtedness is also contractually subordinated to the Notes or the Subsidiary Guarantee of
such Subsidiary Guarantor, as the case may be, to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness. 

(d)    This Indenture will not treat unsecured Indebtedness as subordinated or junior to secured Indebtedness merely
because it is unsecured. This Indenture will not treat senior Indebtedness as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral. 

(e)    Except as permitted by Section 4.09(b)(15) above, the Company will not permit any of its Unrestricted Subsidiaries
to Incur any Indebtedness or issue any shares of Disqualified Stock, other than Non-Recourse Indebtedness. If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such
Subsidiary shall be deemed to be Incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 4.09, the Company shall be in Default of this Section 4.09).

 (f)    For purposes of determining compliance with this Section 4.09, in the event an item of Indebtedness meets
the criteria of more than one of the types of Indebtedness described in Section 4.09(b) or is entitled to be Incurred pursuant to the Ratio Exception, the Company, in its sole discretion, shall classify such item of Indebtedness and may divide and
classify such Indebtedness in more than one of the types of Indebtedness described, in any manner that complies with this Section 4.09 and may from time to time reclassify such item of Indebtedness in any manner in which such item could be
Incurred at the time of such reclassification; provided that all Indebtedness (or the portion thereof) under Credit Facilities Incurred under Section 4.09(b)(3) shall be deemed Incurred under Section 4.09(b)(3) and not the Ratio Exception or
Section 4.09(b)(1) and may not later be reclassified. For purposes of determining whether Indebtedness can be Incurred pursuant to the Ratio Exception, the Company may elect, pursuant 

  
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to an Officers’ Certificate delivered to the Trustee, to treat all or a portion of a revolving commitment under any Credit Facility as Incurred and outstanding Indebtedness (along with all
associated interest expense) at the time such revolving commitments are established and for so long as such revolving commitments remain outstanding, regardless of whether fully drawn at the time of establishment. As a result of such election, any
subsequent Incurrence of Indebtedness under such revolving commitment shall not be deemed an Incurrence of additional Indebtedness. 

(g)    The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any
Indebtedness in the form of additional Indebtedness with the same terms and the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles will not be deemed to be an Incurrence of Indebtedness for purposes of this
Section 4.09. In addition, for purposes of determining any particular amount of Indebtedness under this Section 4.09, guarantees, Liens or letter of credit obligations supporting Indebtedness otherwise included in the determination of such
particular amount shall not be included so long as Incurred by a Person that could have Incurred such Indebtedness. Further, for purposes of determining compliance with any U.S. dollar-denominated restriction on the Incurrence of Indebtedness, the
U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be utilized, calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred (in the case of term
Indebtedness) or committed (in the case of revolving credit Indebtedness); provided that if such Indebtedness is Incurred to refinance other Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable U.S.
dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal
amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of Indebtedness that the Company or any Restricted
Subsidiary may Incur pursuant to this Section 4.09 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. The principal amount of any Indebtedness Incurred to refinance other Indebtedness, if
Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in effect on the date of such
refinancing. 
  

	Section 4.10	Limitations on Liens. 

 (a)    The Company will not, and will not
permit any of its Restricted Subsidiaries to, directly or indirectly, create, Incur, assume, permit or suffer to exist any Liens, other than Permitted Liens, on any of its or their assets (including Capital Stock of a Restricted Subsidiary),
property, income, proceeds or profits therefrom (whether owned as of the Issue Date or thereafter acquired) to secure any Indebtedness unless contemporaneously therewith or prior thereto all payments due under this Indenture and the Notes (or under
a Subsidiary Guarantee in the case of Liens of a Subsidiary Guarantor) are secured on an equal and ratable basis (or on a superior basis, in the event the other Indebtedness is Subordinated Indebtedness) with the obligation or liability so secured
until such time as such obligation or liability is no longer secured by a Lien. 
 (b)    Any Lien created for the
benefit of the Holders of the Notes pursuant to this Section 4.10 shall be deemed automatically and unconditionally released and discharged upon the release and discharge of the Liens securing such other Indebtedness. 

(c)    The expansion of Liens by virtue of accrual of interest, the accretion of accreted value, the payment of interest
or dividends in the form of additional Indebtedness, amortization of original issue discount and increases in the amount of Indebtedness outstanding solely as a result of 

  
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fluctuation in the exchange rate of currencies will not be deemed to be an Incurrence of Liens for purposes of this Section 4.10. 

 

	Section 4.11	Future Subsidiary Guarantors. 

 (a)    The Company will cause each
Restricted Subsidiary that becomes a borrower under the Senior Credit Facilities or that guarantees, on the Issue Date or at any time thereafter, Obligations under the Senior Credit Facilities or any other Indebtedness of the Company or any
Subsidiary Guarantor to execute and deliver to the Trustee a supplemental indenture substantially in the form of Exhibit E hereto pursuant to which such Restricted Subsidiary will irrevocably and unconditionally guarantee, on a joint and several
basis, for so long as such Restricted Subsidiary is a Subsidiary Guarantor, the full and prompt payment of the principal of, premium, if any, and interest (including Additional Interest, if any) in respect of the Notes on a senior basis and all
other Obligations under this Indenture. 
  

	Section 4.12	Limitations on Restrictions on Distribution from Restricted Subsidiaries. 

(a)    The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create,
assume or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to: 

(1)    pay dividends or make any other distributions on or in respect of its Capital Stock or any other
interest or participation in, or measured by, its profits, owned by the Company or any of its other Restricted Subsidiaries, or pay interest on or principal of any Indebtedness owed to the Company or any of its other Restricted Subsidiaries; 

(2)    make loans or advances or pay any Indebtedness or other obligation owed to the Company or any of its
other Restricted Subsidiaries; or 
 (3)    transfer any of its properties or assets to the Company or
any of its other Restricted Subsidiaries. 
 (b)    Notwithstanding the foregoing, the provisions of this Indenture will
not prevent encumbrances or restrictions existing under or by reason of: 
 (1)    applicable law; 

(2)    agreements evidencing Existing Indebtedness or other agreements existing on the date of this
Indenture as in effect on the Issue Date; 
 (3)    Acquired Indebtedness; provided that any such
restrictions and encumbrances apply only to the obligor on such Indebtedness and its Subsidiaries and that such Acquired Indebtedness was not Incurred by the Company or any of its Subsidiaries or by the Person being acquired in connection with or in
anticipation of such acquisition; 
 (4)    Refinancing Indebtedness; provided that any such
restrictions and encumbrances are not materially more restrictive than those under the agreement creating or evidencing the Indebtedness being exchanged, redeemed, refunded, refinanced, replaced or extended; 

(5)    customary non-assignment provisions in leases, licenses,
encumbrances, contracts or similar assets entered into or acquired in the ordinary course of business; 

  
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 (6)    agreements entered into for the sale or disposition of
all or substantially all of the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

(7)    this Indenture, the Notes, the Subsidiary Guarantees or the Exchange Notes (including any guarantee
of such Exchange Notes); 
 (8)    purchase money obligations or Capitalized Lease Obligations that
impose restrictions on the property so acquired of the nature described in Section 4.12(a)(3); 

(9)    Liens permitted under this Indenture securing Indebtedness that limit the right of the debtor to
dispose of the assets subject to such Lien; 
 (10)    provisions in leases, partnership agreements,
limited liability company, organizational governance documents, joint venture agreements, joint development agreement, assets sale agreements, stock sale agreements and other similar agreements entered into in the ordinary course of business (as
determined in good faith by the Company) that restrict the transfer or Incurrence of a Lien on any ownership interests, assets, property or leasehold interests; 

(11)    customary provisions of any franchise, distribution or similar agreements arising in the ordinary
course of business (as determined in good faith by the Company); 
 (12)    agreements entered into in
the ordinary course of business imposing restrictions on cash or other deposits or net worth; 

(13)    Indebtedness Incurred in compliance with Section 4.09; provided that such restrictions,
taken as a whole, are, in the good faith determination of the Board of Directors of the Company, (i) not more materially restrictive with respect to such encumbrances and restrictions than those contained in this Indenture as in effect on the
Issue Date or (ii) will not materially affect the Company’s ability to make anticipated principal or interest payments on the Notes; and 

(14)    amendments, modifications, restatements, renewals, supplements, refinancings, replacements or
refinancings of the contracts, instruments or obligations referred to in clauses (2), (3), (4) or (13) of this Section 4.12(b); provided that such amendments, modifications, restatements, renewals, supplements, refundings, replacements
or refinancings are, in the good faith determination of the Board of Directors of the Company, not materially more restrictive than those contained in such contracts, instruments or obligations prior to such amendment, modification, restatement,
renewal, supplement, refunding, replacement or refinancing. 
  

	Section 4.13	Limitations on Transactions with Affiliates. 

 (a)    The Company
will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, in one transaction or a series of related transactions, make any Investment, loan, advance, guarantee or capital contribution to or for the benefit of, or
sell, lease, transfer or otherwise dispose of any of its properties or assets to, or for the benefit of, or purchase or lease any property or assets from, or enter into or amend any contract, agreement or understanding with, or otherwise enter into
or conduct any transaction with, or for the benefit of, (i) any Affiliate of the Company or any Affiliate of the Company’s Restricted Subsidiaries or (ii) any Person (or any Affiliate of such Person) holding 10% or more of the Common
Equity of the Company or any of its Subsidiaries (each an “Affiliate Transaction”), except on terms that are no less favorable to the Company or the relevant Restricted Subsidiary, as the

  
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case may be, than those that could have been obtained in a comparable transaction at such time on an arm’s length basis from a Person that is not an Affiliate; provided that 

(1)    with respect to any Affiliate Transaction involving or having aggregate value or consideration in
excess of $10.0 million, the Company will deliver to the Trustee an Officers’ Certificate certifying that such Affiliate Transaction complies with this Section 4.13(a) and either (x) a Secretary’s Certificate which sets forth and
authenticates a resolution that has been adopted by a majority of the disinterested members of the Board of Directors of the Company approving such Affiliate Transaction (and such majority determines that such Affiliate Transaction complies with
this Section 4.13(a)) or (y) a Secretary’s Certificate which sets forth and authenticates a resolution that has been adopted by the Board of Directors of the Company approving such Affiliate Transaction (and determining that such Affiliate
Transaction complies with this Section 4.13(a)), together with the written opinion or appraisal described in clause (2) below; and 

(2)    with respect to any Affiliate Transaction involving or having an aggregate value or consideration of
$40.0 million or more, the Company will deliver to the Trustee the certificates described in the preceding clause (1) and either (x) a written opinion as to the fairness of such Affiliate Transaction to the Company or the Restricted
Subsidiary engaging in the Affiliate Transaction from a financial point of view or (y) a written appraisal supporting the value of such Affiliate Transaction, in either case, issued by an Independent Financial Advisor. 

(b)    Notwithstanding the foregoing, an “Affiliate Transaction” will not include: 

(1)    any contract, agreement or understanding with, or for the benefit of, or plan for the benefit of,
employees of the Company or its Subsidiaries (in their capacity as such) that has been approved by the Company’s Board of Directors; 

(2)    reasonable director, officer, employee and consultant compensation (including bonuses) and other
benefits (including retirement, health, stock and other benefit plans) and indemnification arrangements; 

(3)    Capital Stock issuances to members of the Board of Directors, officers and employees of the Company
or its Subsidiaries pursuant to plans approved by the equity holders of the Company; 
 (4)    any
Restricted Payment otherwise permitted under and made in accordance with Section 4.08; 
 (5)    any
Permitted Investment; 
 (6)    any transaction between or among the Company and one or more Restricted
Subsidiaries or a Restricted Subsidiary and one or more other Restricted Subsidiaries; 
 (7)    any sale
or issuance of Capital Stock (other than Disqualified Stock) of the Company; 
 (8)    the payment of
management, consulting, monitoring and advisory fees and related expenses and termination fees pursuant to the Sponsor Management Agreement not to exceed the amount set forth in the Sponsor Management Agreement as in effect on the Issue Date or any
amendment thereto, so long as any such amendment is not disadvantageous to the Holders 

  
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in the good faith judgment of the Company’s Board of Directors, when taken as a whole, as compared to the Sponsor Management Agreement as in effect on the Issue Date; 

(9)    any agreement as in effect as of the Issue Date or any extension, amendment or modification thereto
(so long as any such extension, amendment or modification satisfies the requirements set forth in Section 4.13(a)) or any transaction contemplated by such agreement; or 

(10)    any transaction in the ordinary course of business with a Joint Venture that would constitute an
Affiliate Transaction solely because the Company or a Restricted Subsidiary owns an equity interest in such Joint Venture. 
  

	Section 4.14	Change of Control. 

 (a)    Following the occurrence of any Change of
Control, if a Covenant Replacement Event has not occurred, and unless the Company has exercised its right to redeem all of the Notes pursuant to Sections 3.03 and 3.07, the Company will so notify the Trustee in writing by delivery of an
Officers’ Certificate and will offer to purchase all of the Notes (a “Change of Control Offer”) from all Holders, subject to Section 4.14(b). Subject to Section 4.14(b), the Company will purchase the Notes of Holders accepting
such Change of Control Offer on the date fixed for the closing of such Change of Control Offer (which shall not be earlier than the second business day after the expiration time of such Change of Control Offer) (the “Change of Control
Payment Date”) at an offer price in cash in an amount equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the Change of Control Payment Date (subject to the right of Holders of
record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the Change of Control Payment Date) (the “Change of Control Price”). 

(b)    Notwithstanding Section 4.14(a), the Company shall not be required to make a Change of Control Offer if a Covenant
Replacement Event shall occur on or prior to the date that is 30 days after the date on which the Change of Control occurred. In addition, if the Company has made a Change of Control Offer, the Company may rescind the Change of Control Offer and
shall not be required to pay the Change of Control Price if (i) a Covenant Replacement Event shall have occurred on or prior to the earlier of the Change of Control Payment Date and the date that is 60 days after the date on which the Change of
Control occurred, (ii) the Company’s notice of a Change of Control described in Section 4.14(c) shall have stated that the Company may rescind the Change of Control Offer if a Covenant Replacement Event shall occur on or prior to the
earlier of the Change of Control Payment Date and the date that is 60 days after the date on which the Change of Control occurred and if the Company shall have complied with the provisions described in this Section 4.14(b) and (iii) no later
than the earlier of the Change of Control Payment Date and the date that is 60 days after the date on which the Change of Control occurred, the Company shall have (x) delivered written notice to the tender agent, which may be the Trustee, and
the Trustee that a Covenant Replacement Event has occurred in accordance with this Indenture and that the Company is rescinding the Change of Control Offer and (y) publicly announced that a Covenant Replacement Event shall have occurred and
that the Change of Control Offer shall have been rescinded. 
 (c)    Within 30 days after the date on which a Change of
Control occurs, subject to Sections 4.14(a) and (b), the Company (with written notice to the Trustee) or a tender agent, which may be the Trustee, at the Company’s written request (and at the expense of the Company) will give to all Persons who
were Holders on the date of the Change of Control, at their respective addresses appearing in the Note Register, a notice of such occurrence and of such Holder’s rights arising as a result thereof. Such notice shall specify, among other items:

  
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 (1)    that a Change of Control Offer is being made pursuant
to this Section 4.14, the expiration time for such Change of Control Offer (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or otherwise delivered in accordance with the applicable procedures of
the Depositary) and that all Notes properly tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid
interest, if any, to the date of purchase (subject to the right of Holders of record on the applicable Record Date to receive interest due on an Interest Payment Date falling prior to or on the Change of Control Payment Date), subject, if
applicable, to the Company’s right to rescind such Change of Control Offer if a Covenant Replacement Event shall occur on or prior to the earlier of the Change of Control Payment Date and the date that is 60 days after the date on which the
Change of Control occurred; 
 (2)    the Change of Control Payment Date; 

(3)    that any Note not properly tendered will remain outstanding and continue to accrue interest (subject
to clause (7) below); 
 (4)    that, unless the Company defaults in the payment of the Change of
Control Price, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

(5)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” attached to such Notes completed, to the Paying Agent or tender agent specified in the notice at the address specified in the notice prior to the
close of business on the third Business Day preceding the Change of Control Payment Date; 
 (6)    that
Holders shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent or tender agent receives at the address specified in the notice, not later than the
expiration time of such Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase and a statement that such Holder is withdrawing its
tendered Notes and its election to have such Notes purchased; 
 (7)    that, if a Holder is tendering
less than all of its Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess
thereof); 
 (8)    the other procedures, as determined by the Company, consistent with this
Section 4.14 that a Holder must follow; and 
 (9)    if the Company so elects, that the Company may
rescind the Change of Control Offer if a Covenant Replacement Event shall occur on or prior to the earlier of the Change of Control Payment Date and the date that is 60 days after the date on which the Change of Control occurred and if the Company
has complied with Section 4.14(b). 
 The notice, if mailed or otherwise delivered in a manner herein provided, shall be conclusively
presumed to have been given, whether or not the Holder receives such notice. If (A) the notice is mailed or otherwise delivered in a manner herein provided and any Holder fails to receive such notice or (B) a Holder receives a notice but
it is defective, such Holder’s failure to receive such notice or 

  
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such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

(d)    In the event of a Change of Control Offer, the Company will only be required to accept Notes in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof; provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less
than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000. 

