Document:

Exhibit 10.7

 

 

Second Amendment to Credit Agreement

dated as of October 3, 2014

among

Memorial Resource Development Corp.,
as Borrower,

Bank of America, N.A.,
as Administrative Agent,

Citibank, N.A.,
as Syndication Agent,

JPMorgan Chase Bank, N.A., BMO Harris Bank, N.A., Comerica Bank,

Credit Agricole Corporate and Investment Bank, Natixis, MUFG Union Bank,

N.A., and Wells Fargo Bank, National Association,

as Co-Documentation Agents

and

the Lenders party hereto

Merrill Lynch, Pierce, Fenner & Smith Incorporated,
Sole Lead Arranger and Sole Bookrunner

 

 

 

 

 

Second Amendment to Credit Agreement 

This Second Amendment to Credit Agreement  (this “Second Amendment”), dated as of October 3, 2014 (the “Second Amendment Effective Date”), is among Memorial Resource Development Corp., a corporation formed under the laws of the State of Delaware (the “Borrower”); each of the undersigned guarantors (together with the Borrower, collectively, the “Loan Parties”); each of the Lenders that is a signatory hereto; and Bank of America, N.A., as administrative agent for the Lenders (in such capacity, together with its successors, the “Administrative Agent”).

Recitals

A.The Borrower, the Administrative Agent and the Lenders are parties to that certain Credit Agreement dated as of June 18, 2014 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have, subject to the terms and conditions set forth therein, made certain credit available to and on behalf of the Borrower.

B.The parties hereto desire to enter into this Second Amendment to amend the Credit Agreement in certain respects including, without limitation, to modify the Swap Agreements negative covenant as set forth herein, to be effective as of the Second Amendment Effective Date.

C.Subject to and upon the terms and conditions set forth herein, the Lenders have agreed to enter this Second Amendment.

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

Section 1.Defined Terms.  Each capitalized term which is defined in the Credit Agreement, but which is not defined in this Second Amendment, shall have the meaning ascribed such term in the Credit Agreement, as amended hereby.  Unless otherwise indicated, all section references in this Second Amendment refer to the Credit Agreement.

Section 2.Amendments.  In reliance on the representations, warranties, covenants and agreements contained in this Second Amendment, and subject to the satisfaction of the conditions precedent set forth in Section 3 hereof, the Credit Agreement shall be amended effective as of the Second Amendment Effective Date in the manner provided in this Section 2.

2.1Additional Definition.  Section 1.02 of the Credit Agreement is hereby amended to add thereto in alphabetical order the following definition which shall read in full as follows:

“Second Amendment” means that certain Second Amendment to Credit Agreement dated as of October 3, 2014, among the Borrower, the Guarantors, the Administrative Agent and the Lenders party thereto.

2.2Amended Definitions.  The definitions of “Approved Counterparty” and “Loan Documents” contained in Section 1.02 of the Credit Agreement are hereby amended and restated in their entirety to read in full as follows:

“Approved Counterparty” means (a) any Lender or any Affiliate of a Lender or (b) any other Person that has a long term senior unsecured debt rating of BBB+/Baa1 by S&P or Moody’s (or their equivalent) or higher (including, for the sake of clarity, any other Person the obligations of which under Swap Agreements with Loan Parties are guaranteed by a credit support provider that has a long term senior unsecured debt rating of BBB+/Baa1 by S&P or Moody’s (or their equivalent) or higher at the time such Swap Agreement is entered into). 

“Loan Documents” means this Agreement, the First Amendment, the Second Amendment, the Notes, the Letter of Credit Agreements, the Letters of Credit, the Agency Fee Letter, and the Security Instruments.

2.3Amendment to Section 9.18 of the Credit Agreement.  Section 9.18(a)(i) of the Credit Agreement is hereby amended and restated in its entirety to read in full as follows:

(i)Swap Agreements in respect of commodities (A) with an Approved Counterparty and (B) the notional volumes for which (when aggregated with other commodity Swap Agreements then in effect other than basis differential swaps on volumes already hedged pursuant to other Swap Agreements) do not exceed, as of the date such Swap Agreement is executed, (1) for the first 24 months after the date of execution of such Swap Agreement (the “First Measurement Period”), 100% and (2) for the first 36 months immediately following the First Measurement Period, 75%, in each case, of the reasonably anticipated projected production (assuming no curtailment or interruption of transportation for such anticipated 

 

 

production) from proved Oil and Gas Properties included in the most recent Reserve Report for each month during the period during which such Swap Agreement is in effect for each of crude oil, natural gas and natural gas liquids, (which, in the case of natural gas liquids, may be hedged with Swap Agreements for crude oil), each calculated separately,

Section 3.Conditions Precedent.  The effectiveness of the amendments to the Credit Agreement contained in Section 2 hereof is subject to the following:

3.1The Administrative Agent shall have received counterparts of this Second Amendment from the Loan Parties and the Majority Lenders.

3.2The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Second Amendment Effective Date. 

3.3No Default, Event of Default, or Borrowing Base Deficiency shall exist immediately prior to or after giving effect to the amendments to the Credit Agreement contained in Section 2 hereof.

3.4The Administrative Agent shall have received such other documents as the Administrative Agent or counsel to the Administrative Agent may reasonably request.

The Administrative Agent shall notify the Borrower and the Lenders of the effectiveness of this Second Amendment, and such notice shall be conclusive and binding.

Section 4.Representations and Warranties; Etc.  Each Loan Party hereby affirms: (a) that as of the date hereof, all of the representations and warranties contained in each Loan Document to which such Loan Party is a party are true and correct in all material respects as though made on and as of the date hereof (unless made as of a specific earlier date, in which case, was true as of such date and except to the extent that any such representation and warranty is qualified by materiality, in which case such representation and warranty shall continue to be true and correct in all respects), (b) no Defaults exist under the Loan Documents or will, after giving effect to this Second Amendment, exist under the Loan Documents and (c) no Material Adverse Effect has occurred.

Section 5.Miscellaneous.

5.1Confirmation and Effect.  The provisions of the Credit Agreement (as amended by this Second Amendment) shall remain in full force and effect in accordance with its terms following the effectiveness of this Second Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

5.2Ratification and Affirmation of Loan Parties.  Each of the Loan Parties hereby expressly (a) acknowledges the terms of this Second Amendment, (b) ratifies and affirms its obligations under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended hereby, (c) acknowledges, renews and extends its continued liability under the Guaranty Agreement and the other Loan Documents to which it is a party, as amended hereby, (d) ratifies and affirms all Liens granted by it pursuant to the Loan Documents to secure the Indebtedness (except to the extent that such Liens have been released in accordance with the Loan Documents) and (e) agrees that its guarantee under the Guaranty Agreement and the other Loan Documents to which it is a party remains in full force and effect with respect to the Indebtedness.

5.3Counterparts.  This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument. Delivery of this Second Amendment by facsimile or electronic (e.g., pdf) transmission shall be effective as delivery of a manually executed original counterpart hereof.

5.4No Oral Agreement.  This written Second Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no unwritten oral agreements between the parties.

5.5Governing Law.  This Second Amendment (including, but not limited to, the validity and enforceability hereof) shall be governed by, and construed in accordance with, the laws of the State of New York.

 

 

5.6Payment of Expenses.  The Borrower agrees to pay or reimburse the Administrative Agent for all of its out-of-pocket costs and expenses incurred in connection with this Second Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.

5.7Severability.  Any provision of this Second Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

5.8Successors and Assigns.  This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

 

[Signature pages follow]

 

 

 

 

 

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

 

	
BORROWER:
	
MEMORIAL RESOURCE DEVELOPMENT CORP.,

	
 
	
a Delaware corporation

	
 
	
 
	
 

	
 
	
By:  
	
/s/ John A. Weinzierl

	
 
	
Name:
	
 John A. Weinzierl

	
 
	
Title:
	
 Chief Executive Officer

	
 
	
 
	
 

	
GUARANTORS:
	
MEMORIAL RESOURCE FINANCE CORP.,

	
 
	
a Delaware corporation

	
 
	
 
	
 

	
 
	
By:  
	
/s/ John A. Weinzierl

	
 
	
Name:
	
 John A. Weinzierl

	
 
	
Title:
	
 Chief Executive Officer

	
 
	
 
	
 

	
 
	
MRD Operating LLC

	
 
	
BETA OPERATING COMPANY, LLC

	
 
	
WILDHORSE RESOURCES, LLC

	
 
	
 
	
By:  
	
Memorial Resource Development Corp.,

	
 
	
 
	
 
	
its sole member

	
 
	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ John A. Weinzierl

	
 
	
 
	
Name:
	
John A. Weinzierl

	
 
	
 
	
Title:
	
Chief Executive Officer

	
 
	
 
	
 
	
 

	
 
	
Classic Hydrocarbons GP Co., L.L.C.

	
 
	
CLASSIC HYDROCARBONS HOLDINGS, L.P.

	
  
	
 
	
By:
	
Classic Hydrocarbons GP Co., L.L.C.,

	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 

	
 
	
 
	
By:
	
/s/ John A. Weinzierl

	
 
	
 
	
Name:
	
John A. Weinzierl

	
 
	
 
	
Title:
	
President and Chief Executive Officer

	
 
	
 
	
 
	
 

	
 
	
CLASSIC OPERATING CO. LLC

	
  
	
 
	
By:
	
Classic Hydrocarbons, Inc.,

	
 
	
 
	
 
	
its sole member

	
 
	
CLASSIC HYDROCARBONS OPERATING, LLC

	
 
	
CLASSIC HYDROCARBONS, INC.

	
 
	
CRATON ENERGY GP III, LLC

	
 
	
CRATON ENERGY HOLDINGS III, LP

	
  
	
 
	
By:
	
Craton Energy GP III, LLC,

	
 
	
 
	
 
	
its general partner

	
 
	
 
	
 

	
 
	
By:
	
/s/ John A. Weinzierl

	
 
	
Name:
	
 John A. Weinzierl

	
 
	
Title:
	
 Chief Executive Officer

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
ADMINISTRATIVE AGENT
	
 
	
BANK OF AMERICA, N.A., as Administrative Agent

	
AND LENDER:
	
 
	
 

	
 
	
 
	
 

	
 
	
By:
	
/s/ Denise Jones 

	
 
	
Name:  
	
Denise Jones

	
 
	
Title:
	
Assistant Vice President

	
 
	
 
	
 

	
 
	
 
	
BANK OF AMERICA, N.A., as a Lender

	
 
	
By:
	
/s/ Raza Jafferi 

	
 
	
Name:
	
Raza Jafferi

	
 
	
Title:
	
 Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Citibank, N.A., as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Peter Kardos

	
 
	
Name:  
	
Peter Kardos

	
 
	
Title:
	
Vice-President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
JPMorgan Chase Bank, N.A., as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Robert L. Mendoza

	
 
	
Name:  
	
Robert L. Mendoza

	
 
	
Title:
	
Senior Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
BMO Harris Bank, N.A., as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Gumaro Tijerina

	
 
	
Name:  
	
Gumaro Tijerina

	
 
	
Title:
	
Managing Director

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Comerica Bank, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Jeffery Treadway

	
 
	
Name:  
	
Jeffery Treadway

	
 
	
Title:
	
Senior Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Credit Agricole Corporate and Investment Bank, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Sharada Manne

	
 
	
Name:  
	
Sharada Manne

	
 
	
Title:
	
Managing Director

	
 
	
 
	
 

	
 
	
By:
	
/s/ Ting Lee

	
 
	
Name:  
	
Ting Lee

	
 
	
Title:
	
Director

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Natixis, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Stuart Murray

	
 
	
Name:  
	
Stuart Murray

	
 
	
Title:
	
Managing Director

	
 
	
 
	
 

	
 
	
By:
	
/s/ Jarrett Price

	
 
	
Name:  
	
Jarrett Price

	
 
	
Title:
	
Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
MUFG Union Bank, N.A.

f/k/a Union Bank, N.A., as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Stacy A. Goldstein

	
 
	
Name:  
	
Stacy A. Goldstein

	
 
	
Title:
	
Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Wells Fargo Bank, National Association,

as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Shiloh Davila

	
 
	
Name:  
	
Shiloh Davila

	
 
	
Title:
	
Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Barclays Bank PLC, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Marguerite Sutton

	
 
	
Name:  
	
Marguerite Sutton

	
 
	
Title:
	
Vice President

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
ING Capital LLC, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Juli Bieser

	
 
	
Name:  
	
Juli Bieser

	
 
	
Title:
	
Director

	
 
	
 
	
 

	
 
	
By:
	
/s/ Michael Price

	
 
	
Name:  
	
Michael Price

	
 
	
Title:
	
Managing Director

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Royal Bank of Canada, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Mark Lumpkin, Jr.

	
 
	
Name:  
	
Mark Lumpkin, Jr.

	
 
	
Title:
	
Authorized Signatory

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Commonwealth Bank of Australia, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Sanjay Remond

	
 
	
Name:  
	
Sanjay Remond

	
 
	
Title:
	
Director

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Capital One, National Association, as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Michael Higgins

	
 
	
Name:  
	
Michael Higgins

	
 
	
Title:
	
Director

 

 

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]

 

	
LENDER:
	
Associated Bank, N.A., as a Lender

	
 
	
 
	
 

	
 
	
By:
	
/s/ Farhan Iqbal

	
 
	
Name:  
	
Farhan Iqbal

	
 
	
Title:
	
Senior Vice President

 

 

[Signature Page to Second Amendment to Credit Agreement

Memorial Resource Development Corp.]EX-4.1

 Exhibit 4.1 
  

 
  

K. HOVNANIAN ENTERPRISES, INC., 

as Issuer 
 HOVNANIAN
ENTERPRISES, INC. 
 and 

the other Guarantors party hereto 

and 
 WILMINGTON TRUST,
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 Indenture

 Dated as of November 5, 2014 
  

 
 8.000% Senior
Notes due 2019 
  
  

 

 TABLE OF CONTENTS 

 
  

 

							
	 	  	PAGE	 
	 RECITALS
  

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE
	   
 

  

  

	 Section 1.01.
	  	 Definitions
	  	 	1	  
	 Section 1.02.
	  	 Rules of Construction
	  	 	40	  
	  
 ARTICLE 2

THE NOTES
  
	 
   

  
 

	 Section 2.01.
	  	 Form, Dating and Denominations; Legends
	  	 	40	  
	 Section 2.02.
	  	 Execution and Authentication; Additional Notes
	  	 	41	  
	 Section 2.03.
	  	 Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust
	  	 	42	  
	 Section 2.04.
	  	 Replacement Notes
	  	 	43	  
	 Section 2.05.
	  	 Outstanding Notes
	  	 	43	  
	 Section 2.06.
	  	 Temporary Notes
	  	 	44	  
	 Section 2.07.
	  	 Cancellation
	  	 	44	  
	 Section 2.08.
	  	 CUSIP and ISIN Numbers
	  	 	44	  
	 Section 2.09.
	  	 Registration, Transfer and Exchange
	  	 	45	  
	 Section 2.10.
	  	 Restrictions on Transfer and Exchange
	  	 	48	  
	 Section 2.11.
	  	 Regulation S Temporary Global Notes
	  	 	50	  
	  
 ARTICLE 3

REDEMPTION; OFFER TO PURCHASE

 
	 
   

  
 

	 Section 3.01.
	  	 Optional Redemption
	  	 	51	  
	 Section 3.02.
	  	 [Reserved]
	  	 	52	  
	 Section 3.03.
	  	 Sinking Fund; Mandatory Redemption
	  	 	52	  
	 Section 3.04.
	  	 Method and Effect of Redemption
	  	 	52	  
	 Section 3.05.
	  	 Offer to Purchase
	  	 	54	  
	  
 ARTICLE 4

COVENANTS
  
	 
   

  
 

	 Section 4.01.
	  	 Payment of Notes
	  	 	56	  
	 Section 4.02.
	  	 Maintenance of Office or Agency
	  	 	57	  
	 Section 4.03.
	  	 Existence
	  	 	57	  
	 Section 4.04.
	  	 Payment of Taxes
	  	 	57	  
	 Section 4.05.
	  	 [Reserved]
	  	 	58	  
	 Section 4.06.
	  	 Limitations on Indebtedness
	  	 	58	  

  
 i 

							
	 Section 4.07.
	  	 Limitations on Restricted Payments
	  	 	60	  
	 Section 4.08.
	  	 Limitations on Liens
	  	 	65	  
	 Section 4.09.
	  	 Limitations on Restrictions Affecting Restricted Subsidiaries
	  	 	66	  
	 Section 4.10.
	  	 Limitations on Dispositions of Assets
	  	 	69	  
	 Section 4.11.
	  	 Guarantees by Restricted Subsidiaries
	  	 	71	  
	 Section 4.12.
	  	 Repurchase of Notes upon a Change of Control
	  	 	71	  
	 Section 4.13.
	  	 Limitations on Transactions with Affiliates
	  	 	73	  
	 Section 4.14.
	  	 Limitations on Mergers, Consolidations and Sales of Assets
	  	 	75	  
	 Section 4.15.
	  	 Reports to Holders of Notes
	  	 	76	  
	 Section 4.16.
	  	 [Reserved]
	  	 	77	  
	 Section 4.17.
	  	 [Reserved]
	  	 	77	  
	 Section 4.18.
	  	 Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade
	  	 	77	  
	  
 ARTICLE 5

REMEDIES
  
	 
   

  
 

	 Section 5.01.
	  	 Events of Default
	  	 	78	  
	 Section 5.02.
	  	 Other Remedies
	  	 	82	  
	 Section 5.03.
	  	 Waiver of Defaults by Majority of Holders
	  	 	82	  
	 Section 5.04.
	  	 Direction of Proceedings
	  	 	82	  
	 Section 5.05.
	  	 Application of Moneys Collected by Trustee
	  	 	83	  
	 Section 5.06.
	  	 Proceedings by Holders
	  	 	84	  
	 Section 5.07.
	  	 Proceedings by Trustee
	  	 	84	  
	 Section 5.08.
	  	 Remedies Cumulative and Continuing
	  	 	84	  
	 Section 5.09.
	  	 Undertaking to Pay Costs
	  	 	85	  
	 Section 5.10.
	  	 Notice of Defaults
	  	 	85	  
	 Section 5.11.
	  	 Waiver of Stay, Extension or Usury Laws
	  	 	86	  
	 Section 5.12.
	  	 Trustee May File Proof of Claim
	  	 	86	  
	 Section 5.13.
	  	 Payment of Notes on Default; Suit Therefor
	  	 	87	  
	  
 ARTICLE 6

GUARANTEES; RELEASE OF GUARANTOR

 
	 
   

  
 

	 Section 6.01.
	  	 Guarantee
	  	 	88	  
	 Section 6.02.
	  	 Obligations of each Guarantor Unconditional
	  	 	89	  
	 Section 6.03.
	  	 Release of a Guarantor
	  	 	90	  
	 Section 6.04.
	  	 Execution and Delivery of Guarantee
	  	 	90	  
	 Section 6.05.
	  	 Limitation on Guarantor Liability
	  	 	90	  
	 Section 6.06.
	  	 Article 6 Not to Prevent Events of Default
	  	 	91	  
	 Section 6.07.
	  	 Waiver by the Guarantors
	  	 	91	  
	 Section 6.08.
	  	 Subrogation and Contribution
	  	 	91	  
	 Section 6.09.
	  	 Stay of Acceleration
	  	 	91	  

  
 ii 

							
	 ARTICLE 7

THE TRUSTEE
	   

  

	 Section 7.01.
	  	 General
	  	 	92	  
	 Section 7.02.
	  	 Certain Rights of the Trustee
	  	 	92	  
	 Section 7.03.
	  	 Individual Rights of the Trustee
	  	 	94	  
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	 	94	  
	 Section 7.05.
	  	 [Reserved]
	  	 	94	  
	 Section 7.06.
	  	 Reports by Trustee to Holders
	  	 	94	  
	 Section 7.07.
	  	 Compensation and Indemnity
	  	 	95	  
	 Section 7.08.
	  	 Replacement of Trustee
	  	 	95	  
	 Section 7.09.
	  	 Successor Trustee by Merger
	  	 	97	  
	 Section 7.10.
	  	 Eligibility
	  	 	97	  
	 Section 7.11.
	  	 Money Held in Trust
	  	 	97	  
	  
 ARTICLE 8

DEFEASANCE AND DISCHARGE

 
	 
   

  
 

	 Section 8.01.
	  	 Legal Defeasance and Discharge
	  	 	97	  
	 Section 8.02.
	  	 Covenant Defeasance
	  	 	98	  
	 Section 8.03.
	  	 Conditions to Legal or Covenant Defeasance
	  	 	98	  
	 Section 8.04.
	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	 	100	  
	 Section 8.05.
	  	 Repayment to Issuer
	  	 	100	  
	 Section 8.06.
	  	 Reinstatement
	  	 	100	  
	 Section 8.07.
	  	 Survival
	  	 	101	  
	 Section 8.08.
	  	 Satisfaction and Discharge of Indenture
	  	 	101	  
	  
 ARTICLE 9

AMENDMENTS, SUPPLEMENTS AND WAIVERS

 
	 
   

  
 

	 Section 9.01.
	  	 Amendments Without Consent of Holders
	  	 	102	  
	 Section 9.02.
	  	 Amendments with Consent of Holders
	  	 	103	  
	 Section 9.03.
	  	 Effect of Consent
	  	 	104	  
	 Section 9.04.
	  	 Trustee’s Rights and Obligations
	  	 	105	  
	  
 ARTICLE 10

[RESERVED]
  
	 
   

  
 

	 ARTICLE 11

RELEASE OF ISSUER AND GUARANTORS
	   

  

	 Section 11.01.
	  	 Release of Issuer
	  	 	105	  

  
 iii 

							
	 ARTICLE 12

MISCELLANEOUS
  
	   
   

	 Section 12.01.
	  	 [Reserved]
	  	 	106	  
	 Section 12.02.
	  	 Holder Actions
	  	 	106	  
	 Section 12.03.
	  	 Notices
	  	 	107	  
	 Section 12.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	 	107	  
	 Section 12.05.
	  	 Statements Required in Certificate or Opinion
	  	 	108	  
	 Section 12.06.
	  	 Payment Date Other Than a Business Day
	  	 	109	  
	 Section 12.07.
	  	 Governing Law
	  	 	109	  
	 Section 12.08.
	  	 No Adverse Interpretation of Other Agreements
	  	 	109	  
	 Section 12.09.
	  	 Successors
	  	 	109	  
	 Section 12.10.
	  	 Duplicate Originals
	  	 	109	  
	 Section 12.11.
	  	 Separability
	  	 	109	  
	 Section 12.12.
	  	 Table of Contents and Headings
	  	 	109	  
	 Section 12.13.
	  	 No Liability of Directors, Officers, Employees, Partners, Incorporators and Stockholders
	  	 	109	  
	 Section 12.14.
	  	 Provisions of Indenture for the Sole Benefit of Parties and Holders of Notes
	  	 	110	  

  
 iv 

 EXHIBITS 
  

			
	EXHIBIT A	  	Form of Note and Guarantee
	EXHIBIT B	  	Form of Supplemental Indenture
	EXHIBIT C	  	Restricted Legend
	EXHIBIT D	  	DTC Legend
	EXHIBIT E	  	Regulation S Certificate
	EXHIBIT F	  	Rule 144A Certificate
	EXHIBIT G	  	Institutional Accredited Investor Certificate
	EXHIBIT H	  	Certificate of Beneficial Ownership
	EXHIBIT I	  	Regulation S Temporary Global Note Legend
	EXHIBIT J	  	Unrestricted Subsidiaries

  
 v 

 INDENTURE, dated as of November 5, 2014, among K. HOVNANIAN ENTERPRISES, INC., a
California corporation (the “Issuer”), HOVNANIAN ENTERPRISES, INC., a Delaware corporation (the “Company”), each of the other Guarantors (as defined hereafter) and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national
banking association, as Trustee (the “Trustee”). 
 RECITALS 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance on the Issue Date of
$250,000,000 aggregate principal amount of the Issuer’s 8.000% Senior Notes due 2019 and, if and when issued, any Additional Notes (together, the “Notes”). All things necessary to make this Indenture a valid agreement of the
Issuer, in accordance with its terms, have been done, and the Issuer has done all things necessary to make the Notes (in the case of any Additional Notes, when duly authorized), when duly issued and executed by the Issuer and authenticated and
delivered by the Trustee, the valid obligations of the Issuer as hereinafter provided. 
 In addition, the Guarantors party hereto
have duly authorized the execution and delivery of this Indenture as guarantors of the Notes. All things necessary to make this Indenture a valid agreement of each Guarantor, in accordance with its terms, have been done, and each Guarantor has done
all things necessary to make the Guarantees (in the case of the Guarantee of any Additional Notes, when duly authorized), when duly issued and executed by each Guarantor and when the Notes have been authenticated and delivered by the Trustee, the
valid obligation of such Guarantor as hereinafter provided. 
 THIS INDENTURE WITNESSETH 

For and in consideration of the premises and the purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the
equal and proportionate benefit of all Holders, as follows: 
 ARTICLE 1 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions.  

“Acquired Indebtedness” means (a) with respect to any Person that becomes a Restricted Subsidiary (or is merged
into the Company, the Issuer or any Restricted Subsidiary) after the Issue Date, Indebtedness of such Person or any of its Subsidiaries existing at the time such Person becomes a Restricted Subsidiary (or is merged into the Company, the Issuer or
any Restricted Subsidiary) that was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary (or being merged into the Company, the Issuer or any Restricted Subsidiary) and (b) with respect to the
Company, the  

  
 1 

 
Issuer or any Restricted Subsidiary, any Indebtedness expressly assumed by the Company, the Issuer or any Restricted Subsidiary in connection with the acquisition of any assets from another
Person (other than the Company, the Issuer or any Restricted Subsidiary), which Indebtedness was not incurred by such other Person in connection with or in contemplation of such acquisition. Indebtedness incurred in connection with or in
contemplation of any transaction described in clause (a) or (b) of the preceding sentence shall be deemed to have been incurred by the Company or a Restricted Subsidiary, as the case may be, at the time such Person becomes a Restricted
Subsidiary (or is merged into the Company, the Issuer or any Restricted Subsidiary) in the case of clause (a) or at the time of the acquisition of such assets in the case of clause (b), but shall not be deemed Acquired Indebtedness. 

“Additional Notes” means any notes of the Issuer issued under this Indenture in addition to the Initial Notes having
the same terms in all respects as the Initial Notes, except that interest may accrue on the Additional Notes from their date of issuance, and any notes issued in replacement therefor. 

“Affiliate” means, when used with reference to a specified Person, any Person directly or indirectly controlling, or
controlled by or under direct or indirect common control with, the Person specified. 
 “Affiliate
Transaction” has the meaning ascribed to it in Section 4.13 hereof. 
 “Agent” means any
Registrar, Paying Agent or Authenticating Agent. 
 “Agent Member” means a member of, or a participant in,
the Depositary. 
 “Applicable Debt” means all Indebtedness of the Company, the Issuer or any Guarantor
(a) under Credit Facilities or (b) that is publicly traded (including in the Rule 144A market), including, without limitation, the Issuer’s senior notes outstanding on the Issue Date. 

“Asset Acquisition” means (a) an Investment by the Company, the Issuer or any Restricted Subsidiary in any other
Person if, as a result of such Investment, such Person shall become a Restricted Subsidiary or shall be consolidated or merged with or into the Company, the Issuer or any Restricted Subsidiary or (b) the acquisition by the Company, the Issuer
or any Restricted Subsidiary of the assets of any Person, which constitute all or substantially all of the assets or of an operating unit or line of business of such Person or which is otherwise outside the ordinary course of business. 

“Asset Disposition” means any sale, transfer, conveyance, lease or other disposition (including, without limitation,
by way of merger, consolidation or sale and leaseback or sale of shares of Capital Stock in any Subsidiary) (each, a  

  
 2 

 
“transaction”) by the Company, the Issuer or any Restricted Subsidiary to any Person of any Property having a Fair Market Value in any transaction or series of related
transactions of at least $10.0 million. The term “Asset Disposition” shall not include: 
 (a) a transaction between
the Company, the Issuer and any Restricted Subsidiary or a transaction between Restricted Subsidiaries; 
 (b) a transaction in the ordinary
course of business, including, without limitation, sales (directly or indirectly), sales subject to repurchase options, dedications and other donations to governmental authorities, leases and sales and leasebacks of (i) homes, improved land and
unimproved land and (ii) real estate (including related amenities and improvements); 
 (c) a transaction involving the sale of Capital
Stock of, or the disposition of assets in, an Unrestricted Subsidiary; 
 (d) any exchange or swap of assets of the Company, the Issuer or
any Restricted Subsidiary for assets (including Capital Stock of any Person that is or will be a Restricted Subsidiary following receipt thereof) that (i) are to be used by the Company, the Issuer or any Restricted Subsidiary in the ordinary
course of its Real Estate Business and (ii) have a Fair Market Value not less than the Fair Market Value of the assets exchanged or swapped; 

(e) any sale, transfer, conveyance, lease or other disposition of assets and properties that is governed by Section 4.14 hereof; 

(f) dispositions of mortgage loans and related assets and mortgage-backed securities in the ordinary course of a mortgage lending business;

 (g) the creation of a Permitted Lien and dispositions in connection with Permitted Liens; 

(h) any Restricted Payment or Permitted Investment; 

(i) sales, transfers and other dispositions of Investments in joint ventures to the extent required by, or made pursuant to, customary
buy/sell arrangements between the joint venture parties set forth in joint venture arrangements and similar binding arrangements; 
 (j) the
unwinding of any Hedging Obligations; 
 (k) foreclosures, condemnation, eminent domain or any similar action on assets; 

  
 3 

 (l) any financing transaction with respect to property built or acquired by the Company or any
Restricted Subsidiary after the Issue Date; 
 (m) any surrender or waiver of contractual rights or the settlement, release or surrender of
contractual rights or other litigation claims in the ordinary course of business; and 
 (n) the issuance of directors’ qualifying
shares and shares issued to foreign nationals or other third parties as required by applicable law. 
 “Attributable
Debt” means, with respect to any Capitalized Lease Obligations, the capitalized amount thereof determined in accordance with GAAP. 

“Authenticating Agent” refers to a Person engaged to authenticate the Notes in the stead of the Trustee. 

“Bankruptcy Law” means title 11 of the United States Code, as amended, or any similar federal or state law for the
relief of debtors. 
 “Board of Directors” means, when used with reference to the Issuer or the Company, as
the case may be, the board of directors or any duly authorized committee of that board or any director or directors and/or officer or officers to whom that board or committee shall have duly delegated its authority. 

“Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in
the city where the Corporate Trust Office of the Trustee is located are authorized or required by law or regulation to close. 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents
(however designated) of or in such Person’s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the Issue Date, including,
without limitation, all Disqualified Stock and Preferred Stock, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 

“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 obligations will be the capitalized amount thereof determined in accordance with GAAP. 

  
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 “Cash Equivalents” means 

(a) U.S. dollars, Canadian dollars, euros, pounds sterling, any national currency of any participating member state in the European Union or
local currencies held from time to time in the ordinary course of business; 
 (b) securities issued or directly and fully guaranteed or
insured by the U.S. government or any country that is a member state of the European Union or any agency or instrumentality thereof having maturities of one year or less from the date of acquisition; 

(c) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances with maturities of
one year or less from the date of acquisition, in each case with any domestic commercial bank having capital and surplus in excess of $500.0 million; 

(d) marketable general obligations issued by any state of the United States of America or any political subdivision of any such state or any
public instrumentality thereof maturing within one year from the date of acquisition and, at the time of acquisition, having a credit rating of at least “A” or the equivalent thereof by S&P or Moody’s, or carrying an equivalent
rating by a nationally recognized Rating Agency, if both of the two named Rating Agencies cease publishing ratings of investments; 
 (e)
repurchase obligations for underlying securities of the types described in clauses (b), (c) and (d) of this definition entered into with any financial institution meeting the qualifications specified in clause (c) of this definition;

 (f) commercial paper rated P-1, A-1 or the equivalent thereof by Moody’s or S&P, respectively, and in each case maturing within
one year after the date of acquisition; 
 (g) Investments with average maturities of one year or less from the date of acquisition in money
market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s; and 

(h) investments in investment companies or money market funds substantially all of the assets of which consist of securities described in the
foregoing clauses (a) through (g) of this definition. 
 Notwithstanding the foregoing, Cash Equivalents shall include
amounts denominated in currencies other than those set forth in clause (a) above; provided that such amounts are converted into any currency listed in clause (a) as promptly as practicable and in any event within ten business days
following the receipt of such amounts. 

  
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 “Cash Management Services” means any of the following to the extent not
constituting a line of credit (other than an overnight overdraft facility that is not in default): ACH transactions, treasury and/or cash management services, including, without limitation, controlled disbursement services, overdraft facilities,
foreign exchange facilities, deposit and other accounts and merchant services. 
 “cash transaction” has the
meaning ascribed to it in Section 7.03 hereof. 
 “Certificate of Beneficial Ownership” means a
certificate substantially in the form of Exhibit H. 
 “Certificated Note” means a Note in registered
individual form without interest coupons. 
 “Change of Control” means 

(a) any sale, lease or other transfer (in one transaction or a series of transactions) of all or substantially all of the consolidated
assets of the Company and its Restricted Subsidiaries to any Person (other than a Restricted Subsidiary); provided, however, that a transaction where the holders of all classes of Common Equity of the Company immediately prior to such
transaction own, directly or indirectly, more than 50% of all classes of Common Equity of such Person immediately after such transaction shall not be a Change of Control; 

(b) a “person” or “group” (within the meaning of Section 13(d) of the Exchange Act (other than
(x) the Company or (y) the Permitted Hovnanian Holders)) becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of Common Equity of the Company representing more than 50% of the voting power of
the Common Equity of the Company; or 
 (c) the stockholders of the Company approve any plan or proposal for the liquidation
or dissolution of the Company; provided, however, that a liquidation or dissolution of the Company which is part of a transaction that does not constitute a Change of Control under the proviso contained in clause (a) of this
definition shall not constitute a Change of Control. 
 “Clearstream” means Clearstream Banking,
société anonyme, Luxembourg. 
 “Commission” means the Securities and Exchange Commission.

 “Common Equity” of any Person means Capital Stock of such Person that is generally entitled to (a) vote
in the election of directors of such Person or (b) 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 or policies of such
Person. 

  
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 “Company” has the meaning ascribed to it in the preamble hereof and shall
also refer to any successor obligor under this Indenture and its Guarantee(s). 
 “Consolidated Cash Flow Available
for Fixed Charges” means, for any period, Consolidated Net Income for such period plus (each to the extent deducted in calculating such Consolidated Net Income and determined in accordance with GAAP) the sum for such
period, without duplication, of: 
 (a) provision for taxes based on income or profits or capital gains, including, without
limitation, U.S. federal, state, non-U.S., franchise, excise, value added and similar taxes and foreign withholding taxes of such Person paid or accrued during such period, including any penalties and interest relating to such taxes or arising from
any tax examinations; 
 (b) Consolidated Interest Expense; 

(c) depreciation and amortization expenses and other non-cash charges to earnings; 

(d) any fees, expenses, charges or losses (other than depreciation or amortization expense) related to any Equity Offering, Permitted
Investment, acquisition, disposition, recapitalization or the incurrence of Indebtedness permitted to be incurred by the Indenture (including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges
related to the offering of the Notes and (ii) any amendment or other modification of the Notes or other Indebtedness; 
 (e) any other
non-cash charges, including any write offs, write downs, expenses, losses or items, excluding any such charge that represents an accrual or reserve for a cash expenditure for a future period; 

(f) costs of surety bonds incurred in such period in connection with financing activities; 

(g) any costs or expense incurred by the Company or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any
other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds of an
issuance of Qualified Stock solely to the extent that such net cash proceeds are excluded from the calculation set forth in clause (iii) of Section 4.07(a); 

  
 7 

 (h) effects of adjustments (including the effects of such adjustments pushed down to the Company
and its Restricted Subsidiaries) in any line item in such Person’s consolidated financial statements in accordance with GAAP resulting from the application of purchase accounting, or the amortization or write-off of any amounts thereof, net of
taxes; 
 (i) any impairment charge, asset write-off or write-down pursuant to ASC 350 and ASC 360 (formerly Financial Accounting Standards
Board Statement Nos. 142 and 144, respectively) and the amortization of intangibles arising pursuant to ASC 805 (formerly Financial Accounting Standards Board Statement No. 141); and 

(j) cash receipts (or any netting arrangements resulting in reduced cash expenses) not included in Consolidated Cash Flow Available for
Fixed Charges in any period to the extent non-cash gains relating to such receipts were deducted in the calculation of Consolidated Cash Flow Available for Fixed Charges pursuant to clause (k) below for any previous period and not added back;
minus 
 (k) non-cash gains increasing Consolidated Net Income for such period, excluding any non-cash gains which represent
the reversal of any accrual of, or cash reserve for, anticipated cash charges that reduced Consolidated Cash Flow Available for Fixed Charges in any prior period; provided that, to the extent non-cash gains are deducted pursuant to this
clause (k) for any previous period and not otherwise added back to Consolidated Cash Flow Available for Fixed Charges, Consolidated Cash Flow Available for Fixed Charges shall be increased by the amount of any cash receipts (or any netting
arrangements resulting in reduced cash expenses) in respect of such non-cash gains received in subsequent periods to the extent not already included therein, and plus or minus (as applicable and without duplication) to eliminate the
following items to the extent reflected in Consolidated Net Income; 
 (l)(i) any net gain or loss resulting in such period from
currency gains or losses related to Indebtedness, intercompany balances and other balance sheet items; and (ii) any unrealized net gain or loss resulting in such period from Hedging Obligations, and the application of Financial Accounting
Standards Codification No. 815—Derivatives and Hedging (formerly Financing Accounting Standards Board Statement No. 133), and its related pronouncements and interpretations (or any successor provision). 

