Document:

Fifth Supplemental Indenture dated May 12, 2003

 EXHIBIT 4.2 
  

  
 FIFTH SUPPLEMENTAL INDENTURE 
  
 by and between

  
 STANDARD PACIFIC CORP. 
  
 and 
  
 BANK ONE TRUST COMPANY, N.A., 
 as Trustee 
  

  
 Dated as of May 12, 2003 
  

  
 AUTHORIZING THE ISSUANCE
OF 
  
 6 7/8% SENIOR NOTES DUE 2011 
  
 (Supplemental to the Indenture dated as of April 1, 1999) 
  

 TABLE OF CONTENTS 
  

	 	  	 	  	Page
		
	 
ARTICLE ONE SCOPE OF FIFTH SUPPLEMENTAL INDENTURE
	  	1
		
	 
ARTICLE TWO DEFINITIONS
	  	2
			
	 
        Section 2.01
	  	 Definitions
	  	2
		
	 
ARTICLE THREE AUTHORIZATION AND TERMS
	  	11
			
	 
Section 3.01
	  	 Authorization
	  	11
			
	 
Section 3.02
	  	 Terms
	  	11
		
	 
ARTICLE FOUR REDEMPTION
	  	19
			
	 
Section 4.01
	  	 Optional Redemption
	  	19
			
	 
Section 4.02
	  	 Acceleration
	  	20
			
	 
Section 4.03
	  	 Change of Control
	  	20
		
	 
ARTICLE FIVE REGISTRAR OF SECURITIES; PAYING AGENT
	  	22
		
	 
ARTICLE SIX CERTAIN COVENANTS
	  	22
			
	 
Section 6.01
	  	 Compliance with Securities Laws
	  	22
			
	 
Section 6.02
	  	 Limitation on Additional Indebtedness
	  	22
			
	 
Section 6.03
	  	 Limitations on Liens
	  	23
			
	 
Section 6.04
	  	 Limitation on Restricted Payments
	  	24
			
	 
Section 6.05
	  	 Limitation on Asset Sales
	  	25
			
	 
Section 6.06
	  	 Transactions with Affiliates
	  	27
			
	 
Section 6.07
	  	 Limitation on Payment Restrictions Affecting Restricted Subsidiaries
	  	27
			
	 
Section 6.08
	  	 Restricted and Unrestricted Subsidiaries
	  	28
			
	 
Section 6.09
	  	 Mergers and Sales of Assets by the Company
	  	28
			
	 
Section 6.10
	  	 Reports to Holders of the Notes
	  	29
			
	 
Section 6.11
	  	 Future Subsidiary Guarantees
	  	29
		
	 
ARTICLE SEVEN EVENTS OF DEFAULT
	  	29
			
	 
Section 7.01
	  	 Additional Events of Default
	  	29
			
	 
Section 7.02
	  	 Inapplicability of Cure Provisions to Certain Events of Default
	  	30
		
	 
ARTICLE EIGHT DEFEASANCE
	  	30
			
	 
Section 8.01
	  	 Defeasance
	  	30
		
	 
ARTICLE NINE MISCELLANEOUS
	  	30
			
	 
Section 9.01
	  	 Governing Law
	  	30

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

	 	  	 	  	Page
			
	 
        Section 9.02.
	  	 No Adverse Interpretation of Other Agreements
	  	30
			
	 
Section 9.03.
	  	 No Recourse Against Others
	  	30
			
	 
Section 9.04.
	  	 Successors and Assigns
	  	30
			
	 
Section 9.05
	  	 Duplicate Originals
	  	31
			
	 
Section 9.06
	  	 Severability
	  	31
		
	 
EXHIBIT A- FORM OF NOTE
	  	A-1
		
	 
EXHIBIT B- REGULATION S TEMPORARY GLOBAL NOTE LEGEND
	  	B-1
		
	 
EXHIBIT C - RESTRICTED LEGEND
	  	C-1
		
	 
EXHIBIT D - DTC LEGEND
	  	D-1
		
	 
EXHIBIT E - REGULATION S CERTIFICATE
	  	E-1
		
	 
EXHIBIT F - RULE 144A CERTIFICATE
	  	F-1
		
	 
EXHIBIT G - INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE
	  	G-1
		
	 
EXHIBIT H - CERTIFICATE OF BENEFICIAL OWNERSHIP
	  	H-1

  

 ii 

 STANDARD PACIFIC CORP. 
  