(e)    Subject to Section 4.14(b), on the Change of Control Payment Date in connection with which the Change of Control
Offer is being made, the Company will (i) accept for payment Notes or portions thereof tendered pursuant to the Change of Control Offer, (ii) deposit with the tender agent or Paying Agent money sufficient, in immediately available funds,
to pay the purchase price of all Notes or portions thereof so accepted and (iii) deliver to the tender agent or Paying Agent an Officers’ Certificate identifying the Notes or portions thereof accepted for payment by the Company. The Paying
Agent will promptly mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) to Holders of Notes so accepted payment in an amount equal to the Change of Control Price of the Notes purchased from each such Holder,
and the Company will execute and the Trustee will promptly authenticate and mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) (or cause to be transferred by book entry in the case of a Global Note) to such
Holder of a Note a residual balance Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each such residual balance Note will be in a principal amount of $2,000 or integral multiples of $1,000 in
excess thereof. Any Notes not so accepted will be promptly mailed or delivered by the tender agent or Paying Agent at the Company’s expense to the Holder thereof. The Company will publicly announce the results of the Change of Control Offer
promptly after the Change of Control Payment Date. 
 (f)    Prior to paying the Change of Control Price, and as a
condition to such payment, the Company will be required to repay, or obtain the consent of the requisite lenders or holders of, Indebtedness Incurred or issued under the Senior Credit Facilities and under any indentures or other agreements that are
violated by the payment of the Change of Control Price. The Company covenants to effect such repayments or obtain such consents prior to paying the Change of Control Price, it being a default of the Change of Control provisions of this Indenture if
the Company fails to comply with such covenant. 
 (g)    The Company will not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.14 applicable to a Change of Control Offer made by the
Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 
 (h)    The
Company will comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to a
Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have
breached its obligations under this Indenture by virtue of the conflict. 
 (i)    Other than as specifically provided
in this Section 4.14, any purchase pursuant to this Section 4.14 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06. 

  
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	Section 4.15	Limitations on Asset Sales. 

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

(1)    the Company or such Restricted Subsidiary receives consideration at least equal to the Fair Market
Value (such Fair Market Value to be determined on the date of contractually agreeing to such Asset Sale) of the assets included in such Asset Sale; and 

(2)    at least 70% of the total consideration received in such Asset Sale or series of related Asset Sales
consists of cash or Cash Equivalents. 
 (b)    For purposes of Section 4.15(a)(2), the following shall be deemed to be
cash: 
 (1)    the amount (without duplication) of any Indebtedness (other than Subordinated
Indebtedness) of the Company or such Restricted Subsidiary that is expressly assumed by the transferee in such Asset Sale and with respect to which the Company and all Restricted Subsidiaries are validly and unconditionally released by the holder of
such Indebtedness; 
 (2)    the amount of any obligations received from such transferee that are within
30 days following the consummation of such Asset Sale converted by the Company or such Restricted Subsidiary to cash (to the extent of the cash actually so received); and 

(3)    the Fair Market Value of any assets received by the Company or any Restricted Subsidiary to be used
by it in the Real Estate Business (other than securities, unless such securities represent Capital Stock of an entity engaged in the Real Estate Business, such entity becomes a Restricted Subsidiary and the Company or a Restricted Subsidiary
acquires voting and management control of such entity). 
 (c)    If at any time any
non-cash consideration received by the Company or any Restricted Subsidiary, as the case may be, in connection with any Asset Sale is repaid or converted into or sold or otherwise disposed of for cash (other
than interest received with respect to any such non-cash consideration), then the date of such repayment, conversion or disposition shall be deemed to constitute the date of an Asset Sale hereunder and the Net
Proceeds thereof shall be applied in accordance with this Section 4.15. 
 (d)    If the Company or any Restricted
Subsidiary engages in an Asset Sale, the Company or such Restricted Subsidiary shall, no later than 365 days following the consummation thereof, apply all or any of the Net Proceeds therefrom: 

(1)    to permanently repay, prepay, redeem or repurchase: 

(i)    Obligations under Indebtedness (other than Disqualified Stock or Subordinated Indebtedness) secured
by Permitted Liens pursuant to clauses (9), (10), (11), (12) and (24) of the definition of “Permitted Liens” (whose commitments shall be correspondingly reduced permanently upon such repayment or prepayment), other than Indebtedness
owed to the Company or another Restricted Subsidiary of the Company; 
 (ii)    Obligations under the
Notes on a pro rata basis (based on the amount so applied to such repayments or prepayments) by, at the Company’s option, (A) redeeming Notes pursuant to Sections 3.03 and 3.07, (B) making an offer (in accordance

  
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with the offer procedures for Excess Proceeds set forth below) to all Holders to purchase all or a portion of their Notes at a price of 100% of the principal amount thereof, plus accrued
and unpaid interest, if any, thereon to but excluding the date of purchase or (C) purchasing Notes through privately negotiated transactions or open market purchases, in a manner that complies with this Indenture and applicable securities law,
at a price not less than 100% of the principal amount thereof, plus the accrued and unpaid interest, if any, thereon to but excluding the date of purchase; 

(iii)    Obligations under any Pari Passu Indebtedness of the Company or any Restricted Subsidiary, other
than Indebtedness owed to the Company or another Restricted Subsidiary; provided that if the Company or any such Restricted Subsidiary shall so repay or prepay any such Pari Passu Indebtedness, the Company will reduce Obligations under the
Notes on a pro rata basis (based on the amount so applied to such repayments or prepayments) in accordance with Section 4.15(d)(1)(ii); or 

(iv)    Indebtedness of a Non-Guarantor Subsidiary of the Company,
other than Indebtedness owed to the Company or another Restricted Subsidiary; 
 (2)    to acquire all or
substantially all of the assets of, or any Capital Stock of, another Person in the Real Estate Business, if, after giving effect to any such acquisition of Capital Stock, such Person is or becomes a Restricted Subsidiary; 

(3)    to make a capital expenditure; 

(4)    to acquire additional assets or improve or develop existing assets to be used in the Real Estate
Business; or 
 (5)    to make any combination of the foregoing payments, redemptions, repurchases or
investments. 
 (e)    Pending the final application of any Net Proceeds, the Company may temporarily reduce revolving
credit borrowings or otherwise invest the Net Proceeds in any manner that is not prohibited by this Indenture. 

(f)    The amount of Net Proceeds not applied or invested as provided in Section 4.15(d) will constitute “Excess
Proceeds.” 
 (g)    When the aggregate amount of Excess Proceeds equals or exceeds $10.0 million, the
Company will be required to make an offer to purchase the maximum amount of Notes from all Holders and, if applicable, redeem (or make an offer to redeem) Pari Passu Indebtedness the terms of which require the Company to redeem (or offer to redeem)
such Indebtedness with the proceeds from any Asset Sales that may be purchased or redeemed with such Excess Proceeds. The purchase of Notes shall be in minimum denominations of $2,000 or integral multiples of $1,000 in excess thereof;
provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less than $2,000, then the portion of such Note so repurchased shall be reduced
so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000. The procedures for such purchase and redemption shall be as follows: 

(1)    the Company will (a) make an offer to all Holders to purchase Notes (a “Net Proceeds
Offer”) in accordance with the procedures set forth in this Indenture and (b) redeem (or make an offer to redeem) any such Pari Passu Indebtedness, pro rata in proportion to 

  
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the aggregate principal amount of the Notes and such other Indebtedness required to be redeemed, the maximum amount of Notes and Pari Passu Indebtedness that may be redeemed with such Excess
Proceeds; 
 (2)    the offer price for the Notes will be payable in cash in an amount equal to 100% of
the principal amount of the Notes tendered pursuant to a Net Proceeds Offer, plus accrued and unpaid interest thereon, if any, to but excluding the date such Net Proceeds Offer is consummated (the “Offered Price”) (subject to
the right of Holders of record on the relevant Record Date to receive interest due on the relevant Interest Payment Date falling prior to or on the date of consummation), in accordance with the procedures set forth in this Indenture, and the
redemption price for such Pari Passu Indebtedness (the “Pari Passu Indebtedness Price”), and the redemption procedures for such Pari Passu Indebtedness shall be as set forth in the related documentation governing such Indebtedness;
provided that the Offered Price plus the Pari Passu Indebtedness Price (the “Payment Amount”), in the aggregate, will not exceed such Excess Proceeds; 

(3)    the Net Proceeds Offer will remain open for a period of 20 Business Days following its commencement,
except to the extent that a longer period is required by applicable law (the “Net Proceeds Offer Period”). No later than five Business Days after the termination of the Net Proceeds Offer Period (the “Net Proceeds Purchase
Date”), the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary (provided that the authorized denominations of the Notes must be maintained), the Notes and Pari Passu Indebtedness or
portions thereof validly tendered and not properly withdrawn pursuant to the Net Proceeds Offer in an amount not to exceed the Payment Amount, or, if less than the Payment Amount has been validly tendered and not properly withdrawn, all Notes and
Pari Passu Indebtedness so tendered. The Company will deliver, or cause to be delivered, to the Trustee the Notes so accepted and an Officers’ Certificate stating the aggregate principal amount of Notes so accepted and that such Notes were
accepted for payment by the Company in accordance with the terms of this Section 4.15 and shall direct the Trustee, in writing, to cancel the accepted Notes. In addition, the Company will deliver all certificates and instruments required, if
any, by the agreements governing the Pari Passu Indebtedness. Any Note not so accepted will be promptly mailed or delivered by the Company to the Holder thereof; 

(4)    on or before the Net Proceeds Purchase Date, the Company will apply all Excess Proceeds to pay the
Payment Amount or, if less than the Payment Amount has been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered in response to the Net Proceeds Offer. Payment of the Offered Price for any Notes so purchased will be made in
the same manner as interest payments are made; and 
 (5)    the Company will promptly issue a residual
balance Note, and the Trustee will authenticate and mail (or otherwise deliver in accordance with the applicable procedures of the Depositary for all Global Notes) such residual balance Note to such Holder (it being understood that, notwithstanding
anything in this Indenture to the contrary, no Opinion of Counsel or Officers’ Certificate will be required for the Trustee to authenticate and mail or deliver such residual balance Note) in a principal amount equal to any unpurchased portion
of the Note surrendered; provided that each such residual balance Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. In addition, the Company will take any and all other actions required by the
agreements governing the Pari Passu Indebtedness. 
 (h)    To the extent that the sum of the aggregate Offered Price of
Notes tendered pursuant to a Net Proceeds Offer and the aggregate Pari Passu Indebtedness Price paid to the holders of 

  
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such Pari Passu Indebtedness is less than the amount of Excess Proceeds available for such Net Proceeds Offer, the Company may use such remaining Excess Proceeds for general corporate purposes,
subject to the provisions of this Indenture, and such remaining Excess Proceeds shall no longer be deemed Excess Proceeds or be subject to this Section 4.15. If the sum of the aggregate Offered Price of Notes tendered pursuant to a Net Proceeds
Offer and the aggregate Pari Passu Indebtedness Price to be paid to the holders of such Pari Passu Indebtedness exceeds the amount of Excess Proceeds, the tender agent or Paying Agent appointed by the Company shall select the Notes and the Company
shall select such Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate accreted value or principal amount of tendered Notes and Pari Passu Indebtedness; provided that the selection of such Pari Passu
Indebtedness shall be made pursuant to the terms of such Pari Passu Indebtedness. 
 (i)    The Company may enter into
other arrangements or Incur other Indebtedness that may be violated by the payment of the Offered Price or Pari Passu Indebtedness Price, or may otherwise limit the Company from purchasing any Notes pursuant to this Section 4.15. In the event
that the Company is contractually prohibited from purchasing the Notes, the Company could attempt to repay all such Indebtedness and/or obtain consents from the holders of such Indebtedness. If the Company does not repay all such Indebtedness or
obtain such consents, it will remain contractually prohibited from purchasing the Notes, and the Company’s failure to make any required repurchases in accordance with this Section 4.15 will create an Event of Default under this Indenture.

 (j)    The Company will comply with applicable tender offer rules, including the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes pursuant to a Net Proceeds Offer. To the extent that the provisions of any securities laws or
regulations conflict with this Section 4.15, the Company shall comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Section 4.15 by virtue of such compliance. 

 

	Section 4.16	[Reserved.]  

  

	Section 4.17	Post-Qualification Change of Control Triggering Event. 

(a)    Following the occurrence of any Change of Control Triggering Event, unless the Company has exercised its right to
redeem all of the Notes pursuant to Sections 3.03 and 3.07, the Company will so notify the Trustee in writing by delivery of an Officers’ Certificate and will make a Change of Control Offer to all Holders subject to Section 4.17(b). Subject to
Section 4.17(b), the Company will purchase the Notes of Holders accepting such Change of Control Offer on the applicable Change of Control Payment Date at the applicable Change of Control Price. 

(b)    Notwithstanding Section 4.17(a), if the Company has made a Change of Control Offer, the Company may rescind the
Change of Control Offer and shall not be required to pay the Change of Control Price if (i) the tender agent, which may be the Trustee, shall have received a copy of a press release or written communication from each Rating Agency on or prior
to the Change of Control Payment Date that shall then be rating the Company with a Qualified Rating, confirming that the Change of Control does not give rise to a Rating Event, (b) the Company’s notice of a Change of Control described in
Section 4.17(c) shall have stated that the Company may rescind the Change of Control Offer if it is confirmed that the Change of Control does not give rise to a Rating Event on or prior to the Change of Control Payment Date and if the Company shall
have complied with the provisions described in this Section 4.17(b) and (c) no later than the Change of Control Payment Date, the Company shall have (x) delivered written notice to the tender agent, which may be the Trustee, and the
Trustee that it is confirmed that the Change of Control does not give rise to a Rating Event in accordance with this Indenture and that the Company is rescinding the Change of Control Offer and (y) publicly announced that a Change of

  
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Control that does not give rise to a Rating Event shall have occurred and that the Change of Control Offer shall have been rescinded. 

(c)    Within 30 days after the date on which a Change of Control Triggering Event occurs, the Company (with written
notice to the Trustee) or a tender agent, which may be the Trustee, at the Company’s written request (and at the expense of the Company) will give to all Persons who were Holders on the date of the Change of Control Triggering Event, at their
respective addresses appearing in the Note Register, a notice of such occurrence and of such Holder’s rights arising as a result thereof. Such notice shall specify, among other items: 

(1)    that a Change of Control Offer is being made pursuant to this Section 4.17, the expiration time
for such Change of Control Offer (which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed or otherwise delivered in accordance with the applicable procedures of the Depositary) and that all Notes properly
tendered pursuant to such Change of Control Offer will be accepted for purchase by the Company at a purchase price in cash equal to 101% of the principal amount of such Notes plus accrued and unpaid interest, if any, to the date of purchase (subject
to the right of Holders of record on the applicable Record Date to receive interest due on an Interest Payment Date falling prior to or on the Change of Control Payment Date), subject, if applicable, to the Company’s right to rescind such
Change of Control Offer; 
 (2)    the Change of Control Payment Date; 

(3)    that any Note not properly tendered will remain outstanding and continue to accrue interest (subject
to clause (7) below); 
 (4)    that, unless the Company defaults in the payment of the Change of
Control Price, any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on and after the Change of Control Payment Date; 

(5)    that Holders electing to have any Notes purchased pursuant to a Change of Control Offer will be
required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” attached to such Notes completed, to the Paying Agent specified in the notice at the address specified in the notice prior to the close of
business on the third Business Day preceding the Change of Control Payment Date; 
 (6)    that Holders
shall be entitled to withdraw their tendered Notes and their election to require the Company to purchase such Notes; provided that the Paying Agent receives at the address specified in the notice, not later than the expiration time of such
Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes, the principal amount of Notes tendered for purchase and a statement that such Holder is withdrawing its tendered Notes and its
election to have such Notes purchased; 
 (7)    that, if a Holder is tendering less than all of its
Notes, such Holder will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered (the unpurchased portion of the Notes must be equal to $2,000 or an integral multiple of $1,000 in excess thereof); 

(8)    the other procedures, as determined by the Company, consistent with this Section 4.17 that a
Holder must follow; and 

  
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 (9)    if the Company so elects, that the Company may rescind
the Change of Control Offer if the tender agent shall have received a copy of a press release or written communication from each Rating Agency on or prior to the Change of Control Payment Date that shall then be rating the Company with a Qualified
Rating, confirming that the Change of Control does not give rise to a Rating Event and if the Company has complied with Section 4.17(b). 