“Consolidated Fixed Charge Coverage Ratio” means, with respect to any determination date, the ratio of
(x) Consolidated Cash Flow Available for Fixed Charges for the prior four full fiscal quarters (the “Four Quarter Period”) for which financial results have been reported immediately preceding the determination date (the
“Transaction Date”), to (y) the aggregate Consolidated  

  
 8 

 
Interest Incurred for the Four Quarter Period. For purposes of this definition, “Consolidated Cash Flow Available for Fixed Charges” and “Consolidated Interest
Incurred” shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 

(a) the incurrence or the repayment, repurchase, redemption, retirement, defeasance or other discharge or the assumption by another
Person that is not an Affiliate (collectively, “repayment”) of any Indebtedness of the Company, the Issuer or any Restricted Subsidiary (and the application of the proceeds thereof) giving rise to the need to make such calculation,
and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), at any time on or after the first day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment, as the
case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period, except that Indebtedness under revolving credit facilities shall be deemed to be the average daily balance of such Indebtedness during
the Four Quarter Period (as reduced on such pro forma basis by the application of any proceeds of the incurrence of Indebtedness giving rise to the need to make such calculation); 

(b) any Asset Disposition, Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such
calculation as a result of the Company, the Issuer or any Restricted Subsidiary (including any Person that becomes a Restricted Subsidiary as a result of any such Asset Acquisition) incurring Acquired Indebtedness at any time on or after the first
day of the Four Quarter Period and on or prior to the Transaction Date), Investment, merger or consolidation as if such Asset Disposition, Asset Acquisition (including the incurrence or repayment of any such Indebtedness), Investment, merger or
consolidation and the inclusion, notwithstanding clause (2) of the definition of “Consolidated Net Income,” of any Consolidated Cash Flow Available for Fixed Charges associated with such Asset Acquisition or other transaction occurred
on the first day of the Four Quarter Period; provided, however, that the Consolidated Cash Flow Available for Fixed Charges associated with any Asset Acquisition or other transaction shall not be included to the extent the net income so
associated would be excluded pursuant to the definition of “Consolidated Net Income,” other than clause (b) thereof, as if it applied to the Person or assets involved before they were acquired; and 

(c) the Consolidated Cash Flow Available for Fixed Charges and the Consolidated Interest Incurred attributable to discontinued operations, as
determined in accordance with GAAP, shall be excluded. 
 Furthermore, in calculating “Consolidated Cash Flow Available for Fixed
Charges” for purposes of determining the denominator (but not the numerator) of this “Consolidated Fixed Charge Coverage Ratio,” 

  
 9 

 (a) interest on Indebtedness in respect of which a pro forma calculation is
required that is determined on a fluctuating basis as of the Transaction Date (including Indebtedness actually incurred on the Transaction Date) 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 Transaction Date; and 
 (b)
notwithstanding the immediately preceding clause (a), interest on such Indebtedness determined on a fluctuating basis, to the extent such interest is covered by agreements relating to Interest Protection Agreements, shall be deemed to accrue at the
rate per annum resulting after giving effect to the operation of such agreements. 
 “Consolidated Interest
Expense” of the Company for any period means the Interest Expense of the Company, the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Interest Incurred” for any period means the Interest Incurred of the Company, the Issuer and the
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated
Net Income” for any period means the aggregate net income (or loss) of the Company and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP; provided, that there will be excluded
from such net income (loss) (to the extent otherwise included therein), without duplication: 
 (a) the net income (or loss) of
(x) any Unrestricted Subsidiary (other than a Mortgage Subsidiary) or (y) any Person (other than a Restricted Subsidiary or a Mortgage Subsidiary) that is accounted for by the equity method of accounting, except, in each case, to the
extent that any such income has actually been received by the Company, the Issuer or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such period; 

(b) except to the extent includable in Consolidated Net Income pursuant to clause (a) of this definition, the net income (or loss) of any
Person that accrued prior to the date that (i) such Person becomes a Restricted Subsidiary or is merged with or into or consolidated with the Company, the Issuer or any of its Restricted Subsidiaries (except, in the case of an Unrestricted
Subsidiary that is redesignated a Restricted Subsidiary during such period, to the extent of its retained earnings from the beginning of such period to the date of such redesignation) or (ii) the assets of such Person are acquired by the
Company or any Restricted Subsidiary; 
 (c) solely for the purpose of determining the amount available for Restricted Payments under clause
(iii) of Section 4.07(a), the net income of any 

  
 10 

 
Restricted Subsidiary that is not a Guarantor to the extent that (but only so long as) the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that
income is not permitted by operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary during such period, except, the net income of
any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted
Subsidiary as a dividend; 
 (d) the gains or losses, together with any related provision for taxes, realized during such period by the
Company, the Issuer or any Restricted Subsidiary resulting from (i) the acquisition of securities, or extinguishment of Indebtedness or Hedging Obligations or other derivative instruments (including deferred financing costs written off and
premiums paid), of the Company or any Restricted Subsidiary, (ii) any Asset Disposition by the Company or any Restricted Subsidiary, (iii) any non-cash income (or loss) related to currency gains or losses related to Indebtedness,
intercompany balances and other balance sheet items and to Hedging Obligations pursuant to Financial Accounting Standards Codification No. 815—Derivatives and Hedging (formerly Financing Accounting Standards Board Statement No. 133)
and its related pronouncements and interpretations (or any successor provision) and (iv) any non-cash expense, income or loss attributable to the movement in mark-to-market valuation of foreign currencies, Indebtedness or derivative instruments
pursuant to GAAP; 
 (e) any extraordinary, unusual or non-recurring gain or loss (but excluding any impairment charges), in each case, less
all fees and expenses relating thereto and any expenses, severance, relocation costs, curtailments or modifications to pension and post-retirement employee benefits plans, integration and other restructuring and business optimization costs, charges,
reserves or expenses (including relating to acquisitions after the Existing 2019 Notes Issue Date), and one-time compensation charges together with any related provision for taxes, realized by the Company, the Issuer or any Restricted Subsidiary;

 (f) the cumulative effect of a change in accounting principles and changes as a result of adoption or modification of accounting policies
during such period; 
 (g) any net after-tax gains or losses on disposal of disposed, abandoned, transferred, closed or discontinued
operations; 
 (h) any after-tax effect of gains or losses (less all fees and expenses relating thereto) attributable to asset dispositions
or abandonments other than in the ordinary course of business, as determined in good faith by the Company; 

  
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 (i) (i) any non-cash compensation expense recorded from grants of stock appreciation or
similar rights, phantom equity, stock options, restricted stock, units or other rights to officers, directors, managers or employees and (ii) non-cash income (loss) attributable to deferred compensation plans or trusts; 

(j) any fees and expenses incurred during such period, or any amortization thereof for such period, in connection with any acquisition,
Investment, recapitalization, Asset Disposition, issuance or repayment of Indebtedness, issuance of Capital Stock, refinancing transaction or amendment or modification of any debt instrument (in each case, including any such transaction consummated
prior to the Existing 2019 Notes Issue Date and any such transaction undertaken but not completed) and any charges or non-recurring merger costs incurred during such period as a result of any such transaction; and 

(k) to the extent covered by insurance or indemnification and actually reimbursed, or, so long as the Issuer has made a determination that
there exists reasonable evidence that such amount will in fact be reimbursed by the insurer or indemnifying party and only to the extent that such amount is (i) not denied by the applicable carrier or indemnifying party in writing within 180
days and (ii) in fact reimbursed within 365 days of the date of such evidence (with a deduction for any amount so added back to the extent not so reimbursed within 365 days), losses and expenses with respect to liability or casualty events or
business interruption shall be excluded; 
 provided, further, that for purposes of calculating Consolidated Net Income solely as it relates to
clause (iii) of Section 4.07(a), clauses (d)(ii) and (h) above shall not be applicable. 

“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 and including any deferred tax assets (for which a valuation allowance has been recorded with respect thereto as if no such valuation allowance was required in making such calculation)) on a
consolidated basis at the end of the fiscal quarter for which financial results have been reported immediately preceding such date, as determined in accordance with GAAP, less: (a) Intangible Assets and (b) appropriate adjustments on
account of minority interests of other Persons holding equity investments in Restricted Subsidiaries, in the case of each of clauses (a) and (b) above, as reflected on the consolidated balance sheet of the Company and its Restricted
Subsidiaries as of the end of the fiscal quarter immediately preceding such date, with such pro forma adjustments to Consolidated Tangible Assets as are appropriate and consistent with the pro forma
adjustment provisions set forth in the definition of “Consolidated Fixed Charge Coverage Ratio.” 

  
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 “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 for which
financial results have been reported immediately preceding such date, as determined in accordance with GAAP (provided that any deferred tax assets for which a valuation allowance has been recorded with respect thereto shall be
included as if no such valuation allowance was required in making such calculation), less the amount of Intangible Assets reflected on the consolidated balance sheet of the Company and its Restricted Subsidiaries as of the end of the fiscal quarter
for which financial results have been reported immediately preceding such date. 
 “control” when used with
respect to any Person, means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. 
 “Corporate Trust Office” means
the office of the Trustee at which the corporate trust business of the Trustee is principally administered, which at the date of this Indenture is located at Rodney Square North, 1100 North Market Street, Wilmington, DE 19890-1600. 

“Covenant Defeasance” has the meaning ascribed to it in Section 8.02 hereof. 

“Credit Facilities” means, with respect to the Company, the Issuer or any of its Restricted Subsidiaries, one or more
debt facilities or other financing arrangements (including, without limitation, commercial paper facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other long-term indebtedness, including any notes,
mortgages, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications, extensions, renewals, restatements or refundings thereof and any indentures or credit
facilities or commercial paper facilities that exchange, replace, refund, refinance, extend, renew, restate, amend, supplement or modify any part of the loans, notes, other credit facilities or commitments thereunder, including any such exchanged,
replacement, refunding, refinancing, extended, renewed, restated, amended, supplemented or modified 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 under Section 4.06(a) hereof) or adds the Company, the Issuer or Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group
of lenders.  

  
 13 

 “Currency Agreement” of any Person means any foreign exchange contract,
currency swap agreement or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against fluctuations in currency values. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction
will not constitute a Currency Agreement. 
 “Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law. 
 “Default” means any event, act or condition that is, or after
notice or the passage of time or both would be, an Event of Default. 
 “Depositary” means the depositary of
each Global Note, which will initially be DTC. 
 “Designation Amount” has the meaning ascribed to it in the
definition of “Unrestricted Subsidiary.” 
 “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, (a) matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is
redeemable at the option of the holder thereof, in whole or in part, on or prior to the final maturity date of the Notes or (b) is convertible into or exchangeable or exercisable for (whether at the option of the issuer or the holder thereof)
(i) debt securities or (ii) any Capital Stock referred to in (a) above, in each case, at any time prior to the final maturity date of the Notes; provided, however, that any Capital Stock that
would not constitute Disqualified Stock but for provisions thereof giving holders thereof (or the holders of any security into or for which such Capital Stock is convertible, exchangeable or exercisable) the right to require the Company to
repurchase or redeem such Capital Stock upon the occurrence of a change in control or asset disposition occurring prior to the final maturity date of the Notes shall not constitute Disqualified Stock if the change in control or asset disposition
provision applicable to such Capital Stock are no more favorable to such holders than the provisions of Section 4.10 or Section 4.12 hereof (as applicable) and such Capital Stock specifically provides that the Company will not repurchase
or redeem any such Capital Stock pursuant to such provisions prior to the Company’s repurchase of the Notes as are required pursuant to the provisions of Section 4.10 or Section 4.12 hereof (as applicable). 

“DTC” means The Depository Trust Company, a New York corporation. 

“DTC Legend” means the legend set forth in Exhibit D. 

“Equity Offering” means any public or private sale, after the Issue Date, of Qualified Stock of the Company, other
than (i) an Excluded Contribution, (ii)  

  
 14 

 
public offerings registered on Form S-4 or S-8 or any successor form thereto or (iii) any issuance pursuant to employee benefit plans or otherwise in compensation to officers, directors or
employees. 
 “Euroclear” means Euroclear Bank S.A./N.V. and its successors or assigns, as operator of the Euroclear
System. 
 “Event of Default” has the meaning ascribed to it in Section 5.01 hereof. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Excluded Contribution” means cash or Cash Equivalents received by the Company as capital contributions to its equity
(other than through the issuance of Disqualified Stock) or from the issuance or sale (other than to a Subsidiary) of Qualified Stock of the Company, in each case, after January 31, 2008 and to the extent designated as an Excluded Contribution
pursuant to an Officer’s Certificate of the Company; provided that Excluded Contributions shall not include cash or Cash Equivalents received prior to the Existing 2019 Notes Issue Date to the extent they were used (or
deemed used) prior to the Existing 2019 Notes Issue Date to make Restricted Payments pursuant to the terms of the indenture governing the Issuer’s Existing Secured Notes; provided further that subsequent reductions in such
usage (or deemed usage) pursuant to the terms of such indenture shall be given effect as well. 
 “Excluded
Subsidiary” means (i) each non-wholly owned Subsidiary and (ii) each Subsidiary of the Company (other than the Issuer) that has a book value of less than $5.0 million, measured at the end of the most recently completed fiscal year
for which financial statements have been provided as set forth under “Reports” (or if acquired or created subsequent to such delivery, measured at the most recent practicable date (or estimated in the reasonable judgment of the Company));
provided that in each case, such Subsidiary has not guaranteed any other Applicable Debt of the Company or the Issuer. 

“Existing 2019 Notes” means the Issuer’s 7.000% Senior Notes due 2019. 

“Existing 2019 Notes Issue Date” means January 10, 2014.  

“Existing Secured Notes” means the Issuer’s 7.25% Senior Secured First Lien Notes due 2020 and the Issuer’s
9.125% Senior Secured Second Lien Notes due 2020. 
 “Existing Subordinated Indebtedness” means the
Issuer’s Senior Subordinated Amortizing Notes due February 15, 2014. 
 “expiration date” has the
meaning ascribed to it in Section 3.05(b) hereof. 

  
 15 

 “Fair Market Value” means, with respect to any asset, the price (after
taking into account any liabilities relating to such assets) that would be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the
transaction, as such price is determined in good faith by the Board of Directors of the Company or a duly authorized committee thereof, as evidenced by a resolution of such Board or committee. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements 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 Existing 2019 Notes Issue Date. 
 “Global
Note” means a Note in registered, global form without interest coupons. 
 “Guarantee” means the
guarantee of the Notes by each Guarantor under this Indenture. 
 “guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person:
(a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep-well, to purchase assets, goods,
securities or services, to take-or-pay, or to maintain financial statement conditions or otherwise) or (b) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such
obligee against loss in respect thereof, in whole or in part; provided, that the term “guarantee” does not include endorsements for collection or deposit in the ordinary course of business. The term
“guarantee” used as a verb has a corresponding meaning. 
 “Guarantors” means
(a) initially, the Company and each of the other Guarantors signatory hereto as set forth on Schedule A hereto, and (b) each of the Company’s Subsidiaries that becomes a Guarantor of the Notes pursuant to the provisions of this
Indenture, and their successors, in each case until released from its respective Guarantee pursuant to this Indenture. 

“Hedging Obligations” means, with respect to any Person, the obligations of such Person under any Interest Protection
Agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, Currency  

  
 16 

 
Agreement or similar agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

“Holder,” “Holders,” “Holder of Notes” or “Holders of Notes” means
the Person or each Person in whose name a Note is registered in the books of the Registrar for the Notes. 

“incurrence” has the meaning ascribed to it in Section 4.06(a) hereof. 

“Indebtedness” of any Person means, without duplication: 

(a) any liability of such Person (i) for borrowed money or under any reimbursement obligation relating to a letter of credit or other
similar instruments (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), (ii) evidenced by a bond, note, debenture or similar instrument (including a purchase money obligation) given in connection with the acquisition of any businesses, properties or assets of any kind or
with services incurred in connection with capital expenditures (other than any obligation to pay a contingent purchase price which, as of the date of incurrence thereof, is not required to be recorded as a liability in accordance with GAAP), or
(iii) in respect of Capitalized Lease Obligations (to the extent of the Attributable Debt in respect thereof); 
 (b) any
Indebtedness of others that such Person has guaranteed to the extent of the guarantee; provided, however, that Indebtedness of the Company and its Restricted Subsidiaries will not include the obligations of the Company or a Restricted
Subsidiary under warehouse lines of credit of Mortgage Subsidiaries to repurchase mortgages at prices no greater than 98% of the principal amount thereof, and upon any such purchase the excess, if any, of the purchase price thereof over the Fair
Market Value of the mortgages acquired, will constitute Restricted Payments subject to Section 4.07 hereof; 
 (c) to the extent
not otherwise included, the obligations of such Person under Hedging Obligations to the extent recorded as liabilities not constituting Interest Incurred, net of amounts recorded as assets in respect of such obligations, in accordance with GAAP; and

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

 provided, that Indebtedness shall not include accounts payable, liabilities to trade creditors of such Person or other accrued expenses arising in
the ordinary course of business or completion guarantees entered into in the ordinary course of  

  
 17 

 
business. The amount of Indebtedness of any Person at any date shall be (i) the outstanding balance at such date of all unconditional obligations as described above, net of any unamortized
discount to be accounted for as Interest Expense, in accordance with GAAP, (ii) the maximum liability of such Person for any contingent obligations under clause (a) of this definition at such date, net of an unamortized discount to be
accounted for as Interest Expense in accordance with GAAP, (iii) in the case of clause (c) above, zero if permitted under clause (f) of the definition of “Permitted Indebtedness” or, otherwise, the net termination amount
payable in respect thereof, and (iv) in the case of clause (d) above, the lesser of (x) the fair market value of any asset subject to a Lien securing the Indebtedness of others on the date that the Lien attaches and (y) the
amount of the Indebtedness secured. 
 For the avoidance of doubt, obligations of any Person under a Permitted Bond Hedge Transaction or a
Permitted Warrant Transaction shall be deemed not to constitute Indebtedness. 
 “Indenture” means this indenture,
as amended or supplemented from time to time. 
 “Initial Notes” means the Notes of the Issuer issued under
this Indenture on the Issue Date and any Notes issued in replacement therefor. 
 “Institutional Accredited Investor
Certificate” means a certificate substantially in the form of Exhibit G 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 (other than any deferred tax assets) which would
be treated as intangibles on the consolidated balance sheet of the Company and its Restricted Subsidiaries prepared in accordance with GAAP. 

“Interest Expense” of any Person for any period means, without duplication, the aggregate amount of (a) interest
which, in conformity with GAAP, would be set opposite the caption “interest expense” or any like caption on an income statement for such Person (including, without limitation, imputed interest included in Capitalized Lease Obligations, all
commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing, the net costs (but reduced by net gains) associated with Currency Agreements and Interest Protection Agreements,
amortization of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization of discount or premium, if any, and all other noncash interest expense (other than interest and other charges amortized to cost
of sales)), and (b) all interest actually paid by the Company or a Restricted Subsidiary under any guarantee of Indebtedness (including, without limitation, a guarantee of  

  
 18 

 
principal, interest or any combination thereof) of any Person other than the Company, the Issuer or any Restricted Subsidiary during such period; provided, that Interest Expense shall
exclude any expense associated with the complete write-off of financing fees and expenses in connection with the repayment of any Indebtedness.  

“Interest Incurred” of any Person for any period means, without duplication, the aggregate amount of (a) Interest
Expense and (b) all capitalized interest and amortized debt issuance costs. 
 “Interest Payment Date”
means each May 1 and November 1 of each year, commencing May 1, 2015. 
 “Interest Protection
Agreement” of any Person means any interest rate swap agreement, interest rate collar agreement, option or futures contract or other similar agreement or arrangement designed to protect such Person or any of its Subsidiaries against
fluctuations in interest rates with respect to Indebtedness permitted to be incurred under this Indenture. For the avoidance of doubt, any Permitted Convertible Indebtedness Call Transaction will not constitute an Interest Protection Agreement. 

 “Investment Grade” means, with respect to a debt rating of the Notes, a rating of Baa3 (or the equivalent) or
higher by Moody’s together with a rating of BBB- (or the equivalent) or higher by S&P or, in the event S&P or Moody’s or both shall cease rating the Notes (for reasons outside the control of the Company or the Issuer) and the
Company shall select any other Rating Agency, the equivalent of such ratings by such other Rating Agency. 

“Investments” of any Person means (a) all investments by such Person in any other Person in the form of loans,
advances or capital contributions, (b) all guarantees of Indebtedness of any other Person by such Person, (c) all purchases (or other acquisitions for consideration) by such Person of Indebtedness, Capital Stock or other securities of any
other Person and (d) all other items that would be classified as investments in any other Person (including, without limitation, purchases of assets outside the ordinary course of business) on a balance sheet of such Person prepared in
accordance with GAAP. 
 “Issue Date” means November 5, 2014. 

“Issuer” has the meaning ascribed to it in the preamble hereof and shall also refer to any successor obligor under
this Indenture. 
 “Legal Defeasance” has the meaning ascribed to it in Section 8.01 hereof. 

“Lien” means, with respect to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of
any kind in respect of such Property.  

  
 19 

 
For purposes of this definition, a Person shall be deemed to own, subject to a Lien, any Property which it has acquired or holds subject to the interest of a vendor or lessor under any
conditional sale agreement, capital lease or other title retention agreement relating to such Property. 
 “Make-Whole
Amount” has the meaning ascribed to it in Section 3.01 hereof. 
 “Marketable Securities” means
(a) equity securities that are listed on a national securities exchange and (b) debt securities that are rated by a nationally recognized rating agency, listed on a national securities exchange or covered by at least two reputable market
makers. 
 “Moody’s” means Moody’s Investors Service, Inc. or any successor to its debt rating
business. 
 “Mortgage Subsidiary” means any Subsidiary of the Company substantially all of whose operations
consist of the mortgage lending business. 
 “Net Cash Proceeds” means with respect to an Asset Disposition,
payments received in cash (including any such payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise (including any cash received upon sale or disposition of such note or receivable), but
only as and when received), excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to the Property disposed of in such Asset Disposition or received in any other
non-cash form unless and until such non-cash consideration is converted into cash therefrom, in each case, net of all legal, title and recording tax expenses, commissions and other fees and expenses incurred, and all federal, state and local taxes
required to be accrued as a liability under GAAP as a consequence of such Asset Disposition, and in each case net of a reasonable reserve for the after-tax cost of any indemnification or other payments (fixed and contingent) attributable to the
seller’s indemnities or other obligations to the purchaser undertaken by the Company, the Issuer or any of its Restricted Subsidiaries in connection with such Asset Disposition, and net of all payments made on any Indebtedness which is secured
by or relates to such Property in accordance with the terms of any Lien or agreement upon or with respect to such Property or which such Indebtedness must by its terms or by applicable law be repaid out of the proceeds from such Asset Disposition,
and net of all contractually required distributions and payments made to minority interest holders in Restricted Subsidiaries or joint ventures as a result of such Asset Disposition. 

“Non-Recourse Indebtedness” with respect to any Person means Indebtedness of such Person for which (a) the sole
legal recourse for collection of  

  
 20 

 
principal and interest on such Indebtedness is against the specific property, including for the avoidance of doubt, assets directly related thereto or derived therefrom, identified in the
instruments evidencing or securing such Indebtedness or other property of such Person financed pursuant to the Credit Facility of such Person under which such Indebtedness was incurred (provided that the aggregate principal amount of the
total Indebtedness shall not exceed the purchase price or cost (including financing costs) of the properties financed thereby), (b) such properties were acquired (directly or indirectly, including through the purchase of Capital Stock of the
Person owning such property), constructed or improved with the proceeds of such Indebtedness or such Indebtedness was incurred within 365 days after the acquisition (directly or indirectly, including through the purchase of Capital Stock of the
Person owning such property) or completion of such construction or improvement and (c) 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 (i) environmental warranties, covenants and indemnities, (ii) indemnities for and
liabilities arising from fraud, misrepresentation, misapplication or non-payment of rents, profits, deposits, insurance and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste
and mechanics’ liens, breach of separateness covenants, and other customary exceptions, (iii) in the case of the borrower thereof only, other obligations in respect of such Indebtedness that are payable solely as a result of a voluntary or
collusive non-voluntary bankruptcy filing (or similar filing or action) by such borrower or (iv) similar customary “bad-boy” guarantees. 

“Non-U.S. Person” means a Person that is not a “U.S. person,” as such term is defined in Regulation S.

 “Notes” has the meaning ascribed to it in the Recitals hereof. 

“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. 
 “offer” has the meaning ascribed to it in Section 3.05(a) hereof. 

  
 21 

 “Offer to Purchase” has the meaning ascribed to it in Section 3.05
hereof. 
 “Offering Circular” means the Issuer’s Confidential Offering Circular dated October 31,
2014. 
 “Officer,” when used with respect to the Issuer or the Company, means the chairman of the Board of
Directors, the president or chief executive officer, any vice president, the chief financial officer, the treasurer, any assistant treasurer, the controller, any assistant controller, the secretary or any assistant secretary of the Issuer or the
Company, as the case may be. 
 “Officers’ Certificate,” when used with respect to the Issuer or the
Company, means a certificate signed by the chairman of the Board of Directors, the president or chief executive officer, or any vice president and by the chief financial officer, the treasurer, any assistant treasurer, the controller, any assistant
controller, the secretary or any assistant secretary of the Issuer or the Company, as the case may be. 
 “Opinion of
Counsel” means a written opinion signed by legal counsel of the Issuer or the Company, who may be an employee of, or counsel to, the Issuer or the Company, and who shall be reasonably satisfactory to the Trustee. 

“Paying Agent” refers to a Person engaged to perform the obligations of the Trustee in respect of payments made or
funds held hereunder in respect of the Notes. 
 “Permanent Regulation S Global Note” means a Regulation S
Global Note that does not bear the Regulation S Temporary Global Note Legend. 
 “Permitted Bond Hedge” means
any call or capped call option (or substantively equivalent derivative transaction) on the Company’s Capital Stock purchased by the Company, the Issuer or any Restricted Subsidiary in connection with the issuance of any Permitted Convertible
Indebtedness; provided that the purchase price for such Permitted Bond Hedge, less the proceeds received by the Company, the Issuer or the Restricted Subsidiaries from the sale of any related Permitted Warrant, does not exceed
the net proceeds received by the Company, the Issuer or the Restricted Subsidiaries from the sale of such Permitted Convertible Indebtedness issued in connection with the Permitted Bond Hedge. 

“Permitted Convertible Indebtedness” means Indebtedness of the Company, the Issuer or any Restricted Subsidiary
permitted to be incurred under the terms of this Indenture that is either (a) convertible or exchangeable into Capital Stock of the Company (and cash in lieu of fractional shares) and/or cash (in an amount determined by reference to the price
of such Capital Stock) or (b) sold as units with call options, warrants or rights to purchase (or substantially equivalent derivative transactions) that are exercisable for Capital Stock of the 

  
 22 

 
Company and/or cash (in an amount determined by reference to the price of such Capital Stock). For the avoidance of doubt, the Units and the senior unsecured exchange notes which are a component
of such Units, shall be Permitted Convertible Indebtedness. 
 “Permitted Convertible Indebtedness Call Transaction”
means any Permitted Bond Hedge and any Permitted Warrant. 
 “Permitted Hovnanian Holders” means,
collectively, Ara K. Hovnanian, the members of his immediate family and the members of the immediate family of the late Kevork S. Hovnanian, the respective estates, spouses, heirs, ancestors, lineal descendants, legatees and legal representatives of
any of the foregoing and the trustee of any bona fide trust of which one or more of the foregoing are the sole beneficiaries or the grantors thereof, or any entity of which any of the foregoing, individually or collectively,
beneficially own more than 50% of the Common Equity. 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 the
Indenture (or would result in a Change of Control offer in the absence of the waiver of such requirement by Holders in accordance with the Indenture) will thereafter constitute Permitted Hovnanian Holders. 

“Permitted Indebtedness” means: 

(a) Indebtedness under the Notes (and Guarantees thereof), other than Additional Notes; 

(b) Indebtedness under Credit Facilities in an aggregate principal amount outstanding at any one time (including for purposes of determining
amounts outstanding under this clause (b), any Refinancing Indebtedness in respect thereof, which Refinancing Indebtedness shall be deemed to have been incurred under this clause (b)) not to exceed the greater of (i) $250.0 million and
(ii) 10.0% of Consolidated Tangible Assets measured at the time of incurrence; 
 (c) Indebtedness outstanding on the Issue Date,
excluding Indebtedness constituting Permitted Indebtedness pursuant to clauses (b), (d) through (f), (h), (j), (l), and (n) through (s) of this definition, which shall instead be incurred under such clauses; 

(d) Indebtedness in respect of obligations of the Company and its Subsidiaries to the trustees under indentures for debt securities; 

(e) intercompany debt obligations of (i) the Company to the Issuer, (ii) the Issuer to the Company, (iii) the Company or
the Issuer to any Restricted Subsidiary and (iv) any Restricted Subsidiary to the Company or the Issuer or any other Restricted Subsidiary; provided, however, that any Indebtedness of any 

  
 23 

 
Restricted Subsidiary or the Issuer or the Company owed to any Restricted Subsidiary or the Issuer that ceases to be a Restricted Subsidiary shall be deemed to be incurred and shall be treated as
an incurrence for purposes of Section 4.06(a) at the time the Restricted Subsidiary in question ceases to be a Restricted Subsidiary; 

(f) Indebtedness of the Company or the Issuer or any Restricted Subsidiary under Hedging Obligations, in the case of any Currency Agreements
or Interest Protection Agreements in a notional amount no greater than the payments due (at the time the related Currency Agreement or Interest Protection Agreement is entered into) with respect to the Indebtedness or currency being hedged; 

(g) Purchase Money Indebtedness and Capitalized Lease Obligations in an aggregate principal amount (including for purposes of determining
amounts outstanding under this clause (g), any Refinancing Indebtedness in respect thereof, which Refinancing Indebtedness shall be deemed to have been incurred under this clause (g)) at any one time outstanding not to exceed $50.0 million; 

(h) obligations for, pledge of assets in respect of, and guaranties of, bond financings of political subdivisions or enterprises thereof in
the ordinary course of business; 
 (i) Indebtedness secured only by office buildings owned or occupied by the Company or any Restricted
Subsidiary, which Indebtedness does not exceed $25.0 million aggregate principal amount outstanding at any one time; 
 (j) Indebtedness
under warehouse lines of credit, repurchase agreements and Indebtedness secured by mortgage loans and related assets of mortgage lending Subsidiaries in the ordinary course of a mortgage lending business; 

(k) Indebtedness of the Company or any Restricted Subsidiary which, together with all other Indebtedness under this clause (k), does not
exceed $175.0 million aggregate principal amount outstanding at any one time, including for purposes of determining amounts outstanding under this clause (k), any Refinancing Indebtedness in respect thereof, which Refinancing Indebtedness shall be
deemed to have been incurred under this clause (k); 
 (l) obligations in respect of self-insurance, performance, bid, appeal and surety
bonds and completion guarantees and similar obligations provided by the Company or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course
of business; 
 (m) Indebtedness of (x) the Company, the Issuer or a Restricted Subsidiary incurred or issued to finance an acquisition
or (y) Persons that are acquired by the 

  
 24 

 
Company, the Issuer or any Restricted Subsidiary or merged into or consolidated with the Company, the Issuer or a Restricted Subsidiary in accordance with the terms of the Indenture
(including designating an Unrestricted Subsidiary a Restricted Subsidiary); provided that after giving effect to such acquisition, merger or consolidation, either: (i) the Company could incur at least $1.00 of Indebtedness pursuant to
Section 4.06(a); or (ii) the Consolidated Fixed Charge Coverage Ratio would be equal to or greater than the Consolidated Fixed Charge Coverage Ratio immediately prior to such transaction or the ratio of Indebtedness of the Company and the
Restricted Subsidiaries to Consolidated Tangible Net Worth of the Company would be equal to or less than the ratio immediately prior to such transaction; 

(n) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business; 
 (o) Indebtedness of the Company or any Restricted Subsidiary supported by a letter
of credit (which letter of credit is incurred pursuant to another clause hereof (other than clause (l) of this definition), in a principal amount not in excess of the stated amount of such letter of credit; 

(p) Indebtedness of the Company or any Restricted Subsidiary consisting of (i) the financing of insurance premiums or (ii) take or
pay obligations contained in supply arrangements, in each case incurred in the ordinary course of business; 
 (q) Indebtedness of the
Company or any of its Restricted Subsidiaries in respect of Cash Management Services; 
 (r) obligations (other than Indebtedness for
borrowed money) of the Company or any of its Restricted Subsidiaries under an agreement with any governmental authority, quasi-governmental entity, utility, adjoining (or common master plan) landowner or seller of real property, in each case entered
into in the ordinary course of business in connection with the acquisition of real property, to entitle, develop or construct infrastructure thereupon; and 

(s) the incurrence by the Company or any Restricted Subsidiary of Indebtedness deemed to exist pursuant to the terms of a joint venture
agreement as a result of a failure of the Company or such Restricted Subsidiary to make a required capital contribution therein; provided that the only recourse on such Indebtedness is limited to the Company’s or such Restricted
Subsidiary’s equity interests in the related joint venture. 
 “Permitted Investment” means 

(a) Cash Equivalents; 

  
 25 

 (b) any Investment in the Company, the Issuer or any Restricted Subsidiary or any Person that
becomes a Restricted Subsidiary as a result of such Investment or that is consolidated or merged with or into, or transfers all or substantially all of the assets of it or an operating unit or line of business to, the Company or a Restricted
Subsidiary; 
 (c) any receivables, loans or other consideration taken by the Company, the Issuer or any Restricted Subsidiary in connection
with any asset sale otherwise permitted by this Indenture; 
 (d) Investments received in connection with any bankruptcy or reorganization
proceeding, or as a result of foreclosure, perfection or enforcement of any Lien or any judgment or settlement of any Person in exchange for or satisfaction of Indebtedness or other obligations or other property received from such Person, or for
other liabilities or obligations of such Person created, in accordance with the terms of this Indenture; 
 (e) Investments in Hedging
Obligations described in the definition of “Permitted Indebtedness”; 
 (f) any loan or advance to an executive officer,
director or employee of the Company or any Restricted Subsidiary made in the ordinary course of business or in accordance with past practice; provided, however, that any such loan or advance exceeding $1.0 million shall have been
approved by the Board of Directors of the Company or a committee thereof consisting of disinterested members; 
 (g) Investments in
interests in issuances of collateralized mortgage obligations, mortgages, mortgage loan servicing, or other mortgage related assets; 
 (h)
obligations of the Company or a Restricted Subsidiary under warehouse lines of credit of Mortgage Subsidiaries to repurchase mortgages; 

(i) Investments in an aggregate amount at any time outstanding not to exceed the greater of (i) $125.0 million and (ii) 5.0% of
Consolidated Tangible Assets (measured at the time made and without giving effect to subsequent changes in value); 
 (j) Guarantees issued
in accordance with Section 4.06 hereof; 
 (k) Investments in existence on the Existing 2019 Notes Issue Date not otherwise
constituting Permitted Investments pursuant to clause (b) above; 
 (l) Permitted Bond Hedges which constitute Investments; 

  
 26 

 (m) extensions of trade credit and credit in connection with the sale of land owned by the
Company or a Restricted Subsidiary which is zoned by the applicable governmental authority having jurisdiction for construction and use as a detached or attached (including town homes or condominium) single-family house (but excluding mobile homes),
or the sale of a detached or attached (including town homes or condominium) single-family house (but excluding mobile homes) owned by the Company or a Restricted Subsidiary which is completed or for which there has been a start of construction and
which has been or is being constructed on any such land; 
 (n) obligations (but not payments thereon) with respect to homeowners
association obligations, community facility district bonds, metro district bonds, mello-roos bonds and subdivision improvement bonds and similar bonding requirements arising in the ordinary course of business of a homebuilder; 

(o) guarantee obligations, including completion guarantee or indemnification obligations (other than for the payment of borrowed money)
entered into in the ordinary course of business and incurred for the benefit of any adjoining landowner, lender, seller of real property or municipal government authority (or enterprises thereof) in connection with the acquisition, construction,
subdivision, entitlement and development of real property; 
 (p) Investments the payment for which consists of Qualified Stock of
the Company; provided that such Qualified Stock will not increase the amount available for Restricted Payments under clause (iii) of Section 4.07(a); 

(q) advances, loans or extensions of trade credit in the ordinary course of business by the Company or any of the Restricted Subsidiaries;

 (r) intercompany current liabilities owed to Unrestricted Subsidiaries or joint ventures incurred in the ordinary course of business in
connection with the cash management operations of the Company and its Subsidiaries; and 
 (s) insurance, lease, utility and workers’
compensation, performance and other similar deposits made in the ordinary course of business. 
 “Permitted Liens”
means 
 (a) Liens for taxes, assessments or governmental or quasi-government charges or claims that (i) are not yet delinquent
for a period of more than 30 days, (ii) are being contested in good faith by appropriate proceedings and as to which appropriate reserves have been established or other provisions have been made in accordance with GAAP, if required, or
(iii) encumber solely property abandoned or in the process of being abandoned; 

  
 27 

 (b) 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 (i) are not yet delinquent for a period of
more than 30 days or (ii) are being contested in good faith by appropriate proceedings and as to which appropriate reserves have been established or other provisions have been made in accordance with GAAP, if required; 

(c) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security or similar legislation or other insurance related obligations (including, but not limited to, in respect of deductibles, self-insured retention amounts and premiums and adjustments thereto) or indemnification
obligations of (including obligations in respect of letters of credit or bank guarantees for the benefit of) insurance carriers providing property, casualty or liability insurance, or good faith deposits in connection with bids, tenders, contracts
(other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits of cash or U.S. government bonds to secure surety, stay, customs or appeal bonds
to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, performance and return-of-money bonds and other similar obligations (including letters of credit issued in lieu of any such
bonds or to support the issuance thereof and including those to secure health, safety and environmental obligations); 
 (d) Liens incurred
or deposits made to secure the performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, development obligations, progress payments, government contacts, 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 (a)(i) of the definition of
“Indebtedness”), in each case incurred in the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries; 

(e) attachment or judgment Liens not giving rise to a Default or an Event of Default; 

(f) easements, dedications, assessment district or similar Liens in connection with municipal or special district financing, rights-of-way,
restrictions, reservations and other similar charges, burdens, and other similar charges or encumbrances not materially interfering with the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries; 

(g) zoning restrictions, licenses, restrictions on the use of real property or minor irregularities in title thereto, which do not materially
impair the use of such real property in the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries; 

  
 28 

 (h) Liens securing Indebtedness incurred pursuant to clause (a), (i) or (j) of the
definition of “Permitted Indebtedness”; 
 (i) Liens securing Indebtedness of the Company, the Issuer or any Restricted
Subsidiary permitted to be incurred under this Indenture; provided, that the aggregate amount of all consolidated Indebtedness of the Company, the Issuer and the Restricted Subsidiaries (including, with respect to Capitalized Lease
Obligations, the Attributable Debt in respect thereof) secured by Liens under this clause (i) (together with the principal amounts outstanding under the Existing Secured Notes and any refinancing, replacement or renewal thereof that constitutes
Secured Indebtedness which is not permitted by and incurred under another clause of this definition of “Permitted Liens” (other than clauses (s) and (w))) shall not exceed the greater of (i) $800.0 million and (ii) 30% of
Consolidated Tangible Assets at any one time outstanding (after giving effect to the incurrence of such Indebtedness and the use of the proceeds thereof) measured at the time of incurrence; 

(j) Liens securing Non-Recourse Indebtedness of the Company, the Issuer or any Restricted Subsidiary; provided, that such Liens
apply only to (i) the property financed, constructed or improved out of the net proceeds of such Non-Recourse Indebtedness within 365 days after the incurrence of such Non-Recourse Indebtedness, and, including for the avoidance of doubt, assets
directly related thereto or derived therefrom or other property of the Company, the Issuer or any Restricted Subsidiary financed pursuant to the Credit Facility of such person under which the Non-Recourse Indebtedness was incurred, or
(ii) licenses, permits, authorizations, consent forms or contracts related to the acquisition, development, use or improvement of such property; 

(k) Liens securing Purchase Money Indebtedness; provided, that such Liens apply only to (i) the property financed,
designed, installed, constructed or improved with the proceeds of such Purchase Money Indebtedness within 365 days after the incurrence of such Purchase Money Indebtedness, and, including for the avoidance of doubt, assets directly related thereto
or derived therefrom or other property of the Company, the Issuer or any Restricted Subsidiary financed pursuant to the Credit Facility of such person under which the Purchase Money Indebtedness was incurred, or (ii) licenses, permits,
authorizations, consent forms or contracts related to the acquisition, development, use or improvement of such property; 
 (l) Liens
on property or assets of the Company, the Issuer or any Restricted Subsidiary securing Indebtedness of the Company, the Issuer or any Restricted Subsidiary owing to the Company, the Issuer or one or more Restricted Subsidiaries; 

  
 29 

 (m) leases, subleases, licenses or sublicenses (including of intellectual property) granted to
others not materially interfering with the ordinary course of business of the Company and the Restricted Subsidiaries; 
 (n)
purchase money security interests (including, without limitation, Capitalized Lease Obligations); provided, that such Liens apply only to the Property acquired and the related Indebtedness is incurred within 365 days after the acquisition of
such Property; 
 (o) any right of first refusal, right of first offer, option, contract or other agreement to sell an asset;
provided that such sale is not otherwise prohibited under this Indenture; 
 (p) any right of a lender or lenders to which the
Company, the Issuer or a Restricted Subsidiary may be indebted to offset against, or appropriate and apply to the payment of such, or a Restricted Subsidiary with or held by such lender or lenders or its Affiliates; 

(q) any pledge or deposit of cash or property in conjunction with obtaining surety, performance, completion or payment bonds and letters of
credit or other similar instruments or providing earnest money obligations, escrows or similar purpose undertakings or indemnifications in the ordinary course of business of the Company, the Issuer and the Restricted Subsidiaries; 

(r) Liens for homeowner, condominium, property owner association developments and similar fees, assessments and other payments; 

(s) Liens securing Refinancing Indebtedness (except Liens securing Refinancing Indebtedness in respect of Indebtedness secured pursuant
to clause (qq) below); provided, that such Liens extend only to the assets securing the Indebtedness being refinanced; 
 (t)
Liens incurred in the ordinary course of business as security for the obligations of the Company, the Issuer and the Restricted Subsidiaries with respect to indemnification in respect of title insurance providers; 

(u) Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company or becomes a Subsidiary of the Company; provided, that such Liens were in existence prior to the contemplation of such merger or consolidation or acquisition and do not extend to any assets other than those of the
Person merged into or consolidated with the Company or the Subsidiary or acquired by the Company or its Subsidiaries; 

  
 30 

 (v) Liens on property existing at the time of acquisition thereof by the Company or any
Subsidiary of the Company, provided, that such Liens were in existence prior to the contemplation of such acquisition; 
 (w) Liens
existing on the Issue Date and any extensions, renewals, refinancings or replacements thereof; 
 (x) Liens on specific items of inventory
or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other
goods; 
 (y) pledges, deposits and other Liens existing under, or required to be made in connection with, (i) earnest money
obligations, escrows or similar purpose undertakings or indemnifications in connection with any purchase and sale agreement, (ii) development agreements or other contracts entered into with governmental authorities (or an entity sponsored by a
governmental authority) in connection with the entitlement of real property or (iii) agreements for the funding of infrastructure, including in respect of the issuance of community facility district bonds, metro district bonds, subdivision
improvement bonds and similar bonding requirements arising in the ordinary course of business of a homebuilder; 
 (z) Liens securing
obligations of the Company or any Restricted Subsidiary to any third party in connection with any option, repurchase right or right of first refusal to purchase real property granted to the master developer or the seller of real property that arises
as a result of the non-use or non-development of such real property by the Company or any Restricted Subsidiary and joint development agreements with third parties to perform and/or pay for or reimburse the costs of construction and/or development
related to or benefiting property (and additions, accessions, improvements and replacements and customary deposits in connection therewith and proceeds and products therefrom) of the Company or any Restricted Subsidiary and property belonging to
such third parties, in each case entered into in the ordinary course of business; provided that such Liens do not at any time encumber any property, other than the property (and additions, accessions, improvements and replacements and
customary deposits in connection therewith and proceeds and products therefrom) financed by such Indebtedness and the proceeds and products thereof; 

(aa) Liens securing Hedging Obligations and Cash Management Services so long as the related Indebtedness is, and is permitted under this
Indenture to be, secured by a Lien on the same property securing such Hedging Obligations or Cash Management Services; 
 (bb) Liens arising
from Uniform Commercial Code (or equivalent statute) financing statement filings regarding operating leases or consignments entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

  
 31 

 (cc) Liens in favor of the Issuer or any Guarantor; 

(dd) deposits made or other security provided to secure liabilities to insurance carriers under insurance or self-insurance arrangements in
the ordinary course of business; 
 (ee) 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 in the ordinary course of business; 
 (ff) Liens (i) of a collection bank
arising under Section 4-210 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection, (ii) attaching to pooling, commodity trading accounts or other commodity brokerage accounts incurred
in the ordinary course of business and (iii) in favor of banking or other financial institutions or electronic payment service providers arising as a matter of law encumbering deposits (including the right of set-off) and which are within the
general parameters customary in the banking or finance industry; 
 (gg) the rights reserved or vested in any Person by the terms of any
lease, license, grant or permit held by the Company or any of its Restricted Subsidiaries or by a statutory provision, to terminate any such lease, license, grant or permit, or to require annual or periodic payments as a condition to the continuance
thereof; 
 (hh) restrictive covenants affecting the use to which real property may be put; provided that the covenants are complied
with; 
 (ii) security given to a public utility or any municipality or governmental authority when required by such utility or authority in
connection with the operations of that Person in the ordinary course of business; 
 (jj) zoning by-laws and other land use restrictions,
including, without limitation, site plan agreements, development agreements and contract zoning agreements; 
 (kk) Liens arising out of
conditional sale, title retention, consignment or similar arrangements for sale of goods entered into by the Company or any Restricted Subsidiary in the ordinary course of business; 

(ll) any Lien granted pursuant to a security agreement between the Company or any Restricted Subsidiary and a licensee of their intellectual
property to secure the damages, if any, of such licensee resulting from the rejection by the 

  
 32 

 
Company or such Restricted Subsidiary of such licensee in a bankruptcy, reorganization or similar proceeding with respect to the Company or such Restricted Subsidiary; provided that such
Liens do not cover any assets other than the intellectual property subject to such license; 
 (mm) Liens on the Equity Interests of
Unrestricted Subsidiaries; 
 (nn) any encumbrance or restriction (including put and call arrangements) with respect to capital stock of any
joint venture or similar arrangement pursuant to any joint venture or similar agreement; 
 (oo) Liens on property or assets used to defease
or to irrevocably satisfy and discharge Indebtedness; provided that such defeasance or satisfaction and discharge is not prohibited by the Indenture; 

(pp) easements, rights-of-way, dedications, covenants, conditions, restrictions, reservations and assessment district or similar Liens in
connection with municipal or special district financing, agreements with adjoining landowners or state or local government authorities, quasi-governmental entities or utilities and other similar charges or encumbrances incurred in the ordinary
course of business and which do not, in the aggregate, materially interfere with the ordinary course of business of the Company and its Subsidiaries; 

(qq) Liens securing Indebtedness (including Refinancing Indebtedness) of the Issuer or any Guarantor incurred under Credit Facilities that
constitute revolving credit loans, term loans, letters of credit or similar lines of credit in an aggregate amount at any time outstanding not to exceed the greater of (i) $125.0 million and (ii) 4.0% of Consolidated Tangible Assets
measured at the time of the incurrence; provided that any Indebtedness incurred to refund, refinance or extend (including Refinancing Indebtedness) Indebtedness secured by Liens pursuant to this clause (qq) shall be permitted to be secured by
Liens pursuant to this clause (qq) notwithstanding that at the time of incurrence thereof, such Indebtedness may exceed the amount of Indebtedness that would then be permitted to be secured under this clause (qq) due to a diminution in the amount of
Consolidated Tangible Assets; and 
 (rr) Liens securing obligations not to exceed $25.0 million at any one time outstanding. 