 FIFTH SUPPLEMENTAL INDENTURE 
  
 This Fifth Supplemental Indenture, dated as of May 12, 2003 (the “Fifth Supplemental Indenture”), is entered into
between Standard Pacific Corp., a Delaware corporation (the “Company”), and Bank One Trust Company, N.A., as trustee (the “Trustee”); 
  
 W I T N E S S E T H: 
  
 WHEREAS, this Fifth Supplemental Indenture is supplemental to the Indenture, dated as of April 1, 1999 (the “Original Indenture”), as previously
supplemented by that certain First Supplemental Indenture dated as of April 13, 1999, Second Supplemental Indenture dated as of September 5, 2000, Third Supplemental Indenture dated as of December 28, 2001 and Fourth Supplemental Indenture dated as
of March 4, 2003 (the Original Indenture, as supplemented, the “Indenture”), by and between the Company and the Trustee; 
  
 WHEREAS, the Company has determined to authorize the creation of its 6 7/8% Senior Notes due 2011 (the “Notes”), and currently desires to issue Notes in the aggregate amount of $175,000,000; 
  
 WHEREAS, pursuant to Section 2.01 of the Original Indenture, the Company may
establish one or more Series of Securities from time to time as authorized by a supplemental indenture; and 
  
 WHEREAS, all things necessary to make this Fifth Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms,
and a valid amendment of, and supplement to, the Indenture have been done. 
  
 NOW, THEREFORE, the parties hereto agree, as follows: 
  
 
ARTICLE ONE 
 SCOPE OF FIFTH SUPPLEMENTAL INDENTURE 
  
 The changes, modifications and supplements to the Original Indenture affected
by this Fifth Supplemental Indenture shall be applicable only with respect to, and govern the terms of, the Notes, which shall be unlimited in aggregate principal amount outstanding at any time and which may be issued from time to time, and shall
not apply to any other Securities that may be issued under the Original Indenture unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. 
  
 In the event that the Company shall issue and the Trustee shall authenticate
any Additional Notes or Exchange Notes under this Fifth Supplemental Indenture, the Company may use one or more “CUSIP” number or numbers for such Notes as is printed on the Notes outstanding at such time; provided, however, that if any
Additional Notes or Exchange Notes issued under this Fifth Supplemental Indenture are (a) determined, pursuant to an Opinion of 

  

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Counsel for the Company in a form reasonably satisfactory to the Trustee, to be a different class of security than the Notes outstanding at such time for
federal income tax purposes or (b) issued without the Restricted Legend (as defined below) in exchange for outstanding Notes that bear the Restricted Legend, then the Company may obtain a “CUSIP” number for such Notes that is different
than the “CUSIP” number printed on the Notes then outstanding. Notwithstanding the foregoing, all Notes issued under this Fifth Supplemental Indenture shall vote and consent together on all matters as one class and no Notes will have the
right to vote or consent as a separate class on any matter. 
  
 
ARTICLE TWO 
 DEFINITIONS 
  
 
Section 2.01 Definitions. The following terms shall have the meaning set forth below in this Fifth Supplemental Indenture. Except as otherwise provided in this Fifth Supplemental Indenture, all words, terms and phrases
defined in the Original Indenture (but not otherwise defined herein) shall have the same meaning herein as in the Original Indenture. To the extent terms defined herein differ from terms defined in the Original Indenture the terms defined herein
will govern for purposes of this Fifth Supplemental Indenture and the Notes. 
  