The notice, if mailed or otherwise delivered in a manner herein provided, shall be conclusively presumed to have been given, whether or not
the Holder receives such notice. If (A) the notice is mailed or otherwise delivered in a manner herein provided and any Holder fails to receive such notice or (B) a Holder receives a notice but it is defective, such Holder’s failure
to receive such notice or such defect shall not affect the validity of the proceedings for the purchase of the Notes as to all other Holders that properly received such notice without defect. 

(d)    In the event of a Change of Control Offer, the Company will only be required to accept Notes in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof; provided that if, following repurchase of a portion of a Note, the remaining principal amount of such Note outstanding immediately after such repurchase would be less
than $2,000, then the portion of such Note so repurchased shall be reduced so that the remaining principal amount of such Note outstanding immediately after such repurchase is $2,000. 

(e)    Subject to Section 4.17(b), on the Change of Control Payment Date in connection with which the Change of Control
Offer is being made, the Company will (i) accept for payment Notes or portions thereof tendered pursuant to the Change of Control Offer, (ii) deposit with the tender agent or Paying Agent money sufficient, in immediately available funds,
to pay the purchase price of all Notes or portions thereof so accepted and (iii) deliver to the tender agent or Paying Agent an Officers’ Certificate identifying the Notes or portions thereof accepted for payment by the Company. The Paying
Agent will promptly mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) to Holders of Notes so accepted payment in an amount equal to the Change of Control Price of the Notes purchased from each such Holder,
and the Company will execute and the Trustee will promptly authenticate and mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) (or cause to be transferred by book entry in the case of a Global Note) to such
Holder of a Note a residual balance Note equal in principal amount to any unpurchased portion of the Note surrendered; provided that each such residual balance Note will be in a principal amount of $2,000 or integral multiples of $1,000 in
excess thereof. Any Notes not so accepted will be promptly mailed or delivered by the tender agent or Paying Agent at the Company’s expense to the Holder thereof. The Company will publicly announce the results of the Change of Control Offer
promptly after the Change of Control Payment Date. 
 (f)    Prior to paying the Change of Control Price, and as a
condition to such payment, the Company will be required to repay, or obtain the consent of the requisite lenders or holders of, Indebtedness Incurred or issued under the Senior Credit Facilities and under any indentures or other agreements that are
violated by the payment of the Change of Control Price. The Company covenants to effect such repayments or obtain such consents prior to paying the Change of Control Price, it being a default of the Change of Control provisions of this Indenture if
the Company fails to comply with such covenant. 
 (g)    The Company will not be required to make a Change of Control
Offer upon a Change of Control Triggering Event if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.17 applicable to a Change of Control
Offer made by the Company and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer. 

  
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 (h)    The Company will comply, to the extent applicable, with the
requirements of Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the
provisions of any securities laws or regulations conflict with provisions of this Indenture, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under this Indenture by
virtue of the conflict. 
 (i)    Other than as specifically provided in this Section 4.17, any purchase pursuant
to this Section 4.17 shall be made pursuant to the provisions of Sections 3.02, 3.05 and 3.06. 
  

	Section 4.18	Post-Qualification Limitations on Secured Indebtedness. 

 (a)    The
Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Secured Indebtedness unless the Notes will be secured equally and ratably with (or prior to) such Secured Indebtedness for so long as such Secured Indebtedness is
so secured. 
 (b)    Notwithstanding Section 4.18(a), the Company and its Restricted Subsidiaries may Incur Secured
Indebtedness: 
 (1)    which is secured by Liens on model homes, homes under construction, homes held
for sale, homes that are under contract for sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses or office buildings and fixtures, equipment located thereat or thereon and other related property
customarily included as collateral under mortgages, deeds of trust and related documents for a homebuilding or other land development project; 

(2)    which is secured by Liens on assets at the time of their acquisition by the Company or a Restricted
Subsidiary, including Capitalized Lease Obligations, which Liens secure obligations assumed by the Company or a Restricted Subsidiary, or on assets of a Person existing at the time such Person is acquired or merged with or into or consolidated with
the Company or any such Restricted Subsidiary (and not created in anticipation or contemplation thereof); 

(3)    which is secured by Liens arising from conditional sales agreements or title retention agreements
with respect to property acquired by the Company or a Restricted Subsidiary; 
 (4)    which is secured
by Liens incurred in connection with pollution control, industrial revenue, water sewage or any similar item; 

(5)    which is secured by Liens securing Indebtedness of a Restricted Subsidiary owed to the Company or to
a Wholly Owned Restricted Subsidiary of the Company; and 
 (6)    which consists of any amendment,
restatement, supplement, renewal, replacement, extension or refunding in whole or in part, of Secured Indebtedness permitted to be Incurred pursuant to this covenant at the time of the original Incurrence thereof. 

(c)    Notwithstanding Section 4.18(b), the Company and its Restricted Subsidiaries may Incur Secured Indebtedness,
without equally or ratably securing the Notes, if immediately thereafter the sum of (i) the aggregate principal amount of all Secured Indebtedness outstanding Incurred by the Company or any of the Restricted Subsidiaries (excluding
(A) Secured Indebtedness permitted under 

  
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clauses (1) through (6) of Section 4.18(b) and (B) any Secured Indebtedness in relation to which the Notes have been equally and ratably secured) and (ii) all Attributable
Indebtedness (excluding Attributable Indebtedness satisfying the conditions set forth in clauses (1), (2) and (3) of Section 4.19(a) and Attributable Indebtedness to which Section 4.19 does not apply pursuant to the first sentence of
Section 4.19(b)) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 
  

	Section 4.19	Post-Qualification Limitations on Sale/Leaseback Transactions. 

(a)    The Company will not, and will not permit any Restricted Subsidiary to, enter into any Sale/Leaseback Transaction,
unless: 
 (1)    notice is promptly given to the Trustee of the Sale/Leaseback Transaction; 

(2)    fair value is received by the Company or the relevant Restricted Subsidiary for the property sold
(as determined in good faith by the Company and communicated in writing to the Trustee); and 

(3)    the Company or the relevant Restricted Subsidiary, within 365 days after the completion of the
Sale/Leaseback Transaction, applies, or enters into a definitive agreement to apply within such 365-day period, an amount equal to the net proceeds therefrom either: 

(A)    to the redemption, repayment or retirement of (1) the Notes (including the cancellation by the
Trustee of any Notes delivered by the Company to the Trustee), (2) Pari Passu Indebtedness or (3) Indebtedness of any Subsidiary Guarantor that ranks equally with its Guarantee of the Notes; or 

(B)    to the purchase by the Company or any Restricted Subsidiary of property used in their respective
businesses. 
 (b)    This Section 4.19 will not apply to a Sale/Leaseback Transaction that relates to a sale of a
property that occurs within 180 days from the latest of (x) the date of acquisition of such property by the Company or a Restricted Subsidiary, (y) the date of the completion of the construction of such property or (z) the date of
commencement of full operations on such property. Notwithstanding Section 4.19(a), the Company and its Restricted Subsidiaries may enter into a Sale/Leaseback Transaction without satisfying the conditions set forth in clauses (1), (2) and
(3) of Section 4.19(a) if immediately thereafter the sum of (1) the aggregate principal amount of all Secured Indebtedness outstanding Incurred by the Company or any of its Restricted Subsidiaries (excluding Secured Indebtedness permitted
under clauses (1) through (6) of Section 4.18(b) and any Secured Indebtedness in relation to which the Notes have been equally and ratably secured) and (2) all Attributable Indebtedness (excluding Attributable Indebtedness satisfying
the conditions set forth in clauses (1), (2) and (3) of Section 4.19(a) and Attributable Indebtedness to which Section 4.19 does not apply pursuant to the first sentence of this Section 4.19(b)) as of the date of determination would not
exceed 20% of Consolidated Net Tangible Assets. 

  
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 ARTICLE 5 

SUCCESSORS 
  

	Section 5.01	Limitations on Mergers and Consolidations. 

 (a)    Neither the
Company (which, for the avoidance of doubt, shall include any Qualified Successor that expressly assumes the Obligations of the Company under the Notes and this Indenture pursuant to Section 2.14(a)(i)) nor any Qualified Parent Guarantor will,
directly or indirectly, in a single transaction or a series of related transactions, consolidate or merge with or into, or sell, lease, convey or otherwise dispose of all or substantially all of its assets (including, without limitation, by way of
liquidation or dissolution) (as an entirety or substantially in one transaction or series of related transactions), to any Person unless: 

(1)    either (i) the Company or the Qualified Parent Guarantor, as the case may be, will be the
surviving or continuing Person; or (ii) the Person formed by or surviving such consolidation or merger, or to which such sale, lease, conveyance or other disposition or assignment will be made (collectively, the “Successor”) is
a solvent corporation or other legal entity organized and existing under the laws of the United States or any state thereof or the District of Columbia, and the Successor expressly assumes by supplemental indenture all of the Obligations of the
Company under the Notes and this Indenture and assumes by written agreement all of the obligations of the Company under the Registration Rights Agreement or irrevocably and unconditionally guarantees on a senior basis by supplemental indenture the
full and prompt payment of the principal, premium, if any, and interest (including Additional Interest, if any) in respect of the Notes and all other Obligations under this Indenture, as applicable; 

(2)    immediately after giving effect to such transaction, no Default or Event of Default has occurred and
is continuing (provided that if such transaction is occurring substantially concurrently with, or is conditioned upon, the consummation of a Change of Control resulting in a Covenant Replacement Event and if a Qualified Rating Confirmation
shall have been received, this clause (2) shall be determined on a pro forma basis after giving effect to the Covenant Replacement Event and the New Covenants and the other covenants and agreements that apply following a Covenant Replacement
Event); 
 (3)    in the case of any such consolidation, merger, or sale, lease, conveyance or other
disposition or assignment involving the Company if a Covenant Replacement Event has not occurred, immediately after giving effect to such transaction and any related financing transactions, as if such transactions had occurred at the beginning of
the applicable Four-Quarter Period, and the use of any net proceeds therefrom, on a pro forma basis, the Consolidated Fixed Charge Coverage Ratio of the Successor would be such that the Successor would be entitled to Incur at least $1.00 of
additional Indebtedness under such Consolidated Fixed Charge Coverage Ratio test in Section 4.09(a); provided that this clause (3) shall not apply if such transaction is occurring substantially concurrently with, or is conditioned upon,
the consummation of a Change of Control resulting in a Covenant Replacement Event and if a Qualified Rating Confirmation shall have been received; 

(4)    each Subsidiary Guarantor (unless it is the other party to the transactions described above) shall
have by supplemental indenture confirmed that its Subsidiary Guarantee shall apply to such Successor’s obligations under this Indenture and the Notes and shall have by written agreement confirmed that its obligations under the Registration
Rights Agreement shall continue to be in effect; and 

  
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 (5)    the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, or sale, lease, conveyance or other disposition or assignment, and such supplemental indenture, if any, comply with this Indenture 

(b)    No Subsidiary Guarantor may consolidate with or merge with or into, or sell, lease convey or otherwise dispose of
all or substantially all of its assets (including, without limitation, by way of liquidation or dissolution) (as an entirety or substantially in one transaction or series of related transactions) to any Person (other than to the Company or another
Subsidiary Guarantor) unless: 
 (1)    (i) either (A) such Subsidiary Guarantor will be the
surviving or continuing Person; or (B) the Person formed by or surviving any such consolidation or merger, or to which such sale, lease, conveyance or other disposition or assignment will be made (collectively, the “Successor
Guarantor”) is a solvent corporation or other legal entity organized and existing under the laws of the United States or any state thereof or the District of Columbia, and the Successor Guarantor expressly assumes by supplemental indenture
all of the obligations of such Subsidiary Guarantor under such Subsidiary Guarantor’s Subsidiary Guarantee and this Indenture and assumes by written agreement all the obligations of such Subsidiary Guarantor under the Registration Rights
Agreement; (ii) immediately after giving effect to such transaction, no Default or Event of Default has occurred and is continuing; and (iii) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, or sale, lease, conveyance or other disposition or assignment, and such supplemental indenture, if any, comply with this Indenture; or 

(2)    in the event the transaction results in the release of the Subsidiary Guarantee of such Subsidiary
Guarantor under Section 10.06(a)(1), the transaction is made in compliance with Section 4.15. 

(c)    Notwithstanding the foregoing: 

(1)    any Restricted Subsidiary may consolidate with, merge with or into or transfer all or part of its
properties and assets to the Company or a Subsidiary Guarantor (or a Subsidiary that becomes a Subsidiary Guarantor) so long as no Capital Stock of such Restricted Subsidiary is distributed to any Person other than the Company or another Restricted
Subsidiary; and 
 (2)    the Company may merge with an Affiliate of the Company solely for the purpose
of reincorporating or forming the Company under the laws of the United States or any state thereof or the District of Columbia, so long as the amount of Indebtedness of the Company and its Restricted Subsidiaries is not increased thereby. 

(d)    For purposes of the foregoing, the sale, lease, transfer, conveyance or other disposition of all or substantially
all of the assets of one or more Subsidiaries of the Company, a Qualified Parent Guarantor or a Subsidiary Guarantor, as the case may be, the Capital Stock of which constitutes all or substantially all of the assets of the Company, such Qualified
Parent Guarantor or such Subsidiary Guarantor, will be deemed to be the disposition of all or substantially all of the assets of the Company, such Qualified Parent Guarantor or such Subsidiary Guarantor, as applicable. 

 

	Section 5.02	Successor Entity Substituted. 

 Upon any consolidation, combination or merger of the
Company, a Qualified Parent Guarantor or a Subsidiary Guarantor, or any sale, lease, transfer, conveyance or other disposition of all or 

  
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substantially all of the assets of the Company, a Qualified Parent Guarantor or a Subsidiary Guarantor in accordance with this covenant in which the Company, such Qualified Parent Guarantor or
such Subsidiary Guarantor is not the continuing obligor under the Notes or its Subsidiary Guarantee, as the case may be, the Successor or the Successor Guarantor, as the case may be, will succeed to, and be substituted for, and may exercise every
right and power of, the Company, such Qualified Parent Guarantor or such Subsidiary Guarantor under this Indenture, the Notes, the Subsidiary Guarantees and the Registration Rights Agreement with the same effect as if the Successor or the Successor
Guarantor, as the case may be, had been named therein as the Company, such Qualified Parent Guarantor or such Subsidiary Guarantor, and the Company, such Qualified Parent Guarantor or such Subsidiary Guarantor, as the case may be, will be released
from the obligation to pay the principal of and interest on the Notes or in respect of its Guarantee, as the case may be, and all of the Company’s, such Qualified Parent Guarantor’s or such Subsidiary Guarantor’s other obligations and
covenants under the Notes, this Indenture and its Guarantee, if applicable; provided that in the case of a lease of all or substantially of the Company’s or a Qualified Parent Guarantor’s assets, the Company or the Qualified Parent
Guarantor, as the case may be, will not be released from the obligation to pay the principal of and interest on the Notes, and the Subsidiary Guarantors will not be released from their obligations under the Subsidiary Guarantees. 

ARTICLE 6 
 DEFAULTS AND REMEDIES

  

	Section 6.01	Events of Default. 