For purposes of determining compliance with this definition, (x) a Lien need not be incurred solely by reference to one category of
Permitted Liens described in this definition but may be incurred under any combination of such categories (including in part under one such category and in part under any other such category) and (y) in the event that a Lien (or any portion
thereof) meets the criteria of one or more of such categories of Permitted Liens, the Issuer shall, in its sole discretion, classify or reclassify such Lien (or any portion thereof) in any manner that complies with this definition. 

  
 33 

 “Permitted Warrant” means any call option on, warrant or right to purchase (or
substantively equivalent derivative transaction) the Company’s Capital Stock sold by the Company, the Issuer or any Restricted Subsidiary substantially concurrently with any purchase by the Company, the Issuer or any Restricted Subsidiary of a
related Permitted Bond Hedge. 
 “Person” means any individual, corporation, partnership, limited liability company, joint
venture, incorporated or unincorporated association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“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. 
 “Property” of any Person means all types of real, personal, tangible, intangible or mixed
property owned by such Person, whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. 

“purchase amount” has the meaning ascribed to it in Section 3.05(b) hereof. 

“purchase date” has the meaning ascribed to it in Section 3.05(b) hereof. 

“Purchase Money Indebtedness” means Indebtedness of the Company, the Issuer or any Restricted Subsidiary incurred for the
purpose of financing all or any part of the purchase price, or the cost of design, installation, construction, lease or improvement, of any property to be used in the business of the Company, the Issuer and the Restricted Subsidiaries; provided,
however, that (a) the aggregate principal amount of such Indebtedness shall not exceed such purchase price or cost (including financing costs) and (b) such Indebtedness shall be incurred no later than 365 days after the acquisition of
such property or completion of such design, installation, construction, lease or improvement. 
 “Qualified Stock” means
Capital Stock of the Company other than Disqualified Stock. 
 “Rating Agency” means a statistical rating agency or
agencies, as the case may be, nationally recognized in the United States and selected by the Company (as certified by a resolution of the Board of Directors of the Company) which shall be substituted for S&P or Moody’s, or both, as the case
may be. 

  
 34 

 “Real Estate Business” means homebuilding, housing construction, real estate
development or construction and the sale of homes and related real estate activities, including the provision of mortgage financing or title insurance. 

“Record Date” for the interest payable on any Interest Payment Date means the April 15 or October 15 (whether or
not a Business Day) immediately preceding such Interest Payment Date. 
 “Refinancing Indebtedness” means Indebtedness (to
the extent not Permitted Indebtedness) that refunds, refinances or extends any Indebtedness of the Company, the Issuer or any Restricted Subsidiary (other than Non-Recourse Indebtedness and Permitted Indebtedness described under clauses
(d) through (f), (h) through (j), (l), and (n) through (s) of the definition thereof), but only to the extent that: 

(a) the Refinancing Indebtedness is subordinated, if at all, to the Notes or the Guarantees, as the case may be, to the same extent as the
Indebtedness being refunded, refinanced or extended; 
 (b) the Refinancing Indebtedness is scheduled to mature either (a) no earlier
than the Indebtedness being refunded, refinanced or extended or (b) after the maturity date of the Notes; 
 (c) the portion, if any,
of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted
Average Life to Maturity of the portion of the Indebtedness being refunded, refinanced or extended that is scheduled to mature on or prior to the maturity date of the Notes; and 

(d) such Refinancing Indebtedness is in an aggregate principal amount that is equal to or less than the aggregate principal amount then
outstanding under the Indebtedness being refunded, refinanced or extended (plus all accrued interest thereon and the amount of any premiums (including tender premiums) and fees, costs and expenses incurred in connection with the refinancing
thereof); 
 provided, that for purposes of determining the principal amount outstanding under clauses (b), (g) and (k) of
“Permitted Indebtedness,” and clauses (i), (qq) and (rr) of “Permitted Liens,” the principal amount referred to in such clauses shall be calculated excluding any principal amount that was incurred in respect of amounts set forth
in the parenthetical in clause (d) of this definition and such principal amount shall nonetheless be permitted under such clauses. 

“Register” has the meaning ascribed to it in Section 2.09 hereof. 

“Registrar” means a Person engaged to maintain the Register. 

  
 35 

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

“Regulation S Certificate” means a certificate substantially in the form of Exhibit E hereto. 

“Regulation S Global Note” means a Global Note representing Notes issued and sold pursuant to Regulation S. 

“Regulation S Temporary Global Note” means a Regulation S Global Note that bears the Regulation S Temporary Global Note
Legend. 
 “Regulation S Temporary Global Note Legend” means the legend set forth in Exhibit I. 

“Repurchase Date” has the meaning ascribed to it in Section 4.12(a) hereof. 

“Responsible Officer,” when used with respect to the Trustee, means any officer of the Trustee with direct responsibility for
the administration of the trust created by this Indenture. 
 “Restricted Investment” means any Investment other than a
Permitted Investment. 
 “Restricted Legend” means the legend set forth in Exhibit C. 

“Restricted Payment” means any of the following: 

(a) the declaration or payment of any dividend or any other distribution on Capital Stock of the Company, the Issuer or any Restricted
Subsidiary or any payment made to the direct or indirect holders (in their capacities as such) of Capital Stock of the Company, the Issuer or any Restricted Subsidiary (other than (i) dividends or distributions payable solely in Qualified Stock
and (ii) in the case of the Issuer or Restricted Subsidiaries, dividends or distributions payable to the Company, the Issuer or a Restricted Subsidiary); 

(b) the purchase, redemption or other acquisition or retirement for value of any Capital Stock of the Company, the Issuer or any Restricted
Subsidiary (other than a payment made to the Company, the Issuer or any Restricted Subsidiary); 
 (c) any Investment (other than any
Permitted Investment), including any Investment in an Unrestricted Subsidiary (including by the designation of a Subsidiary of the Company as an Unrestricted Subsidiary); and 

  
 36 

 (d) the purchase, repurchase, redemption, acquisition or retirement for value, prior to the date
for any scheduled maturity, sinking fund or amortization or other principal installment payment, of any Subordinated Indebtedness (other than (a) Indebtedness permitted under clause (d) of the definition of “Permitted
Indebtedness” or (b) the purchase, repurchase, redemption, defeasance, or other acquisition or retirement of Subordinated Indebtedness purchased in anticipation of satisfying a sinking fund obligation, amortization or principal installment
or final maturity, in each case due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement). 

“Restricted Period” means the relevant 40-day “distribution compliance period” as such term is defined in
Regulation S, which, for each relevant Note, commences on the date such Note is issued. 
 “Restricted Subsidiary” means
any Subsidiary of the Company which is not an Unrestricted Subsidiary. 
 “Rule 144A” means Rule 144A under the Securities
Act. 
 “Rule 144A Certificate” means a certificate substantially in the form of Exhibit F hereto. 

“Rule 144A Global Note” means a Global Note that bears the Restricted Legend representing Notes issued, transferred or
exchanged pursuant to Rule 144A. 
 “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw Hill Companies, Inc., a New York corporation, or any successor to its debt rating business. 
 “Secured
Indebtedness” means any Indebtedness of the Company or any of its Restricted Subsidiaries secured by a Lien. 
 “Securities
Act” means the Securities Act of 1933, as amended. 
 “self-liquidating paper” has the meaning ascribed to it in
Section 7.03 hereof. 
 “Significant Subsidiary” means any Subsidiary of the Company which would constitute a
“significant subsidiary” as defined in Rule 1-02(w)(1) or (2) of Regulation S-X under the Securities Act and the Exchange Act as in effect on the Issue Date. 

“Subordinated Indebtedness” means Indebtedness subordinated in right of payment to the Notes pursuant to a written agreement.

  
 37 

 “Subsidiary” of any Person means any corporation or other entity of which a
majority of the Capital Stock having ordinary voting power to elect a majority of the Board of Directors or other persons performing similar functions is at the time directly or indirectly owned or controlled by such Person. 

“Successor” has the meaning ascribed to it in Section 4.14 hereof. 

“Treasury Rate” has the meaning ascribed to it in Section 3.01 hereof. 

“Trustee” means the party named as such in the preamble of this Indenture until such time, if any, a successor replaces such
party in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
 “Trust
Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended. 
 “Units” means the
Issuer’s 6.00% Exchangeable Note Units. 
 “Unrestricted Subsidiary” means any Subsidiary of the Company so designated
by a resolution adopted by the Board of Directors of the Company or a duly authorized committee thereof as provided below; provided that the holders of Indebtedness thereof do not have direct or indirect recourse against the Company, the
Issuer or any Restricted Subsidiary, and neither the Company, the Issuer nor any Restricted Subsidiary otherwise has liability for, any payment obligations in respect of such Indebtedness (including any undertaking, agreement or instrument
evidencing such Indebtedness), except, in each case, to the extent that the amount thereof constitutes a Restricted Payment or Permitted Investment permitted by the Indenture, in the case of Non-Recourse Indebtedness, to the extent such recourse or
liability is for the matters discussed in the last sentence of the definition of “Non-Recourse Indebtedness,” or to the extent such Indebtedness is a guarantee by such Subsidiary of Indebtedness of the Company, the Issuer or a Restricted
Subsidiary. As of the Issue Date, the Unrestricted Subsidiaries will be the Subsidiaries of the Company named in Exhibit J hereto. 

Subject to the foregoing, the Board of Directors of the Company or a duly authorized committee thereof may designate any Subsidiary in
addition to those named above to be an Unrestricted Subsidiary; provided, however, that (a) the net amount (the “Designation Amount”) then outstanding of all previous Investments by the Company and the Restricted
Subsidiaries in such Subsidiary will be deemed to be a Restricted Payment at the time of such designation and will reduce the amount available for Restricted Payments under Section 4.07 hereof to the extent provided therein, (b) the
Company must be permitted under Section 4.07 hereof or pursuant to the definition of “Permitted Investment” to make the Restricted Payment deemed to have been made pursuant to clause (a) of this paragraph, and (c) after
giving effect to such designation, no Default or Event 

  
 38 

 
of Default shall have occurred or be continuing. In accordance with the foregoing, and not in limitation thereof, Investments made by any Person in any Subsidiary of such Person prior to such
Person’s merger with the Company or any Restricted Subsidiary (but not in contemplation or anticipation of such merger) shall not be counted as an Investment by the Company or such Restricted Subsidiary if such Subsidiary of such Person is
designated as an Unrestricted Subsidiary. 
 The Board of Directors of the Company or a duly authorized committee thereof may also
redesignate an Unrestricted Subsidiary to be a Restricted Subsidiary; provided, however, that (a) the Indebtedness of such Unrestricted Subsidiary as of the date of such redesignation could then be incurred under Section 4.06
hereof and (b) immediately after giving effect to such redesignation and the incurrence of any such additional Indebtedness, (A) the Company and the Restricted Subsidiaries could incur $1.00 of additional Indebtedness under
Section 4.06(a) hereof or (B) the Consolidated Fixed Charge Coverage Ratio would be equal to or greater than the Consolidated Fixed Charge Coverage Ratio immediately prior to such redesignation or the ratio of Indebtedness of the Company
and the Restricted Subsidiaries to Consolidated Tangible Net Worth of the Company would be equal to or less than the ratio immediately prior to such redesignation. Any such designation or redesignation by the Board of Directors of the Company or a
committee thereof 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 or a committee thereof 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 of such Officers’ Certificate. The designation of any Person as an Unrestricted
Subsidiary shall be deemed to include a designation of all Subsidiaries of such Person as Unrestricted Subsidiaries; provided, however, that the ownership of the general partnership interest (or a similar member’s interest in a
limited liability company) by an Unrestricted Subsidiary shall not cause a Subsidiary of the Company of which more than 95% of the equity interest is held by the Company or one or more Restricted Subsidiaries to be deemed an Unrestricted Subsidiary.

 “U.S. Government Obligations” means non-callable, non-payable bonds, notes, bills or other similar
obligations issued or guaranteed by the United States government or any agency thereof the full and timely payment of which are backed by the full faith and credit of the United States. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or portion thereof at any date, the number of
years obtained by dividing (a) the sum of the products obtained by multiplying (i) 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 (ii) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (b) the sum of all such payments described in clause (a)(i) of
this definition. 

  
 39 

 “$” means U.S. dollars. 

Section 1.02. Rules of Construction. Unless the context otherwise requires or except as otherwise expressly provided: 

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

(b) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Section, Article other subdivision; 
 (c) all references to Sections or Articles or Exhibits refer to Sections or Articles or Exhibits of
or to this Indenture unless otherwise indicated; 
 (d) references to agreements or instruments, or to statutes or regulations, are to such
agreements or instruments, or statutes or regulations, as amended from time to time (or to successor statutes and regulations); and 
 (e)
in the event that a transaction meets the criteria of more than one category of permitted transactions or listed exceptions, the Issuer may classify such transaction as it, in its sole discretion, determines. 

ARTICLE 2 
 THE
NOTES 
 Section 2.01. Form, Dating and Denominations; Legends. (a) The Notes and the Trustee’s
certificate of authentication shall be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Note annexed as Exhibit A constitute and are hereby expressly made a part of this Indenture. The Notes may
have notations, legends or endorsements required by this Indenture, law, rules of or agreements with national securities exchanges to which the Issuer is subject, or usage. Each Note shall be dated the date of its authentication. The Notes shall be
issuable in denominations of $2,000 in principal amount and any multiple of $1,000 in excess thereof. 
 (b) (i) Except as
otherwise provided in clause (c) of this Section 2.01, Section 2.09(b)(iv), Section 2.10(b)(iii), Section 2.10(b)(v), or Section 2.10(c), each Initial Note or Additional Note shall bear the Restricted Legend. 

(ii) Each Global Note, whether or not an Initial Note or Additional Note, shall bear the DTC Legend. 

  
 40 

 (iii) Initial Notes and Additional Notes offered and sold in reliance on any
exception under the Securities Act other than Regulation S and Rule 144A shall be issued, and upon the request of the Issuer to the Trustee, Initial Notes and Additional Notes offered and sold in reliance on Rule 144A may be issued, in the form of
Certificated Notes. 
 (iv) Each Regulation S Temporary Global Note shall bear the Regulation S Temporary Global Note Legend.

 (v) Initial Notes and Additional Notes offered and sold in reliance on Regulation S shall be issued as provided in
Section 2.11(a). 
 (c) If the Issuer determines (upon the advice of counsel and after consideration of other certifications and
evidence as the Issuer may reasonably require) that a Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without being subject to any conditions as provided in such Rule and that the Restricted
Legend is no longer necessary or appropriate in order to ensure that subsequent transfers of the Note (or a beneficial interest therein) are effected in compliance with the Securities Act, then, the Issuer may instruct the Trustee to cancel the Note
and issue to the Holder thereof (or to its transferee) a new Note of like tenor and amount, registered in the name of the Holder thereof (or its transferee), that does not bear the Restricted Legend, and the Trustee shall comply with such
instruction. 
 (d) By its acceptance of any Note bearing the Restricted Legend (or any beneficial interest in such a Note), each Holder
thereof and each owner of a beneficial interest therein acknowledges the restrictions on transfer of such Note (and any such beneficial interest) set forth in this Indenture and in the Restricted Legend and agrees that it will transfer such Note
(and any such beneficial interest) only in accordance with this Indenture and such legend. 
 Section 2.02. Execution and
Authentication; Additional Notes. (a) An Officer shall execute the Notes for the Issuer by facsimile or manual signature in the name and on behalf of the Issuer. If an Officer whose signature is on a Note no longer holds that office at the
time the Note is authenticated, the Note will still be valid. 
 (b) A Note shall not be valid until the Trustee manually signs the
certificate of authentication on the Note, with the signature conclusive evidence that the Note has been authenticated under this Indenture. 

(c) At any time and from time to time after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer
to the Trustee for authentication. The Trustee shall authenticate and deliver: 
 (i) Initial Notes for original issue in the
aggregate principal amount not to exceed $250,000,000, and 

  
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 (ii) Additional Notes from time to time for original issue in the aggregate
principal amounts specified by the Issuer 
 after the following conditions have been met: 

(A) Receipt by the Trustee of a certificate, executed by an Officer specifying 

(1) the amount of Notes to be authenticated and the date on which the Notes are to be authenticated; 

(2) whether the Notes are to be Initial Notes or Additional Notes; 

(3) in the case of Additional Notes, that the issuance of such Notes does not contravene any provision of Article 4; 

(4) whether the Notes are to be issued as one or more Global Notes or Certificated Notes; and 

(5) other information the Issuer may determine to include or the Trustee may reasonably request. 

(B) In the case of Additional Notes, receipt by the Trustee of an Opinion of Counsel confirming that the beneficial owners of
the outstanding Notes will be subject to United States federal income tax in the same amounts, in the same manner and at the same times as would have been the case if such Additional Notes were not issued. 

Section 2.03. Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust. (a) The Issuer
may appoint one or more Registrars and one or more Paying Agents, and the Trustee may appoint an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that
Agent shall be deemed to be references to the Agent. The Issuer may act as Registrar or (except for purposes of Article 8) Paying Agent. In each case, the Issuer and the Trustee shall enter into an appropriate agreement with the Agent implementing
the provisions of this Indenture relating to the obligations of the Trustee to be performed by the Agent and the related rights. 

  
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 (b) The Issuer shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent shall hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if any, and interest, if any, on, the Notes and shall promptly notify the Trustee of any
default by the Issuer in making any such payment. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment
default, upon written request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent shall have no further liability for the money so paid over
to the Trustee. 
 (c) The Company initially appoints the Trustee as Registrar and Paying Agent with respect to the Notes. 

Section 2.04. 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, the Issuer shall issue and the Trustee shall authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note is an additional
obligation of the Issuer and entitled to the benefits of this Indenture. If required by the Trustee or the Issuer, an indemnity must be furnished that is sufficient in the judgment of both the Trustee and the Issuer to protect the Issuer and the
Trustee from any loss they may suffer if a Note is replaced. The Issuer and the Trustee may charge the Holder for the expenses of the Issuer and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has
become or is about to become due and payable, the Issuer in its discretion may pay the Note instead of issuing a replacement Note. 

Section 2.05. Outstanding Notes. (a) Notes outstanding at any time are all Notes that have been authenticated by the
Trustee except for: 
 (i) Notes cancelled by the Trustee or delivered to it for cancellation; 

(ii) any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Issuer receive proof
satisfactory to them that the replaced Note is held by a protected purchaser; and 
 (iii) on or after the maturity date or
any redemption date or date for purchase of the Notes pursuant to an Offer to Purchase, those Notes payable or to be redeemed or purchased on that date for which the Trustee (or Paying Agent, other than the Issuer or an Affiliate of the Issuer)
holds money sufficient to pay all amounts then due. 

  
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 (b) A Note does not cease to be outstanding because the Issuer or one of its Affiliates
holds the Note; provided, that in determining whether the Holders of the requisite principal amount of the outstanding Notes have given or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder,
Notes owned by the Issuer or any Affiliate of the Issuer shall be disregarded and deemed not to be outstanding (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Notes which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded). Notes so owned which have been pledged in good faith may be regarded as outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Notes and that the pledgee is not the Issuer or any Affiliate of the Issuer. 

Section 2.06. Temporary Notes. Until definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of definitive Notes but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Notes, as
evidenced by the execution of the temporary Notes. If temporary Notes are issued, the Issuer shall cause definitive Notes to be prepared without unreasonable delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable
for definitive Notes upon surrender of the temporary Notes at the office or agency of the Issuer designated for the purpose pursuant to Section 4.02 without charge to the Holder. Upon surrender for cancellation of any temporary Notes, the
Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor a like principal amount of definitive Notes of authorized denominations. Until so exchanged, the temporary Notes shall be entitled to the same benefits under
this Indenture as definitive Notes. 
 Section 2.07. Cancellation. The Issuer at any time may deliver to the
Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any Notes previously authenticated hereunder which the
Issuer has not issued and sold. Any Registrar or the Paying Agent shall forward to the Trustee any Notes surrendered to it for transfer, exchange or payment. The Trustee shall cancel all Notes surrendered for transfer, exchange, payment or
cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Issuer. The Issuer may not issue new Notes to replace Notes that it has paid in full or delivered to the Trustee for cancellation.

 Section 2.08. CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use “CUSIP” and
“ISIN” numbers, and the Trustee shall use CUSIP numbers or ISIN numbers in notices of redemption or exchange or in Offers to Purchase as  

  
 44 

 
a convenience to Holders, the notice to 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 Offer to Purchase. The Issuer shall promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers. Any Additional Notes that are not fungible with the Initial Notes for United States federal income tax purposes shall
be issued with CUSIP and ISIN numbers different from the CUSIP and ISIN numbers assigned to the Initial Notes. 
 Section 2.09.
Registration, Transfer and Exchange. (a) The Notes shall be issued in registered form only, without coupons, and the Issuer shall cause the Trustee to maintain a register (the “Register”) of the Notes, for
registering the record ownership of the Notes by the Holders and transfers and exchanges of the Notes. 
 (b) (i) Each Global Note
shall be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, shall bear the DTC Legend. 

(ii) Each Global Note shall be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a
beneficial interest therein) shall be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (A) as set forth in Section 2.09(b)(iv) and (B) transfers of portions
thereof in the form of Certificated Notes may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by 20 days’ prior written notice given to the Trustee by or on behalf of the Depositary in accordance with
customary procedures of the Depositary and in compliance with this Section and Section 2.10. 
 (iii) Agent Members
shall have no rights under this Indenture with respect to any Global Note held on their behalf by the Depositary, and the Depositary may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner and
Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a beneficial interest in
a Global Note through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Notes, and nothing herein shall impair, as between the Depositary and its Agent Members, the operation of customary practices
governing the exercise of the rights of a holder of any security. None of the Issuer, the Trustee, any Paying Agent or the Registrar will have any responsibility or liability for any aspect of the records relating to or payments made on account of
beneficial ownership interests of a Note in global form or for maintaining, 

  
 45 

 
supervising or reviewing any records relating to such beneficial ownership interests. 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. 
 (iv) If (x) the Depositary
(i) notifies the Issuer that it is unwilling or unable to continue as Depositary for a Global Note and a successor depositary is not appointed by the Issuer within 90 days of the notice or (ii) has ceased to be a clearing agency registered
under the Exchange Act, (y) the Issuer, at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes or (z) a Default or an Event of Default with respect to the Notes has occurred and is
continuing, the Trustee shall promptly exchange each beneficial interest in the Global Note for one or more Certificated Notes in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such
beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Note shall be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor shall not bear the
Restricted Legend. If such Note bears the Restricted Legend, then the Certificated Notes issued in exchange therefor shall bear the Restricted Legend; provided, that any Holder of any such Certificated Note issued in exchange for a beneficial
interest in a Regulation S Temporary Global Note will have the right upon presentation to the Trustee of a duly completed Certificate of Beneficial Ownership after the Restricted Period to exchange such Certificated Note for a Certificated Note of
like tenor and amount that does not bear the Restricted Legend, registered in the name of such Holder. 
 (c) Each Certificated Note
shall be registered in the name of the holder thereof or its nominee. 
 (d) A Holder may transfer a Note (or a beneficial interest
therein) to another Person or exchange a Note (or a beneficial interest therein) for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or
requesting such an exchange, accompanied by any certification, opinion or other document required by Section 2.10. The Trustee shall promptly register any transfer or exchange that meets the requirements of this Section and Section 2.10
noting the same in the register maintained by the Trustee for the purpose; provided, that  
 (i) no transfer
or exchange shall be effective until it is registered in such register, and 

  
 46 

 (ii) the Trustee shall not be required (x) to issue or register the transfer
of or exchange any Note for a period of 15 days before a selection of Notes to be redeemed or purchased pursuant to an Offer to Purchase, (y) to register the transfer of or exchange any Note so selected for redemption or purchase in whole or in
part, except, in the case of a partial redemption or purchase, that portion of any Note not being redeemed or purchased, or (z) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a Record Date but on or before the
corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Record Date and before the date of redemption or purchase. Prior to the registration of any transfer, the Issuer, the Trustee and their agents
shall treat the Person in whose name the Note is registered as the owner and Holder thereof for all purposes (whether or not the Note is overdue), and shall not be affected by notice to the contrary. 

From time to time the Issuer shall execute and the Trustee shall authenticate additional Notes as necessary in order to permit the
registration of a transfer or exchange in accordance with this Section. 
 No service charge shall be imposed in connection with any
transfer or exchange of any Note, but the Issuer or the Trustee may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar governmental
charge payable upon exchange pursuant to subsection (b)(iv)). 
 (e) (i) Global Note to Global Note. If a
beneficial interest in a Global Note is transferred or exchanged for a beneficial interest in another Global Note, the Trustee shall (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the
principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an
interest in another Global Note, or exchanged for an interest in another Global Note, shall, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, shall thereafter be
subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(ii) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for
a Certificated Note, the Trustee shall (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y)  

  
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deliver one or more new Certificated Notes in authorized denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial
interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable. 
 (iii)
Certificated Note to Global Note. If a Certificated Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee shall (x) cancel such Certificated Note, (y) record an increase in the principal amount of
such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one
or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

(iv) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another
Certificated Note, the Trustee shall (x) cancel the Certificated Note being transferred or exchanged, (y) deliver one or more new Certificated Notes in authorized denominations having an aggregate principal amount equal to the principal
amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Note (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such
transfer or exchange involves less than the entire principal amount of the canceled Certificated Note, deliver to the Holder thereof one or more Certificated Notes in authorized denominations having an aggregate principal amount equal to the
untransferred or unexchanged portion of the canceled Certificated Note, registered in the name of the Holder thereof. 

Section 2.10. Restrictions on Transfer and Exchange. (a) The transfer or exchange of any Note (or a beneficial
interest therein) may only be made in accordance with this Section and Section 2.09 and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to
register any requested transfer or exchange that does not comply with the preceding sentence. 

  
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 (b) Subject to paragraph (c) of this Section, the transfer or exchange of any Note (or a
beneficial interest therein) of the type set forth in column A below for a Note (or a beneficial interest therein) of the type set forth opposite in column B below may only be made in compliance with the certification requirements (if any) described
in the clause of this paragraph set forth opposite in column C below. 
  

					
	A	  	B	  	C
	 Rule 144A Global Note
	  	Rule 144A Global Note	  	(i)
	 Rule 144A Global Note
	  	Regulation S Global Note	  	(ii)
	 Rule 144A Global Note
	  	Certificated Note	  	(iii)
	 Regulation S Global Note
	  	Rule 144A Global Note	  	(iv)
	 Regulation S Global Note
	  	Regulation S Global Note	  	(i)
	 Regulation S Global Note
	  	Certificated Note	  	(v)
	 Certificated Note
	  	Rule 144A Global Note	  	(iv)
	 Certificated Note
	  	Regulation S Global Note	  	(ii)
	 Certificated Note
	  	Certificated Note	  	(iii)

 (i) No certification is required. 

(ii) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly
completed Regulation S Certificate; provided, that if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. 

(iii) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee (x) a
duly completed Rule 144A Certificate, (y) a duly completed Regulation S Certificate or (z) a duly completed Institutional Accredited Investor Certificate, and/or an opinion of counsel and such other certifications and evidence as the
Issuer or the Trustee may reasonably require in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States; provided, that
if the requested transfer or exchange is made by the Holder of a Certificated Note that does not bear the Restricted Legend, then no certification is required. In the event that a Rule 144A Global Note or a Certificated Note that does not bear the
Restricted Legend is surrendered for transfer or exchange, upon transfer or exchange the Trustee shall deliver a Certificated Note that does not bear the Restricted Legend. 

(iv) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule
144A Certificate and must comply with all applicable securities laws of any state of the United States or any other jurisdiction. 

(v) If the requested transfer involves a beneficial interest in a Regulation S Temporary Global Note, the Person requesting the
registration of transfer must deliver or cause to be delivered to the Trustee (x) a duly completed Rule 144A Certificate or (y) a duly completed 

  
 49 

 
Institutional Accredited Investor Certificate and/or an opinion of counsel and such other certifications and evidence as the Issuer or the Trustee may reasonably require in order to determine
that the proposed transfer is being made in compliance with the Securities Act and any applicable securities laws of any state of the United States. If the requested transfer or exchange involves a beneficial interest in a Permanent Regulation S
Global Note, no certification is required and the Trustee will deliver a Certificated Note that does not bear the Restricted Legend. Notwithstanding anything to the contrary contained herein, no such exchange is permitted if the requested exchange
involves a beneficial interest in a Regulation S Temporary Global Note. 
 (c) No certification is required in connection with any
transfer or exchange of any Note (or a beneficial interest therein) after such Note is eligible for resale pursuant to Rule 144 under the Securities Act (or a successor provision) without being subject to any conditions as provided in such Rule;
provided, that the Issuer has provided the Trustee with a certificate to that effect, and the Issuer or the Trustee may require from any Person requesting a transfer or exchange in reliance upon this clause an opinion of counsel and any other
reasonable certifications and evidence in order to support such certificate. 
 Any Certificated Note delivered in reliance upon this
paragraph shall not bear the Restricted Legend. 
 (d) The Trustee shall retain copies of all certificates, opinions and other documents
received in connection with the registration of transfer or exchange of a Note (or a beneficial interest therein), and the Issuer shall have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee.
Neither the Company nor the Trustee shall have an 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 the terms of this Indenture and to examine the same to determine compliance as to form with the express requirements hereof. 

Section 2.11. Regulation S Temporary Global Notes. (a) Each Initial Note and Additional Note originally sold in
reliance upon Regulation S will be evidenced by one or more Regulation S Global Notes that bear the Regulation S Temporary Global Note Legend. 

(b) An owner of a beneficial interest in a Regulation S Temporary Global Note (or a Person acting on behalf of such an owner) may provide to
the Trustee (and the Trustee will accept) a duly completed Certificate of Beneficial 

  
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Ownership at any time after the Restricted Period (it being understood that the Trustee will not accept any such certificate during the Restricted Period). Promptly after acceptance of a
Certificate of Beneficial Ownership with respect to such a beneficial interest, the Trustee will cause such beneficial interest to be exchanged for an equivalent beneficial interest in a Permanent Regulation S Global Note, and will
(x) permanently reduce the principal amount of such Regulation S Temporary Global Note by the amount of such beneficial interest and (y) increase the principal amount of such Permanent Regulation S Global Note by the amount of such
beneficial interest. 
 (c) Notwithstanding anything to the contrary contained herein, beneficial interests in a Regulation S Temporary
Global Note may be held through the Depositary only through Euroclear or Clearstream and their respective direct and indirect participants. 

(d) Notwithstanding paragraph (b), if after the Restricted Period any Initial Purchaser owns a beneficial interest in a Regulation S Temporary
Global Note, such Initial Purchaser may, upon written request to the Trustee accompanied by a certification as to its status as an Initial Purchaser, exchange such beneficial interest for an equivalent beneficial interest in a Permanent Regulation S
Global Note, and the Trustee will comply with such request and will (x) permanently reduce the principal amount of such Regulation S Temporary Global Note by the amount of such beneficial interest and (y) increase the principal amount of
such Permanent Regulation S Global Note by the amount of such beneficial interest. 
 ARTICLE 3 

REDEMPTION; OFFER TO PURCHASE 

Section 3.01. Optional Redemption. (a) The Issuer may, at its option, redeem the Notes, in whole, at any time, or in
part, from time to time, prior to August 1, 2019, at a redemption price equal to the sum of: 
 (i) 100% of the principal amount
thereof, plus accrued and unpaid interest thereon to, but excluding, the redemption date, if any; plus 
 (ii) the Make-Whole
Amount. 
 The term “Make-Whole Amount” shall mean, in connection with any optional redemption of any Note, the excess, if
any, of: 
 (i) the present value at such redemption date of (i) the redemption price of the Note at August 1,
2019, such redemption price being 100% of the principal amount of the Notes to be redeemed, plus (ii) all required interest payments due on the Note through August 1, 2019 (excluding accrued but unpaid interest), computed using a
discount rate equal to the Treasury Rate as of such redemption date plus 50 basis points; over 

  
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 (ii) the principal amount of the Note being redeemed. 

“Treasury Rate” means, in connection with the calculation of any Make-Whole Amount with respect to any Note, as calculated by
the Company, the yield to maturity at the time of computation of United States Treasury securities with a constant maturity, as compiled by 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, if such Statistical Release is no longer published, any publicly available source or similar market data), most nearly equal to the period from the redemption date to
August 1, 2019; provided, however, that if the period from the redemption date to August 1, 2019 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the
Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period from the
redemption date to August 1, 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. 

(b) At any time and from time to time on or after August 1, 2019, the Issuer may redeem the Notes, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Notes being redeemed, plus accrued and unpaid interest to, but excluding, the applicable redemption date. 

Section 3.02. [Reserved] 

Section 3.03. Sinking Fund; Mandatory Redemption. There is no sinking fund for, or mandatory redemption of, the Notes. The Company
and its Affiliates may at any time and from time to time purchase Notes in the open market or otherwise. 
 Section 3.04. Method and
Effect of Redemption. (a) If the Issuer elects to redeem Notes, it must notify the Trustee of the redemption date and the principal amount of Notes to be redeemed by delivering an Officers’ Certificate at least 15 days before the
redemption date (unless a shorter period is satisfactory to the Trustee). If fewer than all of the Notes are being redeemed, the Notes to be redeemed shall be selected in accordance with applicable DTC procedures (subject to compliance with the
rules of any securities exchange on which the Notes may be listed). Notes shall be redeemed in denominations of $2,000 principal amount or any multiple of $1,000 in excess thereof. The Trustee will notify the Issuer promptly of the Notes or portions
of Notes to be called for redemption. Notice of redemption must be delivered electronically or mailed by 

  
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first-class mail, postage prepaid, by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer to Holders
whose Notes are to be redeemed at least 10 days but not more than 60 days before the redemption date at such Holder’s registered address or otherwise in accordance with the procedures of DTC, except that redemption notices may be mailed more
than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture. Notices of any redemption may be given prior to the completion thereof, and may, at
the Issuer’s discretion, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering, another offering or another transaction or event. 

(b) The notice of redemption shall identify the Notes to be redeemed and shall include or state the following: 

(i) the redemption date; 

(ii) the redemption price, including the portion thereof representing any accrued interest, if any; 

(iii) the place or places where Notes are to be surrendered for redemption (Notes called for redemption must be so surrendered
in order to collect the redemption price); 
 (iv) that on the redemption date, the redemption price shall become due and
payable on Notes called for redemption, and interest on Notes called for redemption shall cease to accrue on and after the redemption date; 

(v) that if any Note is redeemed in part, the portion of the principal amount thereof to be redeemed, and that on and after the
redemption date, upon surrender of such Note, new Notes equal in principal amount to the unredeemed portion shall be issued; 

(vi) if any Note contains a CUSIP or ISIN number, no representation is being made as to the correctness of the CUSIP or ISIN
number either as printed on the Notes or as contained in the notice of redemption and that the Holder should rely only on the other identification numbers printed on the Notes; and 

(vii) if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall describe each such
condition, and if applicable, shall state that, in the Issuer’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded
in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date as so delayed. 

  
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 (c) Once notice of redemption is sent to the Holders, Notes called for redemption become due and
payable at the redemption price on the redemption date (subject to any conditions specified in such notice), and upon surrender of the Notes called for redemption, the Issuer shall redeem such Notes at the redemption price. Commencing on the
redemption date, Notes redeemed shall cease to accrue interest. Upon surrender of any Note redeemed in part, the Holder shall receive a new Note equal in principal amount to the unredeemed portion of the surrendered Note. 

(d) The Company and 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. 

Section 3.05. Offer to Purchase. (a) An “Offer to Purchase” means an offer by the Issuer to purchase Notes
as required by this Indenture. An Offer to Purchase must be made by written offer (the “offer”) sent to the Holders. The Issuer shall notify the Trustee at least 15 days (or such shorter period as is acceptable to the Trustee) prior
to sending the offer to Holders of its obligation to make an Offer to Purchase, and the offer shall be sent by the Issuer or, at the Issuer’s request, by the Trustee in the name and at the expense of the Issuer. 

(b) The offer must include or state the following as to the terms of the Offer to Purchase: 

(i) the provision of this Indenture pursuant to which the Offer to Purchase is being made; 

(ii) the aggregate principal amount of the outstanding Notes offered to be purchased by the Issuer pursuant to the Offer
to Purchase (including, if less than 100%, the manner by which such amount has been determined pursuant to this Indenture) (the “purchase amount”); 

(iii) the purchase price, including the portion thereof representing accrued interest, if any; 

(iv) an expiration date (the “expiration date”) not less than 30 days or more than 60 days after the
date of the offer, and a settlement date for purchase (the “purchase date”) not more than five Business Days after the expiration date; 

(v) information concerning the business of the Company, the Issuer and its Subsidiaries which the Issuer in good faith believes
will enable the Holders to make an informed decision with respect to the Offer to Purchase. 