 “Additional Assets” means (i) any property or assets (other than Indebtedness and Capital Stock) in a Related Business; or (ii) the Capital Stock of a Person that becomes a Restricted Subsidiary as a
result of the acquisition of such Capital Stock by the Company or another Restricted Subsidiary; provided, however, that any such Restricted Subsidiary is primarily engaged in a Related Business. For purposes of this definition, “Related
Business” means any business related, ancillary or complementary (as defined in good faith by the Board of Directors) to the business of the Company and the Restricted Subsidiaries on the Original Issue Date. 
  
 “Additional Interest” has the meaning provided for such term
in the Registration Rights Agreement. 
  
 “Additional
Notes” means any newly issued Notes, other than Exchange Notes, issued after the Original Issue Date of the Initial Notes from time to time in accordance with the terms of the Indenture. 
  
 “Agent Member” means a member of, or a participant in, the
Depositary. 
  
 “Asset Disposition” means any
sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by the Company or any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each
referred to for the purposes of this definition as a “disposition”), of (i) any shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares and, to the extent required by local ownership laws in foreign
countries, shares owned by foreign shareholders); (ii) all or substantially all the assets of any division, business segment or comparable line of business of the Company or any Restricted Subsidiary; or (iii) any other assets of the Company or any
Restricted Subsidiary having a fair market value (as determined in good faith by the Board of Directors) in excess of $1,000,000 disposed of in a single transaction or series of 

  

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related transactions outside of the ordinary course of business of the Company or such Restricted Subsidiary (other than, in the case of (i), (ii) and (iii)
above, a disposition by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary to a Wholly-Owned Subsidiary). 
  
 “Average Life” means, as of the date of determination, with respect to any Indebtedness, the quotient obtained by dividing (i) the sum of
the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment (assuming the exercise by the obligor of such Indebtedness of all unconditional (other than as to the giving of notice)
extension options of each such scheduled payment date) of such Indebtedness multiplied by the amount of such principal payment by (ii) the sum of all such principal payments. 
  
 “Certificated Note” means a Note in registered individual form without interest coupons. 
  
 “Change of Control” means the occurrence of any of the
following events: 
  
 (i) any “person”
or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act), is or becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that for purposes of this clause such person or
group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire, whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of more
than 50% of the total voting power of the Voting Stock of the Company; 
  
 (ii) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (together with any new directors whose election by such Board of Directors or whose
nomination for election by the shareholders of the Company was approved by a majority vote of the directors of the Company then still in office who were either directors at the beginning of such period or whose election or nomination for election
was previously so approved) cease for any reason to constitute a majority of the Board of Directors then in office; or 
  
 (iii) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the Company, or
the sale of all or substantially all the assets of the Company to another Person, other than any such sale to one or more Restricted Subsidiaries, and in the case of any such merger or consolidation, the securities of the Company that are
outstanding immediately prior to such transaction and which represent 100% of the aggregate voting power of the Voting Stock of the Company are changed into or exchanged for cash, securities or property, unless pursuant to such transaction such
securities are changed into or exchanged for, in addition to any other consideration, securities of the surviving corporation, or a parent corporation that owns all of the Capital Stock of such surviving corporation, that represent immediately after
such transaction, at least a majority of the aggregate voting power of the Voting Stock of the surviving corporation or such parent corporation, as the case may be. 
  
 “Clearstream” means Clearstream Banking, société anonyme, Luxembourg, formerly
Cedelbank. 
  

 3 

 “Consolidated Coverage Ratio” with respect to the Company as of any date of
determination means the ratio of the Company’s EBITDA to its Consolidated Interest Incurred for the four fiscal quarters ending immediately prior to the date of determination. If the Indebtedness which is being Incurred is Incurred in
connection with an acquisition by the Company or a Restricted Subsidiary, the Consolidated Coverage Ratio shall be determined after giving effect to both the Consolidated Interest Incurred related to the Incurrence of such Indebtedness and the
EBITDA as if the acquisition had occurred at the beginning of the four fiscal quarter period (x) of the Person becoming a Restricted Subsidiary, or (y) in the case of an acquisition of assets that constitute substantially all of an operating unit or
business, relating to the assets being acquired by the Company or a Restricted Subsidiary. 
  