 (a)    Each of the following is an
“Event of Default”: 
 (1)    the failure by the Company to pay interest or Additional
Interest (as required by the Registration Rights Agreement) on any Note when the same becomes due and payable and the continuance of any such failure for a period of 30 days; 

(2)    the failure by the Company to pay the principal or premium of any Note when the same becomes due and
payable at maturity, upon redemption, upon purchase, upon acceleration or otherwise (including the failure to make payment pursuant to a Change of Control Offer or a Net Proceeds Offer); 

(3)    the failure by the Company, any Qualified Parent Guarantor or any Subsidiary Guarantor to comply
with any of its agreements or covenants in Section 5.01; 
 (4)    the failure by the Company, any
Qualified Parent Guarantor or any of the Company’s Restricted Subsidiaries to comply with any of its agreements or covenants in, or provisions of, the Notes, the Guarantees or this Indenture (in each case, other than those listed in clauses
(1), (2) or (3) above) and such failure continues for the period and after the notice specified below; 

(5)    default under any mortgage, indenture or instrument under which there is issued or by which there is
secured or evidenced any Indebtedness (other than Non-Recourse Indebtedness) for money borrowed by the Company, any Qualified Parent Guarantor or any of the Company’s Restricted Subsidiaries (or the
payment of which is guaranteed by the Company, any Qualified Parent Guarantor or any of the Company’s Restricted Subsidiaries), other than Indebtedness owed to the Company or a Restricted Subsidiary, whether such Indebtedness or guarantee now
exists or is created after the Issue Date, which default: 

  
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 (i)    is caused by a failure to pay principal of, or
interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness; or 

(ii)    results in the acceleration of such Indebtedness prior to its maturity, and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $50.0 million or more; 

(6)    a final judgment or judgments or orders that exceed $50.0 million or more in the aggregate, for
the payment of money, having been entered by a court or courts of competent jurisdiction against the Company, any Qualified Parent Guarantor or any of the Company’s Restricted Subsidiaries and such judgment or judgments is not satisfied,
stayed, annulled or rescinded within 60 days after the later of the date on which the right to appeal thereof has expired if no such appeal has commenced or the date on which all rights to appeal have been extinguished; 

(7)    the Company, any Qualified Parent Guarantor or any Material Subsidiary or any group of Restricted
Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Material Subsidiary pursuant to or within the meaning of any Bankruptcy
Law: 
 (i)    commences a voluntary case; 

(ii)    consents to the institution of bankruptcy or insolvency proceedings against it, or the filing by it
of a petition or answer or consent seeking an arrangement of debt, reorganization, dissolution, winding up or relief against it in an involuntary case; 

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

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

(v)    generally is not paying its debts as they become due; 

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

(i)    is for relief against the Company, any Qualified Parent Guarantor or any Material Subsidiary or any
group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Material Subsidiary as debtor in an involuntary case;

 (ii)    appoints a Custodian of the Company, any Qualified Parent Guarantor or any Material Subsidiary
or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Material Subsidiary or a Custodian for all or
substantially all of the property of the Company, any Qualified Parent Guarantor or any Material Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the
Company and its Restricted Subsidiaries), would constitute a Material Subsidiary; or 

  
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 (iii)    orders the liquidation of the Company, any Qualified
Parent Guarantor or any Material Subsidiary or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a
Material Subsidiary; 
 and the order or decree remains unstayed and in effect for 60 days; or 

(9)    the Subsidiary Guarantee of any Subsidiary Guarantor that is a Material Subsidiary (or all of the
Subsidiary Guarantees of any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would constitute a Material Subsidiary) or
the Guarantee of any Qualified Parent Guarantor ceases to be in full force and effect (other than in accordance with the terms of such Guarantee and this Indenture) or is declared null and void and unenforceable or found to be invalid, or any
Subsidiary Guarantor that is a Material Subsidiary (or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited consolidated financial statements of the Company and its Restricted Subsidiaries), would
constitute a Material Subsidiary) or any Qualified Parent Guarantor denies its liability under its Guarantee(s) (other than by reason of release of a Guarantor from its Guarantee in accordance with the terms of this Indenture and the Guarantee).

 (b)    However, a Default under clause (4) of this Section 6.01(a) will not be deemed an Event of Default until
the Trustee notifies the Company, or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes notify the Company and the Trustee, of the Default and the Company or the Qualified Parent Guarantor, as applicable, does
not cure the Default within 60 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If such a Default is cured within such time period, it
ceases. 
  

	Section 6.02	Acceleration. 

 (a)    If an Event of Default (other than an Event of
Default specified in clauses (7) and (8) of Section 6.01(a)) shall have occurred and be continuing, the Trustee by written notice to the Company, or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding by
written notice to the Company and the Trustee, may declare the principal, premium, if any, and accrued and unpaid interest, if any, on all the Notes to be due and payable immediately. Upon such declaration of acceleration, such principal, premium,
if any, and accrued and unpaid interest, if any, will be due and payable immediately. 
 (b)    In case an Event of
Default with respect to the Company or a Qualified Parent Guarantor specified in clauses (7) and (8) of Section 6.01(a) shall have occurred and be continuing, the principal of, premium, if any, and accrued and unpaid interest, if any, on
all the Notes will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee, the Company or any Holders. 

(c)    In the event of a declaration of acceleration of the Notes because an Event of Default specified in clause
(5) of Section 6.01(a) has occurred and is continuing, the declaration of acceleration of the Notes shall be automatically annulled if: 

(1)    the default triggering such Event of Default pursuant to clause (5) of Section 6.01(a) shall be
remedied or cured by the Company, any Qualified Parent Guarantor or a Restricted Subsidiary or waived by the holders of the relevant Indebtedness within 20 days after the declaration of acceleration with respect thereto; and 

  
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 (2)    (A) the annulment of the acceleration of the Notes
would not conflict with any judgment or decree of a court of competent jurisdiction and (B) all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that became due solely because of the
acceleration of the Notes, have been cured or waived. 
 (d)    The Holders of a majority in principal amount of the
outstanding Notes may rescind any acceleration with respect to the Notes and its consequences (except a default or acceleration due to nonpayment of principal, premium or interest on the Notes) if (1) the annulment of the acceleration of the
Notes would not conflict with any judgment or decree of a court of competent jurisdiction and (2) all existing Events of Default, except nonpayment of the principal of, premium, if any, and interest on the Notes that became due solely because
of the acceleration of the Notes, have been cured or waived. 
  

	Section 6.03	Other Remedies. 

 If an Event of Default occurs and is continuing, the Trustee may pursue
any available remedy to collect the payment of principal, premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
  

	Section 6.04	Waiver of Past Defaults. 

 The Holders of a majority in principal amount of the
outstanding Notes by written notice to the Trustee may on behalf of all Holders waive any existing Default or Event of Default and its consequences hereunder, except: 

(1)    a continuing Default or Event of Default in the payment of the principal, premium, if any, or
interest on any Note held by a non-consenting Holder (including in connection with a Net Proceeds Offer or a Change of Control Offer); and 

(2)    a Default with respect to a provision that under Section 9.02 cannot be amended without the
consent of each Holder affected; 
 provided that, the Holders of a majority in principal amount of the then outstanding Notes may rescind an
acceleration and its consequences pursuant to Section 6.02(d). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture, but no such
waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	Section 6.05	Control by Majority. 

 Subject to Section 7.01(e), the Holders of a majority in principal
amount of the outstanding Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law, this Indenture, the Notes or any Guarantee, or that the Trustee determines in good faith is unduly prejudicial to the rights of any other Holder or that would involve the Trustee in personal liability. 

  
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	Section 6.06	Limitation on Suits. 

 Subject to Section 6.07, no Holder may pursue any remedy with
respect to this Indenture or the Notes unless: 
 (1)    such Holder has previously given the
Trustee written notice that an Event of Default is continuing; 
 (2)    the Holders of at least 25% in
principal amount of the then outstanding Notes have requested in writing the Trustee to pursue the remedy; 

(3)    such Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee
against any loss, liability or expense; 
 (4)    the Trustee has not complied with such request within
60 days after the receipt of the request and the offer of security or indemnity; and 
 (5)    the
Holders of a majority in principal amount of the then outstanding Notes have not given the Trustee a written direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day
period. 
 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder. 

 

	Section 6.07	Rights of Holders to Receive Payment. 

 Notwithstanding any other provision of this
Indenture, the contractual right of any Holder to receive payment of principal, premium, if any, and interest on its Note, on or after the respective due dates expressed or provided for in such Note (including in connection with a Net Proceeds Offer
or a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be modified without the consent of such Holder. 

 

	Section 6.08	Collection Suit by Trustee. 

 If an Event of Default specified in Section 6.01(a)(1) or
(2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company, any Qualified Parent Guarantor and any other obligor on the Notes for the whole amount of principal, premium,
if any, and interest remaining unpaid on the Notes, together with interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel. 
  

	Section 6.09	Restoration of Rights and Remedies. 

 If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any
determination in such proceedings, the Company, any Qualified Parent Guarantor, the Subsidiary Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and
remedies of the Trustee and the Holders shall continue as though no such proceeding has been instituted. 

  
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	Section 6.10	Rights and Remedies Cumulative. 

 Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Notes in Section 2.07, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every
right and remedy are, to the extent permitted by law, cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
  

	Section 6.11	Delay or Omission Not Waiver. 

 No delay or omission of the Trustee or of any Holder to
exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the
Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
  

	Section 6.12	Trustee May File Proofs of Claim. 

 The Trustee may file proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes
allowed in any judicial proceedings relative to the Company or any Qualified Parent Guarantor (or any other obligor upon the Notes, including the Subsidiary Guarantors), its creditors or its property and is entitled and empowered to participate as a
member in any official committee of creditors appointed in such matter and to collect, receive and distribute any money or other property payable or deliverable on any such claims. Any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel, and any other amounts due the Trustee under Section 7.07. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel, and any other amounts due the Trustee under Section 7.07 out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be
deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to
vote in respect of the claim of any Holder in any such proceeding. 
  

	Section 6.13	Priorities. 

 If the Trustee collects any money or property pursuant to this Article 6,
it shall pay out the money in the following order: 
 (1)    to the Trustee and its agents and attorneys
for amounts due under Section 7.07, including payment of all reasonable compensation, fees, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

  
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 (3)    to Holders for amounts due and unpaid on the Notes for
principal, premium, if any, and interest ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 

(4)    to the Company or to such party as a court of competent jurisdiction shall direct, including any
Qualified Parent Guarantor or a Subsidiary Guarantor, if applicable. 
 The Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Section 6.13. Promptly after any record date is set pursuant to this Section 6.13, the Trustee shall cause notice of such record date and payment date to be given to the Company and to each Holder in the manner set forth
in Section 12.02. 
  

	Section 6.14	Undertaking for Costs. 

 In any suit for the enforcement of any right or remedy under
this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of the suit, and the court
in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This
Section 6.14 does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07, or a suit by Holders of more than 10% in aggregate principal amount of the outstanding Notes. 

ARTICLE 7 
 TRUSTEE 

 

	Section 7.01	Duties of Trustee. 

 (a)    If an Event of Default has occurred and
is continuing, the Trustee will exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b)    Except during the continuance of an Event of Default: 

(1)    the duties of the Trustee shall be determined solely by the express provisions of this Indenture and
the Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein). 
 (c)    The Trustee may not be relieved from
liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 

  
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 (1)    this clause (c) does not limit the effect of
clause (b) of this Section 7.01; 
 (2)    the Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer, unless it is proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 

(3)    the Trustee shall not be liable with respect to any action it takes or omits to take in good faith
in accordance with a direction received by it pursuant to Section 6.05. 
 (d)    Whether or not therein expressly
so provided, every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and (c) of this Section 7.01. 

(e)    If an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the
rights or powers under this Indenture, the Notes and the Guarantees at the request or direction of any of the Holders unless such Holders have offered to the Trustee indemnity or security reasonably satisfactory to it against any loss, liability or
expense. The Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 or 6.06 hereof. 

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

	Section 7.02	Rights of Trustee. 

 (a)    The Trustee may conclusively rely upon
any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine in good faith to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally
or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of
Counsel or both subject to the other provisions of this Indenture. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult
with counsel of its selection and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in
reliance thereon. 
 (c)    The Trustee may act through its attorneys and agents and shall not be responsible for the
misconduct or negligence of any agent or attorney appointed with due care. 
 (d)    The Trustee shall not be liable for
any action it takes or omits to take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 

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

  
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 (f)    None of the provisions of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if an indemnity reasonably satisfactory to it against such
risk or liability is not assured to it. 
 (g)    The Trustee shall not be deemed to have notice or knowledge of any
Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and
such notice references the existence of a Default or Event of Default, the Notes and this Indenture. 
 (h)    In no
event shall the Trustee be responsible or liable for special, indirect, or consequential or punitive loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action. 
 (i)    The rights, privileges, protections,
immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person
employed to act hereunder. 
 (j)    The Trustee shall not at any time be under any duty or responsibility to any
Holders to determine whether the Additional Interest is payable and the amount thereof. 
 (k)    The Trustee may
request that the Company deliver an Officers’ Certificate setting forth the names of individuals or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed
by any person authorized to sign an Officers’ Certificate, including any Person specified as so authorized in any such certificate previously delivered and not superseded. 

(l)    The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (m)    Any permissive right or authority granted to the Trustee in this Indenture shall not be construed
as a mandatory duty. 
  

	Section 7.03	Individual Rights of Trustee. 

 The Trustee or any Agent in its individual or any other
capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee or such Agent. However, in the event that the Trustee acquires any
conflicting interest within the meaning of Trust Indenture Act Section 310(b), it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as trustee (if this Indenture has been qualified under the Trust
Indenture Act) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11. 
  

	Section 7.04	Trustee’s Disclaimer. 

 The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under
any provision of this Indenture, it shall not be responsible for the use or application of any money received by any 

  
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Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the
Notes or pursuant to this Indenture other than its certificate of authentication on the Notes. 
  

	Section 7.05	Notice of Defaults. 

 If a Default occurs and is continuing and is actually known to a
Responsible Officer of the Trustee, the Trustee will deliver to each Holder a notice of the Default within 90 days after it occurs or becomes known to the Trustee. Except in the case of a Default in the payment of principal, premium, if any, or
interest on any Note, the Trustee may withhold from the Holders notice of any continuing Default if the Trustee determines in good faith that withholding the notice is in the interests of the Holders. 

 

	Section 7.06	Reports by Trustee to Holders of the Notes. 

 (a)    Within 60 days
after each May 1, beginning with the May 1 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall send to the Holders of the Notes a brief report dated as of such reporting date that complies
with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust
Indenture Act Section 313(b)(2). The Trustee shall also send all reports as required by Trust Indenture Act Section 313(c). 

(b)    A copy of each report at the time it is sent to the Holders shall be mailed to the Company and filed with the SEC
and each national securities exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Company shall promptly notify the Trustee in writing in the event the Notes are listed on any national securities exchange
or delisted therefrom. 
  

	Section 7.07	Compensation and Indemnity. 

 (a)    The Company and the Guarantors,
jointly and severally, shall pay to the Trustee from time to time such compensation for its acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be
limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its
services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 

(b)    The Company and the Guarantors, jointly and severally, shall indemnify the Trustee for, and hold each of the
Trustee and any predecessor harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the performance
of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any Guarantor (including this Section 7.07)) or defending itself against any claim whether asserted by any Holder, the Company or any
Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 

  
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 (c)    The obligations of the Company and the Guarantors under this
Section 7.07 shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 

(d)    To secure the payment obligations of the Company and the Guarantors in this Section 7.07, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

(e)    When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(a)(7)
or (8) occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

 

	Section 7.08	Replacement of Trustee. 

 (a)    A resignation or removal of the
Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. The Trustee may resign in writing at any time by giving 30 days’ prior
notice of such resignation to the Company and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the Trustee by so notifying the
Trustee and the Company in writing. The Company may remove the Trustee if: 
 (1)    the Trustee fails to
comply with Section 7.10; 
 (2)    the Trustee is adjudged a bankrupt or an insolvent or an order
for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (3)    a receiver or
public officer takes charge of the Trustee or its property; or 
 (4)    the Trustee becomes incapable of
acting. 
 (b)    If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason,
the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then outstanding Notes may remove the successor Trustee to replace it
with another successor Trustee appointed by the Company. 
 (c)    If a successor Trustee does not take office within 60
days after the retiring Trustee resigns or is removed, the retiring Trustee (at the Company’s expense), the Company or the Holders of at least 10% in aggregate principal amount of the then outstanding Notes may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
 (d)    If the Trustee, after written request by any Holder
who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(e)    A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall send a notice of
its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided that all 

  
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sums owing to the Trustee hereunder have been paid and such transfer shall be subject to the Lien provided for in Section 7.07. Notwithstanding replacement of the Trustee pursuant to this
Section 7.08, the Company’s obligations under Section 7.07 shall continue for the benefit of the retiring Trustee. 

(f)    As used in this Section 7.08, the term “Trustee” shall also include each Agent. 

 

	Section 7.09	Successor Trustee by Merger, etc. 

 If the Trustee consolidates, merges or converts into,
or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the successor corporation or national banking association without any further act shall be the successor Trustee, subject
to Section 7.10. 
  

	Section 7.10	Eligibility; Disqualification. 

 (a)    There shall at all times be a
Trustee hereunder that is a corporation or national banking association organized and doing business under the laws of the United States or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject
to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. 

(b)    This Indenture shall always have a Trustee who satisfies the requirements of Trust Indenture Act Sections
310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 
  

	Section 7.11	Preferential Collection of Claims Against the Company. 

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

ARTICLE 8 
 LEGAL DEFEASANCE AND
COVENANT DEFEASANCE 
  

	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance. 

 The Company may, at its
option and at any time, elect to have either Section 8.02 or Section 8.03 applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 

 

	Section 8.02	Legal Defeasance and Discharge. 