  
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 (vi) a Holder may tender all or any portion of its Notes, subject to the
requirement that any portion of a Note tendered must be in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof; 

(vii) the place or places where Notes are to be surrendered for tender pursuant to the Offer to Purchase; 

(viii) each Holder electing to tender a Note pursuant to the offer shall be required to surrender such Note at the place or
places specified in the offer prior to the close of business on the expiration date (such Note being, if the Issuer or the Trustee so requires, duly endorsed or accompanied by a duly executed written instrument of transfer); 

(ix) interest on any Note not tendered, or tendered but not purchased by the Issuer pursuant to the Offer to Purchase, shall
continue to accrue; 
 (x) on the purchase date the purchase price shall become due and payable on each Note accepted for
purchase, and interest on Notes purchased shall cease to accrue on and after the purchase date; 
 (xi) Holders are entitled
to withdraw Notes tendered by giving notice, which must be received by the Issuer or the Trustee not later than the close of business on the expiration date, setting forth the name of the Holder, the principal amount of the tendered Notes, the
certificate number of the tendered Notes and a statement that the Holder is withdrawing all or a portion of the tender; 

(xii) (A) if Notes in an aggregate principal amount less than or equal to the purchase amount are duly tendered and not
withdrawn pursuant to the Offer to Purchase, the Issuer shall purchase all such Notes, and (B) if the Offer to Purchase is for less than all of the outstanding Notes and Notes in an aggregate principal amount in excess of the purchase amount
are tendered and not withdrawn pursuant to the offer, the Issuer shall purchase Notes having an aggregate principal amount equal to the purchase amount on a pro rata basis, with adjustments so that only Notes in denominations of $2,000
principal amount and any multiples of $1,000 in excess thereof; 
 (xiii) if any Note is purchased in part, new Notes
equal in principal amount to the unpurchased portion of the Note shall be issued; and 

  
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 (xiv) if any Note contains a CUSIP or ISIN number, no representation is being
made as to the correctness of the CUSIP or ISIN number either as printed on the Notes or as contained in the offer and that the Holder should rely only on the other identification numbers printed on the Notes. 

(c) Prior to the purchase date, the Issuer shall accept tendered Notes for purchase as required by the Offer to Purchase and deliver to the
Trustee all Notes so accepted together with an Officers’ Certificate specifying which Notes have been accepted for purchase. On the purchase date, the purchase price shall become due and payable on each Note accepted for purchase, and interest
on Notes purchased shall cease to accrue on and after the purchase date. The Trustee shall promptly return to Holders any Notes not accepted for purchase and send to Holders new Notes equal in principal amount to any unpurchased portion of any Notes
accepted for purchase in part. 
 (d) The Issuer shall comply with Rule 14e-1 under the Exchange Act and all other applicable laws in making
any Offer to Purchase, and the above procedures shall be deemed modified as necessary to permit such compliance. 
 ARTICLE 4 

COVENANTS 

Section 4.01. Payment of Notes. (a) The Issuer agrees to pay the principal of, premium, if any, and interest on the
Notes on the dates and in the manner provided in the Notes and this Indenture. Not later than 9:00 A.M. (New York City time) on the due date of any principal of, premium, if any, or interest on, any Notes, or any redemption or purchase price of the
Notes, the Issuer shall deposit with the Trustee (or Paying Agent) money in immediately available funds sufficient to pay such amounts; provided, that if the Issuer or any Affiliate of the Issuer is acting as Paying Agent, it shall, on or
before each due date, segregate and hold in a separate trust fund for the benefit of the Holders a sum of money sufficient to pay such amounts until paid to such Holders or otherwise disposed of as provided in this Indenture. In each case, the
Issuer shall promptly notify the Trustee of its compliance with this paragraph. 
 (b) An installment of principal, premium, if any,
or interest shall be considered paid on the date due if the Trustee (or Paying Agent, other than the Issuer or any Affiliate of the Issuer) holds on that date money designated for and sufficient to pay the installment. If the Issuer or any Affiliate
of the Issuer acts as Paying Agent, an installment of principal, premium, if any, or interest shall be considered paid on the due date only if paid to the Holders. 

  
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 (c) The Issuer agrees to pay interest on overdue principal, and, to the extent lawful, overdue
installments of interest, if any, at the rate per annum specified in the Notes. 
 (d) Payments in respect of the Notes represented by the
Global Notes are to be made by wire transfer of immediately available funds to the accounts specified by the Holders of the Global Notes. With respect to Certificated Notes, the Issuer shall make all payments by wire transfer of immediately
available funds to the accounts specified by the Holders thereof or, if no such account is specified, by mailing a check to each Holder’s registered address. 

Section 4.02. Maintenance of Office or Agency. The Company and the Issuer shall maintain an office or agency where Notes may be
surrendered for registration of transfer or exchange or for presentation for payment and where notices and demands to or upon the Company and the Issuer in respect of the Notes and this Indenture may be served. The Issuer and the Company hereby
initially designate the Corporate Trust Office of the Trustee as such office of the Issuer and the Company. The Issuer 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 Issuer and the Company fail to maintain any such required office or agency or fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served to the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be surrendered or presented for any
of such purposes and may from time to time rescind such designations. The Issuer 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. 

Section 4.03. Existence. The Company and the Issuer shall each do or cause to be done all things necessary to preserve and keep in
full force and effect their existence and the existence of each of the Restricted Subsidiaries in accordance with their respective organizational documents, and the material rights, licenses and franchises of the Company, the Issuer and each
Restricted Subsidiary; provided, that the Company and the Issuer are not required to preserve any such right, license or franchise, or the existence of any Restricted Subsidiary, if the maintenance or preservation thereof is no longer
desirable in the conduct of the business of the Company and its Restricted Subsidiaries taken as a whole; and provided, further, that this Section shall not prohibit any transaction otherwise permitted by Section 4.10 or Section
4.14. 
 Section 4.04. Payment of Taxes. The Company shall pay or discharge, and cause each of its Subsidiaries to pay or
discharge before the same become delinquent all material taxes, assessments and governmental charges levied or 

  
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imposed upon the Company or any Subsidiary or its income or profits or property, other than any such tax, assessment or charge the amount, applicability or validity of which is being contested in
good faith by appropriate proceedings. 
 Section 4.05. [Reserved] 

Section 4.06. Limitations on Indebtedness. (a) The Company and the Issuer will not, and will not cause or permit any
Restricted Subsidiary to, directly or indirectly, create, incur, assume, become liable for or guarantee the payment of (collectively, an “incurrence”) any Indebtedness (including Acquired Indebtedness) provided that the
Company, the Issuer and any Guarantor may incur any Indebtedness (including Acquired Indebtedness) if, after giving effect thereto and the application of the proceeds therefrom, either (i) the Consolidated Fixed Charge Coverage Ratio on the
date thereof would be at least 2.0 to 1.0 or (ii) the ratio of Indebtedness of the Company and the Restricted Subsidiaries to Consolidated Tangible Net Worth of the Company is less than 3.0 to 1.0. 

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

(i) Permitted Indebtedness; 

(ii) Refinancing Indebtedness; 

(iii) Non-Recourse Indebtedness; 

(iv) any Guarantee of Indebtedness represented by the Notes; 

(v) any guarantee of Indebtedness incurred under Credit Facilities in compliance with this Indenture; and 

(vi) any guarantee by the Issuer, the Company or any Guarantor of Indebtedness that is permitted to be incurred in compliance
with this Indenture; provided that in the event such Indebtedness that is being guaranteed is subordinated in right of payment to the Notes or a Guarantee, as the case may be, then the related guarantee shall be subordinated in right of
payment to the Notes or such Guarantee, as the case may be. 
 (c) For purposes of determining compliance with this covenant, in the event
that an item of Indebtedness may be incurred through the first paragraph of this covenant or by meeting the criteria of one or more of the types of Indebtedness described in the second paragraph of this covenant (or the definitions of the terms used
therein), the Company, in its sole discretion; 

  
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 (i) may divide, classify or later reclassify the amount and type of such item of
Indebtedness (or any portion thereof) under and comply with any of such paragraphs (or any of such definitions), as applicable; 

(ii) may divide, classify or later reclassify the amount and type of such item of Indebtedness (or any portion thereof) into
more than one of such paragraphs (or definitions), as applicable; and 
 (iii) may elect to comply with such paragraphs (or
definitions), as applicable, in any order. 
 (d) The Company and the Issuer will not, and will not cause or permit any Guarantor to,
directly or indirectly, in any event incur any Indebtedness that purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated to any other Indebtedness of the Company or of such Guarantor, as the case may
be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinated to the Notes or the Guarantee of such Guarantor, as the case may be, to the same extent and in the same
manner as such Indebtedness is subordinated to such other Indebtedness of the Company or such Guarantor, as the case may be. 
 (e) Accrual
of interest or dividends, the accretion of accreted value, the accretion or amortization of original issue discount and the payment of interest or dividends in the form of additional Indebtedness will not be deemed to be an incurrence of
Indebtedness for purposes of this Section. 
 (f) 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 another currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in
the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in another 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 (i) the principal amount of such Indebtedness being refinanced plus all accrued interest thereon plus (ii) the aggregate amount of fees, underwriting
discounts, premiums and other costs and expenses incurred in connection with such refinancing. Notwithstanding any other provision of this Section 4.06, the maximum amount of Indebtedness the Company, the Issuer or a Restricted Subsidiary may
incur pursuant to this covenant shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. 

  
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 (g) 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 respective Indebtedness is denominated that is in effect on the date of such
refinancing. 
 (h) For purposes of this Section 4.06 and the other provisions of this Indenture, (i) unsecured Indebtedness shall
not be treated as subordinated or junior to secured Indebtedness merely because it is unsecured, and (ii) senior Indebtedness shall not be treated as subordinated or junior to any other senior Indebtedness merely because it has a junior
priority with respect to the same collateral. 
 Section 4.07. Limitations on Restricted Payments. (a) The Company
and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment unless: 

(i) no Default or Event of Default shall have occurred and be continuing at the time of or immediately after giving effect to
such Restricted Payment; 
 (ii) immediately after giving effect to such Restricted Payment, the Company could incur at least
$1.00 of Indebtedness pursuant to Section 4.06(a) hereof; and 
 (iii) immediately after giving effect to such
Restricted Payment, the aggregate amount of all Restricted Payments (including the Fair Market Value of any non-cash Restricted Payment) declared or made on or after the Existing 2019 Notes Issue Date does not exceed the sum of: 

(A) $16.0 million; plus 

(B) 50% of the Consolidated Net Income of the Company on a cumulative basis during the period (taken as one accounting
period) from and including February 1, 2014 and ending on the last day of the Company’s fiscal quarter immediately preceding the date of such Restricted Payment (or in the event such Consolidated Net Income shall be a deficit, minus 100%
of such deficit); plus 
 (C) 100% of the aggregate net cash proceeds of and the Fair Market Value of Property
received by the Company from (1) any capital contribution to the Company after the Existing 2019 Notes Issue Date or any issue or sale after the Existing 2019 Notes Issue Date of Qualified Stock (other than (x) to any Subsidiary of the
Company or (y) any Excluded Contribution) and 

  
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 (2) the issue or sale on or after the Existing 2019 Notes Issue Date of any Indebtedness
or other securities of the Company or the Issuer convertible into or exchangeable or exercisable for Qualified Stock of the Company that have been so converted, exchanged or exercised, as the case may be; plus 

(D) in the case of the disposition or repayment of any Investment constituting a Restricted Payment (or if the
Investment was made prior to the Existing 2019 Notes Issue Date, that would have constituted a Restricted Payment if made after the Existing 2019 Notes Issue Date (assuming the Indenture was then in effect), if such disposition or repayment results
in cash received by the Company, the Issuer or any Restricted Subsidiary), an amount (to the extent not included in the calculation of Consolidated Net Income referred to in (B)) equal to the return of capital with respect to such Investment,
including by dividend, distribution or sale of Capital Stock (to the extent not included in the calculation of Consolidated Net Income referred to in (B)); plus 

(E) with respect to any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary after the Existing 2019 Notes
Issue Date, in accordance with the definition of “Unrestricted Subsidiary” (so long as the designation of such Subsidiary as an Unrestricted Subsidiary was treated under the Existing 2019 Notes as a Restricted Payment made after the
Existing 2019 Notes Issue Date, and only to the extent not included in the calculation of Consolidated Net Income referred to in (B)), an amount equal to the lesser of (x) 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 (y) the Designation Amount at the time of such Subsidiary’s designation as an Unrestricted Subsidiary. 
 (b)
Clause (a) of this Section 4.07 (provided that in the case of clauses (iv) and (v) below, no Default or Event of Default has occurred and is continuing at the time of such payment) will not prohibit: 

(i) the payment of any dividend or distribution or the consummation of any irrevocable redemption within 60 days of its
declaration or the giving of notice of such irrevocable redemption, as applicable, if such dividend or such payment could have been made on the date of its declaration or provision of notice, as applicable, without violation of the provisions of the
Indenture; 

  
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 (ii) the purchase, repayment, repurchase, redemption, defeasance or other
acquisition, cancellation or retirement for value of any Subordinated Indebtedness of the Issuer, the Company or any Restricted Subsidiary or shares of Capital Stock of the Company in exchange for, or out of the net proceeds of the substantially
concurrent sale (other than to a Subsidiary of the Company or constituting an Excluded Contribution) of, shares of Qualified Stock; 

(iii) (A) the purchase, repayment, redemption, repurchase, defeasance or other acquisition, cancellation or retirement for
value of Subordinated Indebtedness of the Issuer, the Company or any Restricted Subsidiary in exchange for, or out of proceeds of, Refinancing Indebtedness; 

(B) the purchase, repayment, redemption, repurchase, defeasance or other acquisition, cancellation or retirement for value of
Existing Subordinated Indebtedness of the Issuer, the Company, or any Restricted Subsidiary; or 
 (C) the making of any
Restricted Payments in an aggregate amount made under this clause (iii)(C) not to exceed Excluded Contributions (after giving effect to all subsequent reductions in the amount of any Restricted Investment outstanding pursuant to this clause (iii)(C)
as a result of the repayment or disposition thereof for cash); 
 (iv) the payment of dividends on Preferred Stock and
Disqualified Stock up to an aggregate amount of $10.0 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 pursuant to clause
(i) of Section 4.06(a); 
 (v) the purchase, redemption or other acquisition, cancellation or retirement for
value of Capital Stock, or options, warrants, equity appreciation rights or other rights to purchase or acquire Capital Stock, of the Company or any Subsidiary held by any present, future or former officers, directors, managers, employees or
consultants of the Company or any Subsidiary (or their estates or beneficiaries under their estates) not to exceed $5.0 million in any calendar year (with unused amounts in any calendar year being carried over to succeeding calendar years subject to
a maximum (without giving effect to the following proviso) of $10.0 million 

  
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in any calendar year); provided that such amount in any calendar year may be increased by an amount not to exceed: 

(A) the cash proceeds from the sale of Qualified Stock of the Company to any future, present or former officers,
directors, managers, employees or consultants of the Company, any of its Subsidiaries that occurs after the Existing 2019 Notes Issue Date, to the extent the cash proceeds from the sale of such Qualified Stock have not otherwise been applied to the
payment of Restricted Payments by virtue of clause (iii)(C) of the preceding paragraph; plus 
 (B) the cash
proceeds of key man life insurance policies received by the Company and the Restricted Subsidiaries after the Existing 2019 Notes Issue Date; less 

(C) the amount of any Restricted Payments previously made pursuant to clauses (A) and (B) of this clause (v);
provided that the Company may elect to apply all or any portion of the aggregate increase contemplated by clauses (A) and (B) of this clause (v) in any calendar year); 

(vi) the making of cash payments in connection with any conversion or exchange of Permitted Convertible Indebtedness in
an aggregate amount since the date of the indenture therefor not to exceed the sum of (a) the principal amount of such Permitted Convertible Indebtedness plus (b) any payments received by the Company, the Issuer or any Restricted
Subsidiaries pursuant to the exercise, settlement or termination of any related Permitted Bond Hedge; 
 (vii) any
payments in connection with (including, without limitation, the purchase of) a Permitted Bond Hedge and the settlement of any related Permitted Warrant (A) by delivery of shares of the Company’s Capital Stock upon net share settlement of
such Permitted Warrant or (B) by (x) set-off of such Permitted Warrant against the related Permitted Bond Hedge and (y) payment of an amount due upon termination of such Permitted Warrant in Capital Stock or using cash received upon
the exercise, settlement or termination of a Permitted Bond Hedge upon any early termination thereof; 
 (viii) the purchase,
repayment, repurchase, redemption, defeasance or other acquisition, cancellation or retirement for value of any Subordinated Indebtedness (A) at a purchase price not greater than 101% of the principal amount of such Subordinated Indebtedness in
the event of a Change of Control in accordance with provisions similar to Section 4.12 

  
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hereof or (B) at a purchase price not greater than 100% of the principal amount thereof in accordance with provisions similar to Section 4.10 hereof; provided that, prior to
or simultaneously with such purchase, repayment, repurchase, redemption, defeasance or other acquisition, cancellation, or retirement, the Company, the Issuer or any Restricted Subsidiary has made the Change of Control offer pursuant to
Section 4.12 hereof or Offer to Purchase pursuant to Section 4.10 hereof, as applicable, with respect to the Notes and has completed such repurchase or redemption of all Notes validly tendered for payment in connection with such Change of
Control offer or Offer to Purchase; 
 (ix)(i) any payment of cash by the Company, the Issuer or any of the Restricted
Subsidiaries in respect of fractional shares of the Company’s Capital Stock upon the exercise, conversion or exchange of any stock options, warrants or other rights to purchase Capital Stock or other convertible or exchangeable securities and
(ii) payments made or expected to be made by the Company, the Issuer or any of the Restricted Subsidiaries in respect of withholding or similar taxes payable in connection with the exercise or vesting of Capital Stock by any future, present or
former officer, employee, director, manager or consultant and repurchases of Capital Stock deemed to occur upon exercise, conversion or exchange of stock options, warrants or other rights to purchase Capital Stock or other convertible or
exchangeable securities if such Capital Stock represents all or a portion of the exercise price thereof; 
 (x) other
Restricted Payments in an aggregate amount, when taken together with all other Restricted Payments made pursuant to this clause (x) not to exceed $50.0 million (after giving effect to all subsequent reductions in the amount of Restricted
Investments outstanding pursuant to this clause (x) in the form of cash); 
 (xi) payments or distributions to satisfy
dissenters’ rights, pursuant to or in connection with a consolidation, merger or transfer of assets that complies with Section 4.14; and 

(xii) any purchase or redemption of Subordinated Indebtedness from Net Cash Proceeds of an Asset Disposition to the extent
permitted under Section 4.10; 
 provided, however, that each Restricted Payment described in clauses (i) and (ii) of this
Section 4.07(b) shall be taken into account for purposes of computing the aggregate amount of all Restricted Payments pursuant to clause (iii) of Section 4.07(a). 

  
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 (c) For purposes of determining the aggregate and permitted amounts of Restricted Payments made,
the amount of any guarantee of any Investment in any Person that was initially treated as a Restricted Payment and which was subsequently terminated or expired, net of any amounts paid by the Company or any Restricted Subsidiary in respect of such
guarantee, shall be deducted. 
 (d) In determining the “Fair Market Value of Property” for purposes of clause (iii) of
Section 4.07(a), Property other than cash, Cash Equivalents and Marketable Securities shall be deemed to be equal in value to the “equity value” of the Capital Stock or other securities issued in exchange therefor. The equity value of
such Capital Stock or other securities shall be equal to (i) the number of shares of Common Equity issued in the transaction (or issuable upon conversion or exercise of the Capital Stock or other securities issued in the transaction) multiplied
by the closing sale price of the Common Equity on its principal market on the date of the transaction (less, in the case of Capital Stock or other securities which require the payment of consideration at the time of conversion or exercise, the
aggregate consideration payable thereupon) or (ii) if the Common Equity is not then traded on a national securities exchange, or if the Capital Stock or other securities issued in the transaction do not consist of Common Equity (or Capital
Stock or other securities convertible into or exercisable for Common Equity), the value (if more than $10.0 million) of such Capital Stock or other securities as determined in good faith by the Board of Directors of the Company. 

(e) For purposes of determining compliance with this Section 4.07, in the event that a proposed Restricted Payment or Investment (or a
portion thereof) meets the criteria of clauses (i) through (xii) above or is entitled to be made pursuant to Section 4.07(a) and/or one or more of the exceptions contained in the definition of “Permitted Investments,” the
Issuer will be entitled to divide, classify or later reclassify (based on circumstances existing on the date of such reclassification) such Restricted Payment or Investment (or portion thereof) among such clauses (i) through (xii) and
Section 4.07(a) and/or one or more of the exceptions contained in the definition of “Permitted Investments,” in a manner that otherwise complies with this covenant. 

Section 4.08. Limitations on Liens. (a) The Company and the Issuer will not, and will not cause or permit any other
Guarantor to, create, incur, assume or suffer to exist any Liens that secure obligations under any Indebtedness, other than Permitted Liens, on any of its Property, including any shares of Capital Stock or Indebtedness of another Person owned by the
Issuer or such Guarantor, unless contemporaneously therewith or prior thereto all payments due under this Indenture and the Notes are secured on an equal and ratable basis with the Indebtedness so secured until such time as such Indebtedness is no
longer secured by a Lien or such Indebtedness can be secured by a Permitted Lien.  

  
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 (b) Any Lien created for the benefit of the Holders of the Notes pursuant to clause (a) of
this Section 4.08 shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien that gave rise to the obligation to secure the Notes or upon notice to the
Trustee that the Lien that gave rise to the obligation to secure the Notes is a Permitted Lien. 
 Section 4.09. Limitations
on Restrictions Affecting Restricted Subsidiaries. The Company and the Issuer will not cause or permit any Restricted Subsidiary that is not a Guarantor to, create, assume or otherwise cause or suffer to exist or become effective any consensual
encumbrance or restriction (other than encumbrances or restrictions imposed by law or by judicial or regulatory action or by provisions of agreements that restrict the assignability thereof) on the ability of such Restricted Subsidiary to:

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

(b) make loans or advances to the Company or any other Restricted Subsidiary; or 

(c) transfer any of its property or assets to the Company or any other Restricted Subsidiary, 

except for: 
 (i)
encumbrances or restrictions existing under or by reason of applicable law; 
 (ii) contractual encumbrances or
restrictions in effect at or entered into on the Issue Date and any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings thereof; provided, that such amendments, modifications, restatements,
renewals, supplements, refundings, replacements or refinancings are not materially more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in such contractual encumbrances or
restrictions, as in effect at or entered into on the Issue Date; 
 (iii) encumbrances or restrictions under any
agreement or other instrument of a Person acquired by or merged or consolidated with or into the Company or any Restricted Subsidiary, or of an Unrestricted Subsidiary that is designated a Restricted Subsidiary, or that is assumed in connection with
the acquisition of assets from such Person, in each case 

  
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that is in existence at the time of such transaction (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of
any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired or designated; 

(iv) any restrictions or encumbrances arising in connection with Refinancing Indebtedness; provided,
however, that any restrictions and encumbrances of the type described in this clause (iv) that arise under such Refinancing Indebtedness shall not be materially more restrictive or apply to additional assets than those under the
agreement creating or evidencing the Indebtedness being refunded, refinanced, replaced or extended; 
 (v) any
Permitted Lien, or any other agreement restricting the sale or other disposition of property, securing Indebtedness permitted by this Indenture if such Permitted Lien or agreement does not expressly restrict the ability of a Subsidiary of the
Company to pay dividends or make or repay loans or advances prior to default thereunder; 
 (vi) reasonable and customary
borrowing base covenants set forth in agreements evidencing Indebtedness otherwise permitted by this Indenture; 
 (vii)
customary non-assignment provisions in leases, licenses, encumbrances, contracts or similar assets entered into or acquired in the ordinary course of business; 

(viii) any restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement 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; 

(ix) encumbrances or restrictions existing under or by reason of this Indenture, the Notes or the Guarantees; 

(x) purchase money obligations that impose restrictions on the property so acquired of the nature described in clause
(c) of this Section 4.09; 
 (xi) Liens permitted under this Indenture securing Indebtedness that limit the right
of the debtor to dispose of the assets subject to such Lien; 
 (xii) provisions with respect to the disposition or
distribution of assets or property in joint venture agreements, assets sale agreements, stock sale agreements and other similar agreements; 

  
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 (xiii) customary provisions of any franchise, distribution or similar agreements;

 (xiv) restrictions on cash or other deposits or net worth imposed by contracts entered into in the ordinary course of
business; 
 (xv) any encumbrances or restrictions existing under (A) development agreements or other contracts entered
into with municipal entities, agencies or sponsors in connection with the entitlement or development of real property or (B) agreements for funding of infrastructure, including in respect of the issuance of community facility district bonds,
metro district bonds, mello-roos bonds and subdivision improvement bonds, and similar bonding requirements arising in the ordinary course of business of a homebuilder; 

(xvi) any encumbrances or restrictions that require “lockbox” or similar obligations with respect to Non-Recourse
Indebtedness; 
 (xvii) any encumbrances or restrictions of the type referred to in clauses (a), (b) or
(c) of this Section 4.09 imposed by any amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred to in clauses (i) and
(iii) through (xvi) of this Section 4.09; provided, that such amendments, modifications, restatements, renewals, supplements, refundings, replacements or refinancings are, in the good faith judgment of the Company’s Board
of Directors or its chief executive officer or chief financial officer, not materially more restrictive with respect to such encumbrances or restrictions than those contained in the encumbrance or restrictions prior to such amendment, modification,
restatement, renewal, supplement, refunding, replacement or refinancing; and 
 (xviii) any encumbrance or
restriction under other Indebtedness of Restricted Subsidiaries permitted to be incurred subsequent to the Issue Date pursuant to Section 4.06; provided, that such encumbrances or restrictions will not materially affect the Issuer’s
ability to make anticipated principal and interest payments on the Notes, as determined in the good faith judgment of the Company’s Board of Directors or its chief executive officer or chief financial officer. 

(d) For purposes of determining compliance with this Section 4.09: (i) the priority of any preferred stock in receiving dividends or
liquidating distributions prior to dividends or liquidating distributions being paid on common stock shall not be deemed a restriction on the ability to make distributions on Capital Stock and (ii) the subordination of loans or advances made to
the 

  
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Company or a Restricted Subsidiary to other Indebtedness incurred by the Company or any such Restricted Subsidiary shall not be deemed a restriction on the ability to make loans or advances. 

Section 4.10. Limitations on Dispositions of Assets. (a) The Company and the Issuer will not, and will not cause or
permit any Restricted Subsidiary to, make any Asset Disposition unless: (x) the Company (or the Issuer or such Restricted Subsidiary, as the case may be) receives consideration at the time of such Asset Disposition at least equal to the Fair
Market Value thereof; and (y) not less than 70% of the consideration received by the Company (or the Issuer or such Restricted Subsidiary, as the case may be) from such Asset Disposition and all other Asset Dispositions since the Issue Date, on
a cumulative basis, is in the form of cash, Cash Equivalents and Marketable Securities. 
 (b) The amount of (i) any
Indebtedness (as reflected on the Company’s most recent consolidated balance sheet or in the footnotes thereto, or if incurred or accrued subsequent to the date of such balance sheet, such Indebtedness that would have been reflected on the
Company’s consolidated balance sheet or in the footnotes thereto if such incurrence or accrual had taken place on or prior to the date of such balance sheet, as determined in good faith by the Company) of the Company or the Issuer or any
Restricted Subsidiary (other than any Subordinated Indebtedness) that is actually assumed by the transferee in such Asset Disposition (or is otherwise extinguished in connection with the transactions relating to such Asset Disposition),
(ii) the fair market value (as determined in good faith by the Board of Directors of the Company) of any property or assets (including Capital Stock of any Person that will be a Restricted Subsidiary) received that are used or useful in a Real
Estate Business, and (iii) any securities, notes or other obligations or assets received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash
Equivalents, or by their terms are required to be satisfied for cash or Cash Equivalents (to the extent of the cash or Cash Equivalents received), in each case, within 180 days following the closing of such Asset Disposition, shall in each case be
deemed to be consideration required by clause (y) of Section 4.10(a) for purposes of determining the percentage of such consideration received by the Company or the Restricted Subsidiaries. 

(c) The Net Cash Proceeds of an Asset Disposition shall, within one year, at the Company’s election: (i) be used by the Company, the
Issuer or a Restricted Subsidiary to (A) invest in assets (including Capital Stock of any Person that is or will be a Restricted Subsidiary following investment therein) used or useful in a Real Estate Business or (B) permanently prepay or
repay (1) secured Indebtedness of the Company or any Guarantor (and, if the Indebtedness is 

  
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revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto), (2) Obligations under the Notes or any other senior Indebtedness of the Company or any Restricted
Subsidiary (and, if the Indebtedness is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto); provided that if the Company or any Restricted Subsidiary shall so repay any senior Indebtedness other than
the Notes, the Issuer will either reduce Obligations under the Notes on a pro rata basis by, at its option, (I) redeeming Notes pursuant to Section 3.01 or (II) purchasing Notes through open-market purchases, at a price equal to or higher
than 100% of the principal amount thereof, in a manner that complies with the Indenture and applicable securities law or make an offer (in accordance with the procedures set forth in clause (ii) of this Section 4.10(c) to all Holders to
purchase their Notes on a ratable basis with such other senior Indebtedness for no less than 100% of the principal amount thereof, plus the amount of accrued but unpaid interest, if any, thereon up to the principal amount of Notes to be
repurchased, or (3) Indebtedness of a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to the Company or another Restricted Subsidiary; or (ii) to the extent not so used in accordance with clause (i) of this
Section 4.10(c), be applied to make an Offer to Purchase the Notes and, if the Company or a Restricted Subsidiary elects or is required to do so, to repay, purchase or redeem any other Indebtedness (other than Subordinated Indebtedness) (on a
pro rata basis if the amount available for such repayment, purchase or redemption is less than the aggregate amount of (x) the principal amount of the Notes tendered in such Offer to Purchase and (y) the lesser of the principal amount, or
accreted value, of such other Indebtedness (other than Subordinated Indebtedness) tendered or to be repaid, repurchased or redeemed, plus, in each case, accrued interest to the date of repayment, purchase or redemption) at 100% of the
principal amount or accreted value thereof, as the case may be, plus accrued and unpaid interest, if any, to the date of repurchase, repayment or redemption; provided that pending any such application under this Section 4.10(c),
Net Cash Proceeds may be used to temporarily reduce Indebtedness or otherwise be invested in any manner not prohibited by this Indenture; provided further that in the case of clause (i), a binding commitment to invest in assets shall be
treated as a permitted application of the Net Cash Proceeds from the date of such commitment so long as the Company, the Issuer or a Restricted Subsidiary enters into such commitment with the good faith expectation that such Net Cash Proceeds will
be applied to satisfy such commitment within 180 days of such commitment (an “Acceptable Commitment”) and such Net Cash Proceeds are actually applied in such manner within the later of one year from the consummation of the Asset
Disposition and 180 days from the date of the Acceptable Commitment, and in the event any Acceptable Commitment is later cancelled or terminated for any reason before the Net Cash Proceeds is applied in connection therewith, the Company, the Issuer
or such Restricted Subsidiary enters into another Acceptable Commitment (a “Second Commitment”) within 180 days of such cancellation or termination and such Net Cash Proceeds are actually applied in such manner within 180 days from
the date of the Second Commitment, it being understood that if a Second Commitment is later cancelled or terminated for any reason before such Net Cash Proceeds is applied, then such Net Cash Proceeds shall be applied in accordance with clauses
(i)(B) or (ii) above. Upon completion of an Offer to Purchase, the amount of Net Cash Proceeds will be reset at zero. 

  
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 (d) Notwithstanding the foregoing, (i) the Company will not be required to apply such
Net Cash Proceeds to repurchase the Notes in accordance with clause (ii) of Section 4.10(c) except to the extent that such Net Cash Proceeds, together with the aggregate Net Cash Proceeds of prior Asset Dispositions (other than those so
used) which have not been applied in accordance with this provision and as to which no prior prepayments or repayments shall have been made and no Offer to Purchase shall have been made, exceed $25.0 million (“Excess
Proceeds”) and (ii) in connection with an Asset Disposition, the Company and the Restricted Subsidiaries will not be required to comply with the requirements of clause (y) of Section 4.10(a) to the extent that the
non-cash consideration received in connection with such Asset Disposition, together with the sum of all non-cash consideration received in connection with all prior Asset Dispositions that has not yet been converted into cash, Cash Equivalents or
Marketable Securities, does not exceed $25.0 million; provided, however, that when any non-cash consideration is converted into cash, Cash Equivalents or Marketable Securities, such cash shall constitute Net Cash Proceeds and be subject to
Section 4.10(c). 
 (e) To the extent that the aggregate amount of Indebtedness validly tendered and not properly withdrawn pursuant
to an Offer to Purchase is less than the Net Cash Proceeds, the Company, the Issuer and the Restricted Subsidiaries may use any remaining Net Cash Proceeds for general corporate purposes, subject to the other covenants hereunder. 

Section 4.11. Guarantees by Restricted Subsidiaries. Each existing Restricted Subsidiary (other than the Issuer (for so
long as it remains the Issuer) and any Excluded Subsidiary) will be a Guarantor. The Company is permitted to cause any Unrestricted Subsidiary to be a Guarantor. If the Issuer, the Company or any of its Restricted Subsidiaries acquires or creates a
Restricted Subsidiary (other than any Excluded Subsidiary) after the Issue Date, such Restricted Subsidiary shall execute a guarantee substantially in the form included in Exhibit A, execute a supplemental indenture in the form of Exhibit B, and
deliver an Opinion of Counsel to the Trustee to the effect that the supplemental indenture has been duly authorized, executed and delivered by the new Restricted Subsidiary and constitutes a valid and binding obligation of the new Restricted
Subsidiary, enforceable against the new Restricted Subsidiary in accordance with its terms (subject to customary exceptions). 

Section 4.12. Repurchase of Notes upon a Change of Control. (a) In the event that there shall occur a Change of
Control, each Holder of Notes shall have the right, at such Holder’s option, to require the Issuer to purchase all or any part of such Holder’s Notes on a date (the “Repurchase Date”) that is no later than 90
days after notice of the Change of Control, at 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the Repurchase Date. 

  
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 (b) On or before the thirtieth day after any Change of Control, the Issuer is obligated to
mail, or cause to be mailed, to all Holders of record of Notes and the Trustee, a notice regarding the Change of Control and the repurchase right. The notice shall state the Repurchase Date, the date by which the repurchase right must be exercised,
the price for the Notes and the procedure which the Holder must follow to exercise such right. To exercise such right, the Holder of such Note must deliver, at least ten days prior to the Repurchase Date, written notice to the Issuer (or an agent
designated by the Issuer for such purpose) of the Holder’s exercise of such right, together with the Note with respect to which the right is being exercised, duly endorsed for transfer; provided, however, that if mandated by
applicable law, a Holder may be permitted to deliver such written notice nearer to the Repurchase Date than may be specified by the Issuer. 

(c) Notices may be delivered prior to the occurrence of a Change of Control stating that the Change of Control offer is conditional on the
occurrence of such Change of Control, and, if applicable, shall state that, in the Issuer’s discretion, the Repurchase Date may be delayed until such time as the Change of Control shall occur, or that such repurchase may not occur and such
notice may be rescinded in the event that the Issuer shall determine that such condition will not be satisfied by the Repurchase Date, or by the Repurchase Date as so delayed. 

(d) The Issuer will comply with applicable law, including Section 14(e) of the Exchange Act and Rule 14e-1 thereunder, if applicable, if
the Issuer is required to give a notice of a right of repurchase as a result of a Change of Control. 
 (e) The Issuer will not be required
to make a Change of Control offer following 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 4.12 and purchases all
such Notes validly tendered and not withdrawn under such Change of Control offer. 
 (f) If Holders of not less than 90% in aggregate
principal amount of the outstanding Notes validly tender and do not validly withdraw such Notes in an Offer to Purchase in connection with a Change of Control and the Issuer, or any third party making an Offer to Purchase in lieu of the Issuer as
permitted by this Section 4.12, purchases of all of the Notes validly tendered and not withdrawn by such Holders, the Issuer or such third party shall have the right, upon not less than 10 nor more than 60 days’ prior notice, given not
more than 30 days following such purchase pursuant to the Change of Control offer described in this Section 4.12, to redeem all Notes that remain outstanding following such purchase at a redemption price in cash equal to 101% of the principal
amount thereof plus accrued and unpaid interest, if any, to, but not including, the date of redemption. 

  
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 Section 4.13. Limitations on Transactions with Affiliates. (a) The
Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, make any loan, advance, guarantee or capital contribution to, or for the benefit of, or sell, lease, transfer or otherwise dispose of any property or assets
to or for the benefit of, or purchase or lease any property or assets from, or enter into or amend any contract, agreement or understanding with, or for the benefit of, any Affiliate of the Company or any Affiliate of any of the Company’s
Subsidiaries involving aggregate payments or consideration in excess of $7.5 million in a single transaction or series of related transactions (each, an “Affiliate Transaction”), except for any Affiliate Transaction
the terms of which are at least as favorable as the terms which could be obtained by the Company, the Issuer or such Restricted Subsidiary, as the case may be, in a comparable transaction made on an arm’s-length basis with Persons who are not
such a holder, an Affiliate of such a holder or an Affiliate of the Company or any of the Company’s Subsidiaries. 
 (b) In
addition, the Company and the Issuer will not, and will not cause or permit any Restricted Subsidiary to, enter into an Affiliate Transaction unless: 

(i) with respect to any such Affiliate Transaction involving or having a value of more than $15.0 million, the Company shall
have (x) obtained the approval of a majority of the Board of Directors of the Company and (y) either obtained the approval of a majority of the Company’s disinterested directors or obtained an opinion of a qualified independent
financial advisor to the effect that such Affiliate Transaction is fair to the Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view; and 

(ii) with respect to any such Affiliate Transaction involving or having a value of more than $30.0 million, the Company shall
have (x) obtained the approval of a majority of the Board of Directors of the Company and (y) delivered to the Trustee an opinion of a qualified independent financial advisor to the effect that such Affiliate Transaction is fair to the
Company, the Issuer or such Restricted Subsidiary, as the case may be, from a financial point of view. 
 (c) Notwithstanding the foregoing,
an Affiliate Transaction will not include: 
 (i) any contract, agreement or understanding with, or for the benefit of, or
plan for the benefit of, employees of the Company or its Subsidiaries generally (in their capacities as such) that has been approved by the Board of Directors of the Company; 

  
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 (ii) Capital Stock issuances to directors, officers and employees of the Company
or its Subsidiaries pursuant to plans approved by the stockholders of the Company; 
 (iii) any Restricted Payment otherwise
permitted under Section 4.07 hereof or any Permitted Investment (other than a Permitted Investment referred to in clause (b) of the definition thereof, except as permitted by clause (iv) below); 

(iv) any transaction between or among the Company and/or one or more Restricted Subsidiaries or between or among Restricted
Subsidiaries (provided, however, no such transaction shall involve any other Affiliate of the Company (other than an Unrestricted Subsidiary to the extent permitted by this Indenture)) and any Guarantees issued by the Company or a Restricted
Subsidiary for the benefit of the Company or a Restricted Subsidiary, as the case may be, in accordance with Section 4.06; 

(v) any transaction between the Company or one or more Restricted Subsidiaries and one or more Unrestricted Subsidiaries
(1) where all of the payments to, or other benefits conferred upon, such Unrestricted Subsidiaries are substantially contemporaneously dividended, or otherwise distributed or transferred without charge, to the Company or a Restricted Subsidiary
or (2) in the ordinary course of business, including, without limitation, sales (directly or indirectly), sales subject to repurchase options, leases and sales and leasebacks of (A) homes, improved land and unimproved land and
(B) real estate (including related amenities and improvements); 
 (vi) issuances, sales or other transfers or
dispositions of mortgages and collateralized mortgage obligations in the ordinary course of business between Restricted Subsidiaries and Unrestricted Subsidiaries of the Company; 

(vii) the payment of reasonable and customary fees to, and indemnity provided on behalf of, officers, directors, employees or
consultants of the Company, the Issuer or any Restricted Subsidiary; 
 (viii) transactions in which the Company or any
Restricted Subsidiary, as the case may be, delivers to the Trustee an opinion of a qualified independent financial advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or stating
that the terms are not materially less favorable to the 

  
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Company or its relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the Company or such Restricted Subsidiary with an unrelated Person on an
arm’s length basis; 
 (ix) any agreement or arrangement as in effect as of the Issue Date, or any amendment thereto (so
long as any such amendment is not disadvantageous in any material respect to the Holders when taken as a whole as compared to the applicable agreement or arrangement as in effect on the Issue Date); 

(x) transactions with joint ventures entered into in the ordinary course of business, including, without limitation, sales
(directly or indirectly), sales subject to repurchase options, leases and sales and leasebacks of (A) homes, improved land and unimproved land and (B) real estate (including related amenities and improvements); 

(xi) any transaction with a Person (other than an Unrestricted Subsidiary) which would constitute an Affiliate Transaction
solely because the Company or a Restricted Subsidiary owns Capital Stock in or otherwise controls such Person; 
 (xii) the
issuance and transfer of Capital Stock of the Company and the granting and performance of customary registration rights; 

(xiii) any lease entered into between the Company or any Restricted Subsidiary, as lessee, and any Affiliate of the Company, as
lessor, in the ordinary course of business; 
 (xiv) intellectual property licenses in the ordinary course of business; 

(xv) transactions between the Company or any of its Restricted Subsidiaries and any Person that would constitute an Affiliate
Transaction solely because a director of which is also a director of the Company; provided, however, that such director abstains from voting as a director of the Company on any matter involving such other Person; and 

(xvi) pledges of Capital Stock of Unrestricted Subsidiaries. 