 “Consolidated Interest Expense” of the Company means, for any period, the aggregate amount of interest which, in accordance with generally accepted accounting principles as in effect on the Original
Issue Date, would be included on an income statement for the Company and its Restricted Subsidiaries on a consolidated basis, whether expensed directly, or included as a component of cost of goods sold, or allocated to joint ventures or otherwise
(including, but not limited to, imputed interest included on 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 associated
with Hedging Obligations, 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 non-cash interest expense), excluding interest expense
related to mortgage banking operations plus the product of (i) cash dividends paid on any Preferred Stock of the Company times (ii) a fraction, the numerator of which is one and the denominator of which is one minus the then current effective
aggregate federal, state and local tax rate of the Company, expressed as a decimal. 
  
 “Consolidated Interest Incurred” of the Company means, for any period, Consolidated Interest Expense, plus or minus without duplication, the difference between capitalized interest for such period and
the interest component of cost of goods sold for such period. 
  
 “Consolidated Net Income” for any period, means the aggregate of the Net Income of the Company and its Restricted Subsidiaries for such period, on a consolidated basis, determined in accordance with generally accepted
accounting principles as in effect on the Original Issue Date, provided that (i) the Net Income of any Person in which the Company or any Restricted Subsidiary has a joint interest with a third party (other than an Unrestricted Subsidiary) shall be
included only to the extent of the lesser of (A) the amount of dividends or distributions actually paid to the Company or a Restricted Subsidiary or (B) the Company’s direct or indirect proportionate interest in the Net Income of such Person,
provided that, so long as the Company or a Restricted Subsidiary has an unqualified legal right to require the payment of a dividend or distribution, Net Income shall be determined solely pursuant to this clause (B); (ii) the Net Income of any
Unrestricted Subsidiary shall be included only to the extent of the amount of dividends or distributions (the fair value of which, if other than in cash, to be determined by the Board of Directors, in good faith) by such Subsidiary to the Company or
to any of its consolidated Restricted Subsidiaries; and (iii) the Net Income of any Unrestricted Subsidiary, any Homebuilding Joint Venture or any other Person in which the Company or any Restricted Subsidiary has a joint interest with a third party
that is not existing on December 31, 2002 shall be included only to the extent that the aggregate amount of dividends or distributions (the fair 

  

 4 

 
value of which, if other than cash, to be determined by the Board of Directors, in good faith) by such Subsidiary or Homebuilding Joint Venture to the
Company or to any of its consolidated Restricted Subsidiaries exceeds the aggregate amount of unpaid loans or advances and unreturned capital contributions made by the Company or any Restricted Subsidiary in or to such Subsidiary or Homebuilding
Joint Venture. 
  
 “Consolidated Net Worth” of
the Company means consolidated stockholders’ equity of the Company, less any increase in stockholders’ equity of each of the Unrestricted Subsidiaries subsequent to December 31, 2002 attributable to the Company or any of its Restricted
Subsidiaries, as determined in accordance with generally accepted accounting principles as in effect on the Original Issue Date. 
  
 “Consolidated Tangible Net Worth” with respect to the Company means the consolidated stockholders’ equity of the Company, as
determined in accordance with generally accepted accounting principles, as in effect on the Original Issue Date, less (i) that portion of any increase in each of the Unrestricted Subsidiaries’ stockholders’ equity subsequent to December
31, 2002 attributable to the Company or any of its Restricted Subsidiaries, as determined in accordance with generally accepted accounting principles as in effect on the Original Issue Date, and (ii) the Intangible Assets of the Company and the
Restricted Subsidiaries. “Intangible Assets” means the amount (to the extent reflected in determining consolidated stockholders’ equity) of (A) all write-ups (other than write-ups of tangible assets of a going concern business made
within twelve months after the acquisition of such business) in the book value of any asset owned by the Company or any Restricted Subsidiary, and (B) all goodwill, trade names, trademarks, patents and other like intangibles. 
  