 (a)    Upon the Company’s
exercise under Section 8.01 of the Legal Defeasance option, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with
respect to this Indenture, all outstanding Notes and Subsidiary Guarantees on the date the conditions set forth below are satisfied (“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to
have paid and discharged the entire Indebtedness represented by the outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in
clauses (1) through (4) below, and to have satisfied all of its other obligations under such Notes and this Indenture, including that of the Guarantors (and the Trustee, on demand of and 

  
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at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or discharged
hereunder: 
 (1)    the rights of Holders to receive payments in respect of the principal, premium, if
any, and interest on the Notes upon the original due dates therefor, but not upon acceleration, solely out of the trust created pursuant to this Indenture referred to in Section 8.04; 

(2)    the Company’s obligations with respect to the Notes concerning issuing temporary Notes,
registration of transfer and exchange of the Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for Note payments held in trust; 

(3)    the rights, powers, trusts, duties and immunities of the Trustee, and the Company’s obligations
in connection therewith; and 
 (4)    this Section 8.02. 

(b)    Following the Company’s exercise of its Legal Defeasance option, payment of the Notes may not be accelerated
because of an Event of Default. 
 (c)    Subject to compliance with this Article 8, the Company may exercise its option
under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03. 
  

	Section 8.03	Covenant Defeasance. 

 Upon the Company’s exercise under Section 8.01 of the
Covenant Defeasance option, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04, be released from their obligations under the covenants, to the extent then applicable, contained in
Sections 4.03, 4.05, 4.06, 4.08, 4.09, 4.10 (or, following a Covenant Replacement Event, 4.18), 4.11, 4.12, 4.13, 4.14 (or, following a Covenant Replacement Event, 4.17), 4.15, 4.16, 4.19 and clause (3) of Section 5.01(a) with respect to
the outstanding Notes, and the Guarantors shall be deemed to have been discharged from their obligations with respect to all Guarantees, on and after the date the conditions set forth in Section 8.04 are satisfied (“Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,
but shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
this Indenture and the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference
elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01, but, except as specified above, the remainder of this Indenture, and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 of the Covenant Defeasance option, subject to the
satisfaction of the conditions set forth in Section 8.04, an Event of Default specified in Section 6.01(a)(3) that resulted solely from the failure of the Company to comply with clause (3) of Section 5.01(a),
Section 6.01(a)(4) that resulted solely from the failure of the Company, any Qualified Parent Guarantor or a Subsidiary Guarantor to comply with the covenants specified above, 6.01(a)(5), 6.01(a)(6), 6.01(a)(7) (solely with respect to Material
Subsidiaries or any group of Restricted Subsidiaries that taken together (as of the date of the latest audited financial statements of the Company and its Restricted Subsidiaries) would constitute a Material Subsidiary), 6.01(a)(8) (solely with
respect to Material Subsidiaries or any group of Restricted Subsidiaries that, taken together (as of the date of the latest audited financial statements of the Company 

  
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and its Restricted Subsidiaries) would constitute a Material Subsidiary) or 6.01(a)(9), in each case, shall not constitute an Event of Default. 

 

	Section 8.04	Conditions to Legal or Covenant Defeasance. 

 (a)    The following
shall be the conditions to the exercise of either the Legal Defeasance option under Section 8.02 or the Covenant Defeasance option under Section 8.03 with respect to the Notes: 

(1)    the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders,
cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in amounts as will be sufficient, as confirmed, certified or attested by an Independent Financial Advisor in writing to the Trustee, without consideration of any
reinvestment of interest, to pay the principal, premium, if any, and interest due on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being
defeased to maturity or to a particular redemption date; 
 (2)    in the case of Legal Defeasance, the
Company has delivered to the Trustee an Opinion of Counsel stating that, subject to customary assumptions and exclusions, (a) the Company has received from, or there has been published by, the U.S. Internal Revenue Service a ruling, or
(b) since the Issue Date, there has been a change in the applicable U.S. federal income tax law, in either case stating that, and based thereon such Opinion of Counsel will confirm that, the Holders will not recognize income, gain or loss for
U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 (3)    in the case of Covenant Defeasance, the Company has delivered to the Trustee an Opinion of
Counsel stating that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4)    no Default or Event of Default has occurred and is continuing on the date of such deposit or will
occur as a result of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and, in each case, the
granting of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, the Senior Credit Facilities or any other material agreement or material instrument (other than this Indenture) to
which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; 

(5)    the Company has delivered to the Trustee an Officers’ Certificate stating that the deposit was
not made by the Company with the intent of defeating, hindering, delaying or defrauding any creditors of the Company, any Guarantor or others; 

(6)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel
(which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with; and 

  
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 (7)    the Company has delivered irrevocable instructions to
the Trustee to apply the deposited money toward the payment of the Notes at maturity or the redemption date, as the case may be (which instructions may be contained in the Officers’ Certificate referred to in clause (6) above). 

 

	Section 8.05	Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. 

(a)    Subject to Section 8.06, all money and U.S. Government Obligations (including the proceeds thereof) deposited
with the Trustee pursuant to Section 8.04 in respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company or a Guarantor acting as Paying Agent) as the Trustee may determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest on the Notes, but such money
need not be segregated from other funds except to the extent required by law. 
 (b)    The Company will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders. 
 (c)    Anything in this Article 8 to the
contrary notwithstanding, the Trustee will deliver or pay to the Company from time to time upon the request of the Company any money or U.S. Government Obligations held by it as provided in Section 8.04 which, in the opinion of an Independent
Financial Advisor expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.04(a)), are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance. 
  

	Section 8.06	Repayment to the Company. 

 Subject to any applicable abandoned property law, any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal, premium, if any, or interest on any Note and remaining unclaimed for two years after such principal, premium, if any, or interest
has become due and payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter look only to the Company for payment thereof, and all liability
of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease. 
  

	Section 8.07	Reinstatement. 

 If the Trustee or Paying Agent is unable to apply any U.S. dollars or
U.S. Government Obligations in accordance with Section 8.02 or Section 8.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
then the Company’s and the Guarantors’ obligations under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or Section 8.03 until such time as
the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or Section 8.03, as the case may be; provided that, if the Company makes any payment of principal, premium, if any, or interest on any
Note following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders to receive such payment from the money held by the Trustee or Paying Agent. 

  
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 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 
  

	Section 9.01	Without Consent of Holders. 

 (a)    Notwithstanding
Section 9.02, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend this Indenture, the Notes and the Guarantees to: 

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

(2)    provide for the assumption by a successor entity of the Obligations of the Company or any Guarantor
under this Indenture, the Notes or the Guarantees in accordance with Article 5; 
 (3)    provide for the
assumption or guarantee by a Qualified Successor of the Obligations of the Company under this Indenture and the Notes in accordance with Section 2.14; 

(4)    provide for or facilitate the issuance of uncertificated Notes in addition to or in place of
certificated Notes; provided that the uncertificated Notes are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of the Code; 

(5)    comply with the rules of any applicable Depositary; 

(6)    add Subsidiary Guarantors with respect to the Notes or release a Subsidiary Guarantor from its
obligations under its Subsidiary Guarantee or this Indenture, in each case, in accordance with the applicable provisions of this Indenture; 

(7)    secure the Notes and the Guarantees; 

(8)    add covenants of the Company and its Restricted Subsidiaries or Events of Default for the benefit of
Holders or to make changes that would provide additional rights to the Holders or to surrender any right or power conferred upon the Company or any Guarantor; 

(9)    make any change that does not adversely affect the legal rights of any Holder under this Indenture,
the Notes or the Guarantees; 
 (10)    evidence and provide for the acceptance of an appointment under
this Indenture of a successor trustee; provided that the successor trustee is otherwise qualified and eligible to act as such under the terms of this Indenture; 

(11)    conform the text of this Indenture, the Notes or the Guarantees to any provision of the
“Description of the notes” section of the offering memorandum, dated May 4, 2017, relating to the Notes to the extent that such provision in this “Description of the notes” was intended to be a verbatim recitation of a
provision of this Indenture, the Notes or the Guarantees, as certified in an Officers’ Certificate; 

(12)    make any amendment to the provisions of this Indenture relating to the transfer of, adding legends
to, or removing legends from the Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of the Notes, the Exchange Notes or, if Incurred in compliance with this Indenture, Additional Notes;
provided, however, that (A) compliance with this Indenture as so amended would not result in Notes being 

  
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transferred in violation of the Securities Act or any applicable securities law and (B) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(13)    comply with any requirement of the SEC in connection with any required qualification of this
Indenture under the Trust Indenture Act; or 
 (14)    provide for the issuance of Exchange Notes or
private exchange notes (which shall be identical to Exchange Notes except that they will not be freely transferable) and which shall be treated, together with any outstanding Notes, as a single class of securities. 

(b)    Upon the request of the Company, and upon receipt by the Trustee of the documents described in Section 12.04,
the Trustee shall join with the Company and the Guarantors in the execution of any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be
therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture that affects its own rights, duties, liabilities or immunities under this Indenture or otherwise. 

 

	Section 9.02	With Consent of Holders. 

 (a)    Except as provided in
Section 9.01 and this Section 9.02, the Company, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes and the Guarantees with the consent of the Holders of a majority in principal amount of the Notes then
outstanding (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes) and, subject to Section 6.04 and Section 6.07, any existing Default or Event of Default (other
than a continuing Default or Event of Default in the payment of the principal, premium, if any, or interest on any Note held by a non-consenting Holder, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture, the Notes or the Guarantees may be waived with the consent of the Holders of a majority in principal amount of the Notes then outstanding (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes). Section 2.08 and Section 2.09 shall determine which Notes are considered to be “outstanding” for the purposes of this
Section 9.02. 
 (b)    Upon the request of the Company, and upon the filing with the Trustee of evidence of the
consent of the Holders as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02, Section 9.06 and Section 12.04, the Trustee shall join with the Company and the Guarantors in the execution of such
amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such amended or supplemental indenture. 
 (c)    It shall not be necessary for
the consent of the Holders under this Section 9.02 to approve the particular form of any proposed amendment, supplement or waiver. It shall be sufficient if such consent approves the substance of such proposed amendment, supplement or waiver.

 (d)    Without the consent of each affected Holder, an amendment, supplement or waiver under this Section 9.02
may not (with respect to any Notes held by a non-consenting Holder): 

(1)    reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or
waiver; 
 (2)    reduce the rate of or change the time for payment of interest, including default
interest, on any Note; 

  
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 (3)    reduce the principal of or change the fixed maturity
of any Note or reduce the premium, if any, payable upon the redemption or repurchase of any Note or change the time at which any Note may be redeemed or repurchased pursuant to Section 3.07, Section 4.14 (or, following a Covenant
Replacement Event, Section 4.17) or Section 4.15, whether through an amendment or waiver of provisions in the covenants, definitions or otherwise (other than provisions specifying the notice periods for effecting a redemption or
repurchase); 
 (4)    make any Note payable in money or currency other than that stated in the Note;

 (5)    make any change in the amendment or waiver provisions which require each Holder’s consent;

 (6)    modify the ranking or priority of the Notes or any Guarantee; 

(7)    release any Guarantor from any of its obligations under its Guarantee or this Indenture otherwise
than in accordance with the terms of this Indenture; 
 (8)    waive a continuing Default or Event of
Default in the payment or principal, premium, if any, or interest on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes with respect to a
nonpayment default and a waiver of the payment default that resulted from such acceleration); or 

(9)    modify the contractual right of any Holder to receive payment of principal, premium, if any, or
interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes. 

(e)    A consent to any amendment, supplement or waiver of this Indenture, the Notes or any Guarantee by any Holder given
in connection with a purchase, tender or exchange of such Holder’s Notes will not be rendered invalid by such purchase, tender or exchange. 
  

	Section 9.03	Compliance with Trust Indenture Act. 

 If this Indenture is qualified under the Trust
Indenture Act, every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the Trust Indenture Act as then in effect. 

 

	Section 9.04	Revocation and Effect of Consents. 

 (a)    Until an amendment,
supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes
effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

(b)    The Company may, but shall not be obligated to, fix a Voting Record Date pursuant to Section 1.05 for the
purpose of determining the Holders entitled to consent to any amendment, supplement or waiver. 

  
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 (c)    After an amendment, supplement or waiver under this Indenture becomes
effective, the Company will give to the Holders a notice briefly describing such amendment, supplement or waiver. However, the failure of the Company to give such notice to all the Holders, or any defect in the notice, will not impair or affect the
validity of any such amendment, supplement or waiver. 
  

	Section 9.05	Notation on or Exchange of Notes. 

 (a)    The Trustee at the
direction of the Company may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order,
authenticate new Notes that reflect the amendment, supplement or waiver. 
 (b)    Failure to make the appropriate
notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver. 
  

	Section 9.06	Trustee to Sign Amendments, etc. 

 The Trustee shall sign any amendment, supplement or
waiver authorized pursuant to this Article 9 if the amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. In executing any amendment, supplement or waiver, the Trustee shall be
entitled to receive and (subject to Section 7.01) shall be fully protected in relying upon, in addition to the documents required by Section 12.04, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
amendment, supplement or waiver is authorized or permitted by this Indenture and, with respect to such Opinion of Counsel, that such amendment, supplement or waiver is the legal, valid and binding obligation of the Company and any Guarantor party
thereto, enforceable against them in accordance with its terms, subject to customary exceptions, and complies with the provisions hereof (including Section 9.03). 
  

	Section 9.07	Payments for Consent. 

 The Company and any Qualified Parent Guarantor will not, and will
not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this
Indenture or the Notes unless such consideration is offered to all Holders and is paid to all Holders that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or amendment;
provided that if such consents, waivers or amendments are sought in connection with an exchange offer where participation in such exchange offer is limited to Holders who are “qualified institutional buyers,” within the meaning of
Rule 144A, or non-U.S. persons, within the meaning of Regulation S, then such consideration need only be offered to all Holders to whom the exchange offer is made and to be paid to all such Holders that
consent, waive or agree to amend in such time frame. 
 ARTICLE 10 

GUARANTEES 
  

	Section 10.01	Guarantee. 

 (a)    Subject to this Article 10, each of the
Guarantors hereby, jointly and severally, irrevocably and unconditionally guarantees, on a senior unsecured basis, to each Holder and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture,
the Notes or the obligations of the Company hereunder or thereunder, that: (1) the principal, premium, if any, 

  
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and interest (including Additional Interest, if any) on the Notes shall be promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal and interest on the Notes, if any, if lawful, and all other Obligations of the Company to the Holders or the Trustee hereunder or under the Notes shall be promptly paid in full or performed, all in accordance with the terms
hereof and thereof; and (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration or otherwise collectively, the “Guaranteed Obligations.” Failing payment by the Company when due of any amount so guaranteed or any performance so guaranteed for whatever reason,
the Guarantors shall be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b)    The Guarantors hereby agree that their obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture, or pursuant to Section 10.06. 
 (c)    Each of the
Guarantors also agrees, jointly and severally, to pay any and all costs and expenses (including reasonable attorneys’ fees and expenses) Incurred by the Trustee or any Holder in enforcing any rights under this Section 10.01. 

(d)    If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to the Company or the Guarantors, any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect. 
 (e)    Each Guarantor agrees that it shall not be entitled to any right of subrogation against the
Company or any other Guarantor in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such
right does not impair the rights of the Holders under the Guarantees, the Notes or this Indenture. 
 (f)    Each
Guarantee shall remain in full force and effect and continue to be effective should any petition be filed by or against the Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of
creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall, to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time
payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must 

  
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otherwise be restored or returned by any obligee on the Notes or the Guarantees, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such
payment or performance had not been made. In the event that any payment or any part thereof, is rescinded, reduced, restored or returned, the Notes shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount
paid and not so rescinded, reduced, restored or returned. 
 (g)    In case any provision of any Guarantee shall be
invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

(h)    Each payment to be made by a Guarantor in respect of its Guarantee shall be made without set-off, counterclaim, reduction or diminution of any kind or nature. 
  

	Section 10.02	Limitation on Guarantor Liability. 

 Each Guarantor, and by its acceptance of Notes, each
Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent conveyance or a fraudulent transfer for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of each
Guarantor shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Guarantee not constituting
a fraudulent conveyance or fraudulent transfer under applicable law. Each Guarantor that makes a payment under its Guarantee will be entitled upon payment in full of all Guaranteed Obligations under this Indenture to a contribution from each other
Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the time of such payment, determined in accordance with GAAP. 

 

	Section 10.03	Execution and Delivery. 

 (a)    To evidence its Guarantee set forth
in Section 10.01, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer or person holding an equivalent title. 

(b)    Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01 shall remain in full force and
effect notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
 (c)    If an
Officer whose signature is on this Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantees shall be valid nevertheless. 