Section 4.14. Limitations on Mergers, Consolidations and Sales of Assets. Neither the Issuer nor any Guarantor will
consolidate or merge with or into, or sell, lease, convey or otherwise dispose of all or substantially all of its assets (including, without limitation, by way of liquidation or dissolution), or assign any of its obligations under the Notes, the
Guarantees or this Indenture (as an entirety or substantially as an entirety in one transaction or in a series of related transactions), to any Person (in each case other than in a transaction in which the 

  
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Company, the Issuer or a Restricted Subsidiary is the survivor of a consolidation or merger, or the transferee in a sale, lease, conveyance or other disposition) unless: 

(i) the Person formed by or surviving such consolidation or merger (if other than the Company, the Issuer or the Guarantor, as
the case may be), or to which such sale, lease, conveyance or other disposition or assignment will be made (collectively, the “Successor”), 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 the Successor assumes by supplemental indenture in a form reasonably satisfactory to the Trustee all of the obligations of the Company, the Issuer or the Guarantor, as the case may be,
under the Notes or a Guarantee, as the case may be, and this Indenture; 
 (ii) immediately after giving effect to such
transaction, no Default or Event of Default has occurred and is continuing; and 
 (iii) immediately after giving effect to
such transaction: 
 (A) the Company (or its Successor) could incur at least $1.00 of Indebtedness pursuant to
Section 4.06(a) hereof; or 
 (B) the Consolidated Fixed Charge Coverage Ratio would be equal to or greater than the
Consolidated Fixed Charge Coverage Ratio immediately prior to such transaction or the ratio of Indebtedness of the Company and the Restricted Subsidiaries to Consolidated Tangible Net Worth of the Company would be equal to or less than the ratio
immediately prior to such transaction. 
 The foregoing provisions shall not apply to: (i) a transaction involving the sale or
disposition of Capital Stock of a Guarantor, or the consolidation or merger of a Guarantor, or the sale, lease, conveyance or other disposition of all or substantially all of the assets of a Guarantor, that in any such case results in such Guarantor
being released from its Guarantee pursuant to Section 6.03; or (ii) a transaction the purpose of which is to change the state of incorporation or formation of the Company, the Issuer or any Guarantor. 

Section 4.15. Reports to Holders of Notes. (a) The Company shall file with the Commission the annual reports and the
information, documents and other reports required to be filed pursuant to Section 13 or 15(d) of the Exchange Act. The Company shall file with the Trustee and deliver to each Holder of record of Notes such reports, information and documents
within 15 days after it files them with the Commission. In the event that the Company is no longer subject to these periodic reporting requirements of the Exchange Act, it will nonetheless continue to file reports with the Commission and the Trustee
and deliver such reports to  

  
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each Holder of Notes as if it were subject to such reporting requirements. Regardless of whether the Company is required to furnish such reports to its stockholders pursuant to the Exchange Act,
the Company will cause its consolidated financial statements and a “Management’s Discussion and Analysis of Results of Operations and Financial Condition” written report, similar to those that would have been required to appear in
annual or quarterly reports, to be delivered to Holders of Notes. 
 (b) The posting of the reports, information and documents referred to
above on the Company’s website or one maintained on its behalf for such purpose shall be deemed to satisfy the Company’s delivery obligations to the Trustee and the Holders. In addition, availability of the foregoing materials on the
Commission’s EDGAR service shall be deemed to satisfy the Company’s delivery obligations to the Trustee and the Holders. The Trustee shall have no obligation to monitor whether the Company posts such reports, information and documents on
its website or the Commission’s EDGAR service. 
 (c) For so long as any of the Notes remain outstanding and constitute
“restricted securities” under Rule 144, the Company will furnish to the Holders of Notes and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 

(d) Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
them will not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s and/or the Company’s compliance with any of its covenants in this Indenture (as to
which the Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 4.16. [Reserved] 

Section 4.17. [Reserved] 

Section 4.18. Limitation of Applicability of Certain Covenants if Notes Rated Investment Grade. 

(a) The Issuer’s, the Company’s and its Restricted Subsidiaries’ obligations to comply with the provisions of this
Indenture described under this Article 4 (except for Section 4.01, Section 4.02, Section 4.03, Section 4.08, Section 4.12, Section 4.14 (other than clause (iii) of the first paragraph thereof), and
Section 4.15) will be suspended (such suspended covenants, the “Suspended Covenants”) and cease to have any further effect from and after the first date when the Notes are rated Investment Grade (the “Suspension
Date”); provided, that if the Notes subsequently cease to be rated Investment Grade, then, from and after the time the Notes cease to be rated Investment Grade (the “Reversion Date”), the Issuer’s,
the Company’s and its Restricted Subsidiaries’ obligation to  

  
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comply with the Suspended Covenants shall be reinstated. The period of time between the Suspension Date and the Reversion Date is referred to in this description as the “Suspension
Period.” 
 (b) Following the achievement of such Investment Grade ratings, no Restricted Subsidiary thereafter acquired or
created will be required to be a Guarantor unless it thereafter guarantees any Applicable Debt or (other than with respect to an Excluded Subsidiary) the Notes cease to be rated Investment Grade. 

(c) Notwithstanding clauses (a) and (b) of this Section 4.18, in the event of any reinstatement of the obligation to comply
with the Suspended Covenants referred to in Section 4.18(a), no action taken or omitted to be taken by the Company or any of its Subsidiaries prior to such reinstatement, or action taken by the Company or any of its Subsidiaries at any time
pursuant to a contractual obligation arising prior to such reinstatement (not entered into in contemplation of such reinstatement) shall give rise to a Default or Event of Default under this Indenture upon reinstatement. 

(d) On the Reversion Date, all Indebtedness incurred during the Suspension Period will be classified to have been incurred or issued pursuant
to clause (c) of the definition of “Permitted Indebtedness.” Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.07 will be made as though Section 4.07 had
been in effect prior to, but not during, the Suspension Period. Any Affiliate Transaction entered into after the Reversion Date pursuant to an agreement entered into during any Suspension Period shall be deemed to be permitted pursuant to clause
(ix) of Section 4.13(b). Any encumbrance or restriction on the ability of any Restricted Subsidiary that is not a Guarantor to take any action described in clauses (a) through (c) of Section 4.09 that becomes effective
during any Suspension Period shall be deemed to be permitted pursuant to clause (b) of Section 4.09. 
 (e) The Issuer shall
promptly notify the Trustee of any suspension or reinstatement of the Suspended Covenants and in the absence of such notice, the Trustee shall be entitled to presume that no such suspension or reinstatement has occurred. 

ARTICLE 5 
 REMEDIES

 Section 5.01. Events of Default. “Event of Default” means any one or more of the following events: 

(i) the failure by the Company, the Issuer and the Guarantors to pay interest on any Note when the same becomes due and payable
and the continuance of any such failure for a period of 30 days; 

  
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 (ii) the failure by the Company, the Issuer and the Guarantors to pay the
principal or premium of any Note when the same becomes due and payable at maturity, upon acceleration or otherwise; 
 (iii)
the failure by the Company, the Issuer or any Restricted Subsidiary to comply with any of its agreements or covenants in, or provisions of, the Notes, the Guarantees or this Indenture and such failure continues for the period and after the notice
specified below (except in the case of a default under Section 4.12 and 4.14, which will constitute Events of Default with notice but without passage of time); 

(iv) the acceleration of any Indebtedness (other than Non-Recourse Indebtedness) of the Company, the Issuer or any Restricted
Subsidiary that has an outstanding principal amount of $40.0 million or more, individually or in the aggregate, and such acceleration does not cease to exist, or such Indebtedness is not satisfied, in either case within 30 days after such
acceleration; 
 (v) the failure by the Company, the Issuer or any Restricted Subsidiary to make any principal or interest
payment in an amount of $40.0 million or more, individually or in the aggregate, in respect of Indebtedness (other than Non-Recourse Indebtedness) of the Company or any Restricted Subsidiary within 30 days of such principal or interest becoming due
and payable (after giving effect to any applicable grace period set forth in the documents governing such Indebtedness); 

(vi) a final judgment or judgments that exceed $40.0 million or more, individually or in the aggregate, for the payment of
money having been entered by a court or courts of competent jurisdiction against the Company, the Issuer or any of its Restricted Subsidiaries and such judgment or judgments is not satisfied, stayed, annulled or rescinded within 60 days of being
entered; 
 (vii) the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary pursuant to or within
the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case; 

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

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

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

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

(A) is for relief against the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary as debtor in an
involuntary case; 
 (B) appoints a Custodian of the Company, the Issuer or any Restricted Subsidiary that is a Significant
Subsidiary or a Custodian for all or substantially all of the property of the Company or any Restricted Subsidiary that is a Significant Subsidiary; or 

(C) orders the liquidation of the Company, the Issuer or any Restricted Subsidiary that is a Significant Subsidiary, and the
order or decree remains unstayed and in effect for 60 days; or 
 (ix) any Guarantee of a Guarantor that is a Significant
Subsidiary 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 Guarantor denies its liability under its
Guarantee (other than by reason of release of a Guarantor from its Guarantee in accordance with the terms of this Indenture and the Guarantee). 

A Default as described in subclause (iii) of this Section 5.01 will not be deemed an Event of Default until the Trustee notifies the
Company, or the Holders of at least 25 percent in principal amount of the then outstanding Notes notify the Company and the Trustee, of the Default and (except in the case of a Default with respect to Section 4.12 and 4.14 hereof) the Company
does not cure the Default within 60 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If such a Default is cured within such time period,
it ceases to be a Default. 
 If an Event of Default (other than an Event of Default with respect to the Company or the Issuer resulting
from subclauses (vii) or (viii) of this Section 5.01), shall have occurred and be continuing under this Indenture, the Trustee by notice to the Company, or the Holders of at least 25 percent in principal amount of the Notes then
outstanding by notice to the Company and the Trustee, may declare all Notes to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Notes will be due and payable immediately. If an Event of
Default specified in subclauses (iv) or (v) above 

  
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occurs, the declaration of acceleration of the Notes shall be automatically annulled if the default triggering such Event of Default pursuant to subclauses (iv) or (v) shall be
remedied or cured by the Company 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 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 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. The Issuer shall provide the Trustee with notice of any such annulment of a declaration of acceleration of the Notes. If an Event of Default with respect to the Company or the Issuer specified in
subclauses (vii) or (viii) of this Section 5.01 occurs, such an amount will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee and the Company or any
Holder. This provision, however, is subject to the condition that, if at any time after the unpaid principal amount (or such specified amount) of the Notes shall have been so declared due and payable and before any judgment or decree for the payment
of the moneys due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall deposit with the Trustee a sum sufficient to pay all matured installments of interest, if any, upon all of the Notes and the principal of
all the Notes which shall have become due otherwise than by acceleration (with interest on overdue installments of interest, if any, to the extent that payment of such interest is enforceable under applicable law and on such principal at the rate
borne by the Notes to the date of such payment or deposit) and the reasonable compensation, disbursements, expenses and advances of the Trustee and all other amounts due the Trustee under Section 7.07, and any and all defaults under this
Indenture, other than the nonpayment of such portion of the principal amount of and accrued interest, if any, on Notes which shall have become due by acceleration, shall have been cured or shall have been waived in accordance with Section 5.03
or provision deemed by the Trustee to be adequate shall have been made therefor, then and in every such case the Holders of a majority in aggregate principal amount of the Notes then outstanding, by written notice to the Issuer and to the Trustee,
may rescind and annul such declaration and its consequences; but no such rescission and annulment shall extend to or shall affect any subsequent default, or shall impair any right consequent thereon. Notwithstanding the previous sentence, no waiver
shall be effective against any Holder for any Event of Default or event which with notice or lapse of time or both would be an Event of Default with respect to any covenant or provision which cannot be modified or amended without the consent of the
Holder of each outstanding Note affected thereby, unless all such affected Holders agree, in writing, to waive such Event of Default or other event. 

If the Trustee shall have proceeded to enforce any right under this Indenture and such proceedings shall have been discontinued or abandoned
because of such rescission or annulment or for any reason or shall have been 

  
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determined to be adverse to the Trustee, then and in every such case the Issuer, the Trustee and the Holders of Notes shall be restored respectively to their several positions and rights
hereunder, and all rights, remedies and powers of the Issuer, the Trustee and the Holders of Notes shall continue as though no such proceeding had been taken. 

Except with respect to an Event of Default pursuant to clauses (i) or (ii) of this Section 5.01, the Trustee shall not be
charged with knowledge of any Event of Default unless written notice thereof shall have been given to a Responsible Officer of the Trustee by the Issuer, a Paying Agent or any Holder and such notice references the Notes and this Indenture. 

Section 5.02. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue, in its own name or
as trustee of an express trust, any available remedy by proceeding at law or in equity to collect the payment of principal of, premium, if any, and interest, if any, 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. 

Section 5.03. Waiver of Defaults by Majority of Holders. By written notice to the Trustee and the Company, the Holders of a
majority in aggregate principal amount of the Notes then outstanding may on behalf of the Holders of all of the Notes waive any past Default or Event of Default hereunder and its consequences, except a Default in the payment of interest, if any, on,
or the principal of, the Notes. Upon any such waiver, the Issuer, the Trustee and the Holders of Notes shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other Default
or Event of Default or impair any right consequent thereon. Whenever any Default or Event of Default hereunder shall have been waived as permitted by this Section 5.03, said Default or Event of Default shall for all purposes of the Notes and
this Indenture be deemed to have been cured and to be not continuing.  
 Section 5.04. Direction of Proceedings.
The Holders of a majority in aggregate principal amount of the Notes then outstanding shall have the right to direct the time, method, and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to the Notes; provided, however, that (subject to the provisions of Section 7.01) the Trustee shall have the right to decline to follow any such direction if the Trustee shall determine upon
advice of counsel that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its board of directors, its executive committee, or a trust committee of directors or Responsible Officers or both shall
determine that the action or proceeding so directed would involve the Trustee in personal liability. 

  
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 Section 5.05. Application of Moneys Collected by Trustee. Any moneys collected
by the Trustee pursuant to this Article with respect to outstanding Notes shall be applied in the order following, at the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the Notes and stamping thereon the
payment, if only partially paid, and upon surrender thereof, if fully paid:  
 FIRST: To the payment of costs and
expenses of collection and reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee pursuant to Section 7.07 except as a result of its
negligence or bad faith; 
 SECOND: If the principal of the Notes shall not have become due and be unpaid, to the payment of
interest, if any, on the Notes, in the order of the maturity of the installments of such interest, if any, with interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest, if any, at the
rate borne by the Notes, such payment to be made ratably to the Persons entitled thereto; 
 THIRD: If the principal of the
Notes shall have become due, by declaration or otherwise, to the payment of the whole amount then owing and unpaid upon the Notes for principal or interest, if any, with interest on the overdue principal and (to the extent that such interest has
been collected by the Trustee) upon overdue installments of interest, if any, at the rate borne by the Notes, and in case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon the Notes, then to the payment of
such principal and interest, if any, without preference or priority of principal over interest, if any, or of interest, if any, over principal, or of any installment of interest, if any, over any other installment of interest, if any, ratably to the
aggregate of such principal and accrued and unpaid interest, if any; and 
 FOURTH: To the payment of any surplus then
remaining to the Issuer, its successors or assigns, or to whomsoever may be lawfully entitled to receive the same. 
 No claim for interest
which in any manner at or after maturity shall have been transferred or pledged separate or apart from the Notes to which it relates, or which in any manner shall have been kept alive after maturity by an extension (otherwise than pursuant to an
extension made pursuant to a plan proposed by the Issuer to the Holders of all Notes), purchase, funding or otherwise by or on behalf or with the consent or approval of the Issuer shall be entitled, in case of a default hereunder, to any benefit of
this Indenture, except after prior payment in full of the principal of all Notes and of all claims for interest not so transferred, pledged, kept alive, extended, purchased or funded. 

  
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 Section 5.06. Proceedings by Holders. No holder of any Notes shall have any
right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this Indenture for the appointment of a receiver or trustee or similar official, or
for any other remedy hereunder, unless such Holder previously shall have given to the Trustee written notice of default and of the continuance thereof, as hereinbefore provided, and unless the Holders of not less than 25% in aggregate principal
amount of the Notes then outstanding shall have made written request to the Trustee to institute such action, suit or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as the Trustee may
require against the costs, expenses and liabilities to be incurred therein or thereby, and the Trustee for 60 days after its receipt of such notice, request and offer of indemnity shall have neglected or refused to institute any such action, suit or
proceeding, it being understood and intended, and being expressly covenanted by the Holder of every Note with every other Holder and the Trustee, that no one or more Holders of Notes shall have any right in any manner whatever by virtue of or by
availing of any provision of this Indenture or of the Notes to affect, disturb or prejudice the rights of any other Holder of Notes, or to obtain or seek to obtain priority over or preference as to any other such Holder, or to enforce any right
under this Indenture or the Notes, except in the manner herein provided and for the equal, ratable and common benefit of all Holders of Notes. 

Notwithstanding any other provisions in this Indenture, however, the right of any Holder of any Note to receive payment of the principal of,
premium, if any, and interest, if any, on such Note, on or after the maturity thereof, or to institute suit for the enforcement of any such payment on or after such respective dates shall not be impaired or affected without the consent of such
Holder. 
 Section 5.07. Proceedings by Trustee. In case of an Event of Default hereunder, the Trustee may in its
discretion proceed to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at
law or by proceedings in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or
equitable right vested in the Trustee by this Indenture or by law. 
 Section 5.08. Remedies Cumulative and
Continuing. All powers and remedies given by this Article 5 to the Trustee or to the Holders shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof  

  
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or of any other powers and remedies available to the Trustee or the Holders, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements
contained in this Indenture, and no delay or omission of the Trustee or of any Holder to exercise any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such right or power, or shall be construed to be a
waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 5.06, every power and remedy given by this Article 5 or by law to the Trustee or to the Holders may be exercised from time to time, and as often as
shall be deemed expedient, by the Trustee or by the Holders. 
 Section 5.09. Undertaking to Pay Costs. All parties to
this Indenture agree, and each Holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, or in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the cost of such suit, and that such court may in its discretion assess reasonable costs, including
reasonable attorneys’ fees and expenses, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 5.09 shall not apply
to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the then outstanding Notes, or to any suit instituted by any Holders for the enforcement
of the payment of the principal of, premium, if any, or interest, if any, on any Note against the Issuer on or after the due date of such Note. 

Section 5.10. Notice of Defaults. (a) The Company is required to deliver to the Trustee an annual statement regarding
compliance with this Indenture, and include in such statement, if any officer of the Company is aware of any Default or Event of Default, a statement specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto. In addition, the Company is required to deliver to the Trustee prompt written notice of the occurrence of any Default or Event of Default. 

(b) The Trustee shall, within 90 days after the occurrence of a default known to the Trustee, with respect to the Notes, mail to all
Holders of Notes, as the names and the addresses of such Holders appear upon the Register, notice of all defaults, unless such defaults shall have been cured before the giving of such notice (the term “default” for the purpose of
this Section 5.10(b) being hereby defined to be the events specified in clauses (i), (ii), (iii), (iv), (v), (vi), (vii), (viii), (ix) and (x) of Section 5.01, not including periods of grace, if any, provided for therein and
irrespective of the giving of the written notice specified in said clause (iii) but in the case of any default of the character specified in said clause (iii) no such notice to Holders shall be given until at least 60 days after the giving
of  

  
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written notice thereof to the Company pursuant to said clause (iii)); provided, however, that, except in the case of default in the payment of the principal of, premium, if any,
or interest, if any, on any of the Notes, or in the payment or satisfaction of a purchase obligation, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee, a trust committee of
directors or a Responsible Officer of the Trustee in good faith determines that the withholding of such notice is in the best interests of the Holders. Notice to Holders under this Section shall be given in the manner and to the extent provided in
Trust Indenture Act Section 313(c). 
 Section 5.11. Waiver of Stay, Extension or Usury Laws. The Company, the
Issuer and each Guarantor covenants, to the extent permitted by applicable law, that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law or any usury law or
other law that would prohibit or forgive the Company, the Issuer or the Guarantor from paying all or any portion of the principal of, premium, if any, or interest, if any, on the Notes as contemplated herein, wherever enacted, now or at any time
hereafter in force, or that may affect the covenants or the performance of this Indenture. The Company, the Issuer and each Guarantor hereby expressly waives, to the extent that it may lawfully do so, all benefit or advantage of any such law and
covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.12. Trustee May File Proof 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 compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee hereunder) and the
Holders allowed in any judicial proceedings relating to the Company, the Issuer or any Guarantor or their respective creditors or property, and is entitled and empowered to collect, receive and distribute any money, securities or other property
payable or deliverable upon conversion or exchange of the Notes or upon any such claims. Any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, if the Trustee consents 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, its agent and counsel, and any other amounts due the Trustee hereunder. Nothing in this Indenture will be deemed to empower 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 thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

  
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 Section 5.13. Payment of Notes on Default; Suit Therefor. The Issuer covenants
that (a) if default shall be made in the payment of any installment of interest upon the Notes as and when the same shall become due and payable, and such default shall have continued for a period of 30 days, or (b) if default shall be
made in the payment of the principal of, and premium, if any, on the Notes as and when the same shall have become due and payable, whether at maturity of the Notes or upon redemption or by declaration or otherwise, then, upon demand of the Trustee,
the Issuer will pay to the Trustee, for the benefit of the Holders, the whole amount that then shall have become due and payable on all such Notes for principal, and premium, if any, or interest, if any, or both, as the case may be, with interest
upon the overdue principal and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue installments of interest, if any, at the rate borne by the Notes; and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, including a reasonable compensation to the Trustee, its agent, attorneys and counsel, and any expenses or liabilities incurred by the Trustee hereunder other than through its
negligence or bad faith. 
 If the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and
as trustee of an express trust, shall be entitled and empowered to institute any actions or proceedings at law or in equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final
decree, and may enforce any such judgment or final decree against the Issuer or any other obligor on the Notes and collect in the manner provided by law out of the property of the Issuer or any other obligor on the Notes, wherever situated, the
moneys adjudged or decreed to be payable. 
 If there shall be pending proceedings for the bankruptcy or for the reorganization of the
Issuer or any other obligor on the Notes under any bankruptcy, insolvency or other similar law now or hereafter in effect, or if a receiver or trustee or similar official shall have been appointed for the property of the Issuer or such other
obligor, or in the case of any other similar judicial proceedings relative to the Issuer or other obligor on the Notes, or to the creditors or property of the Issuer or such other obligor, the Trustee, irrespective of whether the principal of the
Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the provisions of this Section 5.13, shall be entitled and empowered by
intervention in such proceedings or otherwise to file and prove a claim or claims for the whole amount of principal, premium, if any, and interest, if any, owing and unpaid in respect of the Notes, and, in case of any judicial proceedings, to file
such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Holders allowed in such judicial proceedings relative to the Issuer or any other obligor on the Notes, its or
their creditors, or its or their property, and to collect and receive any moneys or other property payable or deliverable on any such 

  
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claims, and to distribute the same after the deduction of its charges and expenses, and any receiver, assignee or trustee or similar official in bankruptcy or reorganization is hereby authorized
by each of the Holders to make such payments to the Trustee, and, if the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for compensation and expenses or otherwise pursuant to
Section 7.07, including counsel fees and expenses incurred by it up to the date of such distribution. To the extent that such payment of reasonable compensation, expenses and counsel fees and expenses out of the estate in any such proceedings
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, moneys, securities and other property which the Holders of Notes may be entitled to receive in such
proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. 
 All rights of action and of
asserting claims under this Indenture, or under any of the Notes, may be enforced by the Trustee without the possession of any of the Notes, or the production thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the Holders of Notes in respect of which such judgment has been recovered. 

ARTICLE 6 

GUARANTEES; RELEASE OF GUARANTOR 

Section 6.01. Guarantee. Each of the Guarantors hereby unconditionally guarantees, jointly and severally with each other
Guarantor, 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 Issuer hereunder or thereunder, that: (i) the due and punctual
payment of the principal of, premium, if any, and interest on the Notes, whether at maturity or on an interest payment date, by acceleration, pursuant to an Offer to Purchase or otherwise, to the extent lawful, and all other obligations of the
Issuer to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full when due, all in accordance with the terms hereof and thereof, including all amounts payable to the Trustee under Section 7.07 hereof, and (ii) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, the 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. 
 If the Issuer fails to make any payment when due of any amount so guaranteed for whatever reason, each
Guarantor shall be obligated, jointly and severally with each other Guarantor, to pay the same immediately. Each 

  
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Guarantor hereby agrees that its obligations hereunder shall be continuing, absolute and unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of
the Notes, this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder or the Trustee with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of such Guarantor. If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to the Issuer or such Guarantor, any amount paid by the Issuer or any Guarantor to the Trustee or such Holder, this Article 6, to the extent theretofore discharged with
respect to any Guarantee, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby by such Guarantor
until payment in full of all such obligations. Each Guarantor further agrees that, as between such Guarantor, on the one hand, and the Holders of Notes and the Trustee on the other hand, (i) the maturity of the obligations guaranteed hereby may
be accelerated as provided in Article 5 hereof for the purposes of such Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby and (ii) in the event of
any acceleration of such obligations as provided in Article 5 hereof such obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor, jointly and severally with each other Guarantor, for the purpose of this
Article 6. In addition, without limiting the foregoing, upon the effectiveness of an acceleration under Article 5, the Trustee may make a demand for payment on the Notes under any Guarantee provided hereunder and not discharged. 

The Guarantee set forth in this Section 6.01 and as annexed to any Note shall not be valid or become obligatory for any purpose with
respect to a Note until the certificate of authentication on such Note shall have been signed by the Trustee or any duly appointed agent. 

Section 6.02. Obligations of each Guarantor Unconditional. Nothing contained in this Article 6 or elsewhere in this
Indenture or in any Note is intended to or shall impair, as between each Guarantor and the Holders, the obligations of such Guarantor which are absolute and unconditional, to pay to the Holders the principal of, premium, if any, and interest on the
Notes as and when the same shall become due and payable in accordance with the provisions of their Guarantee or is intended to or shall affect the relative rights of the Holders and creditors of such Guarantor, nor shall anything herein or therein
prevent the Trustee or any Holder from exercising all remedies otherwise permitted by applicable law upon any Default under this Indenture in respect of cash, property or securities of such Guarantor received upon the exercise of any such remedy.

  
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 Upon any distribution of assets of a Guarantor referred to in this Article 6, the Trustee,
subject to the provisions of Article 7, and the Holders shall be entitled to rely upon any order or decree made by any court of competent jurisdiction in which such dissolution, winding up, liquidation or reorganization proceedings are pending, or a
certificate of the liquidating trustee or agent or other person making any distribution to the Trustee or to such Holders for the purpose of ascertaining the persons entitled to participate in such distribution, the holders of other indebtedness of
such Guarantor, the amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this Article 6. 

Section 6.03. Release of a Guarantor. (a) If (i) all or substantially all of the assets of any Guarantor other
than the Company or all of the Capital Stock of any Guarantor other than the Company 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, (ii) unless the Company elects otherwise, any Guarantor other than the Company is designated an Unrestricted Subsidiary in accordance with the terms of this Indenture or becomes an Excluded Subsidiary, (iii) the Indenture is
discharged or defeased in accordance with Article 8, or (iv) in accordance with Article 9, then in each case such Guarantor or Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets
of a Guarantor), as the case may be, shall be deemed automatically and unconditionally released and discharged from any of its obligations under this Indenture without any further action on the part of the Trustee or any Holder of the Notes.

 (b) An Unrestricted Subsidiary or Excluded Subsidiary that is a Guarantor shall be deemed automatically and unconditionally released
and discharged from all obligations under its Guarantee upon notice from the Company to the Trustee to such effect, without any further action required on the part of the Trustee or any Holder. 

Section 6.04. Execution and Delivery of Guarantee. The execution by each Guarantor of this Indenture (or a supplemental
indenture in the form of Exhibit B) together with an executed guarantee substantially in the form included in Exhibit A evidences the Guarantee of such Guarantor, whether or not the person signing as an officer of the Guarantor still holds that
office at the time of authentication of any Note. The delivery of any Note by the Trustee after authentication constitutes due delivery of the Guarantee on behalf of each Guarantor. 

Section 6.05. Limitation on Guarantor Liability. Notwithstanding anything to the contrary in this Article 6, each
Guarantor, and by its acceptance of a Note, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent conveyance under 

  
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applicable fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable provision of state law. To effectuate that intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations subject to avoidance under applicable fraudulent conveyance
provisions of the United States Bankruptcy Code or any comparable provision of state law. 
 Section 6.06. Article 6 Not to
Prevent Events of Default. The failure to make a payment on account of principal, premium, if any, or interest, if any, on the Notes by reason of any provision in this Article 6 shall not be construed as preventing the occurrence of any Event of
Default under Section 5.01. 
 Section 6.07. Waiver by the Guarantors. To the extent permitted by applicable law, each
Guarantor hereby irrevocably waives diligence, presentment, demand of payment, demand of performance, filing of claims with a court in the event of insolvency of bankruptcy of the Issuer, any right to require a proceeding first against the Issuer,
the benefit of discussion, protest, notice and all demand whatsoever and covenants that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes, in this Indenture and in this Article 6. 

Section 6.08. Subrogation and Contribution. Upon making any payment with respect to any obligation of the Issuer under this
Article, the Guarantor making such payment shall be subrogated to the rights of the payee against the Issuer with respect to such obligation; provided, that the Guarantor may not enforce either any right of subrogation, or any right to
receive payment in the nature of contribution, or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuer hereunder or under the Notes remains unpaid. 

Each Guarantor that makes a payment under its Guarantee shall be entitled, upon payment in full of all guaranteed obligations under
this Indenture, to seek and receive contribution from and against 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 6.09. Stay of Acceleration. If acceleration of the
time for payment of any amount payable by the Issuer under this Indenture or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Issuer, all such amounts otherwise subject to acceleration under the terms of this Indenture
are nonetheless payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders. 

  
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 ARTICLE 7 

THE TRUSTEE 

Section 7.01. General. (a) The duties, rights and responsibilities of the Trustee are as provided by the Trust
Indenture Act and as set forth herein. Whether or not expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee is subject to this Article. 

(b) Except during the continuance of an Event of Default, 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 the permissive rights of the Trustee set forth herein shall not be construed as duties. In case an Event of Default has
occurred and is continuing, the Trustee shall exercise those rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise as a prudent man would exercise or use under the circumstances in the conduct
of his own affairs. 
 Section 7.02. Certain Rights of the Trustee. Subject to and inclusive of Trust Indenture Act
Sections 315(a) through (d): 
 (a) The Trustee may rely, and shall be protected in acting or refraining from acting,
upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or 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 further inquiry or investigation into such facts or matters as it sees fit. 

(b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel
conforming to Section 12.05 and the Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such a certificate or opinion. Unless otherwise specifically provided in this Indenture, any demand, request,
direction or notice from the Issuer or the Company, as applicable, shall be sufficient if signed by an Officer of the Issuer or the Company, as applicable. 

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

  
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 (d) The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders, unless such Holders have offered to the Trustee reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in
compliance with such request or direction. 
 (e) 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 its rights or powers or for any action it takes or omits to take in accordance with the direction of the Holders in accordance with Section 5.04 relating to the time, method and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture. 

(f) The Trustee may consult with counsel, and the written advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 

(g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 

(h) The Trustee may request that the Company (on behalf of itself and the Issuer) deliver an Officers’ Certificate setting
forth the name of the individuals and/or titles of Officers authorized at such time to take specific 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 Officers’ Certificate previously delivered and not superseded. 

(i) In no event shall the Trustee be liable, directly or indirectly, for any special, indirect or consequential damages, even
if the Trustee has been advised of the possibility of such damages. 
 (j) 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 to each agent, custodian and other Person employed to
act hereunder. 
 (k) In no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising 

  
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out of or caused by, directly or indirectly, forces beyond its 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, except in the case of failures or delays due to the Trustee’s negligence or bad faith, interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances. 

Section 7.03. Individual Rights of the Trustee. The Trustee, in its individual or any other capacity, may become the owner
or pledgee of Notes and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Trust Indenture Act Sections
310(b) and 311. For purposes of Trust Indenture Act Section 311(b)(4) and (6): 
 (a) “cash
transaction” means any transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon
demand; and 
 (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation
which is made, drawn, negotiated or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a
lien upon, the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the
creation of the creditor relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 

Section 7.04. Trustee’s Disclaimer. The Trustee (a) makes no representation as to the validity or adequacy of
this Indenture or the Notes, (b) is not accountable for the Company’s use or application of the proceeds from the Notes and (c) is not responsible for any statement in the Notes other than its certificate of authentication.

 Section 7.05. [Reserved] 

Section 7.06. Reports by Trustee to Holders. To the extent this Indenture becomes qualified under the Trust Indenture Act, within
60 days after each May 1, 

  
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beginning with the first May 1 after this Indenture so becomes qualified under the Trust Indenture Act, the Trustee shall mail to each Holder, as provided in Trust Indenture Act
Section 313(c) a brief report dated as of such May 1, if required by Trust Indenture Act Section 313(a). 

Section 7.07. Compensation and Indemnity. (a) The Company shall pay the Trustee compensation as agreed upon in writing
for its services. The compensation of the Trustee is not limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances
incurred or made by the Trustee, including the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 (b)
In addition to any other indemnity provided to the Trustee hereunder, the Company shall indemnify the Trustee for, and hold it harmless against, any loss or liability or expense incurred by it without negligence or bad faith on its part arising out
of or in connection with the acceptance or administration of this Indenture and its duties under this Indenture and the Notes, including the costs and expenses of defending itself against any claim or liability and of complying with any process
served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Notes (regardless of whether brought or initiated by a third party or a party hereto). 

(c) To secure the Company’s payment obligations in this Section or as otherwise provided in this Indenture, the Trustee shall have a lien
prior to the Notes on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of, premium, if any, and interest, if any, on particular Notes. 

(d) When the Trustee incurs expenses or renders services after an Event of Default specified in Section 5.01(vii) or
Section 5.01(viii) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended, to the extent permitted by law, to constitute expenses of administration under any
Bankruptcy Law. 
 (e) The Company’s obligations and the Trustee’s rights under this Section 7.07 shall survive the
resignation or removal of the Trustee and the termination of this Indenture. 
 Section 7.08. Replacement of Trustee. (a)(i) The
Trustee may resign at any time by written notice to the Issuer. 
 (ii) The Holders of a majority in principal amount of the
outstanding Notes may remove the Trustee by written notice to the Trustee. 

  
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 (iii) If the Trustee is no longer eligible under Section 7.10 or in the
circumstances described in Trust Indenture Act Section 310(b), any Holder that satisfies the requirements of Trust Indenture Act Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee. 
 (iv) The Issuer may remove the Trustee if: (A) the Trustee is no longer eligible
under Section 7.10; (B) the Trustee is adjudged bankrupt or an insolvent; (C) a receiver or other public officer takes charge of the Trustee or its property; or (D) the Trustee becomes incapable of acting. 

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. 
 (b) If the Trustee has been removed by the Holders, Holders of a majority in principal amount of
the Notes may appoint a successor Trustee with the consent of the Issuer. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor Trustee. If the
successor Trustee does not deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuer or the Holders of a majority in principal amount of the outstanding Notes may petition, at
the expense of the Issuer, any court of competent jurisdiction for the appointment of a successor Trustee. 
 (c) Upon delivery by the
successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Issuer, (i) the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in
Section 7.07, (ii) the resignation or removal of the retiring Trustee shall become effective, and (iii) the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. Upon request of any
successor Trustee, the Issuer shall execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Issuer shall give notice of any resignation and any removal of the Trustee
and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office. 

(d) Notwithstanding replacement of the Trustee pursuant to this Section, Issuer’s obligations under Section 7.07 shall continue for
the benefit of the retiring Trustee. 
 (e) The Trustee agrees to give the notices provided for in, and otherwise comply with, Trust
Indenture Act Section 310(b). 

  
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 Section 7.09. Successor Trustee by Merger. If the Trustee consolidates with,
merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or national banking association, the resulting, surviving or transferee corporation or national banking association without any
further act shall be the successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this Indenture. 

Section 7.10. Eligibility. The Indenture must always have a Trustee that satisfies the requirements of Trust Indenture Act
Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. 

Section 7.11. Money Held in Trust. The Trustee shall not be liable for interest on any money received by it except as it
may agree with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8. 

ARTICLE 8 

DEFEASANCE AND DISCHARGE 

Section 8.01. Legal Defeasance and Discharge. The Issuer, the Company and the Guarantors shall, subject to the satisfaction
of the conditions set forth in Section 8.03 hereof, be deemed to have been discharged from their respective obligations with respect to the Notes, the Guarantees and under this Indenture (other than the right of Holders to receive interest on
and principal of the Notes when due solely out of the trust referred to below and certain other obligations) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose,
Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the Notes, which shall thereafter be deemed to be outstanding only for the purposes of Section 8.04 hereof and the other
Sections of this Indenture referred to in clauses (a) through (f) of this Section 8.01, and the Issuer, the Company and the Guarantors shall be deemed to have satisfied all of their respective obligations under the Notes, the
Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute proper instruments delivered to it by the Issuer acknowledging the same), except for the following provisions which shall survive until
otherwise terminated or discharged hereunder: (a) the rights of Holders of Notes to receive payments in respect of the principal, premium, if any, and interest, if any, on the Notes when such payments are due from the trust referred to below;
(b) the Issuer’s obligations with respect to the Notes concerning mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust; (c) the rights, powers,
trusts, duties and immunities of the Trustee, and the Issuer’s and the Guarantors’ obligations in connection therewith; (d) the Legal Defeasance  

  
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provisions of Article 8 of this Indenture; (e) the rights of registration of transfer and exchange of the Notes; and (f) the rights of Holders that are beneficiaries with respect to
property so deposited with the Trustee payable to all or any of them. 
 Section 8.02. Covenant Defeasance. The Issuer,
the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.03 hereof, be released from their obligations with respect to the Notes and the Guarantees under the covenants contained in Sections
4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12 and 4.13, clause (iii) of Section 4.14 and Section 4.15 and Article 6 (except for Section 6.03) and each Guarantor’s obligation under its Guarantee, on and after the date that the
conditions set forth in Section 8.03 are satisfied (hereinafter, “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 the Notes shall not be deemed outstanding for
accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the Notes and the Guarantees, the Issuer, the Company and the Guarantors 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 5.01 hereof, but, except as specified above, the remainder of this Indenture and the Notes shall be unaffected thereby. Subject to the satisfaction of
the conditions set forth in Section 8.03 hereof, Sections 5.01(iii) (with respect to the covenants so defeased), 5.01(iv), 5.01(v), 5.01(vi) and 5.01(ix) shall not constitute Events of Default or Defaults hereunder. 