 “Depositary” means the depositary for each Global Note,
which will initially be DTC. 
  
 “Disqualified
Stock” means “Disqualified Stock” as defined in the Original Indenture, except that for the purposes of this Series, “Disqualified Stock” shall not include Capital Stock which is redeemable solely pursuant to a change in
control provision that does not (A) cause such Capital Stock to become redeemable in circumstances which would not constitute a Change of Control and (B) require the Company to pay the redemption price therefor prior to the repurchase date specified
under Section 4.03 herein. 
  
 “DTC” means The
Depository Trust Company, a New York corporation. 
  
 “DTC
Legend” means the legend set forth in Exhibit D. 
  
 “EBITDA” of the Company for any period means the sum of Consolidated Net Income plus Consolidated Interest Expense plus, without duplication, the following to the extent deducted in calculating such Consolidated Net Income:
(i) income tax expense, (ii) depreciation expense, (iii) amortization expense and (iv) all other non-cash items reducing Consolidated Net Income (other than items that will require cash payments in the future and for which an accrual or reserve is,
or is required by generally accepted accounting principles as in effect on the Original Issue Date to be, made), less all non-cash items increasing Consolidated Net Income, in each case for such period. Notwithstanding the foregoing, the provision
for taxes based on the income or profits of, and the depreciation and amortization of, a Subsidiary of the Company shall 

  

 5 

 
be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion) that the net income of such Subsidiary was included in
calculating Consolidated Net Income. 
  
 “Euroclear”
means Euroclear Bank S.A./N.V., and its successors or assigns, as operator of the Euroclear System. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exchange Notes” means the Notes of the Company issued pursuant to the Indenture in exchange for, and in an
aggregate principal amount equal to, the Initial Notes or any Additional Notes in compliance with the terms of a Registration Rights Agreement and containing terms substantially identical to the Notes issued in exchange therefor (except that (i)
such Exchange Notes will be registered under the Securities Act and will not be subject to transfer restrictions or bear the Restricted Legend, and (ii) the provisions relating to Additional Interest will be eliminated). 
  
 “Exchange Offer” means an offer by the Company to the
Holders of the Initial Notes or any Additional Notes to exchange such outstanding Notes for Exchange Notes, as provided for in a Registration Rights Agreement. 
  

“Exchange Offer Registration Statement” means the Exchange Offer Registration Statement as defined in a Registration Rights
Agreement. 
  
 “Guarantor” means any
Restricted Subsidiary guaranteeing payment of the notes pursuant to Section 6.11 hereof. 
  
 “Global Note” means a Note in registered global form without interest coupons. 
  
 “Homebuilding Joint Venture” means (i) any Unrestricted Subsidiary and (ii) any Person in which the Company or any of its Subsidiaries
has an ownership interest but less than an 80% ownership interest that, in each case, was formed for and is engaged in homebuilding operations. 
  
 “Incur” means issue, assume, guarantee, incur or otherwise become liable for; provided, however, that any Indebtedness or Capital Stock
of a Person existing at the time such Person becomes a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Subsidiary at the time it becomes a Subsidiary; provided further, however, that in
the case of a discount security, neither the accrual of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness. The term “Incurrence” when used as a noun shall have a correlative meaning.

  
 “Indebtedness” means “Indebtedness”
as defined in the Original Indenture, except that: 
  
 (A) clause
(i) of the definition is amended by deleting it in its entirety, and inserting in lieu thereof the following: 
  
 (i) the principal of and premium (if any) in respect of: 
  

 6 

	 	(A)	 	indebtedness of such Person for money borrowed and 

  

	 	(B)	 	indebtedness for borrowed money evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable;

  
 (B) in the case of any loan to value maintenance
agreement (or similar agreement) by which the Company or any Restricted Subsidiary agrees to maintain for a joint venture a minimum ratio of Indebtedness outstanding to value of collateral property, only amounts owing by the Company or the
Restricted Subsidiary (or which would be owing upon demand of the lender) at such date under such agreements will be included in Indebtedness. 
  