(d)    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery
of the Guarantee set forth in this Indenture on behalf of the Guarantors. 
 (e)    If required by Section 4.11,
the Company shall cause any newly created or acquired Restricted Subsidiary to comply with the provisions of Section 4.11 and this Article 10, to the extent applicable. 

  
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	Section 10.04	Subrogation. 

 Each Guarantor shall be subrogated to all rights of Holders against the
Company in respect of any amounts paid by any Guarantor pursuant to the provisions of Section 10.01; provided that, if an Event of Default has occurred and is continuing, no Guarantor shall be entitled to enforce or receive any payments
arising out of, or based upon, such right of subrogation until all amounts then due and payable by the Company under this Indenture or the Notes shall have been paid in full. 
  

	Section 10.05	Benefits Acknowledged. 

 Each Guarantor acknowledges that it will receive direct and
indirect benefits from the financing arrangements contemplated by this Indenture and that the guarantee and waivers made by it pursuant to its Guarantee are knowingly made in contemplation of such benefits. 

 

	Section 10.06	Release of Subsidiary Guarantees. 

 (a)    A Subsidiary Guarantor
will be released and discharged from all of its obligations under this Indenture (including its Subsidiary Guarantee) if: 

(1)    all or substantially all of the assets of such Subsidiary Guarantor or all (or a portion sufficient
to cause such Subsidiary Guarantor to no longer be a Subsidiary of the Company) of the Capital Stock of such Subsidiary Guarantor is sold (including by consolidation, merger, issuance or otherwise) or disposed of (including by liquidation,
dissolution or otherwise) by the Company or any of its Subsidiaries in compliance with the provisions of this Indenture, including Section 4.15 (if a Covenant Replacement Event has not occurred) and Section 5.01; 

(2)    such Subsidiary Guarantor is designated an Unrestricted Subsidiary in accordance with the definition
of “Unrestricted Subsidiary”; 
 (3)    such Subsidiary Guarantor is released or discharged
from all guarantees of, or Indebtedness under, the Senior Credit Facilities and all other guarantees or Indebtedness that required the creation of the Subsidiary Guarantee under this Indenture, if such Subsidiary Guarantor would not then otherwise
be required to provide a Subsidiary Guarantee; provided that if such Subsidiary Guarantor has Incurred any Indebtedness in reliance on its status as a Subsidiary Guarantor pursuant to Section 4.09, such Subsidiary Guarantor’s
obligations under such Indebtedness so Incurred are satisfied in full and discharged or are otherwise permitted to be Incurred by a Non-Guarantor Subsidiary pursuant to Section 4.09; or 

(4)    the Company exercises its Legal Defeasance option or Covenant Defeasance option in Article 8 or the
Company’s obligations under this Indenture are discharged in accordance with the terms of this Indenture. 

(b)    In the event that any released Subsidiary Guarantor (in the case of clause (2) and (3) above) thereafter
borrows money or guarantees any Indebtedness of the Company or Subsidiary Guarantors, such former Subsidiary Guarantor will again provide a Subsidiary Guarantee. 

(c)    At the written request and expense of the Company, and upon receipt of an Officers’ Certificate and an Opinion
of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), the Trustee shall execute and deliver any documents reasonably required in order to evidence such release, discharge and termination in respect of the
applicable Subsidiary Guarantee. 

  
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 ARTICLE 11 

SATISFACTION AND DISCHARGE 
  

	Section 11.01	Satisfaction and Discharge. 

 (a)    This Indenture will be
discharged and will cease to be of further effect (except as to rights of registration of transfer or exchange of Notes, which shall survive until all Notes have been cancelled) as to all outstanding Notes when either: 

(1)    all the Notes that have been authenticated and delivered (except lost, stolen or destroyed Notes
which have been replaced or paid and Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from this trust) have been delivered to the Trustee for
cancellation; or 
 (2)    (i) all Notes not delivered to the Trustee for cancellation otherwise
(A) have become due and payable or will become due and payable within one year or (B) have been called for redemption pursuant to Section 3.07 or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee and, in any case, the Company has irrevocably deposited or caused to be deposited with the Trustee trust funds, in trust, solely for the benefit of the Holders, U.S. legal tender, U.S.
government obligations or a combination thereof, in such amounts as will be sufficient, as confirmed, certified or attested to by an Independent Financial Advisor in writing to the Trustee (without consideration of any reinvestment of interest), to
pay and discharge the entire Indebtedness (including all principal and accrued interest) on the Notes not theretofore delivered to the Trustee for cancellation, (ii) no Default or Event of Default has occurred and is continuing on the date of
such deposit or will occur as a result of such deposit (other than a Default or an Event of Default resulting from the borrowing of funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness and,
in each case, the granting of Liens in connection therewith) and the deposit will not result in a breach or violation of, or constitute a default under, the Senior Credit Facilities or any other material agreement or material instrument (other than
this Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; (iii) the Company has paid all sums payable by it under this Indenture, and (iv) the Company has delivered irrevocable
instructions to the Trustee to apply the deposited money toward the payment of the Notes at maturity or on the date of redemption, as the case may be. 

(b)    In addition, the Company shall deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel
(which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent to satisfaction and discharge has been satisfied. Notwithstanding the satisfaction and discharge of this Indenture, if
money shall have been deposited with the Trustee pursuant to subclause (i) of clause (2) of Section 11.01(a), the provisions of Section 11.02 and Section 8.06 shall survive. 

 

	Section 11.02	Application of Trust Money. 

 (a)    Subject to the provisions of
Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, 

  
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of the principal, premium, if any, and interest for whose payment such money has been deposited with the Trustee, but such money need not be segregated from other funds except to the extent
required by law. 
 (b)    If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any
Guarantor’s obligations under this Indenture, the Notes and the Guarantees shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal,
premium, if any, or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent, as the case may be. 
 ARTICLE 12 

MISCELLANEOUS 
  

	Section 12.01	Trust Indenture Act Controls. 

 If any provision of this Indenture limits, qualifies or
conflicts with the duties imposed by Trust Indenture Act Section 318(c) in respect of Sections of the Trust Indenture Act that are incorporated by reference in this Indenture pursuant to Section 1.04, the imposed duties shall control. 

 

	Section 12.02	Notices. 

 (a)    Any notice or communication to the Company, any
Qualified Parent Guarantor, any Restricted Subsidiary or the Trustee is duly given if in writing and (1) delivered in person, (2) mailed by first-class mail (certified or registered, return receipt requested), postage prepaid, or overnight
air courier guaranteeing next day delivery or (3) sent by facsimile or (in the case of the Company, any Qualified Parent Guarantor and any Restricted Subsidiary) electronic transmission, to its address: 

if to the Company, any Qualified Parent Guarantor or any Restricted Subsidiary: 

c/o AV Homes, Inc. 
 8601 N.
Scottsdale Road, Suite 225 
 Fax No.: (480) 948-0701 

Email: m.burnett@avhomesinc.com 

Attention: Michael S. Burnett, Executive Vice President and Chief Financial Officer 

with a copy to: 
 Faegre Baker
Daniels LLP 
 2200 Wells Fargo Center 

90 S. Seventh Street 

Minneapolis, Minnesota 55402 
 Fax
No: (612) 766-1600 
 Email: michael.coddington@faegrebd.com 

Attention: Michael Coddington 

  
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 if to the Trustee: 

Wilmington Trust, National Association 

50 S. Sixth Street, Suite 1290 

Minneapolis, MN 55402 
 Fax No.:
(612) 217-5651 
 Attention: AV Homes Account Administrator 

The Company, any Qualified Parent Guarantor, any Restricted Subsidiary or the Trustee, by like notice, may designate additional or different addresses for
subsequent notices or communications. 
 (b)    All notices and communications (other than those sent to Holders) shall
be deemed to have been duly given: at the time delivered by hand, if personally delivered; on the first date of which publication is made, if by publication; five calendar days after being deposited in the mail, postage prepaid, if mailed by
first-class mail; the next Business Day after timely delivery to the courier, if mailed by overnight air courier guaranteeing next day delivery; when receipt acknowledged, if sent by facsimile or (in the case of the Company or any Restricted
Subsidiary) electronic transmission; provided that any notice or communication delivered to the Trustee shall be deemed effective upon actual receipt thereof. 

(c)    Any notice or communication to a Holder shall be mailed by first-class mail (certified or registered, return
receipt requested) or by overnight air courier guaranteeing next day delivery to its address shown on the Note Register or by such other delivery system as the Trustee agrees to accept. Any notice or communication shall also be so mailed to any
Person described in Trust Indenture Act Section 313(c), to the extent required by the Trust Indenture Act. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 

(d)    Where this Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled
to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any
action taken in reliance upon such waiver. 
 (e)    Notwithstanding any other provision herein, where this Indenture
provides for notice of any event to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary for such Note (or its designee), according to the applicable procedures
of such Depositary, if any, prescribed for the giving of such notice. 
 (f)    The Trustee agrees to accept and act
upon notice, instructions or directions pursuant to this Indenture sent by mail or unsecured facsimile; provided, however, that (1) the party providing such written notice, instructions or directions, subsequent to such
transmission of written instructions, shall provide the originally executed instructions or directions to the Trustee in a timely manner, and (2) such originally executed notice, instructions or directions shall be signed by an authorized
representative of the party providing such notice, instructions or directions. The Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reasonable reliance upon and compliance with such
notice, instructions or directions notwithstanding such notice, instructions or directions conflict or are inconsistent with a subsequent notice, instructions or directions. 

(g)    If a notice or communication is sent in the manner provided above within the time prescribed, it is duly given,
whether or not the addressee receives it. 

  
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 (h)    If the Company mails a notice or communication to Holders, it shall
mail a copy to the Trustee and each Agent at the same time. 
  

	Section 12.03	Communication by Holders with Other Holders. 

 Holders may communicate pursuant to Trust
Indenture Act Section 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, any Qualified Parent Guarantor, the Restricted Subsidiaries, the Trustee, the Registrar and anyone else shall have the
protection of Trust Indenture Act Section 312(c). 
  

	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by
the Company or any Guarantor to the Trustee to take any action under this Indenture, the Company or such Guarantor, as the case may be, shall furnish to the Trustee: 

(1)    an Officers’ Certificate in form reasonably satisfactory to the Trustee (which shall include
the statements set forth in Section 12.05) stating that, in the opinion of the signer(s), all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2)    an Opinion of Counsel in form reasonably satisfactory to the Trustee (which shall include the
statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been complied with; provided that no Opinion of Counsel pursuant to this Section shall be required in
connection with the issuance of Notes on the Issue Date. 
  

	Section 12.05	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with respect
to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided pursuant to Section 4.07 or Trust Indenture Act Section 314(a)(4)) shall include: 

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

 (2)    a brief statement as to the nature and scope of the examination or investigation upon which the
statements or opinions contained in such certificate or opinion are based; 
 (3)    a statement that, in
the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with (and, in the case of an
Opinion of Counsel, may be limited to reliance on an Officers’ Certificate as to matters of fact); and 

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

  
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	Section 12.06	Rules by Trustee and Agents. 

 The Trustee may make reasonable rules for action by or at
a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  

	Section 12.07	No Personal Liability of Incorporators, Shareholders, Equity Holders, Officers, Directors or Employees. 

No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes, or for any claim based thereon or otherwise
in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Guarantor in this Indenture or in any of the Notes or the Guarantees or because of the creation of any Indebtedness represented thereby,
shall be had against any past, present or future incorporator, shareholder, equity holder, member, partner, officer, director, employee or controlling person of the Company, any Guarantor or any successor Person thereof, as such. Each Holder, by
accepting such Notes waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities law. 

 

	Section 12.08	Governing Law. 

 THIS INDENTURE, THE NOTES AND ANY GUARANTEE WILL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	Section 12.09	Waiver of Jury Trial. 

 EACH OF THE COMPANY, THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE TRANSACTIONS CONTEMPLATED
HEREBY. 
  

	Section 12.10	Force Majeure. 

 In no event shall the Trustee be responsible or liable for any failure
or delay in the performance of its obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services, it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 
  

	Section 12.11	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Company or its Restricted Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

  
 -94- 

	Section 12.12	Successors. 

 All agreements of the Company in this Indenture and the Notes shall bind
its successors. All agreements of the Trustee in this Indenture shall bind its successors. All agreements of each Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 10.06. 

 

	Section 12.13	Severability. 

 In case any provision in this Indenture or in the Notes shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
  

	Section 12.14	Counterpart Originals. 

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

	Section 12.15	Table of Contents, Headings, etc. 

 The Table of Contents, Cross-Reference Table and
headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

 

	Section 12.16	Facsimile and PDF Delivery of Signature Pages. 

 The exchange of copies of this Indenture
and of signature pages by facsimile or portable document format (“PDF”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for
all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
  

	Section 12.17	U.S.A. PATRIOT Act. 

 The parties hereto acknowledge that in accordance with
Section 326 of the U.S.A. PATRIOT Act, the Trustee is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this
Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 
  

	Section 12.18	Payments Due on Non-Business Days. 

 In any case
where any Interest Payment Date, redemption date or repurchase date or the Stated Maturity of the Notes shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Notes) payment of principal, premium, if any,
or interest on the Notes need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, redemption date or repurchase date, or at the Stated Maturity of the
Notes; provided that no interest will accrue for the period from and after such Interest Payment Date, redemption date, repurchase date or Stated Maturity, as the case may be. 

 

	Section 12.19	Qualification of Indenture. 

 The Company and the Guarantors shall qualify this Indenture
under the Trust Indenture Act in accordance with the terms and conditions of the Registration Rights Agreement and shall pay all 

  
 -95- 

 
reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Guarantors and the Trustee) incurred in connection therewith, including, but not limited to, costs
and expenses of qualification of this Indenture and the Notes. The Trustee shall be entitled to receive from the Company and the Guarantors any such Officers’ Certificates, Opinions of Counsel or other documentation as it may reasonably request
in connection with any such qualification of this Indenture under the Trust Indenture Act. 
 [Signatures on following page] 

  
 -96- 

 
					
	AV HOMES, INC.
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	President and Chief Executive Officer
	
	AVATAR PROPERTIES INC.
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	AVH CAROLINAS, LLC
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	AVH NORTH FLORIDA, LLC
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	BONTERRA BUILDERS, LLC
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	JCH GROUP LLC
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory

  
 [Signature page to
Indenture for 6.625% Senior Notes due 2022] 

 
					
	ROYAL OAK HOMES, LLC
	By: Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	VITALIA AT TRADITION, LLC
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	AVH BETHPAGE, LLC
	By:	 	AVH Carolinas, LLC, its sole member
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	AV HOMES OF ARIZONA, LLC
	By: JCH Group LLC, its sole member
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory
	
	AVH EM, LLC
	By:	 	JCH Group LLC, its sole member
	By:	 	Avatar Properties Inc., its sole member
		
	By	 	 /s/ Roger A. Cregg

		 	Title:	 	Authorized Signatory

  
 [Signature page to
Indenture for 6.625% Senior Notes due 2022] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Lynn M. Steiner

		 	Name:   Lynn M. Steiner
		 	Title:     Vice President

  
 [Signature page to
Indenture for 6.625% Senior Notes due 2022] 

 APPENDIX A 

PROVISIONS RELATING TO INITIAL NOTES, 

ADDITIONAL NOTES AND EXCHANGE NOTES 
  

	Section 1.1	Definitions. 

 (a)    Capitalized Terms. 

Capitalized terms used but not defined in this Appendix A have the meanings given to them in this Indenture. The following capitalized terms
have the following meanings: 
 “Applicable Procedures” means, with respect to any transfer or transaction involving a
Global Note or beneficial interest therein, the rules and procedures of the Depositary for such Global Note, Euroclear or Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, Société Anonyme, or any successor securities clearing agency. 

“Distribution Compliance Period,” with respect to any Note, means the period of 40 consecutive days beginning on and
including the later of (a) the day on which such Note is first offered to persons other than distributors (as defined in Regulation S) in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee,
and (b) the date of issuance with respect to such Note or any predecessor of such Note. 
 “Euroclear” means Euroclear
Bank S.A./N.Y., as operator of Euroclear systems Clearance System or any successor securities clearing agency. 
 “IAI”
means an institution that is an “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act and is not a QIB. 

“QIB” means a “qualified institutional buyer” as defined in Rule 144A. 

“Regulation S” means Regulation S promulgated under the Securities Act. 

“Rule 144” means Rule 144 promulgated under the Securities Act. 

“Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Unrestricted Global Note” means any Note in global form that does not bear or is not required to bear the Restricted Notes
Legend. 
 “U.S. person” means a “U.S. person” as defined in Regulation S. 

(b)    Other Definitions. 
  