Section 8.03. Conditions to Legal or Covenant Defeasance. The following shall be the conditions to the application of
either Section 8.01 or Section 8.02 hereof to the Notes: 
 In order to exercise either Legal Defeasance or Covenant
Defeasance: 
 (a) the Issuer must irrevocably deposit, or cause to be deposited, with the Trustee, in trust under an irrevocable trust
agreement, for the benefit of the Holders of Notes, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public accountants,
to pay, without reinvestment, the principal of, premium, if any, and interest, if any, on the Notes on the stated maturity thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being
defeased to maturity or to a particular redemption date; 

  
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 (b) in the case of Legal Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel
reasonably acceptable to the Trustee confirming that the Issuer has received from, or there has been published by, the Internal Revenue Service a ruling, or there has been a change in the applicable United States federal income tax law after the
date of this Indenture, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income, gain or loss for United States federal income tax purposes as a
result of such Legal Defeasance, and will be subject to United States 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; 

(c) in the case of Covenant Defeasance, the Issuer must deliver to the Trustee an Opinion of Counsel reasonably acceptable to the Trustee
confirming that the beneficial owners of the Notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such Covenant Defeasance, and such Holders will be subject to United States 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; 
 (d)
no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) or insofar as Events of Default from
bankruptcy or insolvency events are concerned, at any time in the period ending on the 91st day after the date of deposit; 

(e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound; 

(f) the Issuer must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Issuer with the intent
of preferring the Holders of Notes over other creditors of the Issuer, or with the intent of defeating, hindering, delaying or defrauding creditors of the Issuer or others; and 

(g) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel in the United States reasonably acceptable
to the Trustee, each stating that the conditions precedent provided for or relating to Legal Defeasance or Covenant Defeasance, as applicable, in the case of the Officers’ Certificate, in clauses (a) through (f) and, in the case of
the Opinion of Counsel, in clauses (b) and (c) of this Section 8.03, have been complied with. 

  
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 Section 8.04. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.05 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively, and solely for purposes of this
Section 8.04, the “Trustee”) pursuant to Section 8.03 or Section 8.08 hereof in respect of the Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of the Notes and this Indenture, to
the payment, either directly or indirectly or through any paying agent (including the Issuer acting as paying agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal,
premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The
Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to Section 8.03 or Section 8.08 hereof or the
principal, premium, if any, and interest, if any, received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of Notes. 

Subject to the preceding paragraph and Section 7.07 herein, anything in this Article 8 to the contrary notwithstanding, the Trustee shall
deliver or pay, solely to the extent available in such trust, to the Issuer from time to time upon the request of the Issuer any money or non-callable U.S. Government Obligations held by it as provided in Section 8.03 or Section 8.08
hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.03(a) hereof), 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 8.05. Repayment to Issuer. Any money deposited with the Trustee or any paying agent, or then held by the Issuer, in
trust for the payment of the principal, premium, if any, and interest on the Notes and remaining unclaimed for two years after such principal, premium, if any, and interest has become due and payable shall be paid to the Issuer on its request or (if
then held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such paying agent with respect to
such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 
 Section 8.06.
Reinstatement. If the Trustee or paying agent is unable to apply any money or non-callable U.S. Government Obligations in accordance with Section 8.01, Section 8.02 or Section 8.08 hereof, as the case may be, by reason of any
order or judgment of any court or governmental authority enjoining,  

  
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restraining or otherwise prohibiting such application, then the Issuer’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to Section 8.01, Section 8.02 or Section 8.08 hereof until such time as the Trustee or paying agent is permitted to apply all such money in accordance with Section 8.01, Section 8.02 or Section 8.08 hereof, as
the case may be; provided, however, that, if the Issuer makes any payment of principal of, premium, if any, or interest, if any, on any Note following the reinstatement of its obligations, the Issuer shall be subrogated to the rights
of the Holders of such Notes to receive such payment from the money held by the Trustee or paying agent. 

Section 8.07. Survival. The Trustee’s rights under Article 7 (including, but not limited to, its right to
indemnification) and this Article 8 shall survive termination of this Indenture and the resignation or removal of the Trustee. 

Section 8.08. Satisfaction and Discharge of Indenture. If at any time (a) (i) the Issuer shall have paid or
caused to be paid the principal of, premium, if any, and interest on all the outstanding Notes (other than Notes which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.04) as and when the same
shall have become due and payable, or (ii) the Issuer shall have delivered to the Trustee for cancellation all Notes theretofore authenticated (other than Notes which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 2.04), or (b) (i) the Notes mature within one year, or all of them are to be called for redemption within one year under arrangements satisfactory to the Trustee for giving the notice of redemption, (ii) the
Issuer irrevocably deposits in trust with the Trustee, as trust funds solely for the benefit of the Holders, money or U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certificate delivered to the Trustee, without consideration of any reinvestment, to pay principal of and premium, if any, and interest on the Notes to maturity or redemption, as the case may be, and to pay
all other sums payable by it hereunder, (iii) no Default has occurred and is continuing on the date of the deposit, (iv) the deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Issuer is a party or by which it is bound, and (v) the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for
herein relating to the satisfaction and discharge of this Indenture have been complied with; and if, in any such case, the Issuer shall also pay or cause to be paid all other sums payable hereunder by the Issuer (including all amounts, payable to
the Trustee pursuant to Section 7.07), then, (x) after satisfying the conditions in clause (a), only the Company’s obligations under Sections 7.07 and 8.04 will survive or (y) after satisfying the conditions in clause (b), only
the Issuer’s or the Company’s, as applicable, obligations in Article 2 and Sections 4.01, 4.02, 7.07, 7.08, 8.04, 8.05 and 8.06 will survive, and, in either  

  
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case, the Trustee, on demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the satisfaction and
discharge contemplated by this provision have been complied with, and at the cost and expense of the Issuer, shall execute proper instruments acknowledging such satisfaction and discharging of this Indenture. The Issuer agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably incurred, and to compensate the Trustee for any services thereafter reasonably rendered, by the Trustee in connection with this Indenture or the Notes. 

ARTICLE 9 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 9.01. Amendments Without Consent of Holders. The Company, the Issuer, the Guarantors and the Trustee, as
applicable, may amend, supplement or waive this Indenture, the Notes or the Guarantees without notice to or the consent of any Holder: 

(a) to evidence the succession of another Person to the Issuer or the Company or successive successions, and the assumption by the successor
Person of the covenants, agreements and obligations of the Issuer or the Company herein and in the Notes or the Guarantees; 
 (b) to
add to the covenants of the Issuer or the Company such further covenants, restrictions, conditions or provisions for the protection of the Holders of Notes, or to surrender any right or power herein conferred upon the Issuer or the Company, and to
make the occurrence, or the occurrence and continuance, of a default in any such additional covenants, restrictions, conditions or provisions an Event of Default permitting the enforcement of all or any of the several remedies provided in this
Indenture as herein set forth; provided, however, that in respect of any such additional covenants, restrictions, conditions or provisions such amendment, supplemented indenture or waiver may provide for a particular period of grace
after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such an Event of Default or may limit the remedies available to the Trustee upon such an Event of
Default or may limit the right of the Holders of a majority in aggregate principal amount of the Notes to waive such an Event of Default; 

(c) to cure any ambiguity, defect or inconsistency in this Indenture, the Notes or the Guarantees; 

(d) to comply with any requirements of the Commission in connection with the qualification of this Indenture under the Trust Indenture Act;

  
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 (e) to evidence and provide for the acceptance of appointment hereunder by a successor or
replacement Trustee; 
 (f) to provide for uncertificated Notes in addition to, or in place of, Certificated Notes; 

(g) to provide for any Guarantee of the Notes; 

(h) to add security to or for the benefit of the Notes or to confirm and evidence the release, termination or discharge of any Guarantee of
the Notes; 
 (i) to provide for, or confirm the issuance of, Additional Notes; 

(j) to evidence compliance with Section 4.14; 

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

(l) to conform any provision of this Indenture, the Notes or the Guarantees to the ‘‘Description of Notes’’ contained in
the Offering Circular to the extent that the ‘‘Description of Notes’’ was intended to be a verbatim recitation of a provision in this Indenture, the Notes or the Guarantees. 

Section 9.02. Amendments with Consent of Holders. (a) Except as otherwise provided in Sections 5.01, 5.03 and 5.06 or
Section 9.02(b) of this Section, the Company, the Issuer, the Guarantors and the Trustee, as applicable, 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 outstanding Notes (which may include written consents obtained in connection with a tender offer or exchange offer for Notes), and the Holders of a majority in principal amount of the outstanding Notes by written notice to the Trustee may waive
future compliance by the Company, the Issuer and the Guarantors with any provision of this Indenture, the Notes or the Guarantees (which may include waivers obtained in connection with a tender offer or exchange offer for Notes). 

(b) Notwithstanding the provisions of paragraph (a) of this Section 9.02, without the consent of each Holder affected, an amendment
or waiver may not: 
 (i) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver; 

(ii) reduce the rate of, or extend the time for payment of, any interest, including default interest, on any Note; 

(iii) reduce principal of, or change the fixed maturity of, any Note or alter the provisions (including related definitions,
except 

  
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amendments to the definitions of “Asset Disposition,” “Change of Control” and “Permitted Hovnanian Holders”) with respect to redemptions described under Article 3 or
with respect to mandatory offers to repurchase Notes described under Section 4.10 and Section 4.12; 
 (iv) make
any Note payable in money other than that stated in the Note; 
 (v) modify the ranking of the Notes or any Guarantee; 

(vi) make any change in Sections 5.03 or Section 5.06; 

(vii) release any Guarantor from any of its obligations under its Guarantee or this Indenture otherwise than in accordance with
this Indenture; or 
 (viii) waive a continuing Default or Event of Default in the payment of principal of, premium, if any,
or interest, if any, 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). 
 (c) It is not necessary for Holders to approve the particular form of any proposed
amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 
 (d) An amendment, supplement or
waiver under this Section 9.02 shall become effective on receipt by the Trustee of written consents from the Holders of the requisite percentage in principal amount of the outstanding Notes. After an amendment, supplement or waiver under this
Section 9.02 becomes effective, the Issuer (or the Trustee at the request and expense of the Issuer) will send to the Holders affected thereby a notice briefly describing the amendment, supplement or waiver. The Issuer will send supplemental
indentures to Holders upon request. Any failure of the Issuer to send such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such supplemental indenture, amendment or waiver. 

Section 9.03. Effect of Consent. (a) After an amendment, supplement or waiver becomes effective, it will bind every
Holder unless it is of the type requiring the consent of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has
consented to it and every subsequent Holder of a Note that evidences the same debt as the Note of the consenting Holder. 

  
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 (b) If an amendment, supplement or waiver changes the terms of a Note, the Trustee may require
the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Note and return it to the Holder, or exchange it for a new Note that reflects the changed terms. The Trustee may also place an
appropriate notation on any Note thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver shall not be affected or impaired by any failure to annotate or exchange Notes in this fashion. 

Section 9.04. Trustee’s Rights and Obligations. The Trustee is entitled to receive, in addition to the documents
required by Section 12.04, and will be fully protected in relying upon, an Opinion of Counsel stating (i) that the execution of any amendment, supplement or waiver authorized pursuant to this Article is authorized or permitted by this
Indenture and (ii) in the case of an amendment, supplement or waiver in connection with Section 9.01(k) that such amendment, supplement or waiver does not adversely affect the legal rights of any Holder of Notes affected by such change. If
the Trustee has received such Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any amendment, supplement
or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture. 
 ARTICLE 10 

[RESERVED] 
 ARTICLE
11 
 RELEASE OF ISSUER AND GUARANTORS 

Section 11.01. Release of Issuer. (a) The Issuer shall be released from its obligations under this Indenture and the
Notes, without the consent of the Holders, if: (1) the Company or any successor to the Company has assumed the obligations of the Issuer under this Indenture and the Notes, by supplemental indenture executed and delivered to the Trustee and
satisfactory in form to the Trustee, (2) the Company delivers an Opinion of Counsel to the Trustee to the effect that beneficial owners of Notes will not recognize income, gain or loss for United States federal income tax purposes as a result
of such release and such beneficial owners of Notes will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such release had not occurred and (3) the
Issuer shall (w) become a Guarantor at such time subject to the provisions of Article 6 and Section 4.11 hereof, (x) execute a Guarantee, (y) execute a supplemental indenture evidencing its Guarantee and (z) deliver an
Opinion of Counsel to the Trustee to the effect that the supplemental indenture has been duly authorized, executed and delivered by the Issuer and constitutes a valid and binding obligation of the Issuer, 

  
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enforceable against the Issuer in accordance with its terms (subject to customary exceptions), until such time, if any, as such Guarantee may be released as described above under
Section 4.18 and Article 6. 
 (b) A Guarantor may be released from its obligations under this Indenture, the Notes and its Guarantee
in accordance with the provisions contained in Section 6.03 herein. 
 ARTICLE 12 

MISCELLANEOUS 

Section 12.01. [Reserved] 

Section 12.02. Holder Actions. (a) Any act by the Holder of any Note binds that Holder and every subsequent Holder of
a Note that evidences the same debt as the Note of the acting Holder, even if no notation thereof appears on the Note. Subject to paragraph (b), a Holder may revoke an act as to its Notes, but only if the Trustee receives the notice of revocation
before the date the amendment or waiver or other consequence of the act becomes effective. 
 (b) The Issuer may, but is not
obligated to, fix a record date (which need not be within the time limits otherwise prescribed by Trust Indenture Act § 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other
regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to notices of Default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date
is fixed, those Persons that were Holders at such record date and only those Persons shall be entitled to act, or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act shall be valid or
effective for more than 90 days after the record date. 

  
 106 

 Section 12.03. Notices. (a) Any notice or communication to the Issuer or
the Company shall be deemed given if in writing (i) when delivered in person or (ii) five days after mailing when mailed by first class mail or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or
communications to a Guarantor shall be deemed given if given to the Company. Any notice to the Trustee shall be effective only upon receipt. In each case the notice or communication should be addressed as follows: 

if to the Issuer or the Company: 

K. Hovnanian Enterprises, Inc. 

110 West Front Street 
 P.O. Box
500 
 Red Bank, New Jersey 07701 

Facsimile: (732) 383-2945 

Attention: Corporate Counsel 

if to the Trustee: 

Wilmington Trust, National Association 

Rodney Square North 
 1100 North
Market Street 
 Wilmington, DE 19890-1600 

Facsimile: 302-636-4145 

Attention: Corporate Client Services 
 The Issuer
or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 
 (b)
Except as otherwise expressly provided with respect to published notices, any notice or communication to a Holder shall be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global
Note registered in the name of DTC or its nominee, as agreed by the Issuer, the Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Issuer or the Company, shall be mailed to the Trustee at the same time. Defect in
mailing a notice or communication to any particular Holder shall not affect its sufficiency with respect to other Holders. 
 (c) Where this
Indenture provides for notice, the notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with
the Trustee, but such filing is not a condition precedent to the validity of any action taken in reliance upon such waivers. 

Section 12.04. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer or the
Company to the Trustee to take any action under this Indenture, the Issuer or the Company shall furnish to the Trustee: 

(a) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for
in this Indenture relating to the proposed action have been complied with; and 

  
 107 

 (b) an Opinion of Counsel stating that all such conditions precedent relating to
the proposed action have been complied with. 
 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 must include: 

(a) a statement that each person signing the certificate or opinion has read the covenant or condition and the related
definitions; 
 (b) a brief statement as to the nature and scope of the examination or investigation upon which the statement
or opinion contained in the certificate or opinion is based; 
 (c) a statement that, in the opinion of each such person,
that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(d) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied
with, provided, that an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 

Any certificate, statement or opinion of an Officer of the Issuer or the Company, as applicable, may be based, insofar as it relates to legal
matters, upon a certificate or opinion of or representations by counsel, unless such Officer knows that the certificate or opinion or representations with respect to the matters upon which such certificate, statement or opinion may be based as
aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. Any certificate, statement or Opinion of Counsel may be based, insofar as it relates to factual matters on information with respect to which is
in the possession of the Issuer, or the Company, as applicable, upon the certificate, statement or opinion of or representations by an officer or officers of the Issuer, or the Company, as applicable, unless such counsel knows that the certificate,
statement or opinion or representations with respect to the matters upon which such certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are erroneous. 

Any certificate, statement or opinion of an Officer of the Issuer or the Company, as applicable, or of counsel may be based, insofar as it
relates to accounting matters, upon a certificate or opinion of or representations by an accountant or firm of accountants in the employ of the Issuer or the Company, as applicable, unless such Officer or counsel, as the case may be, knows that the
certificate or opinion or representations with respect to the accounting matters upon which such certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of reasonable care should know that the same are
erroneous. 

  
 108 

 Any certificate or opinion of any independent firm of public accountants filed with and directed
to the Trustee shall contain a statement that such firm is independent. 
 Section 12.06. Payment Date Other Than a Business
Day. If any payment with respect to a payment of any principal of, premium, if any, or interest on any Note (including any payment to be made on any date fixed for redemption or purchase of any Note) is due on a day which is not a Business Day,
then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date, and no interest shall accrue for the intervening period. 

Section 12.07. Governing Law. This Indenture, the Guarantees and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 12.08. No Adverse Interpretation of Other Agreements.
The Indenture may not be used to interpret another indenture or loan or debt agreement of the Issuer, the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture.

 Section 12.09. Successors. All agreements of the Issuer, the Company or any Guarantor in this Indenture and the
Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successor. 

Section 12.10. Duplicate Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. 
 Section 12.11. Separability. To the extent
permitted by applicable law, in case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

 Section 12.12. Table of Contents and Headings. 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 in no way modify or restrict any of the terms and provisions of this Indenture. 

Section 12.13. No Liability of Directors, Officers, Employees, Partners, Incorporators and Stockholders. No recourse under
or upon any obligation, covenant or agreement contained in this Indenture, or in the Notes, or because of  

  
 109 

 
any indebtedness evidenced thereby, shall be had against any incorporator, as such or against any past, present or future stockholder, officer, director or employee, as such, of the Issuer, the
Company or the Guarantors or any partner of the Issuer, the Company or the Guarantors or of any successor, either directly or through the Issuer, the Company or the Guarantors or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance of the Notes by the Holders thereof and as part of the consideration for
the issue of the Notes. 
 Section 12.14. Provisions of Indenture for the Sole Benefit of Parties and Holders of Notes.
Nothing in this Indenture or in the Notes, expressed or implied, shall give or be construed to give to any Person, other than the parties hereto and their successors and the Holders of Notes, any legal or equitable right, remedy or claim under
this Indenture or under any covenant or provision herein contained, all such covenants and provisions being for the sole benefit of the parties hereto and their successors and of the Holders of Notes. 

[Signature page follows] 

  
 110 

 SIGNATURES 

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

 

			
	 K. HOVNANIAN ENTERPRISES, INC.,
as Issuer

		
	By:	 	 /s/ David G. Valiaveedan

	Name:	 	David G. Valiaveedan
	Title:	 	Vice President—Finance and Treasurer

  

			
	 HOVNANIAN ENTERPRISES, INC.,
as the Company and a Guarantor

		
	By:	 	 /s/ David G. Valiaveedan

	Name:	 	David G. Valiaveedan
	Title:	 	Vice President—Finance and Treasurer

  

			
	K. HOV IP, II, INC., as a Guarantor
		
	By:	 	 /s/ David G. Valiaveedan

	Name:	 	David G. Valiaveedan
	Title:	 	Chief Executive Officer and Treasurer

  

			
	 On behalf of each other entity named in Schedule A hereto, as a Guarantor

		
	By:	 	 /s/ David G. Valiaveedan

	Name:	 	David G. Valiaveedan
	Title:	 	Vice President—Finance and Treasurer

 [K. Hovnanian – 8.000% Senior Notes Offering – Signature page to the Indenture] 

			
	 WILMINGTON TRUST, NATIONAL ASSOCIATION,

    as Trustee

		
	By:	 	 /s/ Joseph B. Feil

	Name:	 	Joseph B. Feil
	Title:	 	Vice President

 [K. Hovnanian – 8.000% Senior Notes Offering – Signature page to the Indenture] 

 SCHEDULE A 

GUARANTORS 
 ARBOR TRAILS, LLC 

AUDDIE ENTERPRISES, L.L.C. 
 BUILDER SERVICES NJ, L.L.C. 

BUILDER SERVICES PA, L.L.C. 
 DULLES COPPERMINE, L.L.C. 

EASTERN NATIONAL TITLE AGENCY, LLC 
 EASTERN TITLE AGENCY, INC.

 F&W MECHANICAL SERVICES, L.L.C. 
 FOUNDERS TITLE AGENCY
OF MARYLAND, L.L.C. 
 FOUNDERS TITLE AGENCY, INC. 
 GLENRISE
GROVE, L.L.C. 
 GOVERNOR’S ABSTRACT CO., INC. 
 HOMEBUYERS
FINANCIAL SERVICES, L.L.C. 
 HOVNANIAN DEVELOPMENTS OF FLORIDA, INC. 

HOVNANIAN LAND INVESTMENT GROUP OF FLORIDA, L.L.C. 
 HOVNANIAN
LAND INVESTMENT GROUP OF MARYLAND, L.L.C. 
 HOVNANIAN LAND INVESTMENT GROUP, L.L.C. 

K. HOV IP, II, INC. 
 K. HOVNANIAN ABERDEEN, LLC 

K. HOVNANIAN ACQUISITIONS, INC. 
 K. HOVNANIAN AT 4S, LLC 

K. HOVNANIAN AT ACQUA VISTA, LLC 
 K. HOVNANIAN AT ALISO, LLC 

K. HOVNANIAN AT ALLENTOWN, L.L.C. 
 K. HOVNANIAN AT ANDALUSIA, LLC

 K. HOVNANIAN AT ARBOR HEIGHTS, LLC 
 K. HOVNANIAN AT ASBURY
PARK URBAN RENEWAL, LLC 
 K. HOVNANIAN AT ASHBY PLACE, LLC 
 K.
HOVNANIAN AT AVENUE ONE, L.L.C. 
 K. HOVNANIAN AT BAKERSFIELD 463, L.L.C. 

K. HOVNANIAN AT BARNEGAT I, L.L.C. 
 K. HOVNANIAN AT BARNEGAT II,
L.L.C. 
 K. HOVNANIAN AT BELLA LAGO, LLC 
 K. HOVNANIAN AT
BERKELEY, L.L.C. 
 K. HOVNANIAN AT BLACKSTONE, LLC 
 K.
HOVNANIAN AT BLUE HERON PINES, L.L.C. 
 K. HOVNANIAN AT BRANCHBURG, L.L.C. 

K. HOVNANIAN AT BRENFORD STATION, LLC 
 K. HOVNANIAN AT
BRIDGEPORT, INC. 
 K. HOVNANIAN AT BRIDGEWATER I, L.L.C. 
 K.
HOVNANIAN AT BURCH KOVE, LLC 

  
 Sch. A-1 

 K. HOVNANIAN AT CAMP HILL, L.L.C. 

K. HOVNANIAN AT CAPISTRANO, L.L.C. 
 K. HOVNANIAN AT CARLSBAD, LLC

 K. HOVNANIAN AT CASA DEL MAR, LLC 
 K. HOVNANIAN AT CEDAR
GROVE III, L.L.C. 
 K. HOVNANIAN AT CEDAR GROVE V, L.L.C. 
 K.
HOVNANIAN AT CEDAR GROVE VI, LLC 
 K. HOVNANIAN AT CEDAR LANE, LLC 

K. HOVNANIAN AT CHADDS FORD, LLC 
 K. HOVNANIAN AT CHARTER WAY,
LLC 
 K. HOVNANIAN AT CHESTER I, L.L.C. 
 K. HOVNANIAN AT
CHESTERFIELD, L.L.C. 
 K. HOVNANIAN AT CIELO, L.L.C. 
 K.
HOVNANIAN AT CLIFTON, L.L.C. 
 K. HOVNANIAN AT COASTLINE, L.L.C. 

K. HOVNANIAN AT COOSAW POINT, LLC 
 K. HOVNANIAN AT CORAL LAGO,
LLC 
 K. HOVNANIAN AT CORTEZ HILL, LLC 
 K. HOVNANIAN AT
CRANBURY, L.L.C. 
 K. HOVNANIAN AT DENVILLE, L.L.C. 
 K.
HOVNANIAN AT DEPTFORD TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT DOMINGUEZ HILLS, INC. 

K. HOVNANIAN AT DOYLESTOWN, LLC 
 K. HOVNANIAN AT EAST BRANDYWINE,
L.L.C. 
 K. HOVNANIAN AT EAST WINDSOR, LLC 
 K. HOVNANIAN AT
EASTLAKE, LLC 
 K. HOVNANIAN AT EDGEWATER II, L.L.C. 
 K.
HOVNANIAN AT EDGEWATER, L.L.C. 
 K. HOVNANIAN AT EGG HARBOR TOWNSHIP II, L.L.C. 

K. HOVNANIAN AT EGG HARBOR TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT EL
DORADO RANCH II, L.L.C. 
 K. HOVNANIAN AT EL DORADO RANCH, L.L.C. 

K. HOVNANIAN AT ENCINITAS RANCH, LLC 
 K. HOVNANIAN AT ESTATES AT
WHEATLANDS, LLC 
 K. HOVNANIAN AT EVERGREEN, L.L.C. 
 K.
HOVNANIAN AT FAIRFIELD RIDGE, LLC 
 K. HOVNANIAN AT FIDDYMENT RANCH, LLC 

K. HOVNANIAN AT FIFTH AVENUE, L.L.C. 
 K. HOVNANIAN AT FLORENCE I,
L.L.C. 
 K. HOVNANIAN AT FLORENCE II, L.L.C. 
 K. HOVNANIAN AT
FOREST MEADOWS, L.L.C. 
 K. HOVNANIAN AT FRANKLIN II, L.L.C. 

K. HOVNANIAN AT FRANKLIN III, LLC 
 K. HOVNANIAN AT FRANKLIN,
L.L.C. 
 K. HOVNANIAN AT FREEHOLD TOWNSHIP, L.L.C. 

  
 Sch. A-2 

 K. HOVNANIAN AT FRESNO, LLC 

K. HOVNANIAN AT GASLAMP SQUARE, L.L.C. 
 K. HOVNANIAN AT GILROY
60, LLC 
 K. HOVNANIAN AT GILROY, LLC 
 K. HOVNANIAN AT GREAT
NOTCH, L.L.C. 
 K. HOVNANIAN AT GUTTENBERG, L.L.C. 
 K.
HOVNANIAN AT HACKETTSTOWN II, L.L.C. 
 K. HOVNANIAN AT HAMBURG, L.L.C. 

K. HOVNANIAN AT HAMPTON LAKE, LLC 
 K. HOVNANIAN AT HAWTHORNE,
L.L.C. 
 K. HOVNANIAN AT HEATHERFIELD, LLC 
 K. HOVNANIAN AT
HERSHEY’S MILL, INC. 
 K. HOVNANIAN AT HIGHLAND SHORES, L.L.C. 

K. HOVNANIAN AT HILLTOP RESERVE II, LLC 
 K. HOVNANIAN AT HILLTOP
RESERVE, LLC 
 K. HOVNANIAN AT HOWELL II, LLC 
 K. HOVNANIAN AT
HOWELL, LLC 
 K. HOVNANIAN AT HUDSON POINTE, L.L.C. 
 K.
HOVNANIAN AT HUNTER’S POND, LLC 
 K. HOVNANIAN AT HUNTFIELD, LLC 

K. HOVNANIAN AT INDIAN WELLS, LLC 
 K. HOVNANIAN AT ISLAND LAKE,
LLC 
 K. HOVNANIAN AT JACKSON I, L.L.C. 
 K. HOVNANIAN AT
JACKSON, L.L.C. 
 K. HOVNANIAN AT JAEGER RANCH, LLC 
 K.
HOVNANIAN AT JERSEY CITY IV, L.L.C. 
 K. HOVNANIAN AT JERSEY CITY V URBAN RENEWAL COMPANY, L.L.C. 

K. HOVNANIAN AT KEYPORT, L.L.C. 
 K. HOVNANIAN AT LA COSTA GREENS,
L.L.C. 
 K. HOVNANIAN AT LA COSTA, LLC 
 K. HOVNANIAN AT LA
HABRA KNOLLS, LLC 
 K. HOVNANIAN AT LA LAGUNA, L.L.C. 
 K.
HOVNANIAN AT LAKE BURDEN, LLC 
 K. HOVNANIAN AT LAKE RANCHO VIEJO, LLC 

K. HOVNANIAN AT LAKE RIDGE ESTATES, LLC 
 K. HOVNANIAN AT LAKE
TERRAPIN, L.L.C. 
 K. HOVNANIAN AT LAWRENCE V, L.L.C. 
 K.
HOVNANIAN AT LEE SQUARE, L.L.C. 
 K. HOVNANIAN AT LENAH WOODS, LLC 

K. HOVNANIAN AT LILY ORCHARD, LLC 
 K. HOVNANIAN AT LITTLE EGG
HARBOR TOWNSHIP II, L.L.C. 
 K. HOVNANIAN AT LITTLE EGG HARBOR, L.L.C 

K. HOVNANIAN AT LONG HILL, L.L.C. 
 K. HOVNANIAN AT LOWER MACUNGIE
TOWNSHIP I, L.L.C. 

  
 Sch. A-3 

 K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II, L.L.C. 

K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I, L.L.C. 
 K. HOVNANIAN
AT LOWER MORELAND I, L.L.C. 
 K. HOVNANIAN AT LOWER MORELAND II, L.L.C. 

K. HOVNANIAN AT MAHWAH VI, INC. 
 K. HOVNANIAN AT MAIN STREET
SQUARE, LLC 
 K. HOVNANIAN AT MALAN PARK, L.L.C. 
 K. HOVNANIAN
AT MANALAPAN II, L.L.C. 
 K. HOVNANIAN AT MANALAPAN III, L.L.C. 

K. HOVNANIAN AT MANSFIELD I, L.L.C. 
 K. HOVNANIAN AT MANSFIELD
II, L.L.C. 
 K. HOVNANIAN AT MANSFIELD III, L.L.C. 
 K.
HOVNANIAN AT MANTECA, LLC 
 K. HOVNANIAN AT MAPLE AVENUE, L.L.C. 

K. HOVNANIAN AT MARLBORO TOWNSHIP IX, L.L.C. 
 K. HOVNANIAN AT
MARLBORO TOWNSHIP V, L.L.C. 
 K. HOVNANIAN AT MARLBORO TOWNSHIP VIII, L.L.C. 

K. HOVNANIAN AT MARLBORO VI, L.L.C. 
 K. HOVNANIAN AT MARLBORO
VII, L.L.C. 
 K. HOVNANIAN AT MEADOWRIDGE VILLAS, LLC 
 K.
HOVNANIAN AT MELANIE MEADOWS, LLC 
 K. HOVNANIAN AT MENDHAM TOWNSHIP, L.L.C. 

K. HOVNANIAN AT MENIFEE, LLC 
 K. HOVNANIAN AT MIDDLE TOWNSHIP II,
L.L.C. 
 K. HOVNANIAN AT MIDDLE TOWNSHIP, L.L.C. 
 K. HOVNANIAN
AT MIDDLETOWN II, L.L.C. 
 K. HOVNANIAN AT MIDDLETOWN III, LLC 

K. HOVNANIAN AT MIDDLETOWN IV, LLC 
 K. HOVNANIAN AT MIDDLETOWN,
LLC 
 K. HOVNANIAN AT MILLVILLE I, L.L.C. 
 K. HOVNANIAN AT
MILLVILLE II, L.L.C. 
 K. HOVNANIAN AT MONROE II, INC. 
 K.
HOVNANIAN AT MONROE IV, L.L.C. 
 K. HOVNANIAN AT MONROE NJ II, LLC 

K. HOVNANIAN AT MONROE NJ III, LLC 
 K. HOVNANIAN AT MONROE NJ,
L.L.C. 
 K. HOVNANIAN AT MONTGOMERY, LLC 
 K. HOVNANIAN AT
MONTVALE II, LLC 
 K. HOVNANIAN AT MONTVALE, L.L.C. 
 K.
HOVNANIAN AT MORRIS TWP, LLC 
 K. HOVNANIAN AT MOSAIC, LLC 
 K.
HOVNANIAN AT MUIRFIELD, LLC 
 K. HOVNANIAN AT NEUSE RIVER, LLC 

K. HOVNANIAN AT NEW WINDSOR, L.L.C. 
 K. HOVNANIAN AT NORTH
BERGEN. L.L.C. 
 K. HOVNANIAN AT NORTH BRUNSWICK VI, L.L.C. 

  
 Sch. A-4 

 K. HOVNANIAN AT NORTH CALDWELL II, L.L.C. 

K. HOVNANIAN AT NORTH CALDWELL III, L.L.C. 
 K. HOVNANIAN AT NORTH
CALDWELL IV, L.L.C. 
 K. HOVNANIAN AT NORTH WILDWOOD, L.L.C. 

K. HOVNANIAN AT NORTHAMPTON, L.L.C. 
 K. HOVNANIAN AT NORTHERN
WESTCHESTER, INC. 
 K. HOVNANIAN AT NORTHFIELD, L.L.C. 
 K.
HOVNANIAN AT NOTTINGHAM MEADOWS, LLC 
 K. HOVNANIAN AT OCEAN TOWNSHIP, INC 

K. HOVNANIAN AT OCEAN VIEW BEACH CLUB, LLC 
 K. HOVNANIAN AT OCEAN
WALK, INC. 
 K. HOVNANIAN AT OCEANPORT, L.L.C. 
 K. HOVNANIAN
AT OLD BRIDGE, L.L.C. 
 K. HOVNANIAN AT OLDE ORCHARD, LLC 
 K.
HOVNANIAN AT ORCHARD MEADOWS, LLC 
 K. HOVNANIAN AT PALM VALLEY, L.L.C. 

K. HOVNANIAN AT PARK LANE, LLC 
 K. HOVNANIAN AT PARKSIDE, LLC

 K. HOVNANIAN AT PARSIPPANY, L.L.C. 
 K. HOVNANIAN AT
PARSIPPANY-TROY HILLS, L.L.C. 
 K. HOVNANIAN AT PAVILION PARK, LLC 

K. HOVNANIAN AT PIAZZA D’ORO, L.L.C. 
 K. HOVNANIAN AT PIAZZA
SERENA, L.L.C 
 K. HOVNANIAN AT PICKETT RESERVE, LLC 
 K.
HOVNANIAN AT PINNACLE OAKS, LLC 
 K. HOVNANIAN AT PITTSGROVE, L.L.C. 

K. HOVNANIAN AT PLANTATION LAKES, L.L.C. 
 K. HOVNANIAN AT PORT
IMPERIAL URBAN RENEWAL IV, L.L.C. 
 K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C. 

K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VI, L.L.C. 
 K.
HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VII, L.L.C. 
 K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C. 

K. HOVNANIAN AT POSITANO, LLC 
 K. HOVNANIAN AT PRADO, L.L.C. 

K. HOVNANIAN AT PRAIRIE POINTE, LLC 
 K. HOVNANIAN AT QUAIL CREEK,
L.L.C. 
 K. HOVNANIAN AT RANCHO CABRILLO, LLC 
 K. HOVNANIAN AT
RANCHO SANTA MARGARITA, LLC 
 K. HOVNANIAN AT RANDOLPH I, L.L.C. 

K. HOVNANIAN AT RAPHO, L.L.C 
 K. HOVNANIAN AT RESERVES AT
WHEATLANDS, LLC 
 K. HOVNANIAN AT RESIDENCE AT DISCOVERY SQUARE, LLC 

K. HOVNANIAN AT RIDGEMONT, L.L.C. 
 K. HOVNANIAN AT RIVERBEND, LLC

 K. HOVNANIAN AT RODERUCK, L.L.C. 

  
 Sch. A-5 

 K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C. 

K. HOVNANIAN AT SAGE, L.L.C. 
 K. HOVNANIAN AT SANTA NELLA, LLC

 K. HOVNANIAN AT SAUGANASH GLEN, LLC 
 K. HOVNANIAN AT
SAWMILL, INC. 
 K. HOVNANIAN AT SAYREVILLE, L.L.C. 
 K.
HOVNANIAN AT SCOTCH PLAINS, L.L.C. 
 K. HOVNANIAN AT SEASONS LANDING, LLC 

K. HOVNANIAN AT SHELDON GROVE, LLC 
 K. HOVNANIAN AT SHREWSBURY,
LLC 
 K. HOVNANIAN AT SILVER SPRING, L.L.C. 
 K. HOVNANIAN AT
SKYE ISLE, LLC 
 K. HOVNANIAN AT SMITHVILLE, INC. 
 K.
HOVNANIAN AT SOMERS POINT, L.L.C. 
 K. HOVNANIAN AT SOUTH BRUNSWICK II, LLC 

K. HOVNANIAN AT SOUTH BRUNSWICK III, LLC 
 K. HOVNANIAN AT SOUTH
BRUNSWICK, L.L.C. 
 K. HOVNANIAN AT STANTON, LLC 
 K. HOVNANIAN
AT STATION SQUARE, L.L.C. 
 K. HOVNANIAN AT SUNRIDGE PARK, LLC 

K. HOVNANIAN AT SYCAMORE, INC. 
 K. HOVNANIAN AT TERRA BELLA TWO,
LLC 
 K. HOVNANIAN AT THE CROSBY, LLC 
 K. HOVNANIAN AT THE
GABLES, LLC 
 K. HOVNANIAN AT THE MONARCH, L.L.C. 
 K.
HOVNANIAN AT THE PRESERVE, LLC 
 K. HOVNANIAN AT THE TOWNS AT CROSSROADS, LLC 

K. HOVNANIAN AT THOMPSON RANCH, LLC 
 K. HOVNANIAN AT THORNBURY,
INC. 
 K. HOVNANIAN AT TRAIL RIDGE, LLC 
 K. HOVNANIAN AT UPPER
FREEHOLD TOWNSHIP II, L.L.C. 
 K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP III, L.L.C. 

K. HOVNANIAN AT UPPER MAKEFIELD I, INC. 
 K. HOVNANIAN AT UPPER
PROVIDENCE, LLC 
 K. HOVNANIAN AT UPPER UWCHLAN II, L.L.C. 
 K.
HOVNANIAN AT UPPER UWCHLAN, L.L.C. 
 K. HOVNANIAN AT VALLE DEL SOL, LLC 

K. HOVNANIAN AT VERONA ESTATES, LLC 
 K. HOVNANIAN AT VERONA URBAN
RENEWAL, L.L.C. 
 K. HOVNANIAN AT VICTORVILLE, L.L.C. 
 K.
HOVNANIAN AT VINELAND, L.L.C. 
 K. HOVNANIAN AT VINEYARD HEIGHTS, LLC 

K. HOVNANIAN AT VISTA DEL SOL, L.L.C. 
 K. HOVNANIAN AT WALDWICK,
LLC 
 K. HOVNANIAN AT WALKERS GROVE, LLC 

  
 Sch. A-6 

 K. HOVNANIAN AT WARREN TOWNSHIP, L.L.C. 

K. HOVNANIAN AT WASHINGTON, L.L.C. 
 K. HOVNANIAN AT WATERSTONE,
LLC 
 K. HOVNANIAN AT WAYNE IX, L.L.C. 
 K. HOVNANIAN AT WAYNE,
VIII, L.L.C. 
 K. HOVNANIAN AT WEST VIEW ESTATES, L.L.C. 
 K.
HOVNANIAN AT WEST WINDSOR, L.L.C. 
 K. HOVNANIAN AT WESTSHORE, LLC 

K. HOVNANIAN AT WHEELER RANCH, LLC 
 K. HOVNANIAN AT WILDWOOD
BAYSIDE, L.L.C. 
 K. HOVNANIAN AT WILLOW BROOK, L.L.C. 
 K.
HOVNANIAN AT WOODCREEK WEST, LLC 
 K. HOVNANIAN AT WOOLWICH I, L.L.C. 

K. HOVNANIAN BELDEN POINTE, LLC 
 K. HOVNANIAN BELMONT RESERVE,
LLC 
 K. HOVNANIAN CAMBRIDGE HOMES, L.L.C. 
 K. HOVNANIAN
CENTRAL ACQUISITIONS, L.L.C. 
 K. HOVNANIAN CLASSICS, L.L.C. 

K. HOVNANIAN COMMUNITIES, INC. 
 K. HOVNANIAN COMPANIES OF
CALIFORNIA, INC. 
 K. HOVNANIAN COMPANIES OF MARYLAND, INC. 

K. HOVNANIAN COMPANIES OF NEW YORK, INC. 
 K. HOVNANIAN COMPANIES
OF PENNSYLVANIA, INC. 
 K. HOVNANIAN COMPANIES OF SOUTHERN CALIFORNIA, INC. 

K. HOVNANIAN COMPANIES, LLC 
 K. HOVNANIAN CONSTRUCTION II, INC

 K. HOVNANIAN CONSTRUCTION III, INC 
 K. HOVNANIAN
CONSTRUCTION MANAGEMENT, INC. 
 K. HOVNANIAN CRAFTBUILT HOMES OF SOUTH CAROLINA, L.L.C. 

K. HOVNANIAN CYPRESS KEY, LLC 
 K. HOVNANIAN DEVELOPMENTS OF
ARIZONA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF CALIFORNIA, INC. 

K. HOVNANIAN DEVELOPMENTS OF D.C., INC. 
 K. HOVNANIAN
DEVELOPMENTS OF DELAWARE, INC. 
 K. HOVNANIAN DEVELOPMENTS OF GEORGIA, INC. 

K. HOVNANIAN DEVELOPMENTS OF ILLINOIS, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF KENTUCKY, INC. 
 K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC. 

K. HOVNANIAN DEVELOPMENTS OF MINNESOTA, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF NEW JERSEY II, INC. 
 K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY, INC. 