 “Initial Notes” means Notes issued on May 19, 2003 and any Notes issued in replacement therefor, but not including any Exchange Notes
issued in exchange therefor. 
  
 “Institutional Accredited
Investor Certificate” means a certificate in substantially the form of Exhibit G hereto. 
  
 “Interest Payment Date” means the Stated Maturity of an installment of interest on the Notes. 
  
 “Interest Rate Agreement” means any interest rate swap
agreement, interest rate cap agreement or other financial agreement or arrangement designed to protect the Company or any Restricted Subsidiary against fluctuations in interest rates. 
  
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in
the ordinary course of business that are recorded as accounts receivable on the balance sheet of such Person) or other extensions of credit (including by way of guarantee or similar arrangement) or capital contribution to (by means of any transfer
of cash or other property to others or any payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person. 
  
 “Maturity” means the date on which the principal of the
Notes becomes due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 
  
 “Mortgage” means a first priority mortgage or first priority deed of trust on improved real property. 
  
 “Net Income” of any Person means the net income (loss) of
such Person, determined in accordance with generally accepted accounting principles, as in effect on the Original Issue Date; excluding, however, from the determination of Net Income all gains (to the extent that they exceed all losses) realized
upon the sale or other disposition (including, without limitation, dispositions pursuant to sale leaseback transactions) of any real property or equipment of such Person, which is not sold or otherwise disposed of in the ordinary course of business,
or of any Capital Stock of such Person or its subsidiaries owned by such Person. 
  

 7 

 “Net Proceeds” means with respect to any sale, assignment, exchange, lease, transfer or
other disposition of assets, the consideration received by the Company (or a Restricted Subsidiary, as the case may be) for such disposition after (i) provision for all income and other taxes resulting from such asset disposition, (ii) payment of
all brokerage commissions, underwriting, legal, accounting, appraisal and other fees and expenses related to such asset sale and (iii) deduction of appropriate amounts to be provided by the Company or a Restricted Subsidiary as a reserve, in
accordance with GAAP, against any liabilities associated with the assets sold or disposed of in such asset disposition and retained by the Company or a Restricted Subsidiary after such asset sale, including, without limitation, pension and other
post-employment benefit liabilities and against any indemnification obligations associated with the assets sold or disposed of in such asset sale. 
  
 “Non-Recourse Indebtedness” means Indebtedness or other obligations secured by a lien on property to the extent that the liability for
such Indebtedness or other obligations is limited to the security of the property without liability on the part of the Company or any Subsidiary (other than the Subsidiary which holds title to such property) for any deficiency. 
  
 “Non-U.S. Person” means a Person that is not a U.S. person,
as defined in Regulation S. 
  
 “Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
  
 “Original Issue Date” means the first date of the original issue of any of the Notes pursuant to the
Indenture. 
  
 “Outstanding Notes” means the
Company’s 7 3/4% Senior Notes due 2013, the Company’s 9 1/4% Senior Subordinated Notes due 2012, the Company’s 9 1/2% Senior Notes due 2010, the Company’s 8 1/2% Senior Notes
due 2009, the Company’s 8% Senior Notes due 2008 and the Company’s 8 1/2% Senior Notes due 2007.

  
 “Permanent
Regulation S Global Note” means a Regulation S Global Note that does not bear the Regulation S Temporary Global Note Legend. 
  
 “Qualified Institutional Buyers” or “QIBs” shall have the meaning given to such term by Rule 144A of the Securities Act.

  
 “Regular Record Date” for the interest
payable on any Interest Payment Date on the Notes means the dates specified in Section 3.02(f)(iii). 
  