			
	 Term:
	  	Defined in
Section:
	 “Agent Members”
	  	2.1(c)
	 “Definitive Notes Legend”
	  	2.2(e)
	 “ERISA Legend”
	  	2.2(e)
	 “Global Note”
	  	2.1(b)

			
	 Term:
	  	Defined in
Section:
	 “Global Notes Legend”
	  	2.2(e)
	 “IAI Global Note”
	  	2.1(b)
	 “Regulation S Global Note”
	  	2.1(b)
	 “Regulation S Notes”
	  	2.1(a)
	 “Restricted Notes Legend”
	  	2.2(e)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Rule 144A Notes”
	  	2.1(a)

  

	Section 2.1	Form and Dating 

 (a)    The Initial Notes issued on the date hereof
shall be (i) offered and sold by the Company to the initial purchasers thereof and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A (“Rule 144A Notes”) and (2) Persons other than U.S. persons
in reliance on Regulation S (“Regulation S Notes”). Additional Notes may also be considered to be Rule 144A Notes or Regulation S Notes, as applicable. 

(b)    Global Notes. Rule 144A Notes shall be issued initially in the form of one or more permanent global Notes in
definitive, fully registered form, numbered RA-1 upward (collectively, the “Rule 144A Global Note”) and Regulation S Notes shall be issued initially in the form of one
or more global Notes, numbered RS-1 upward (collectively, the “Regulation S Global Note”), in each case without interest coupons and bearing the Global Notes Legend and Restricted Notes
Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Note Custodian, and registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the
Trustee as provided in this Indenture. One or more global Notes in definitive, fully registered form without interest coupons and bearing the Global Notes Legend and the Restricted Notes Legend, numbered
RIAI-1 upward (collectively, the “IAI Global Note”) shall also be issued on the Issue Date deposited with the Note Custodian, and registered in the name of the Depositary or a nominee of the
Depositary, duly executed by the Company and authenticated by the Trustee as provided in this Indenture to accommodate transfers of beneficial interests in the Notes to IAIs subsequent to the initial distribution. The Rule 144A Global Note, the
IAI Global Note, the Regulation S Global Note and any Unrestricted Global Note are each referred to herein as a “Global Note” and are collectively referred to herein as “Global Notes.” Each Global Note shall
represent such of the outstanding Notes as shall be specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent the aggregate principal amount of Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect
the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the
Holder thereof as required by Section 2.06 of this Indenture and Section 2.2(c) of this Appendix A. 

(c)    Book-Entry Provisions. This Section 2.1(c) shall apply only to a Global Note deposited with or on
behalf of the Depositary. 
 The Company shall execute and the Trustee shall, in accordance with this Section 2.1(c) and
Section 2.02 of this Indenture and pursuant to an Authentication Order, authenticate and deliver initially one or more Global Notes that (i) shall be registered in the name of the Depositary for such

  
 A-2 

 
Global Note or Global Notes or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the
Trustee as Note Custodian. 
 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under
this Indenture with respect to any Global Note held on their behalf by the Depositary or by the Trustee as Note Custodian or under such Global Note, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Note. 
 (d)    Definitive Notes. Except as provided in Section 2.2 or
Section 2.3 of this Appendix A, owners of beneficial interests in Global Notes shall not be entitled to receive physical delivery of Definitive Notes. 
  

	Section 2.2	Transfer and Exchange. 

 (a)    Transfer and Exchange of
Definitive Notes for Definitive Notes. When Definitive Notes are presented to the Registrar with a request: 

(i)    to register the transfer of such Definitive Notes; or 

(ii)    to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other
authorized denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction
are met; provided, however, that the Definitive Notes surrendered for transfer or exchange: 

(1)    shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably
satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and 

(2)    in the case of Transfer Restricted Notes, they are being transferred or exchanged pursuant to an
effective registration statement under the Securities Act or pursuant to Section 2.2(b) of this Appendix A or otherwise in accordance with the Restricted Notes Legend, and are accompanied by a certification from the transferor in the form
provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested pursuant thereto. 

(b)    Restrictions on Transfer of a Definitive Note for a Beneficial Interest in a Global Note. A Definitive Note
may not be exchanged for a beneficial interest in a Global Note except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Note, duly endorsed or accompanied by a written instrument of transfer in form
reasonably satisfactory to the Company and the Registrar, together with: 
 (i)    a certification from
the transferor in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions, certifications and other information as may be requested
pursuant thereto; and 

  
 A-3 

 (ii)    written instructions directing the Trustee to make,
or to direct the Note Custodian to make, an adjustment on its books and records with respect to such Global Note to reflect an increase in the aggregate principal amount of the Notes represented by the Global Note, such instructions to contain
information regarding the Depositary account to be credited with such increase, 
 the Trustee shall cancel such Definitive Note and cause, or direct the
Note Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Note Custodian, the aggregate principal amount of Notes represented by the Global Note to be increased by the aggregate
principal amount of the Definitive Note to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Note equal to the principal amount of the Definitive
Note so canceled. If the applicable Global Note is not then outstanding, the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new applicable Global Note in the appropriate principal amount. 

(c)    Transfer and Exchange of Global Notes. 

(i)    The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the Depositary,
in accordance with this Indenture (including applicable restrictions on transfer set forth in Section 2.2(d) of this Appendix A, if any) and the procedures of the Depositary therefor. A transferor of a beneficial interest in a Global Note shall
deliver to the Registrar a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global Note, or another
Global Note and such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in
the Global Note being transferred. 
 (ii)    If the proposed transfer is a transfer of a beneficial interest in one
Global Note to a beneficial interest in another Global Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which such interest is being transferred in an amount equal to
the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such interest is being transferred. 

(iii)    Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in Section 2.3
of this Appendix A), a Global Note may not be transferred except as a whole and not in part if the transfer is by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary
or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 

(d)    Restrictions on Transfer of Global Notes; Voluntary Exchange of Interests in Transfer Restricted Global Notes
for Interests in Unrestricted Global Notes. 
 (i)    Transfers by an owner of a beneficial interest in a Rule 144A
Global Note or an IAI Global Note to a transferee who takes delivery of such interest through another Transfer Restricted Global Note shall be made in accordance with the Applicable Procedures and the Restricted Notes Legend and only upon receipt by
the Trustee of a certification from the transferor in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers and, as applicable, delivery of such legal opinions,
certifications and other information as may be requested pursuant thereto. In addition, in the case of a transfer of a beneficial interest in either a Regulation S Global Note or a Rule 144A Global Note for an interest in an IAI Global
Note, the transferee must furnish a signed letter substantially in the form of Exhibit B to the Trustee. 

  
 A-4 

 (ii)    During the Distribution Compliance Period, beneficial ownership
interests in the Regulation S Global Note may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures, the Restricted Notes Legend on such Regulation S Global Note and any applicable
securities laws of any state of the United States. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the Regulation S Global Note to a transferee who takes delivery of such interest
through a Rule 144A Global Note or an IAI Global Note shall be made only in accordance with the Applicable Procedures and the Restricted Notes Legend and upon receipt by the Trustee of a written certification from the transferor of the
beneficial interest in the form provided on the reverse side of the Form of Note in Exhibit A for exchange or registration of transfers. Such written certification shall no longer be required after the expiration of the
Distribution Compliance Period. Upon the expiration of the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Note shall be transferable in accordance with applicable law and the other terms of this Indenture.

 (iii)    Upon the expiration of the Distribution Compliance Period, beneficial interests in the Regulation S
Global Note may be exchanged for beneficial interests in an Unrestricted Global Note upon certification in the form provided on the reverse side of the Form of Note in Exhibit A for an exchange from a Regulation S Global
Note to an Unrestricted Global Note. 
 (iv)    Beneficial interests in a Transfer Restricted Note that is a Rule 144A
Global Note or an IAI Global Note may be exchanged for beneficial interests in an Unrestricted Global Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule
144 (such certification to be in the form set forth on the reverse side of the Form of Note in Exhibit A) and/or upon delivery of such legal opinions, certifications and other information as the Company or the Trustee may reasonably request.

 (v)    If no Unrestricted Global Note is outstanding at the time of a transfer contemplated by the preceding clauses
(iii) and (iv), the Company shall issue and the Trustee shall authenticate, upon an Authentication Order, a new Unrestricted Global Note in the appropriate principal amount. 

(e)    Legends. 

(i)    Except as permitted by Section 2.2(d), this Section 2.2(e) and Section 2.2(i) of this Appendix A, each
Note certificate evidencing the Global Notes and the Definitive Notes (and all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as
such for purposes of the legend only) (“Restricted Notes Legend”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED,
ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR AFTER
THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY 

  
 A-5 

 
ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE COMPANY OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)] [IN THE CASE OF REGULATION S
NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN
DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S UNDER THE SECURITIES ACT) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER
THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED
IN RULE 144A THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1),
(2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF
SECURITIES OF AT LEAST $250,000 OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER
PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION
TERMINATION DATE. [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 
 Each Definitive Note shall bear the following additional legend
(“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 REGISTRAR AND TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

Each Global Note shall bear the following additional legend (“Global Notes Legend”): 

  
 A-6 

 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 COMPANY 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 SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN
ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 Each Note shall bear the following additional legend
(“ERISA Legend”): 
 BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND
WARRANTED THAT EITHER (1) NO PORTION OF THE ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974,
AS AMENDED (“ERISA”), OF A PLAN, INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE,
LOCAL, NON-U.S. OR OTHER LAWS OR REGULATIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN
ASSETS” OF ANY SUCH PLAN, ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION
4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS. 
 (ii)    Upon any sale or transfer of a
Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Note for a Definitive Note that does not bear the Restricted Notes Legend and the Definitive Notes Legend and
rescind any restriction on the transfer of such Transfer Restricted Note if the Holder certifies in writing to the Registrar that its request for such exchange is in respect of a transfer made in reliance on Rule 144 (such certification to be
in the form set forth on the reverse side of the Form of Note in Exhibit A) and provides such legal opinions, certifications and other information as the Company or the Trustee may reasonably request. 

(iii)    After a transfer of any Initial Notes or Additional Notes during the period of the effectiveness of a Shelf
Registration Statement with respect to such Initial Notes or Additional Notes, as the case may be, all requirements pertaining to the Restricted Notes Legend on such Initial Notes or 

  
 A-7 

 
Additional Notes shall cease to apply, and the requirements that any such Initial Notes or Additional Notes be issued in global form shall continue to apply. 

(iv)    Upon the consummation of an Exchange Offer with respect to the Initial Notes or Additional Notes pursuant to which
Holders of such Initial Notes or Additional Notes are offered Exchange Notes in exchange for their Initial Notes or Additional Notes, all requirements pertaining to Initial Notes or Additional Notes that Initial Notes or Additional Notes be issued
in global form shall continue to apply, and Exchange Notes in global form without the Restricted Notes Legend shall be available to Holders that exchange such Initial Notes or Additional Notes in such Exchange Offer. 

(v)    Any Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 

(f)    Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have
either been exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation or retained and
canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes, transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the
principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Registrar (if it is then the Note Custodian for such Global Note) with respect to such Global Note, by the
Registrar or the Note Custodian, to reflect such reduction. 
 (g)    Obligations with Respect to Transfers and
Exchanges of Notes. 
 (i)    To permit registrations of transfers and exchanges, the Company shall execute and the
Trustee shall authenticate, Definitive Notes and Global Notes at the Registrar’s request. 
 (ii)    No service
charge shall be imposed in connection with any registration of transfer or exchange (other than pursuant to Section 2.07), but the Company may require payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental
charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to Sections 2.10, 3.06, 4.14 (or, following a Covenant Replacement Event, 4.17), 4.15 and
9.05 of this Indenture). 
 (iii)    Prior to the due presentation for registration of transfer of any Note, the
Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal, premium, if any, and interest on such Note
and for all other purposes whatsoever, whether or not such Note is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary. 

(iv)    All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same
debt and shall be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 

(v)    In order to effect any transfer or exchange of an interest in any Transfer Restricted Note for an interest in a
Note that does not bear the Restricted Notes Legend and has not been registered under the Securities Act, if the Company so requests or if the Applicable Procedures so require, an Opinion of Counsel, in form reasonably acceptable to the Company to
the effect that no registration under the Securities Act is required in respect of such exchange or transfer or the re-sale of such interest by the beneficial holder thereof, shall be required to be delivered
to the Registrar and the Trustee. 

  
 A-8 

 (h)    No Obligation of the Trustee. 

(i)    The Trustee and Agents shall have no responsibility or obligation to any beneficial owner of a Global Note, a member
of, or a participant in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to
the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the case of a Global Note). The rights of
beneficial owners in any Global Note shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information furnished by the
Depositary with respect to its members, participants and any beneficial owners. 
 (ii)    The Trustee
shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when
expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof. 

(i)    Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights
Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 of this Indenture, the Trustee shall authenticate (i) one or more Global Notes without the Restricted Notes Legend in an
aggregate principal amount equal to the principal amounts of the beneficial interests in the Global Notes tendered for acceptance by Persons that provide in the applicable letters of transmittal such certifications as are required by the
Registration Rights Agreement and applicable law, and accepted for exchange in the Exchange Offer and (ii) Definitive Notes without the Restricted Notes Legend in an aggregate principal amount equal to the principal amount of the Definitive
Notes tendered for acceptance by Persons that provide in the applicable letters of transmittal such certification as are required by the Registration Rights Agreement and applicable law, and accepted for exchange in the Exchange Offer. Concurrently
with the issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable Global Notes with the Restricted Notes Legend to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and
mail to the Persons designated by the Holders of the Definitive Notes so accepted Definitive Notes without the Restricted Notes Legend in the applicable principal amount. Any Notes that remain outstanding after the consummation of the Exchange
Offer, and Exchange Notes issued in connection with the Exchange Offer, shall be treated as a single class of securities under this Indenture. 
  

	Section 2.3	Definitive Notes. 

 (a)    A Global Note deposited with the
Depositary or with the Trustee as Note Custodian pursuant to Section 2.1 or issued in connection with an Exchange Offer may be transferred to the beneficial owners thereof in the form of Definitive Notes in an aggregate principal amount equal
to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer complies with Section 2.2 of this Appendix A and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a
Depositary for such Global Note or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act and, in each case, a successor depositary is not 

  
 A-9 

 
appointed by the Company within 90 days of such notice or after the Company becomes aware of such cessation, (ii) the Company, at its option, notifies the Trustee that it elects to
cause the issuance of Definitive Notes and any participant in the Depositary requests a Definitive Note in accordance with the Applicable Procedures or (iii) an Event of Default has occurred and is continuing and the Registrar has received a
request from the Depositary. In addition, any Affiliate of the Company or any Guarantor that is a beneficial owner of all or part of a Global Note may have such Affiliate’s beneficial interest transferred to such Affiliate in the form of a
Definitive Note by providing a written request to the Company and the Trustee and such Opinions of Counsel, certificates or other information as may be required by this Indenture or the Company or Trustee. 

(b)    Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.3 shall be
surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such Global Note, an equal aggregate
principal amount of Definitive Notes of authorized denominations. Any portion of a Global Note transferred pursuant to this Section 2.3 shall be executed, authenticated and delivered only in denominations of $2,000 and integral multiples of
$1,000 in excess thereof and registered in such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in a Global Note that is a Transfer Restricted Note shall, except as otherwise provided by
Section 2.2(e) of this Appendix A, bear the Restricted Notes Legend. 
 (c)    The registered Holder of a Global
Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(d)    In the event of the occurrence of any of the events specified in Section 2.3(a) of this Appendix A, the
Company shall promptly make available to the Trustee a reasonable supply of Definitive Notes in fully registered form without interest coupons. 

  
 A-10 

 EXHIBIT A 

[FORM OF FACE OF NOTE] 
 [Insert the Restricted
Notes Legend, if applicable, pursuant to the provisions of the Indenture] 
 [Insert the Global Notes Legend, if applicable, pursuant to the provisions of
the Indenture] 
 [Insert the Definitive Notes Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the ERISA Legend, if applicable, pursuant to the provisions of the Indenture.] 

  
 A-1 

 CUSIP
[                    ] 
 ISIN
[                     ]1 

[RULE 144A][REGULATION S][IAI][GLOBAL] NOTE 

6.625% Senior Notes due 2022 
 No. [RA-    ] [RS-    ] [RIAI-    ] [U-    ] 

[$        ] 

[, as revised by the 
 Schedule of
Exchanges of Interests 
 in the Global Note attached hereto]2 

AV HOMES, INC. 
 promises to pay to
[CEDE & CO.]3 [                    ] or registered assigns the principal sum [set forth
on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of $         (         Dollars)] on May 15, 2022. 