K. HOVNANIAN DEVELOPMENTS OF NEW YORK, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF NORTH CAROLINA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF OHIO, INC. 

K. HOVNANIAN DEVELOPMENTS OF PENNSYLVANIA, INC. 

  
 Sch. A-7 

 K. HOVNANIAN DEVELOPMENTS OF SOUTH CAROLINA, INC. 

K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF VIRGINIA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF WEST VIRGINIA, INC. 

K. HOVNANIAN DFW AUBURN FARMS, LLC 
 K. HOVNANIAN DFW BELMONT, LLC

 K. HOVNANIAN DFW HARMON FARMS, LLC 
 K. HOVNANIAN DFW
HERITAGE CROSSING, LLC 
 K. HOVNANIAN DFW HOMESTEAD, LLC 
 K.
HOVNANIAN DFW INSPIRATION, LLC 
 K. HOVNANIAN DFW LIBERTY CROSSING, LLC 

K. HOVNANIAN DFW LIGHT FARMS, LLC 
 K. HOVNANIAN DFW PALISADES,
LLC 
 K. HOVNANIAN DFW PARKSIDE, LLC 
 K. HOVNANIAN DFW
RIDGEVIEW, LLC 
 K. HOVNANIAN DFW SEVENTEEN LAKES, LLC 
 K.
HOVNANIAN EASTERN PENNSYLVANIA, L.L.C. 
 K. HOVNANIAN EDGEBROOK, LLC 

K. HOVNANIAN ESTATES AT REGENCY, L.L.C. 
 K. HOVNANIAN ESTATES AT
WEKIVA, LLC 
 K. HOVNANIAN FALLS POINTE, LLC 
 K. HOVNANIAN
FIRST HOMES, L.L.C. 
 K. HOVNANIAN FLORIDA REALTY, L.L.C. 
 K.
HOVNANIAN FOUR SEASONS @ HISTORIC VIRGINIA, LLC 
 K. HOVNANIAN FOUR SEASONS AT GOLD HILL, LLC 

K. HOVNANIAN GRAND CYPRESS, LLC 
 K. HOVNANIAN GRANDEFIELD, LLC

 K. HOVNANIAN GREAT WESTERN BUILDING COMPANY, LLC 
 K.
HOVNANIAN GREAT WESTERN HOMES, LLC 
 K. HOVNANIAN HAMPTONS AT OAK CREEK II, L.L.C. 

K. HOVNANIAN HIDDEN HOLLOW, LLC 
 K. HOVNANIAN HIGHLAND RIDGE, LLC

 K. HOVNANIAN HOLDINGS NJ, L.L.C. 
 K. HOVNANIAN HOMES - DFW,
L.L.C. 
 K. HOVNANIAN HOMES AT BROOK MANOR, LLC 
 K. HOVNANIAN
HOMES AT CAMERON STATION, LLC 
 K. HOVNANIAN HOMES AT CAMP SPRINGS, L.L.C. 

K. HOVNANIAN HOMES AT CREEKSIDE, LLC 
 K. HOVNANIAN HOMES AT
FAIRWOOD, L.L.C. 
 K. HOVNANIAN HOMES AT FOREST RUN, L.L.C. 

K. HOVNANIAN HOMES AT GREENWAY FARM PARK TOWNS, L.L.C. 
 K.
HOVNANIAN HOMES AT GREENWAY FARM, L.L.C. 
 K. HOVNANIAN HOMES AT JONES STATION 1, L.L.C. 

K. HOVNANIAN HOMES AT MAXWELL PLACE, L.L.C. 
 K. HOVNANIAN HOMES
AT REEDY CREEK, LLC 

  
 Sch. A-8 

 K. HOVNANIAN HOMES AT RENAISSANCE PLAZA, L.L.C. 

K. HOVNANIAN HOMES AT RUSSETT, L.L.C. 
 K. HOVNANIAN HOMES AT SALT
CREEK LANDING, LLC 
 K. HOVNANIAN HOMES AT SHELL HALL, LLC 
 K.
HOVNANIAN HOMES AT ST. JAMES PLACE, LLC 
 K. HOVNANIAN HOMES AT THE ABBY, LLC 

K. HOVNANIAN HOMES AT THE HIGHLANDS, LLC 
 K. HOVNANIAN HOMES AT
THE PADDOCKS, LLC 
 K. HOVNANIAN HOMES AT WILLOWSFORD GRANT, LLC 

K. HOVNANIAN HOMES NORTHERN CALIFORNIA, INC. 
 K. HOVNANIAN HOMES
OF D.C., L.L.C. 
 K. HOVNANIAN HOMES OF DELAWARE, L.L.C. 
 K.
HOVNANIAN HOMES OF GEORGIA, L.L.C. 
 K. HOVNANIAN HOMES OF HOUSTON, L.L.C. 

K. HOVNANIAN HOMES OF LONGACRE VILLAGE, L.L.C. 
 K. HOVNANIAN
HOMES OF MARYLAND, L.L.C. 
 K. HOVNANIAN HOMES OF MINNESOTA AT ARBOR CREEK, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT AUTUMN MEADOWS, LLC 
 K.
HOVNANIAN HOMES OF MINNESOTA AT BRYNWOOD, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA AT CEDAR HOLLOW WEST, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT CEDAR HOLLOW, LLC 
 K.
HOVNANIAN HOMES OF MINNESOTA AT FOUNDER’S RIDGE, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA AT HARPERS STREET WOODS, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT OAKS OF OXBOW, LLC 
 K.
HOVNANIAN HOMES OF MINNESOTA AT REGENT’S POINT, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA, L.L.C. 

K. HOVNANIAN HOMES OF NORTH CAROLINA, INC. 
 K. HOVNANIAN HOMES OF
PENNSYLVANIA, L.L.C. 
 K. HOVNANIAN HOMES OF SOUTH CAROLINA, LLC 

K. HOVNANIAN HOMES OF VIRGINIA, INC. 
 K. HOVNANIAN HOMES OF WEST
VIRGINIA, L.L.C. 
 K. HOVNANIAN INDIAN TRAILS, LLC 
 K.
HOVNANIAN LADUE RESERVE, LLC 
 K. HOVNANIAN LAKES OF GREEN, LLC 

K. HOVNANIAN LIBERTY ON BLUFF CREEK, LLC 
 K. HOVNANIAN MANALAPAN
ACQUISITION, LLC 
 K. HOVNANIAN MONARCH GROVE, LLC 
 K.
HOVNANIAN NORTH CENTRAL ACQUISITIONS, L.L.C. 
 K. HOVNANIAN NORTH JERSEY ACQUISITIONS, L.L.C. 

K. HOVNANIAN NORTHEAST SERVICES, L.L.C. 
 K. HOVNANIAN OF HOUSTON
II, L.L.C. 
 K. HOVNANIAN OHIO REALTY, L.L.C. 
 K. HOVNANIAN
OSTER HOMES, L.L.C. 
 K. HOVNANIAN PA REAL ESTATE, INC. 
 K.
HOVNANIAN PENNSYLVANIA ACQUISITIONS, L.L.C. 

  
 Sch. A-9 

 K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC. 

K. HOVNANIAN PROPERTIES OF RED BANK, INC. 
 K. HOVNANIAN REYNOLDS
RANCH, LLC 
 K. HOVNANIAN RIVENDALE, LLC 
 K. HOVNANIAN
RIVERSIDE, LLC 
 K. HOVNANIAN SCHADY RESERVE, LLC 
 K.
HOVNANIAN SHERWOOD AT REGENCY, LLC 
 K. HOVNANIAN SHORE ACQUISITIONS, L.L.C. 

K. HOVNANIAN SOUTH FORK, LLC 
 K. HOVNANIAN SOUTH JERSEY
ACQUISITIONS, L.L.C. 
 K. HOVNANIAN SOUTHERN NEW JERSEY, L.L.C. 

K. HOVNANIAN STERLING RANCH, LLC 
 K. HOVNANIAN SUMMIT HOLDINGS,
L.L.C. 
 K. HOVNANIAN SUMMIT HOMES OF KENTUCKY, L.L.C. 
 K.
HOVNANIAN SUMMIT HOMES OF PENNSYLVANIA, L.L.C. 
 K. HOVNANIAN SUMMIT HOMES OF WEST VIRGINIA, L.L.C. 

K. HOVNANIAN SUMMIT HOMES, L.L.C. 
 K. HOVNANIAN T&C HOMES AT
FLORIDA, L.L.C. 
 K. HOVNANIAN T&C HOMES AT ILLINOIS, L.L.C. 

K. HOVNANIAN TERRA BELLA, LLC 
 K. HOVNANIAN TIMBRES AT ELM CREEK,
LLC 
 K. HOVNANIAN UNION PARK, LLC 
 K. HOVNANIAN VENTURE I,
L.L.C. 
 K. HOVNANIAN WATERBURY, LLC 
 K. HOVNANIAN WHITE ROAD,
LLC 
 K. HOVNANIAN WINDWARD HOMES, LLC 
 K. HOVNANIAN WOODLAND
POINTE, LLC 
 K. HOVNANIAN WOODRIDGE PLACE, LLC 
 K.
HOVNANIAN’S FOUR SEASONS AT BAKERSFIELD, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT BEAUMONT, LLC 

K. HOVNANIAN’S FOUR SEASONS AT CHARLOTTESVILLE, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT HEMET, LLC 
 K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND CONDOMINIUMS, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT LOS BANOS, LLC 
 K. HOVNANIAN’S FOUR SEASONS AT MORENO VALLEY, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT NEW KENT VINEYARDS, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT PALM SPRINGS, LLC 
 K.
HOVNANIAN’S FOUR SEASONS AT RENAISSANCE, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT RUSH CREEK II, LLC 

K. HOVNANIAN’S FOUR SEASONS AT RUSH CREEK, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT SILVER MAPLE FARM, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT ST. MARGARETS LANDING, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT THE LAKES AT CANE BAY, LLC 

K. HOVNANIAN’S FOUR SEASONS, LLC 

  
 Sch. A-10 

 K. HOVNANIAN’S PARKSIDE AT TOWNGATE, L.L.C. 

KHH SHELL HALL LOAN ACQUISITION, LLC 
 LANDARAMA, INC. 

M&M AT CHESTERFIELD, LLC 
 M&M AT CRESCENT COURT, L.L.C.

 M&M AT WEST ORANGE, L.L.C. 
 M&M AT WHEATENA URBAN
RENEWAL, L.L.C. 
 MATZEL & MUMFORD AT EGG HARBOR, L.L.C. 

MATZEL & MUMFORD AT SOUTH BOUND BROOK URBAN RENEWAL, L.L.C. 

MCNJ, INC. 
 MIDWEST BUILDING PRODUCTS & CONTRACTOR
SERVICES OF PENNSYLVANIA, L.L.C. 
 MIDWEST BUILDING PRODUCTS & CONTRACTOR SERVICES OF WEST VIRGINIA, L.L.C. 

MIDWEST BUILDING PRODUCTS & CONTRACTOR SERVICES, L.L.C. 

NEW HOME REALTY, LLC 
 NEW LAND TITLE AGENCY, L.L.C. 

PADDOCKS, L.L.C. 
 PARK TITLE COMPANY, LLC 

PINE AYR, LLC 
 RIDGEMORE UTILITY, L.L.C. 

SEABROOK ACCUMULATION CORPORATION 
 SHELL HALL CLUB AMENITY
ACQUISITION, LLC 
 SHELL HALL LAND ACQUISITION, LLC 

STONEBROOK HOMES, INC. 
 TERRAPIN REALTY, L.L.C. 

THE MATZEL & MUMFORD ORGANIZATION, INC 
 WASHINGTON HOMES
AT COLUMBIA TOWN CENTER, L.L.C. 
 WASHINGTON HOMES, INC. 

WESTMINSTER HOMES, INC. 
 WH PROPERTIES, INC. 

WOODLAND LAKE CONDOMINIUMS AT BOWIE NEW TOWN, L.L.C. 
 WOODMORE
RESIDENTIAL, L.L.C. 
 WTC VENTURES, L.L.C. 

  
 Sch. A-11 

 EXHIBIT A 

[FACE OF NOTE] 
 [INSERT
APPLICABLE LEGEND] 
 K. HOVNANIAN ENTERPRISES, INC. 

8.000% Senior Notes due 2019 
  

			
		  	CUSIP No.:                     
		
	No.	  	$        [, or such other amount as is provided in the schedule of exchanges of interests in global notes attached hereto]1

 K. Hovnanian Enterprises, Inc., a California corporation (the “Issuer,” which term includes
any successor under the Indenture hereinafter referred to), for value received, promises to pay to                 , or its registered assigns, the principal sum of
        DOLLARS ($        ), [or such other amount as is provided in the schedule of exchanges of interests in global notes attached hereto]1, on November 1, 2019. 
 Interest Rate: 8.000% per annum. 

Interest Payment Dates: May 1 and November 1, commencing May 1, 2015. 

Record Dates: April 15 and October 15. 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which will for all purposes have the same
effect as if set forth at this place. 
  
  

	1 	For Global Notes. 

  
 A-1 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its
duly authorized officer. 
 Dated: 
  

			
	K. HOVNANIAN ENTERPRISES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2 

 [Form of] Trustee’s Certificate of Authentication 

This is one of the 8.000% Senior Notes due 2019 described in the Indenture referred to in this Note. 

 

			
	 WILMINGTON TRUST, NATIONAL

        ASSOCIATION, as Trustee

		
	By:	 	  

		 	Authorized Signatory

  
 A-3 

 [REVERSE SIDE OF NOTE] 

K. HOVNANIAN ENTERPRISES, INC. 

8.000% Senior Notes due 2019 

Capitalized terms used herein are used as defined in the Indenture referred to below unless otherwise indicated. 

 

	1.	Principal and Interest. 

 K. Hovnanian Enterprises, Inc. (the
“Issuer,” which term includes any successor under the Indenture hereinafter referred to), a California corporation, promises to pay the principal of this Note on November 1, 2019. 

The Issuer promises to pay interest on the principal amount of this Note on each interest payment date, as set forth on the face of this Note,
at the rate of 8.000% per annum. 
 Interest will be payable semiannually (to the holders of record of the Notes at the close of
business on the April 15 or October 15 immediately preceding the interest payment date) on each interest payment date, commencing May 1, 2015. 

Interest on this Note will accrue from the most recent date to which interest has been paid on this Note or the Note surrendered in exchange
for this Note (or, if there is no existing default in the payment of interest and if this Note is authenticated between a regular record date and the next interest payment date, from such interest payment date) or, if no interest has been paid, from
[the date of issuance]. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Paying Agent and Registrar. 

 Initially, Wilmington Trust, National Association
(the “Trustee”) will act as Paying Agent and Registrar. The Issuer may change or appoint any Paying Agent, Registrar or co-Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act as Paying Agent,
Registrar or co-Registrar. 
  

	3.	Indenture; Guarantees. 

 This is one of the Notes issued under an Indenture dated
as of November 5, 2014 (as amended from time to time, the “Indenture”), among the Issuer, the Guarantors party thereto and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the
Indenture by reference to the Trust Indenture Act. The Notes are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of all such terms. To the extent permitted by applicable law, in the
event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture will control. 

  
 A-4 

 The Notes are general unsecured obligations of the Issuer. The Indenture limits the original
aggregate principal amount of the Notes issued thereunder to $250,000,000 but Additional Notes may be issued pursuant to the Indenture (subject to the conditions stated therein), and the originally issued Notes and all such Additional Notes vote
together for all purposes as a single class. This Note is guaranteed by the Guarantors as set forth in the Indenture and the Guarantee endorsed hereon. 

Reference is hereby made to the Indenture for a statement of the respective rights, duties and obligations thereunder of the Issuer, the
Guarantors, the Trustee and the Holders. 
 This Note is subject to optional redemption, and may be the subject of an Offer to Purchase, as
further described in the Indenture. 
  

	4.	Repurchase Provisions. 

 If a Change of Control occurs, each Holder shall have the
right, at such Holder’s option, to require the Issuer to purchase all or any part (equal to $2,000 principal amount or any multiple of $1,000 in excess thereof) of such Holder’s Notes on a date that is no later than 90 days after notice of
the Change of Control, at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase as provided in, and subject to the terms of, the Indenture. 

 

	5.	Mandatory Redemption. 

 There is no sinking fund for, or mandatory redemption of,
the Notes. 
  

	6.	Discharge and Defeasance. 

 If the Issuer deposits with the Trustee money and/or U.S.
Government Obligations sufficient to pay the then outstanding principal of, premium, interest and accrued interest on the Notes to redemption or maturity, as the case may be, the Issuer, the Company and the Guarantors may in certain circumstances be
discharged from the Indenture, the Notes and the Guarantees or may be discharged from certain of their obligations under certain provisions of the Indenture. 
  

	7.	Registered Form; Denominations; Transfer; Exchange. 

 The Notes are in registered form
only without coupons in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Notes in accordance with the Indenture. The Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to
issue, register the transfer of, or exchange any Note or certain portions of a Note. 

  
 A-5 

	8.	Persons Deemed Owners. 

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

	9.	Defaults and Remedies. 

 If an Event of Default occurs and is continuing, the Trustee or
the Holders of at least 25% in principal amount of the Notes may declare all the Notes to be due and payable immediately. If a bankruptcy or insolvency default with respect to the Issuer or the Company occurs and is continuing, the Notes
automatically become immediately due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Notes. Subject to
certain limitations, Holders of a majority in principal amount of the Notes then outstanding may direct the Trustee in its exercise of remedies. 
  

	10.	Amendment, Supplement and Waiver. 

 Subject to certain exceptions, the Indenture, the
Notes and the Guarantees may be amended or supplemented, or future compliance therewith may be waived, with the consent of the Holders of a majority in principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the
Company, the Issuer, the Guarantors and the Trustee, as applicable, may amend or supplement the Indenture, the Notes, or the Guarantees to, among other things, cure any ambiguity, defect or inconsistency or if such amendment or supplement does not
adversely affect the legal rights of any Holder. 
  

	11.	Trustee Dealings With Issuer. 

 The Trustee, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with the Issuer or its affiliates, with the same rights as if it were not Trustee; however, if it acquires any conflicting interest (as defined in the Trust Indenture
Act), it must eliminate such conflict, apply to the Commission for permission to continue or resign. 
  

	12.	No Recourse Against Others. 

 An incorporator, and any past, present or future director,
officer, partner, employee or stockholder, as such, of the Issuer, the Company or the Guarantors shall not have any liability for any obligations of the Issuer, the Company or the Guarantors under the Notes, the Indenture or the Guarantees or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Notes. 

  
 A-6 

	13.	Governing Law. 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. 
  

	14.	CUSIP Numbers. 

 Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices 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 and reliance may be placed only on the other identification numbers placed thereon. 
  

	15.	Authentication. 

 This Note is not valid until the Trustee (or Authenticating Agent)
manually signs the certificate of authentication on the other side of this Note. 
  

	16.	Abbreviations. 

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

The Issuer will furnish a copy of the Indenture to any Holder upon written request and without charge. 

  
 A-7 

 [FORM OF TRANSFER NOTICE] 

FOR VALUE RECEIVED the undersigned registered holder hereby sell(s), assign(s) and transfer(s) unto 

Insert Social Security or Taxpayer Identification No. 
  

 
  

 
 Please print or typewrite name and
address, including zip code, of assignee 
  
  

 
  

the within Note and all rights thereunder, hereby irrevocably constituting and appointing 

 
  

agent to transfer this Note on the books of the Issuer with full power of substitution in the premises. 

 

							
	Dated:	 	  
	 	Signed:	 	  

		 		 	(sign exactly as name appears on the other side of this Note)

  

			
	Signature Guarantee2.:
                                         
                                         
                                         
                     

  

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

  
 A-8 

 [THE FOLLOWING PROVISION TO BE INCLUDED ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 

In connection with any transfer of this Note occurring prior to the Resale Restriction Termination Date (as defined in this Note) the
undersigned confirms that such transfer is made without utilizing any general solicitation or general advertising in connection with the transfer and further as follows: 

Check One 
  ̈ (1) This Note is being transferred to a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act of 1933, as amended, and certification in the form of Exhibit F to
the Indenture is being furnished herewith. 
  ̈ (2) This Note is being transferred to a non-“U.S.
Person,” as defined in Rule 902 of Regulation S under the Securities Act in compliance with the exemption from registration under the Securities Act of 1933, as amended, provided by Regulation S thereunder, and certification in the form of
Exhibit E to the Indenture is being furnished herewith. 
 or 

 ̈ (3) This Note is being transferred other than in accordance with (1) or (2) above and documents
are being furnished herewith which comply with the conditions of transfer set forth in this Note and the Indenture. 
 If none of the
foregoing boxes is checked, the Trustee is not obligated to register this Note in the name of any Person other than the Holder hereof unless and until the conditions to any such transfer of registration set forth herein and in the Indenture have
been satisfied. 
 Dated:                    

  

							
		 		 		 	  

		 		 		 	Transferor
				
		 		 		 	Signed:
                                         
                               
		
		 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within-mentioned instrument in every particular, without alteration or any
change whatsoever.

  
 A-9 

  

			
	 Signature Guarantee:3
	 	  

		
		 	  By:                                   
                                         
                
		 	  (To be executed by an executive officer)

  
  

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

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you wish to have all of this Note purchased by the Issuer pursuant to Section 4.10 or Section 4.12 of the Indenture, check the
box:  ̈ 
 If you wish to have a portion of this Note purchased by the Issuer pursuant to
Section 4.10 or Section 4.12 of the Indenture, state the amount (in original principal amount) below: 

$                    . 

Date:                     

Your
Signature:                             

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

Signature Guarantee:4
                             

 
  

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

  
 A-11 

 SCHEDULE OF EXCHANGES OF INTERESTS IN GLOBAL
NOTES5 
 The following exchanges of a part of this Global Note for Certificated Notes
or an interest in another Global Note, or exchanges of a part of another Global Note or Certificated 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
 officer
of
 Trustee

  

 

	5 	For Global Notes 

  
 A-12 

 [FORM OF NOTATION ON NOTE RELATING TO GUARANTEE] 

GUARANTEE 
 The
undersigned (the “Guarantors”) have unconditionally guaranteed, jointly and severally (such guarantee by each Guarantor being referred to herein as the “Guarantee”) (i) the due and punctual payment of the
principal of and interest on the Issuer’s 8.000% Senior Notes due 2019 (the “Notes”), whether at maturity or on an interest payment date, by acceleration or otherwise, on the Notes, to the extent lawful, and of all other
obligations of the Issuer to the Holders or the Trustee all in accordance with the terms set forth in Article 6 of the Indenture and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

No past, present or future stockholder, officer, director, employee, partner or incorporator, as such, of any of the Guarantors shall have any
liability under the Guarantee evidenced hereby by reason of such person’s status as stockholder, officer, director, employee, partner or incorporator. Each Holder of a Note by accepting a Note waives and releases all such liability. This waiver
and release are part of the consideration for the issuance of the Guarantee. 
 Each Holder of a Note by accepting a Note agrees that any
Guarantor named below shall have no further liability with respect to its Guarantee if such Guarantor otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. 

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

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

ARBOR TRAILS, LLC 
 AUDDIE ENTERPRISES, L.L.C. 

BUILDER SERVICES NJ, L.L.C. 
 BUILDER SERVICES PA, L.L.C. 

DULLES COPPERMINE, L.L.C. 
 EASTERN NATIONAL TITLE AGENCY, LLC

 EASTERN TITLE AGENCY, INC. 
 F&W MECHANICAL SERVICES,
L.L.C. 
 FOUNDERS TITLE AGENCY OF MARYLAND, L.L.C. 
 FOUNDERS
TITLE AGENCY, INC. 
 GLENRISE GROVE, L.L.C. 

  
 A-13 

 GOVERNOR’S ABSTRACT CO., INC. 

HOMEBUYERS FINANCIAL SERVICES, L.L.C. 
 HOVNANIAN DEVELOPMENTS OF
FLORIDA, INC. 
 HOVNANIAN ENTERPRISES, INC. 
 HOVNANIAN LAND
INVESTMENT GROUP OF FLORIDA, L.L.C. 
 HOVNANIAN LAND INVESTMENT GROUP OF MARYLAND, L.L.C. 

HOVNANIAN LAND INVESTMENT GROUP, L.L.C. 
 K. HOV IP, II, INC. 

K. HOVNANIAN ABERDEEN, LLC 
 K. HOVNANIAN ACQUISITIONS, INC. 

K. HOVNANIAN AT 4S, LLC 
 K. HOVNANIAN AT ACQUA VISTA, LLC 

K. HOVNANIAN AT ALISO, LLC 
 K. HOVNANIAN AT ALLENTOWN, L.L.C.

 K. HOVNANIAN AT ANDALUSIA, LLC 
 K. HOVNANIAN AT ARBOR
HEIGHTS, LLC 
 K. HOVNANIAN AT ASBURY PARK URBAN RENEWAL, LLC 

K. HOVNANIAN AT ASHBY PLACE, LLC 
 K. HOVNANIAN AT AVENUE ONE,
L.L.C. 
 K. HOVNANIAN AT BAKERSFIELD 463, L.L.C. 
 K. HOVNANIAN
AT BARNEGAT I, L.L.C. 
 K. HOVNANIAN AT BARNEGAT II, L.L.C. 

K. HOVNANIAN AT BELLA LAGO, LLC 
 K. HOVNANIAN AT BERKELEY, L.L.C.

 K. HOVNANIAN AT BLACKSTONE, LLC 
 K. HOVNANIAN AT BLUE HERON
PINES, L.L.C. 
 K. HOVNANIAN AT BRANCHBURG, L.L.C. 
 K.
HOVNANIAN AT BRENFORD STATION, LLC 
 K. HOVNANIAN AT BRIDGEPORT, INC. 

K. HOVNANIAN AT BRIDGEWATER I, L.L.C. 
 K. HOVNANIAN AT BURCH
KOVE, LLC 
 K. HOVNANIAN AT CAMP HILL, L.L.C. 
 K. HOVNANIAN AT
CAPISTRANO, L.L.C. 
 K. HOVNANIAN AT CARLSBAD, LLC 
 K.
HOVNANIAN AT CASA DEL MAR, LLC 
 K. HOVNANIAN AT CEDAR GROVE III, L.L.C. 

K. HOVNANIAN AT CEDAR GROVE V, L.L.C. 
 K. HOVNANIAN AT CEDAR
GROVE VI, LLC 
 K. HOVNANIAN AT CEDAR LANE, LLC 
 K. HOVNANIAN
AT CHADDS FORD, LLC 
 K. HOVNANIAN AT CHARTER WAY, LLC 
 K.
HOVNANIAN AT CHESTER I, L.L.C. 
 K. HOVNANIAN AT CHESTERFIELD, L.L.C. 

K. HOVNANIAN AT CIELO, L.L.C. 
 K. HOVNANIAN AT CLIFTON, L.L.C.

  
 A-14 

 K. HOVNANIAN AT COASTLINE, L.L.C. 

K. HOVNANIAN AT COOSAW POINT, LLC 
 K. HOVNANIAN AT CORAL LAGO,
LLC 
 K. HOVNANIAN AT CORTEZ HILL, LLC 
 K. HOVNANIAN AT
CRANBURY, L.L.C. 
 K. HOVNANIAN AT DENVILLE, L.L.C. 
 K.
HOVNANIAN AT DEPTFORD TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT DOMINGUEZ HILLS, INC. 

K. HOVNANIAN AT DOYLESTOWN, LLC 
 K. HOVNANIAN AT EAST BRANDYWINE,
L.L.C. 
 K. HOVNANIAN AT EAST WINDSOR, LLC 
 K. HOVNANIAN AT
EASTLAKE, LLC 
 K. HOVNANIAN AT EDGEWATER II, L.L.C. 
 K.
HOVNANIAN AT EDGEWATER, L.L.C. 
 K. HOVNANIAN AT EGG HARBOR TOWNSHIP II, L.L.C. 

K. HOVNANIAN AT EGG HARBOR TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT EL
DORADO RANCH II, L.L.C. 
 K. HOVNANIAN AT EL DORADO RANCH, L.L.C. 

K. HOVNANIAN AT ENCINITAS RANCH, LLC 
 K. HOVNANIAN AT ESTATES AT
WHEATLANDS, LLC 
 K. HOVNANIAN AT EVERGREEN, L.L.C. 
 K.
HOVNANIAN AT FAIRFIELD RIDGE, LLC 
 K. HOVNANIAN AT FIDDYMENT RANCH, LLC 

K. HOVNANIAN AT FIFTH AVENUE, L.L.C. 
 K. HOVNANIAN AT FLORENCE I,
L.L.C. 
 K. HOVNANIAN AT FLORENCE II, L.L.C. 
 K. HOVNANIAN AT
FOREST MEADOWS, L.L.C. 
 K. HOVNANIAN AT FRANKLIN II, L.L.C. 

K. HOVNANIAN AT FRANKLIN III, LLC 
 K. HOVNANIAN AT FRANKLIN,
L.L.C. 
 K. HOVNANIAN AT FREEHOLD TOWNSHIP, L.L.C. 
 K.
HOVNANIAN AT FRESNO, LLC 
 K. HOVNANIAN AT GASLAMP SQUARE, L.L.C. 

K. HOVNANIAN AT GILROY 60, LLC 
 K. HOVNANIAN AT GILROY, LLC 

K. HOVNANIAN AT GREAT NOTCH, L.L.C. 
 K. HOVNANIAN AT GUTTENBERG,
L.L.C. 
 K. HOVNANIAN AT HACKETTSTOWN II, L.L.C. 
 K. HOVNANIAN
AT HAMBURG, L.L.C. 
 K. HOVNANIAN AT HAMPTON LAKE, LLC 
 K.
HOVNANIAN AT HAWTHORNE, L.L.C. 
 K. HOVNANIAN AT HEATHERFIELD, LLC 

K. HOVNANIAN AT HERSHEY’S MILL, INC. 
 K. HOVNANIAN AT
HIGHLAND SHORES, L.L.C. 
 K. HOVNANIAN AT HILLTOP RESERVE II, LLC 

  
 A-15 

 K. HOVNANIAN AT HILLTOP RESERVE, LLC 

K. HOVNANIAN AT HOWELL II, LLC 
 K. HOVNANIAN AT HOWELL, LLC 

K. HOVNANIAN AT HUDSON POINTE, L.L.C. 
 K. HOVNANIAN AT
HUNTER’S POND, LLC 
 K. HOVNANIAN AT HUNTFIELD, LLC 
 K.
HOVNANIAN AT INDIAN WELLS, LLC 
 K. HOVNANIAN AT ISLAND LAKE, LLC 

K. HOVNANIAN AT JACKSON I, L.L.C. 
 K. HOVNANIAN AT JACKSON,
L.L.C. 
 K. HOVNANIAN AT JAEGER RANCH, LLC 
 K. HOVNANIAN AT
JERSEY CITY IV, L.L.C. 
 K. HOVNANIAN AT JERSEY CITY V URBAN RENEWAL COMPANY, L.L.C. 

K. HOVNANIAN AT KEYPORT, L.L.C. 
 K. HOVNANIAN AT LA COSTA GREENS,
L.L.C. 
 K. HOVNANIAN AT LA COSTA, LLC 
 K. HOVNANIAN AT LA
HABRA KNOLLS, LLC 
 K. HOVNANIAN AT LA LAGUNA, L.L.C. 
 K.
HOVNANIAN AT LAKE BURDEN, LLC 
 K. HOVNANIAN AT LAKE RANCHO VIEJO, LLC 

K. HOVNANIAN AT LAKE RIDGE ESTATES, LLC 
 K. HOVNANIAN AT LAKE
TERRAPIN, L.L.C. 
 K. HOVNANIAN AT LAWRENCE V, L.L.C. 
 K.
HOVNANIAN AT LEE SQUARE, L.L.C. 
 K. HOVNANIAN AT LENAH WOODS, LLC 

K. HOVNANIAN AT LILY ORCHARD, LLC 
 K. HOVNANIAN AT LITTLE EGG
HARBOR TOWNSHIP II, L.L.C. 
 K. HOVNANIAN AT LITTLE EGG HARBOR, L.L.C 

K. HOVNANIAN AT LONG HILL, L.L.C. 
 K. HOVNANIAN AT LOWER MACUNGIE
TOWNSHIP I, L.L.C. 
 K. HOVNANIAN AT LOWER MACUNGIE TOWNSHIP II, L.L.C. 

K. HOVNANIAN AT LOWER MAKEFIELD TOWNSHIP I, L.L.C. 
 K. HOVNANIAN
AT LOWER MORELAND I, L.L.C. 
 K. HOVNANIAN AT LOWER MORELAND II, L.L.C. 

K. HOVNANIAN AT MAHWAH VI, INC. 
 K. HOVNANIAN AT MAIN STREET
SQUARE, LLC 
 K. HOVNANIAN AT MALAN PARK, L.L.C. 
 K. HOVNANIAN
AT MANALAPAN II, L.L.C. 
 K. HOVNANIAN AT MANALAPAN III, L.L.C. 

K. HOVNANIAN AT MANSFIELD I, L.L.C. 
 K. HOVNANIAN AT MANSFIELD
II, L.L.C. 
 K. HOVNANIAN AT MANSFIELD III, L.L.C. 
 K.
HOVNANIAN AT MANTECA, LLC 
 K. HOVNANIAN AT MAPLE AVENUE, L.L.C. 

K. HOVNANIAN AT MARLBORO TOWNSHIP IX, L.L.C. 

  
 A-16 

 K. HOVNANIAN AT MARLBORO TOWNSHIP V, L.L.C. 

K. HOVNANIAN AT MARLBORO TOWNSHIP VIII, L.L.C. 
 K. HOVNANIAN AT
MARLBORO VI, L.L.C. 
 K. HOVNANIAN AT MARLBORO VII, L.L.C. 
 K.
HOVNANIAN AT MEADOWRIDGE VILLAS, LLC 
 K. HOVNANIAN AT MELANIE MEADOWS, LLC 

K. HOVNANIAN AT MENDHAM TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT
MENIFEE, LLC 
 K. HOVNANIAN AT MIDDLE TOWNSHIP II, L.L.C. 
 K.
HOVNANIAN AT MIDDLE TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT MIDDLETOWN II, L.L.C. 

K. HOVNANIAN AT MIDDLETOWN III, LLC 
 K. HOVNANIAN AT MIDDLETOWN
IV, LLC 
 K. HOVNANIAN AT MIDDLETOWN, LLC 
 K. HOVNANIAN AT
MILLVILLE I, L.L.C. 
 K. HOVNANIAN AT MILLVILLE II, L.L.C. 
 K.
HOVNANIAN AT MONROE II, INC. 
 K. HOVNANIAN AT MONROE IV, L.L.C. 

K. HOVNANIAN AT MONROE NJ II, LLC 
 K. HOVNANIAN AT MONROE NJ III,
LLC 
 K. HOVNANIAN AT MONROE NJ, L.L.C. 
 K. HOVNANIAN AT
MONTGOMERY, LLC 
 K. HOVNANIAN AT MONTVALE II, LLC 
 K.
HOVNANIAN AT MONTVALE, L.L.C. 
 K. HOVNANIAN AT MORRIS TWP, LLC 

K. HOVNANIAN AT MOSAIC, LLC 
 K. HOVNANIAN AT MUIRFIELD, LLC 

K. HOVNANIAN AT NEUSE RIVER, LLC 
 K. HOVNANIAN AT NEW WINDSOR,
L.L.C. 
 K. HOVNANIAN AT NORTH BERGEN. L.L.C. 
 K. HOVNANIAN AT
NORTH BRUNSWICK VI, L.L.C. 
 K. HOVNANIAN AT NORTH CALDWELL II, L.L.C. 

K. HOVNANIAN AT NORTH CALDWELL III, L.L.C. 
 K. HOVNANIAN AT NORTH
CALDWELL IV, L.L.C. 
 K. HOVNANIAN AT NORTH WILDWOOD, L.L.C. 

K. HOVNANIAN AT NORTHAMPTON, L.L.C. 
 K. HOVNANIAN AT NORTHERN
WESTCHESTER, INC. 
 K. HOVNANIAN AT NORTHFIELD, L.L.C. 
 K.
HOVNANIAN AT NOTTINGHAM MEADOWS, LLC 
 K. HOVNANIAN AT OCEAN TOWNSHIP, INC 

K. HOVNANIAN AT OCEAN VIEW BEACH CLUB, LLC 
 K. HOVNANIAN AT OCEAN
WALK, INC. 
 K. HOVNANIAN AT OCEANPORT, L.L.C. 
 K. HOVNANIAN
AT OLD BRIDGE, L.L.C. 
 K. HOVNANIAN AT OLDE ORCHARD, LLC 

  
 A-17 

 K. HOVNANIAN AT ORCHARD MEADOWS, LLC 

K. HOVNANIAN AT PALM VALLEY, L.L.C. 
 K. HOVNANIAN AT PARK LANE,
LLC 
 K. HOVNANIAN AT PARKSIDE, LLC 
 K. HOVNANIAN AT
PARSIPPANY, L.L.C. 
 K. HOVNANIAN AT PARSIPPANY-TROY HILLS, L.L.C. 

K. HOVNANIAN AT PAVILION PARK, LLC 
 K. HOVNANIAN AT PIAZZA
D’ORO, L.L.C. 
 K. HOVNANIAN AT PIAZZA SERENA, L.L.C 
 K.
HOVNANIAN AT PICKETT RESERVE, LLC 
 K. HOVNANIAN AT PINNACLE OAKS, LLC 

K. HOVNANIAN AT PITTSGROVE, L.L.C. 
 K. HOVNANIAN AT PLANTATION
LAKES, L.L.C. 
 K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL IV, L.L.C. 

K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL V, L.L.C. 
 K.
HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VI, L.L.C. 
 K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VII, L.L.C. 

K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL VIII, L.L.C. 
 K.
HOVNANIAN AT POSITANO, LLC 
 K. HOVNANIAN AT PRADO, L.L.C. 
 K.
HOVNANIAN AT PRAIRIE POINTE, LLC 
 K. HOVNANIAN AT QUAIL CREEK, L.L.C. 

K. HOVNANIAN AT RANCHO CABRILLO, LLC 
 K. HOVNANIAN AT RANCHO
SANTA MARGARITA, LLC 
 K. HOVNANIAN AT RANDOLPH I, L.L.C. 
 K.
HOVNANIAN AT RAPHO, L.L.C 
 K. HOVNANIAN AT RESERVES AT WHEATLANDS, LLC 

K. HOVNANIAN AT RESIDENCE AT DISCOVERY SQUARE, LLC 
 K. HOVNANIAN
AT RIDGEMONT, L.L.C. 
 K. HOVNANIAN AT RIVERBEND, LLC 
 K.
HOVNANIAN AT RODERUCK, L.L.C. 
 K. HOVNANIAN AT ROSEMARY LANTANA, L.L.C. 

K. HOVNANIAN AT SAGE, L.L.C. 
 K. HOVNANIAN AT SANTA NELLA, LLC

 K. HOVNANIAN AT SAUGANASH GLEN, LLC 
 K. HOVNANIAN AT
SAWMILL, INC. 
 K. HOVNANIAN AT SAYREVILLE, L.L.C. 
 K.
HOVNANIAN AT SCOTCH PLAINS, L.L.C. 
 K. HOVNANIAN AT SEASONS LANDING, LLC 

K. HOVNANIAN AT SHELDON GROVE, LLC 
 K. HOVNANIAN AT SHREWSBURY,
LLC 
 K. HOVNANIAN AT SILVER SPRING, L.L.C. 
 K. HOVNANIAN AT
SKYE ISLE, LLC 
 K. HOVNANIAN AT SMITHVILLE, INC. 
 K.
HOVNANIAN AT SOMERS POINT, L.L.C. 

  
 A-18 

 K. HOVNANIAN AT SOUTH BRUNSWICK II, LLC 

K. HOVNANIAN AT SOUTH BRUNSWICK III, LLC 
 K. HOVNANIAN AT SOUTH
BRUNSWICK, L.L.C. 
 K. HOVNANIAN AT STANTON, LLC 
 K. HOVNANIAN
AT STATION SQUARE, L.L.C. 
 K. HOVNANIAN AT SUNRIDGE PARK, LLC 

K. HOVNANIAN AT SYCAMORE, INC. 
 K. HOVNANIAN AT TERRA BELLA TWO,
LLC 
 K. HOVNANIAN AT THE CROSBY, LLC 
 K. HOVNANIAN AT THE
GABLES, LLC 
 K. HOVNANIAN AT THE MONARCH, L.L.C. 
 K.
HOVNANIAN AT THE PRESERVE, LLC 
 K. HOVNANIAN AT THE TOWNS AT CROSSROADS, LLC 

K. HOVNANIAN AT THOMPSON RANCH, LLC 
 K. HOVNANIAN AT THORNBURY,
INC. 
 K. HOVNANIAN AT TRAIL RIDGE, LLC 
 K. HOVNANIAN AT UPPER
FREEHOLD TOWNSHIP II, L.L.C. 
 K. HOVNANIAN AT UPPER FREEHOLD TOWNSHIP III, L.L.C. 

K. HOVNANIAN AT UPPER MAKEFIELD I, INC. 
 K. HOVNANIAN AT UPPER
PROVIDENCE, LLC 
 K. HOVNANIAN AT UPPER UWCHLAN II, L.L.C. 
 K.
HOVNANIAN AT UPPER UWCHLAN, L.L.C. 
 K. HOVNANIAN AT VALLE DEL SOL, LLC 

K. HOVNANIAN AT VERONA ESTATES, LLC 
 K. HOVNANIAN AT VERONA URBAN
RENEWAL, L.L.C. 
 K. HOVNANIAN AT VICTORVILLE, L.L.C. 
 K.
HOVNANIAN AT VINELAND, L.L.C. 
 K. HOVNANIAN AT VINEYARD HEIGHTS, LLC 

K. HOVNANIAN AT VISTA DEL SOL, L.L.C. 
 K. HOVNANIAN AT WALDWICK,
LLC 
 K. HOVNANIAN AT WALKERS GROVE, LLC 
 K. HOVNANIAN AT
WARREN TOWNSHIP, L.L.C. 
 K. HOVNANIAN AT WASHINGTON, L.L.C. 

K. HOVNANIAN AT WATERSTONE, LLC 
 K. HOVNANIAN AT WAYNE IX, L.L.C.

 K. HOVNANIAN AT WAYNE, VIII, L.L.C. 
 K. HOVNANIAN AT WEST
VIEW ESTATES, L.L.C. 
 K. HOVNANIAN AT WEST WINDSOR, L.L.C. 

K. HOVNANIAN AT WESTSHORE, LLC 
 K. HOVNANIAN AT WHEELER RANCH,
LLC 
 K. HOVNANIAN AT WILDWOOD BAYSIDE, L.L.C. 
 K. HOVNANIAN
AT WILLOW BROOK, L.L.C. 
 K. HOVNANIAN AT WOODCREEK WEST, LLC 

K. HOVNANIAN AT WOOLWICH I, L.L.C. 
 K. HOVNANIAN BELDEN POINTE,
LLC 

  
 A-19 

 K. HOVNANIAN BELMONT RESERVE, LLC 

K. HOVNANIAN CAMBRIDGE HOMES, L.L.C. 
 K. HOVNANIAN CENTRAL
ACQUISITIONS, L.L.C. 
 K. HOVNANIAN CLASSICS, L.L.C. 
 K.
HOVNANIAN COMMUNITIES, INC. 
 K. HOVNANIAN COMPANIES OF CALIFORNIA, INC. 

K. HOVNANIAN COMPANIES OF MARYLAND, INC. 
 K. HOVNANIAN COMPANIES
OF NEW YORK, INC. 
 K. HOVNANIAN COMPANIES OF PENNSYLVANIA, INC. 

K. HOVNANIAN COMPANIES OF SOUTHERN CALIFORNIA, INC. 
 K. HOVNANIAN
COMPANIES, LLC 
 K. HOVNANIAN CONSTRUCTION II, INC 
 K.
HOVNANIAN CONSTRUCTION III, INC 
 K. HOVNANIAN CONSTRUCTION MANAGEMENT, INC. 

K. HOVNANIAN CRAFTBUILT HOMES OF SOUTH CAROLINA, L.L.C. 
 K.
HOVNANIAN CYPRESS KEY, LLC 
 K. HOVNANIAN DEVELOPMENTS OF ARIZONA, INC. 

K. HOVNANIAN DEVELOPMENTS OF CALIFORNIA, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF D.C., INC. 
 K. HOVNANIAN DEVELOPMENTS OF DELAWARE, INC. 

K. HOVNANIAN DEVELOPMENTS OF GEORGIA, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF ILLINOIS, INC. 
 K. HOVNANIAN DEVELOPMENTS OF KENTUCKY, INC. 

K. HOVNANIAN DEVELOPMENTS OF MARYLAND, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF MINNESOTA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY II, INC. 

K. HOVNANIAN DEVELOPMENTS OF NEW JERSEY, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF NEW YORK, INC. 
 K. HOVNANIAN DEVELOPMENTS OF NORTH CAROLINA, INC. 

K. HOVNANIAN DEVELOPMENTS OF OHIO, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF PENNSYLVANIA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF SOUTH CAROLINA, INC. 

K. HOVNANIAN DEVELOPMENTS OF TEXAS, INC. 
 K. HOVNANIAN
DEVELOPMENTS OF VIRGINIA, INC. 
 K. HOVNANIAN DEVELOPMENTS OF WEST VIRGINIA, INC. 

K. HOVNANIAN DFW AUBURN FARMS, LLC 
 K. HOVNANIAN DFW BELMONT, LLC

 K. HOVNANIAN DFW HARMON FARMS, LLC 
 K. HOVNANIAN DFW
HERITAGE CROSSING, LLC 
 K. HOVNANIAN DFW HOMESTEAD, LLC 
 K.
HOVNANIAN DFW INSPIRATION, LLC 
 K. HOVNANIAN DFW LIBERTY CROSSING, LLC 

K. HOVNANIAN DFW LIGHT FARMS, LLC 
 K. HOVNANIAN DFW PALISADES,
LLC 
 K. HOVNANIAN DFW PARKSIDE, LLC 

  
 A-20 

 K. HOVNANIAN DFW RIDGEVIEW, LLC 

K. HOVNANIAN DFW SEVENTEEN LAKES, LLC 
 K. HOVNANIAN EASTERN
PENNSYLVANIA, L.L.C. 
 K. HOVNANIAN EDGEBROOK, LLC 
 K.
HOVNANIAN ESTATES AT REGENCY, L.L.C. 
 K. HOVNANIAN ESTATES AT WEKIVA, LLC 

K. HOVNANIAN FALLS POINTE, LLC 
 K. HOVNANIAN FIRST HOMES, L.L.C.

 K. HOVNANIAN FLORIDA REALTY, L.L.C. 
 K. HOVNANIAN FOUR
SEASONS @ HISTORIC VIRGINIA, LLC 
 K. HOVNANIAN FOUR SEASONS AT GOLD HILL, LLC 

K. HOVNANIAN GRAND CYPRESS, LLC 
 K. HOVNANIAN GRANDEFIELD, LLC

 K. HOVNANIAN GREAT WESTERN BUILDING COMPANY, LLC 
 K.
HOVNANIAN GREAT WESTERN HOMES, LLC 
 K. HOVNANIAN HAMPTONS AT OAK CREEK II, L.L.C. 

K. HOVNANIAN HIDDEN HOLLOW, LLC 
 K. HOVNANIAN HIGHLAND RIDGE, LLC

 K. HOVNANIAN HOLDINGS NJ, L.L.C. 
 K. HOVNANIAN HOMES - DFW,
L.L.C. 
 K. HOVNANIAN HOMES AT BROOK MANOR, LLC 
 K. HOVNANIAN
HOMES AT CAMERON STATION, LLC 
 K. HOVNANIAN HOMES AT CAMP SPRINGS, L.L.C. 

K. HOVNANIAN HOMES AT CREEKSIDE, LLC 
 K. HOVNANIAN HOMES AT
FAIRWOOD, L.L.C. 
 K. HOVNANIAN HOMES AT FOREST RUN, L.L.C. 

K. HOVNANIAN HOMES AT GREENWAY FARM PARK TOWNS, L.L.C. 
 K.
HOVNANIAN HOMES AT GREENWAY FARM, L.L.C. 
 K. HOVNANIAN HOMES AT JONES STATION 1, L.L.C. 

K. HOVNANIAN HOMES AT MAXWELL PLACE, L.L.C. 
 K. HOVNANIAN HOMES
AT REEDY CREEK, LLC 
 K. HOVNANIAN HOMES AT RENAISSANCE PLAZA, L.L.C. 

K. HOVNANIAN HOMES AT RUSSETT, L.L.C. 
 K. HOVNANIAN HOMES AT SALT
CREEK LANDING, LLC 
 K. HOVNANIAN HOMES AT SHELL HALL, LLC 
 K.
HOVNANIAN HOMES AT ST. JAMES PLACE, LLC 
 K. HOVNANIAN HOMES AT THE ABBY, LLC 

K. HOVNANIAN HOMES AT THE HIGHLANDS, LLC 
 K. HOVNANIAN HOMES AT
THE PADDOCKS, LLC 
 K. HOVNANIAN HOMES AT WILLOWSFORD GRANT, LLC 

K. HOVNANIAN HOMES NORTHERN CALIFORNIA, INC. 
 K. HOVNANIAN HOMES
OF D.C., L.L.C. 
 K. HOVNANIAN HOMES OF DELAWARE, L.L.C. 
 K.
HOVNANIAN HOMES OF GEORGIA, L.L.C. 
 K. HOVNANIAN HOMES OF HOUSTON, L.L.C. 

  
 A-21 

 K. HOVNANIAN HOMES OF LONGACRE VILLAGE, L.L.C. 

K. HOVNANIAN HOMES OF MARYLAND, L.L.C. 
 K. HOVNANIAN HOMES OF
MINNESOTA AT ARBOR CREEK, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA AT AUTUMN MEADOWS, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT BRYNWOOD, LLC 
 K. HOVNANIAN
HOMES OF MINNESOTA AT CEDAR HOLLOW WEST, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA AT CEDAR HOLLOW, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT FOUNDER’S RIDGE, LLC 
 K.
HOVNANIAN HOMES OF MINNESOTA AT HARPERS STREET WOODS, LLC 
 K. HOVNANIAN HOMES OF MINNESOTA AT OAKS OF OXBOW, LLC 

K. HOVNANIAN HOMES OF MINNESOTA AT REGENT’S POINT, LLC 
 K.
HOVNANIAN HOMES OF MINNESOTA, L.L.C. 
 K. HOVNANIAN HOMES OF NORTH CAROLINA, INC. 

K. HOVNANIAN HOMES OF PENNSYLVANIA, L.L.C. 
 K. HOVNANIAN HOMES OF
SOUTH CAROLINA, LLC 
 K. HOVNANIAN HOMES OF VIRGINIA, INC. 
 K.
HOVNANIAN HOMES OF WEST VIRGINIA, L.L.C. 
 K. HOVNANIAN INDIAN TRAILS, LLC 

K. HOVNANIAN LADUE RESERVE, LLC 
 K. HOVNANIAN LAKES OF GREEN, LLC

 K. HOVNANIAN LIBERTY ON BLUFF CREEK, LLC 
 K. HOVNANIAN
MANALAPAN ACQUISITION, LLC 
 K. HOVNANIAN MONARCH GROVE, LLC 

K. HOVNANIAN NORTH CENTRAL ACQUISITIONS, L.L.C. 
 K. HOVNANIAN
NORTH JERSEY ACQUISITIONS, L.L.C. 
 K. HOVNANIAN NORTHEAST SERVICES, L.L.C. 

K. HOVNANIAN OF HOUSTON II, L.L.C. 
 K. HOVNANIAN OHIO REALTY,
L.L.C. 
 K. HOVNANIAN OSTER HOMES, L.L.C. 
 K. HOVNANIAN PA
REAL ESTATE, INC. 
 K. HOVNANIAN PENNSYLVANIA ACQUISITIONS, L.L.C. 

K. HOVNANIAN PORT IMPERIAL URBAN RENEWAL, INC. 
 K. HOVNANIAN
PROPERTIES OF RED BANK, INC. 
 K. HOVNANIAN REYNOLDS RANCH, LLC 

K. HOVNANIAN RIVENDALE, LLC 
 K. HOVNANIAN RIVERSIDE, LLC 

K. HOVNANIAN SCHADY RESERVE, LLC 
 K. HOVNANIAN SHERWOOD AT
REGENCY, LLC 
 K. HOVNANIAN SHORE ACQUISITIONS, L.L.C. 
 K.
HOVNANIAN SOUTH FORK, LLC 
 K. HOVNANIAN SOUTH JERSEY ACQUISITIONS, L.L.C. 

K. HOVNANIAN SOUTHERN NEW JERSEY, L.L.C. 
 K. HOVNANIAN STERLING
RANCH, LLC 
 K. HOVNANIAN SUMMIT HOLDINGS, L.L.C. 
 K.
HOVNANIAN SUMMIT HOMES OF KENTUCKY, L.L.C. 

  
 A-22 

 K. HOVNANIAN SUMMIT HOMES OF PENNSYLVANIA, L.L.C. 

K. HOVNANIAN SUMMIT HOMES OF WEST VIRGINIA, L.L.C. 
 K. HOVNANIAN
SUMMIT HOMES, L.L.C. 
 K. HOVNANIAN T&C HOMES AT FLORIDA, L.L.C. 

K. HOVNANIAN T&C HOMES AT ILLINOIS, L.L.C. 
 K. HOVNANIAN
TERRA BELLA, LLC 
 K. HOVNANIAN TIMBRES AT ELM CREEK, LLC 
 K.
HOVNANIAN UNION PARK, LLC 
 K. HOVNANIAN VENTURE I, L.L.C. 
 K.
HOVNANIAN WATERBURY, LLC 
 K. HOVNANIAN WHITE ROAD, LLC 
 K.
HOVNANIAN WINDWARD HOMES, LLC 
 K. HOVNANIAN WOODLAND POINTE, LLC 

K. HOVNANIAN WOODRIDGE PLACE, LLC 
 K. HOVNANIAN’S FOUR
SEASONS AT BAKERSFIELD, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT BEAUMONT, LLC 

K. HOVNANIAN’S FOUR SEASONS AT CHARLOTTESVILLE, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT HEMET, LLC 
 K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND CONDOMINIUMS, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT KENT ISLAND, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT LOS BANOS, LLC 
 K. HOVNANIAN’S FOUR SEASONS AT MORENO VALLEY, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT NEW KENT VINEYARDS, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT PALM SPRINGS, LLC 
 K.
HOVNANIAN’S FOUR SEASONS AT RENAISSANCE, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT RUSH CREEK II, LLC 

K. HOVNANIAN’S FOUR SEASONS AT RUSH CREEK, L.L.C. 
 K.
HOVNANIAN’S FOUR SEASONS AT SILVER MAPLE FARM, L.L.C. 
 K. HOVNANIAN’S FOUR SEASONS AT ST. MARGARETS LANDING, L.L.C. 

K. HOVNANIAN’S FOUR SEASONS AT THE LAKES AT CANE BAY, LLC 

K. HOVNANIAN’S FOUR SEASONS, LLC 
 K. HOVNANIAN’S
PARKSIDE AT TOWNGATE, L.L.C. 
 KHH SHELL HALL LOAN ACQUISITION, LLC 

LANDARAMA, INC. 
 M&M AT CHESTERFIELD, LLC 

M&M AT CRESCENT COURT, L.L.C. 
 M&M AT WEST ORANGE, L.L.C.

 M&M AT WHEATENA URBAN RENEWAL, L.L.C. 
 MATZEL &
MUMFORD AT EGG HARBOR, L.L.C. 
 MATZEL & MUMFORD AT SOUTH BOUND BROOK URBAN RENEWAL, L.L.C. 

MCNJ, INC. 
 MIDWEST BUILDING PRODUCTS & CONTRACTOR
SERVICES OF PENNSYLVANIA, L.L.C. 
 MIDWEST BUILDING PRODUCTS & CONTRACTOR SERVICES OF WEST VIRGINIA, L.L.C. 

  
 A-23 

 MIDWEST BUILDING PRODUCTS & CONTRACTOR SERVICES, L.L.C. 

NEW HOME REALTY, LLC 
 NEW LAND TITLE AGENCY, L.L.C. 

PADDOCKS, L.L.C. 
 PARK TITLE COMPANY, LLC 

PINE AYR, LLC 
 RIDGEMORE UTILITY, L.L.C. 

SEABROOK ACCUMULATION CORPORATION 
 SHELL HALL CLUB AMENITY
ACQUISITION, LLC 
 SHELL HALL LAND ACQUISITION, LLC 

STONEBROOK HOMES, INC. 
 TERRAPIN REALTY, L.L.C. 

THE MATZEL & MUMFORD ORGANIZATION, INC 
 WASHINGTON HOMES
AT COLUMBIA TOWN CENTER, L.L.C. 
 WASHINGTON HOMES, INC. 

WESTMINSTER HOMES, INC. 
 WH PROPERTIES, INC. 

WOODLAND LAKE CONDOMINIUMS AT BOWIE NEW TOWN, L.L.C. 
 WOODMORE
RESIDENTIAL, L.L.C. 
 WTC VENTURES, L.L.C. 
  

			
	By:	 	  

	Name:	 	
	Title:	 	Authorized Officer

 [This Guarantee relates to K. Hovnanian Enterprises, Inc.’s 8.000% Senior Notes due 2019 – CUSIP No.:
                    ] 

  
 A-24 

 EXHIBIT B 

SUPPLEMENTAL INDENTURE 
 dated as
of                 ,          

among 
 K. HOVNANIAN ENTERPRISES,
INC., 
 HOVNANIAN ENTERPRISES, INC., 

The Other Guarantors Party Hereto 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION 
 as Trustee 
  

 
 8.000% Senior
Notes due 2019 

  
 B-1 

 THIS [            ] SUPPLEMENTAL
INDENTURE (this “[            ] Supplemental Indenture”), entered into as of
                ,         , among K. Hovnanian Enterprises, Inc., a California corporation (the “Issuer”),
Hovnanian Enterprises, Inc., a Delaware corporation (the “Company”), [list each new guarantor and its jurisdiction of incorporation] (each an “Undersigned”) and Wilmington Trust, National Association, a national
banking association, as Trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Issuer, Company, the other Guarantors party thereto and the Trustee entered into an indenture, dated as of November 5, 2014
(the “Indenture”), relating to the Issuer’s 8.000% Senior Notes due 2019 (the “Notes”); 
 WHEREAS,
as a condition to the purchase of the Notes by the Holders, the Company agreed pursuant to the Indenture to cause any newly acquired or created Restricted Subsidiaries (other than any Excluded Subsidiary) to provide Guarantees. 

AGREEMENT 
 NOW,
THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties hereto hereby agree as follows: 

SECTION 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture. 

SECTION 2. Each Undersigned, by its execution of this
[            ] Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the terms of the Indenture applicable to Guarantors, including, but not limited to,
Article 6 thereof. 
 SECTION 3. This [            ]
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York. 

SECTION 4. This [            ] Supplemental Indenture may be
signed in various counterparts which together shall constitute one and the same instrument. 
 SECTION 5. This
[            ] Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this [            ]
Supplemental Indenture shall henceforth be read together. 
 SECTION 6. The Trustee shall not be responsible in any
manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the Recitals contained herein, all of which are made solely by the Issuer, the Company and each of the Undersigned. 

  
 B-2 

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

			
	 K. HOVNANIAN ENTERPRISES, INC.,

    as Issuer

		
	By:	 	  

	Name:	 	
	Title:	 	
	
	HOVNANIAN ENTERPRISES, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[GUARANTOR]
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	 WILMINGTON TRUST, NATIONAL

    ASSOCIATION, as Trustee

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 B-3 

 EXHIBIT C 

RESTRICTED LEGEND 
 THIS
NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER: 

(1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A
“QIB”), (B) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a)(1), (2),
(3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”); 
 (2) AGREES ON ITS OWN BEHALF
AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED NOTES, NOT TO OFFER, SELL, OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN 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 ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE
(OR ANY PREDECESSOR OF SUCH NOTE),] [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 NOTE (OR ANY
PREDECESSOR OF SUCH NOTE) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE ISSUER, THE COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE
SELLER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S OF
THE SECURITIES ACT, (D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (E) TO AN  

  
 C-1 

 
IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE OBTAINED
FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT,
(F) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE ISSUER AND THE TRUSTEE) OR (G) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND,
IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION (THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE); AND

 (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE
EFFECT OF THIS LEGEND. 
 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTIONS” AND “UNITED STATES” HAVE THE MEANINGS GIVEN
TO THEM BY RULE 902 OF REGULATION S UNDER THE SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS NOTE IN VIOLATION OF THE FOREGOING. 

  
 C-2 

 EXHIBIT D 

DTC LEGEND 
 UNLESS THIS
NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN
THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS A BENEFICIAL INTEREST HEREIN. 

THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED. TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN
WHOLE, BUT NOT IN PART, BY DTC TO A NOMINEE OF DTC OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE ARE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE TRANSFER PROVISIONS OF THE INDENTURE. 

  
 D-1 

 EXHIBIT E 

Regulation S Certificate 

                ,      

 

	To:	Wilmington Trust, National Association 

 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-1600 

Facsimile: 302-636-4149 

Attention: Corporate Client Services 
  

	 	Re:	K. Hovnanian Enterprises, Inc. 

 8.000% Senior Notes due 2019 (the
“Notes”) 
 Issued under the Indenture (the “Indenture”) dated as 

as of November 5, 2014 relating to the
Notes                                        

 Dear Sirs: 
 Terms are used in
this Certificate as used in Regulation S (“Regulation S”) under the Securities Act of 1933, as amended (the “Securities Act”), except as otherwise stated herein. 

[CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈ A.	This Certificate relates to our proposed transfer of $            principal amount of Notes issued under the Indenture. We hereby certify as follows:

  

	 	1.	The offer and sale of the Notes was not and will not be made to a person in the United States (unless such person is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or the account
held by it for which it is acting is excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(g)(3)) and such offer and sale was not and will not be specifically targeted at
an identifiable group of U.S. citizens abroad. 

  

	 	2.	 Unless the circumstances described in the parenthetical in paragraph 1 above are applicable, either (a) at the time the buy order was originated,
the buyer was outside the United States or we and any person acting 

  
 E-1 

	 	
on our behalf reasonably believed that the buyer was outside the United States or (b) the transaction was executed in, on or through the facilities of a designated offshore securities
market, and neither we nor any person acting on our behalf knows that the transaction was pre-arranged with a buyer in the United States. 

  

	 	3.	Neither we, any of our affiliates, nor any person acting on our or their behalf has made any directed selling efforts in the United States with respect to the Notes. 

 

	 	4.	The proposed transfer of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

	 	5.	If we are a dealer or a person receiving a selling concession, fee or other remuneration in respect of the Notes, and the proposed transfer takes place during the Restricted Period (as defined in the Indenture), or we
are an officer or director of the Company or an Initial Purchaser (as defined in the Indenture), we certify that the proposed transfer is being made in accordance with the provisions of Rule 904(b) of Regulation S. 

 

	 	 ̈ B.	This Certificate relates to our proposed exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes
to be held by us. We hereby certify as follows: 

  

	 	1.	At the time the offer and sale of the Notes was made to us, either (i) we were not in the United States or (ii) we were excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(vi) or
the account held by us for which we were acting was excluded from the definition of “U.S. person” pursuant to Rule 902(k)(2)(i) under the circumstances described in Rule 902(g)(3); and we were not a member of an identifiable group of U.S.
citizens abroad. 

  

	 	2.	Unless the circumstances described in paragraph 1(ii) above are applicable, either (a) at the time our buy order was originated, we were outside the United States or (b) the transaction was executed in, on or
through the facilities of a designated offshore securities market and we did not pre-arrange the transaction in the United States. 

  
 E-2 

	 	3.	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

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

			
	Very truly yours,
	
	[NAME OF SELLER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

Date:                     

Upon transfer of certificated Notes, the Notes would be registered in the name of the new beneficial owner as follows: 

 

			
	By:	 	  

			
		
	Date:	 	  

			
		
	Taxpayer ID number:	 	  

  
 E-3 

 EXHIBIT F 

Rule 144A Certificate 

                ,
         
  

	To:	Wilmington Trust, National Association 

 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-1600 

Facsimile: 302-636-4149 

Attention: Corporate Client Services 
  

	 	Re:	K. Hovnanian Enterprises, Inc. 

 8.000% Senior Notes due 2019 (the
“Notes”) 
 Issued under the Indenture (the “Indenture”) dated as 

as of November 5, 2014 relating to the
Notes                                        

 Ladies and Gentlemen: 
 This Certificate
relates to: 
 [CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈ A.	Our proposed purchase of $            principal amount of Notes issued under the Indenture. 

 

	 	 ̈ B.	Our proposed transfer or exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 We and, if applicable, each account for which we are acting, are a qualified institutional buyer within the meaning
of Rule 144A (“Rule 144A”) under the Securities Act of 1933, as amended (the “Securities Act”). If we are acting on behalf of an account, we exercise sole investment discretion with respect to such account. We are
aware that the transfer of Notes to us, or such exchange, as applicable, is being made in reliance upon the exemption from the provisions of Section 5 of the Securities Act provided by Rule 144A. Prior to the date of this Certificate we have
received such information regarding the Company as we have requested pursuant to Rule 144A(d)(4) or have determined not to request such information. 

  
 F-1 

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

 

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

Date:                     

Upon transfer of certificated Notes, the Notes would be registered in the name of the new beneficial owner as follows: 

 

			
	By:	 	  

			
		
	Date:	 	  

			
		
	Taxpayer ID number:	 	  

  
 F-2 

 EXHIBIT G 

Institutional Accredited Investor Certificate 
  

	To:	Wilmington Trust, National Association 

 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-1600 

Facsimile: 302-636-4149 

Attention: Corporate Client Services 
  

	 	Re:	K. Hovnanian Enterprises, Inc. 

 8.000% Senior Notes due 2019 (the
“Notes”) 
 Issued under the Indenture (the “Indenture”) dated as 

as of November 5, 2014 relating to the
Notes                                        

 Ladies and Gentlemen: 
 This Certificate
relates to: 
 [CHECK A, B OR C AS APPLICABLE.] 
  

	 	 ̈ A.	Our proposed purchase of $            principal amount of Notes issued under the Indenture. 

 

	 	 ̈ B.	Our proposed purchase of $            principal amount of a beneficial interest in a Global Note 

 

	 	 ̈ C.	Our proposed transfer or exchange of $            principal amount of Notes issued under the Indenture for an equal principal amount of Notes to be held by us.

 We hereby confirm that: 
  

	 	1.	We are an institutional “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act of 1933, as amended (the “Securities Act”) (an
“Institutional Accredited Investor”). 

  

	 	2.	Any acquisition of Notes by us will be for our own account or for the account of one or more other Institutional Accredited Investors as to which we exercise sole investment discretion. 

  
 G-1 

	 	3.	We have such knowledge and experience in financial and business matters that we are capable of evaluating the merits and risks of an investment in the Notes and we and any accounts for which we are acting are able to
bear the economic risks of and an entire loss of our or their investment in the Notes. 

  

	 	4.	We are not acquiring the Notes or beneficial interest therein with a view to any distribution thereof in a transaction that would violate the Securities Act or the securities laws of any State of the United States or
any other applicable jurisdiction; provided, that the disposition of our property and the property of any accounts for which we are acting as fiduciary will remain at all times within our and their control. 

 

	 	5.	We acknowledge that the Notes have not been registered under the Securities Act and that the Notes may not be offered or sold within the United States or to or for the benefit of U.S. persons except as set forth below.

  

	 	6.	The principal amount of Notes to which this Certificate relates is at least equal to $250,000. 

We agree for the benefit of the Issuer and the Guarantors, on our own behalf and on behalf of each account for which we are acting, that we
will not resell or otherwise transfer this Note or any beneficial interest herein except (A) to the Issuer, the Company or any of its subsidiaries, (B) to a person whom we reasonably believe is a QIB purchasing for its own account or for
the account of a QIB in a transaction meeting the requirements of Rule 144A, (C) in an offshore transaction meeting the requirements of Rule 903 or 904 of Regulation S of the Securities Act, (D) in a transaction meeting the requirements of
Rule 144 under the Securities Act, (E) to an Institutional Accredited Investor that, prior to such transfer, furnishes the Trustee a signed letter containing certain representations and agreements relating to the transfer of the Notes (the form
of which can be obtained from the Trustee) and, if such transfer is in respect of an aggregate principal amount of Notes less than $250,000, an opinion of counsel acceptable to the Issuer and the Trustee that such transfer is in compliance with the
Securities Act, (F) in accordance with another exemption form the registration requirements of the Securities Act (and based upon an opinion of counsel acceptable to the Issuer and the Trustee) or (G) pursuant to an effective Registration
Statement and, in each case, in accordance with the applicable securities laws of any state of the United States or any other applicable jurisdiction. 

  
 G-2 

 Prior to the registration of any transfer or exchange, we acknowledge that the Issuer reserves
the right to require the delivery of such legal opinions, certifications or other evidence as may reasonably be required in order to determine that the proposed transfer or exchange is being made in compliance with the Securities Act and applicable
state securities laws. We acknowledge that no representation is made as to the availability of any Rule 144 exemption from the registration requirements of the Securities Act. 

We understand that the Trustee will not be required to accept for registration of transfer or exchange any Notes acquired by us, except upon
presentation of evidence satisfactory to the Issuer and the Trustee that the foregoing restrictions on transfer have been complied with. We further agree to deliver to each person acquiring any of the Notes or any beneficial interest therein from us
a notice advising such person that resales of the Notes are restricted as stated herein. 
 We agree to notify you promptly in writing if
any of our acknowledgments, representations or agreements herein ceases to be accurate and complete. 
 We represent to you that we have
full power to make the foregoing acknowledgments, representations and agreements on our own behalf and on behalf of any account for which we are acting. 

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

			
	Very truly yours,
	
	 [NAME OF PURCHASER (FOR TRANSFERS) OR OWNER (FOR EXCHANGES)]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

Date:                     

  
 G-3 

 Upon transfer of certificated Notes, the Notes would be registered in the name of the new
beneficial owner as follows: 
  

			
	By:	 	  

			
		
	Date:	 	  

			
		
	Taxpayer ID number:	 	  

  
 G-4 

 EXHIBIT H 

[COMPLETE FORM I OR FORM II AS APPLICABLE.] 

[FORM I] 
 Certificate
of Beneficial Ownership 
  

	To:	Wilmington Trust, National Association 

 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-1600 

Facsimile: 302-636-4149 

Attention: Corporate Client Services 

[Euroclear Bank S.A./N.V., as operator of the Euroclear System] OR 

[Clearstream Banking, société anonyme] 

 

	 	Re:	K. Hovnanian Enterprises, Inc. 

 8.000% Senior Notes due 2019 (the “Notes”)

 Issued under the Indenture (the “Indenture”) dated as 

as of November 5, 2014 relating to the
Notes                            

Ladies and Gentlemen: 
 We are the beneficial
owner of $             principal amount of Notes issued under the Indenture and represented by a Regulation S Temporary Global Note (as defined in the Indenture). 

[CHECK A OR B AS APPLICABLE.] 
  

	 	 ̈ A.	We are a non-U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended). 

  

	 	 ̈ B.	We are a U.S. person (within the meaning of Regulation S under the Securities Act of 1933, as amended) that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as
amended. 

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

  
 H-1 

 
			
	Very truly yours,
	
	[NAME OF BENEFICIAL OWNER]
		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

Date:                     

[FORM II] 
 Certificate
of Beneficial Ownership 
  

	To:	Wilmington Trust Company 

 Rodney Square North 

1100 North Market Street 

Wilmington, DE 19890-1600 

Facsimile: 302-636-4149 

Attention: Corporate Client Services 
  

	 	Re:	K. Hovnanian Enterprises, Inc. 

 8.000% Senior Notes due 2019 (the “Notes”)

 Issued under the Indenture (the “Indenture”) dated as 

as of November 5, 2014 relating to the
Notes                            

Ladies and Gentlemen: 
 This is to
certify that based solely on certifications we have received in writing, by tested telex or by electronic transmission from member organizations (“Member Organizations”) appearing in our records as persons being entitled to a
portion of the principal amount of Notes represented by a Regulation S Temporary Global Note issued under the above-referenced Indenture, that as of the date hereof, $             principal
amount of Notes represented by the Regulation S Temporary Global Note being submitted herewith for exchange is beneficially owned by persons that are either (i) non-U.S. persons (within the meaning of Regulation S under the Securities Act of
1933, as amended) or (ii) U.S. persons that purchased the Notes in a transaction that did not require registration under the Securities Act of 1933, as amended. 

  
 H-2 

 We further certify that (i) we are not submitting herewith for exchange any portion of such
Regulation S Temporary Global Note excepted in such Member Organization certifications and (ii) as of the date hereof we have not received any notification from any Member Organization to the effect that the statements made by such Member
Organization with respect to any portion of such Regulation S Temporary Global Note submitted herewith for exchange are no longer true and cannot be relied upon as of the date hereof. 

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

			
	Yours faithfully,
	  
 [EUROCLEAR BANK
S.A./N.V., as operator of the Euroclear System]
  
 OR

 
 [CLEARSTREAM BANKING,
société anonyme]

		
	By:	 	  

	Name:	 	
	Title:	 	
	Address:	 	

Date:                     

  
 H-3 

 EXHIBIT I 

THIS NOTE IS A TEMPORARY GLOBAL NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD
BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).
BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR CERTIFICATED NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S UNDER THE SECURITIES ACT. 

  
 I-1 

 EXHIBIT J 

UNRESTRICTED SUBSIDIARIES 
 77 HUDSON
STREET JOINT DEVELOPMENT, L.L.C. 
 AG/HOV DELRAY HOLDINGS, L.L.C. 

AG/HOV DELRAY, L.L.C. 
 AL TAHALUF AL AQARY LLC (AL TAHALUF REAL
ESTATE LIMITED LIABILITY COMPANY) 
 AMBER RIDGE, LLC 

COBBLESTONE SQUARE DEVELOPMENT, L.L.C. 
 FAIR LAND TITLE COMPANY,
INC. 
 GTIS-HOV DULLES PARKWAY PARENT LLC 
 GTIS-HOV FESTIVAL
LAKES LLC 
 GTIS-HOV GREENFIELD CROSSING PARENT LLC 
 GTIS-HOV
HOLDINGS LLC 
 GTIS-HOV LEELAND STATION LLC 
 GTIS-HOV POSITANO
LLC 
 GTIS-HOV RANCHO 79 LLC 
 GTIS-HOV RESIDENCES AT DULLES
PARKWAY LLC 
 GTIS-HOV RESIDENCES AT GREENFIELD CROSSING LLC 

GTIS-HOV VILLAGES AT PEPPER MILL LLC 
 GTIS-HOV WARMINSTER LLC

 HERITAGE PINES, L.L.C. 
 HOMEBUYERS FINANCIAL USA, LLC 

HOVSITE CATALINA LLC 
 HOVSITE CHURCHILL CLUB LLC 

HOVSITE CIDER GROVE LLC 
 HOVSITE FIRENZE LLC 

HOVSITE FLORIDA HOLDINGS LLC 
 HOVSITE GREENWOOD MANOR LLC 

HOVSITE HOLDINGS II LLC 
 HOVSITE HOLDINGS III LLC 

HOVSITE HOLDINGS LLC 
 HOVSITE HUNT CLUB LLC 

HOVSITE II CASA DEL MAR LLC 
 HOVSITE III AT PARKLAND LLC 

HOVSITE ILLINOIS HOLDINGS LLC 
 HOVSITE IRISH PRAIRIE LLC 

HOVSITE LIBERTY LAKES LLC 
 HOVSITE MONTEVERDE 1 & 2 LLC 

HOVSITE MONTEVERDE 3 & 4 LLC 
 HOVSITE PROVIDENCE LLC 

HOVSITE SOUTHAMPTON LLC 
 HOVWEST LAND ACQUISITION, LLC 

  
 K-1 

 K. HOVNANIAN 77 HUDSON STREET INVESTMENTS, L.L.C. 

K. HOVNANIAN AMERICAN MORTGAGE, L.L.C. 
 K. HOVNANIAN AT 77 HUDSON
STREET URBAN RENEWAL COMPANY, L.L.C. 
 K. HOVNANIAN AT AMBERLEY WOODS, LLC 

K. HOVNANIAN AT BRADWELL ESTATES, LLC 
 K. HOVNANIAN AT CANTER V,
LLC 
 K. HOVNANIAN AT CEDAR LANE ESTATES, LLC 
 K. HOVNANIAN AT
COBBLESTONE SQUARE CONDOMINIUMS, L.L.C. 
 K. HOVNANIAN AT DELRAY BEACH, L.L.C. 

K. HOVNANIAN AT DOMINION CROSSING, LLC 
 K. HOVNANIAN AT EAGLE
HEIGHTS, LLC 
 K. HOVNANIAN AT EAST VINCENT, LLC 
 K. HOVNANIAN
AT EMBREY MILL, LLC 
 K. HOVNANIAN AT FREEHOLD TOWNSHIP II, L.L.C. 

K. HOVNANIAN AT MANALAPAN IV, LLC 
 K. HOVNANIAN AT MERIDIAN
HILLS, LLC 
 K. HOVNANIAN AT MORRIS TWP II, LLC 
 K. HOVNANIAN
AT NICHOLSON, LLC 
 K. HOVNANIAN AT PELHAM’S REACH, LLC 

K. HOVNANIAN AT PHILADELPHIA I, L.L.C. 
 K. HOVNANIAN AT PORT
IMPERIAL URBAN RENEWAL II, L.L.C. 
 K. HOVNANIAN AT PORT IMPERIAL URBAN RENEWAL III, L.L.C. 

K. HOVNANIAN AT RANDALL HIGHLANDS, LLC 
 K. HOVNANIAN AT RAYMOND
FARM, LLC 
 K. HOVNANIAN AT RIVER HILLS, LLC 
 K. HOVNANIAN AT
SILVERWOOD GLEN, LLC 
 K. HOVNANIAN AT TAMARACK SOUTH LLC 
 K.
HOVNANIAN AT TANGLEWOOD OAKS, LLC 
 K. HOVNANIAN AT THE HIGHLANDS AT SUMMERLAKE GROVE, LLC 

K. HOVNANIAN AT TRAVERSE, LLC 
 K. HOVNANIAN AT TRENTON II, L.L.C.

 K. HOVNANIAN AT TRENTON URBAN RENEWAL, L.L.C. 
 K. HOVNANIAN
AT VALLETTA, LLC 
 K. HOVNANIAN AT VILLAGE OF ROUND HILL, LLC 

K. HOVNANIAN AT WATERFORD, LLC 
 K. HOVNANIAN AT WELLSPRINGS, LLC

 K. HOVNANIAN BUILDING COMPANY, LLC 
 K. HOVNANIAN COMPANIES
OF ARIZONA, LLC 
 K. HOVNANIAN CYPRESS CREEK, LLC 
 K.
HOVNANIAN DFW BERKSHIRE, LLC 
 K. HOVNANIAN DFW HERON POND, LLC 

K. HOVNANIAN GT INVESTMENT, L.L.C. 
 K. HOVNANIAN HOMES AT
PARKSIDE, LLC 
 K. HOVNANIAN HOMES AT WILLOWSFORD GRANGE, LLC 

  
 K-2 

 K. HOVNANIAN HOMES OF DELAWARE I, LLC 

K. HOVNANIAN HOMES OF FLORIDA I, LLC 
 K. HOVNANIAN HOMES OF
MARYLAND I, LLC 
 K. HOVNANIAN HOMES OF MARYLAND II, LLC 
 K.
HOVNANIAN HOMES OF VIRGINIA I, LLC 
 K. HOVNANIAN HOVSITE II INVESTMENT, LLC 

K. HOVNANIAN HOVSITE III INVESTMENT, LLC 
 K. HOVNANIAN HOVWEST
HOLDINGS, L.L.C. 
 K. HOVNANIAN INVESTMENTS, L.L.C. 
 K.
HOVNANIAN JV HOLDINGS, L.L.C. 
 K. HOVNANIAN JV SERVICES COMPANY, L.L.C. 

K. HOVNANIAN LAKE PARKER, LLC 
 K. HOVNANIAN M.E. INVESTMENTS, LLC

 K. HOVNANIAN MONTCLAIRE ESTATES, LLC 
 K. HOVNANIAN NASSAU
GROVE HOLDINGS, L.L.C. 
 K. HOVNANIAN TBD, LLC 
 K. HOVNANIAN
TERRA LAGO INVESTMENT, LLC 
 K. HOVNANIAN TERRALARGO, LLC 
 K.
HOVNANIAN’S FOUR SEASONS AT MALIND BLUFF, LLC 
 K. HOVNANIAN’S SONATA AT THE PRESERVE, LLC 

LAUREL HIGHLANDS, LLC 
 M&M AT MONROE WOODS, L.L.C. 

MILLENNIUM TITLE AGENCY, LTD. 
 MM-BEACHFRONT NORTH I, L.L.C. 

MM-BEACHFRONT NORTH II, L.L.C. 
 MSHOV HOLDING COMPANY, L.L.C.

 NASSAU GROVE ENTERPRISES, L.L.C. 
 NORTH MANATEE, L.L.C. 

PRESTON GRANDE HOMES, INC. 
 TERRA LAGO INDIO, LLC 

TRAVERSE PARTNERS, LLC 
 WHI-REPUBLIC, LLC 

  
 K-3

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