Interest Payment Dates: May 15 and November 15 

Record Dates: May 1 and November 1 
  

 

	1 	Rule 144A Note CUSIP: 00234P AH5 

 Rule
144A Note ISIN: US00234PAH55 
 Regulation S Note CUSIP: U0536W AB5 

Regulation S Note ISIN: USU0536WAB55 

IAI Note CUSIP: 00234P AJ1 

 

	2 	Include in Global Notes. 

	3 	Include in Global Notes. 

  
 A-2 

 IN WITNESS HEREOF, the Company has caused this instrument to be duly executed. 

Dated:                     

 

			
	AV HOMES, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory

Dated:                     

  
 A-4 

 [Reverse Side of Note] 

6.625% Senior Notes due 2022 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1.    INTEREST. AV Homes, Inc., a Delaware corporation (the “Company”), promises to pay interest on the
principal amount of this Note at 6.625% per annum until but excluding maturity and shall pay Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Company shall pay interest semi-annually in
arrears on May 15 and November 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date
to which interest has been paid or, if no interest has been paid, from and including May 18, 2017; provided that the first Interest Payment Date shall be November 15, 2017. The Company shall pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the interest rate on the Notes to the extent lawful. Interest shall be computed on the basis of
a 360-day year comprised of twelve 30-day months. 

2.    METHOD OF PAYMENT. The Company shall pay interest on the Notes to the Persons who are registered holders of Notes at
the close of business on the May 1 or November 1 (whether or not a Business Day), as the case may be, immediately preceding the related Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. Principal, premium, if any, and interest on the Notes shall be payable at the office or agency of the Company maintained for such purpose or, at the option of the Company, payment of interest and premium, if any, may be made by
check mailed to the Holders at their respective addresses set forth in the Note Register; provided that payment by wire transfer of immediately available funds shall be required with respect to principal, premium, if any, and interest on all
Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent at least five Business Days prior to the applicable payment date. Such payment shall be in such coin or currency
of the United States as at the time of payment is legal tender for payment of public and private debts. 
 3.    PAYING
AGENT AND REGISTRAR. Initially, Wilmington Trust, National Association, the Trustee under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to the Holders. The Company or any
of its Restricted Subsidiaries may act in any such capacity. 
 4.    INDENTURE. The Company issued the Notes under an
Indenture, dated as of May 18, 2017 (as amended or supplemented from time to time, the “Indenture”), among Wilmington Trust, National Association, AV Homes, Inc., the Guarantors named therein and the Trustee. This Note is one
of a duly authorized issue of notes of the Company designated as its 6.625% Senior Notes due 2022. The Company shall be entitled to issue Additional Notes pursuant to Section 2.01 and 4.09 of the Indenture. The Notes and any Additional Notes
issued under the Indenture shall be treated as a single class of securities under the Indenture. 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, as
amended. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. Any term used in this Note that is defined in the Indenture shall have the

  
 A-5 

 
meaning assigned to it in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. 
 5.    REDEMPTION AND REPURCHASE. The Notes are subject to optional redemption, and may be the subject of
an offer to purchase, as further described in the Indenture. The Company shall not be required to make mandatory redemption or sinking fund payments with respect to the Notes. 

6.    DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents, and Holders shall be required to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for
redemption or tendered for repurchase in connection with a Change of Control Offer or Net Proceeds Offer, except for the unredeemed portion of any Note being redeemed or repurchased in part. 

7.    PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

8.    AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Subsidiary Guarantees or the Notes may be amended or
supplemented as provided in the Indenture. 
 9.    DEFAULTS AND REMEDIES. The Events of Default relating to the Notes
are defined in Section 6.01 of the Indenture. Upon the occurrence of an Event of Default, the rights and obligations of the Company, the Subsidiary Guarantors, the Trustee and the Holders shall be as set forth in the applicable provisions of
the Indenture. 
 10.    AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose until authenticated by the manual signature of the Trustee. 
 11.    ADDITIONAL RIGHTS OF
HOLDERS OF TRANSFER RESTRICTED NOTES. In addition to the rights provided to Holders under the Indenture, Holders of Transfer Restricted Notes shall have all the rights set forth in a Registration Rights Agreement, including the right to receive
Additional Interest. 
 12.    GOVERNING LAW. THIS NOTE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK. 
 13.    CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. 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. 

The Company shall furnish to any Holder upon written request and without charge a copy of the Indenture and the Registration Rights Agreement.
Requests may be made to the Company at the following address: 

  
 A-6 

 c/o AV Homes, Inc. 

8601 N. Scottsdale Road, Suite 225 

Fax No.: (480) 948-0701 

Email: m.burnett@avhomesinc.com 

Attention: Michael S. Burnett, Executive Vice President and Chief Financial Officer 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to:           
                                         
                                         
                                         
                

                        
                                         
       (Insert assignee’s legal name) 
   

 
 (Insert assignee’s soc. sec. or
tax I.D. no.) 
  
  

  
  

  
  

  
  

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

and irrevocably appoint                    
                                         
                                         
                                         
                                     

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

Date:                      

 

							
		 		 	Your Signature:	 	  

		 		 		 	(Sign exactly as your name appears on the face of this Note)

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-8 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFERS OF TRANSFER RESTRICTED NOTES 

This certificate relates to $         principal amount of Notes held in (check applicable space)
                     book-entry or
                     definitive form by the undersigned. 

The undersigned (check one box below): 
  

	☐	has requested the Trustee by written order to deliver in exchange for its beneficial interest in a Global Note held by the Depositary a Note or Notes in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note (or the portion thereof indicated above) in accordance with the Indenture; or 

  

	☐	has requested the Trustee by written order to exchange or register the transfer of a Note or Notes. 

 In
connection with any transfer of any of the Notes evidenced by this certificate, the undersigned confirms that such Notes are being transferred in accordance with its terms: 

CHECK ONE BOX BELOW 
  

					
	(1)	    	☐	    	to the Company or subsidiary thereof; or
			
	(2)	    	☐	    	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	    	☐	    	pursuant to an effective registration statement under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	    	☐	    	to a Person that the undersigned reasonably believes is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act (“Rule 144A”)) that purchases for its own account or for the
account of a qualified institutional buyer and 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; or
			
	(5)	    	☐	    	pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act (and if the transfer is being made prior to
the expiration of the Distribution Compliance Period, the Notes shall be held immediately thereafter through Euroclear or Clearstream); or
			
	(6)	    	☐	    	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter containing certain representations and
agreements; or
			
	(7)	    	☐	    	pursuant to Rule 144 under the Securities Act; or
			
	(8)	    	☐	    	pursuant to another available exemption from registration under the Securities Act.

 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 (5), (6), (7) or (8) is checked, the Company or the Trustee may require, prior

  
 A-9 

 
to registering any such transfer of the Notes, such legal opinions, certifications and other information as the Company or the Trustee 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. 
  

							
		 		 	  

		 		 	Your Signature
			
	 Date:                     

 
	 		 	  

		 		 	Signature of Guarantor

 TO BE COMPLETED BY PURCHASER IF (4) 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, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  

							
	Dated:                     	 		 	  

		 		 	NOTICE:	 	 To be executed by
 an executive
officer

		 		 	Name:	 	
		 		 	Title:	 	

  

			
	Signature Guarantee*:	 	  

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 TO BE COMPLETED IF THE HOLDER REQUIRES AN EXCHANGE FROM A 

REGULATION S GLOBAL NOTE TO AN UNRESTRICTED GLOBAL NOTE, 

PURSUANT TO SECTION 2.2(d)(iii) OF APPENDIX A TO THE INDENTURE 

The undersigned represents and warrants that either: 
  

	☐	the undersigned is not a dealer (as defined in the Securities Act) and is a non-U.S. person (within the meaning of Regulation S under the Securities Act); or

  

	☐	the undersigned is not a dealer (as defined in the Securities Act) and is a U.S. person (within the meaning of Regulation S under the Securities Act) who purchased interests in the Notes pursuant to an exemption
from, or in a transaction not subject to, the registration requirements under the Securities Act; or 

  

	☐	the undersigned is a dealer (as defined in the Securities Act) and the interest of the undersigned in this Note does not constitute the whole or a part of an unsold allotment to or subscription by such dealer for the
Notes. 

  

							
	Dated:                     	 		 	  

		 		 	Your Signature

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.14, Section 4.15 or 4.17 of the Indenture,
check the appropriate box below: 

[    ]  Section 4.14            
[    ]  Section 4.15             [    ]  Section 4.17 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.14, Section 4.15 or 4.17 of the
Indenture, state the amount you elect to have purchased: 
  

			
	$                                	 	(integral multiples of $1,000,
		 	provided that the unpurchased
		 	portion must be in a minimum
		 	principal amount of $2,000)

	 	

Date:                         
                 
  

			
	Your Signature:	 	  

		 	(Sign exactly as your name appears on the face of this Note)
	Tax Identification No.:                              
                        

  

			
	 Signature Guarantee*:
  
	 	  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $        . The following exchanges of
a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest 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 signatory
 of Trustee,

Depositary or Note Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-13 

 EXHIBIT B 

FORM OF 
 TRANSFEREE LETTER OF
REPRESENTATION 
 c/o AV Homes, Inc. 
 8601 N. Scottsdale Road,
Suite 225 
 Fax No.: (480) 948-0701 

Email: m.burnett@avhomesinc.com 
 Attention: Michael S. Burnett,
Executive Vice President and Chief Financial Officer 
 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[        ] principal amount of the 6.625%
Senior Notes due 2022 (the “Notes”) of AV Homes, Inc. (the “Company”). 
 Upon transfer, the Notes would
be registered in the name of the new beneficial owner as follows: 
  

	
	 Name:
                                         
        
  

	 Address:
                                         
    
  

	 Taxpayer ID Number:
                        

 The undersigned represents and warrants to you that: 

1.    We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under
the Securities Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are
acquiring the Notes, for investment purposes and not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be
capable of evaluating the merits and risks of our investment in the Notes, and we invest in or purchase securities similar to the Notes in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the
economic risk of our or its investment. 
 2.    We understand that the Notes have not been registered under the
Securities Act and, unless so registered, may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such
Notes prior to the date that is one year after the later of the date of original issue and the last date on which the Company or any affiliate of the Company was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction
Termination Date”) only in accordance with the Restricted Notes Legend (as such term is defined in the indenture under which the Notes were issued) on the Notes and any applicable securities laws of any state of the United States. The
foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination
Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor”
within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is acquiring such Notes for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the
Company and the Trustee reserve the right prior to 

  
 B-1 

 
the offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes with respect to applicable transfers described in the Restricted Notes Legend to require the
delivery of an opinion of counsel, certifications and/or other information satisfactory to the Company and the Trustee. 
  

									
	 TRANSFEREE:
	 	
                     
                                        
	 	,

 
					
		
	        by:	 	  

  
 B-2 

 EXHIBIT C 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY A QUALIFIED SUCCESSOR 
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
[        ] [    ], 20[    ], among                     , a [insert
jurisdiction and form of organization] (the “Qualified Successor”), and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
each of AV Homes, Inc., a Delaware corporation (the “Company”), and the Subsidiary Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of May 18, 2017, providing for the issuance of an unlimited aggregate principal amount of 6.625% Senior Notes due 2022 (the “Notes”); 

WHEREAS, pursuant to the terms of the Indenture, as a condition to the occurrence of a Covenant Replacement Event, the Qualified Successor
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Qualified Successor shall assume all of the obligations of the Company under the Notes and the Indenture on the terms and conditions set forth herein and under
the Indenture; and 
 WHEREAS, pursuant to Section 9.01(3) of the Indenture, the Trustee is authorized to execute and deliver this
Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of
which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1.    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2.    Agreement to be Bound. The Qualified Successor hereby expressly assumes the
Company’s Obligations for the due and punctual payment of principal, premium, if any, and interest (including Additional Interest, if any) on the Notes issued pursuant to the Indenture and all other Obligations under the Indenture, the Notes
and the Registration Rights Agreement. The Qualified Successor hereby becomes a party to the Indenture and the Registration Right Agreement as the Company and as such shall have all of the rights and be subject to all of the obligations and
agreements of the Company under the Indenture and the Registration Rights Agreement. The Qualified Successor agrees to be bound by all of the provisions of the Indenture, the Notes and the Registration Rights Agreement applicable to the Company and
to perform all of the obligations and agreements of the Company under the Indenture, the Notes and the Registration Rights Agreement. 

3.    Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 4.    Waiver of Jury Trial. EACH OF THE QUALIFIED SUCCESSOR AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY. 

  
 C-1 

 5.    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. 

6.    Headings. The headings of the Sections of this Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

7.    Trustee Not Responsible for Recitals. The recitals contained herein shall be taken as statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Supplemental Indenture. 

  
 C-2 

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

			
	[NAME OF QUALIFIED SUCCESSOR]
		
	By:	 	
                     
                                         
                           

		 	Name:
		 	Title:
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-3 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY A QUALIFIED PARENT GUARANTOR 
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
[        ] [    ], 20[    ], among                     , a [insert
jurisdiction and form of organization] (the “Qualified Parent Guarantor”), and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
each of AV Homes, Inc., a Delaware corporation (the “Company”), and the Subsidiary Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of May 18, 2017, providing for the issuance of an unlimited aggregate principal amount of 6.625% Senior Notes due 2022 (the “Notes”); 

WHEREAS, pursuant to the terms of the Indenture, as a condition to the occurrence of a Covenant Replacement Event, the Qualified Parent
Guarantor shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Qualified Parent Guarantor shall irrevocably and unconditionally guarantee on a senior basis all of the Company’s Obligations under the Notes and
the Indenture on the terms and conditions set forth herein and under the Indenture; and 
 WHEREAS, pursuant to Section 9.01(3) of the
Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in consideration of the foregoing
and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1.    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2.    Guarantor. The Qualified Parent Guarantor hereby agrees to be a Guarantor under the
Indenture and to be bound by the terms of the Indenture applicable to Guarantors (other than, for the avoidance of doubt, those terms of the Indenture that are expressly applicable only to Subsidiary Guarantors) , including, without limitation,
Article 10 thereof. Without limiting the foregoing, the Qualified Parent Guarantor hereby irrevocably and unconditionally guarantees on a senior basis the full and prompt payment of the principal, premium, if any, and interest (including
Additional Interest, if any) in respect of the Notes and all other Obligations under the Indenture. 

3.    Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 4.    Waiver of Jury Trial. EACH OF THE QUALIFIED PARENT GUARANTOR AND THE TRUSTEE
HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE GUARANTEES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 5.    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. 

  
 D-1 

 6.    Headings. The headings of the Sections of this Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

7.    Trustee Not Responsible for Recitals. The recitals contained herein shall be taken as statements of the
Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Supplemental Indenture. 

  
 D-2 

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

			
	[NAME OF QUALIFIED PARENT GUARANTOR]
		
	By:	 	
                     
                                         
                  

		 	Name:
		 	Title:

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF SUPPLEMENTAL INDENTURE 
 TO
BE DELIVERED BY SUBSEQUENT SUBSIDIARY GUARANTORS 
 Supplemental Indenture (this “Supplemental Indenture”), dated as of
[        ] [    ], 20[    ], among                      (the
“Guaranteeing Subsidiary”), a subsidiary of AV Homes, Inc., a Delaware corporation (the “Company”), and Wilmington Trust, National Association, as trustee (the “Trustee”). 

W I T N E S S E T H 
 WHEREAS,
each of the Company and the Guarantors (as defined in the Indenture referred to below) has heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of May 18, 2017, providing for the issuance of
an unlimited aggregate principal amount of 6.625% Senior Notes due 2022 (the “Notes”); 
 WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under
the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture; and 
 WHEREAS, pursuant to
Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
 NOW THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties mutually covenant and agree for the equal and ratable benefit of the Holders as follows: 

1.    Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them
in the Indenture. 
 2.    Guarantor. The Guaranteeing Subsidiary hereby agrees to be a Subsidiary Guarantor
under the Indenture and to be bound by the terms of the Indenture applicable to Subsidiary Guarantors, including Article 10 thereof. 

3.    Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
 4.    Waiver of Jury Trial. EACH OF THE GUARANTEEING SUBSIDIARY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE INDENTURE, THE NOTES, THE SUBSIDIARY GUARANTEES OR THE
TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 5.    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. 

6.    Headings. The headings of the Sections of this Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 E-1 

 7.    Trustee Not Responsible for Recitals. The recitals contained
herein shall be taken as statements of the Company, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the validity or sufficiency of this Supplemental
Indenture. 

  
 E-2 

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

			
	[NAME OF GUARANTEEING SUBSIDIARY]
		
	By:	 	
                     
                                         
                  

		 	Name:
		 	Title:

  

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	
                     
                                         
                  

		 	Name:
		 	Title:

  
 E-3

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