 “Registration Rights Agreement” means (i) the Registration Rights Agreement dated as of May 12, 2003 among the Company and Credit Suisse
First Boston LLC, Banc of America Securities LLC, Banc One Capital Markets, Inc. and SunTrust Capital Markets, Inc., as the initial purchasers of the Notes, and (ii) with respect to any Additional Notes, any registration rights agreement between the
Company and the initial purchasers party thereto relating to rights given by the Company to the purchasers of Additional Notes to register such Additional Notes or exchange them for Notes registered under the Securities Act. 
  

 8 

 “Refinance” means, in respect of Indebtedness, to refinance, extend, renew, refund,
repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinancing” shall have a correlative meaning. 
  
 “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 Legend” means the legend set forth in Exhibit B. 
  
 “Restricted Investment” means any loan, advance, capital
contribution or transfer (including by way of guaranty or other similar arrangement) in or to any Unrestricted Subsidiary, Homebuilding Joint Venture or any Person in which the Company, directly or indirectly, has an ownership interest but less than
an 80% ownership interest; provided, however, that loans, advances, capital contributions or transfers (including by way of guaranty or other similar arrangement) to a Homebuilding Joint Venture shall be counted as a Restricted Investment only to
the extent that the aggregate at any one time outstanding of all such amounts expended (or with respect to guaranties or similar arrangements the amounts then guaranteed) exceed, subsequent to December 31, 1996, $30 million for any one Homebuilding
Joint Venture or 25% of Consolidated Tangible Net Worth in the aggregate for all Homebuilding Joint Ventures. In the case of any loan to value maintenance agreement (or similar agreement) by which the Company or any Restricted Subsidiary agrees to
maintain for a joint venture a minimum ratio of indebtedness outstanding to value of collateral property, only amounts owing by the Company or the Restricted Subsidiary (or which would be owing upon demand of the lender) under such agreements will
be counted as a Restricted Investment. Restricted Investment shall include the fair market value of the net assets of any Restricted Subsidiary that at any time is designated an Unrestricted Subsidiary. Any property transferred to an Unrestricted
Subsidiary, and the net assets of a Restricted Subsidiary that is designated an Unrestricted Subsidiary, shall be valued at fair market value at the time of such transfer, in each case as determined by the Board of Directors of the Company in good
faith. 
  
 “Restricted Legend” means the legend
set forth in Exhibit C hereto. 
  
 “Restricted
Period” means the relevant 40-day distribution compliance period as defined in Regulation S which, for each relevant Note, commences on the date such Note is issued. 
  
 “Restricted Subsidiary” means any 80% or more owned Subsidiary that has not been designated an Unrestricted
Subsidiary. 
  
 “Revolving Credit Facility” means
that certain Revolving Credit Agreement (the “Credit Agreement”), dated as of January 29, 2003 among the Company, Bank of America, N.A., Bank One, NA, Guaranty Bank, Washington Mutual Bank, FA, Fleet National Bank, PNC Bank, National
Association, U.S. Bank, National Association, Comerica Bank, Bank of the West, Union Bank of California, SunTrust Bank, AmSouth Bank, Credit Suisse First Boston, Cayman 

  

 9 

 
Islands Branch, Wells Fargo Bank, National Association and California Bank & Trust and the other Loan Documents (as defined in the Credit Agreement) or
other analogous documents entered into in connection with any refinancing, restructuring, renewal, extension, refunding, replacement or increase thereof, as any of the foregoing has been or may from time to time be amended, renewed, supplemented or
otherwise modified at the option of the parties thereto (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) and to add any Subsidiary as additional direct obligors thereunder. 
  
 “Rule 144A” means Rule 144A under the Securities Act.

  
 “Rule 144A Certificate” means (i) a
certificate substantially in the form of Exhibit F hereto or (ii) a written certification addressed to the Company and the Trustee to the effect that the Person making such certification (x) is acquiring such Note (or beneficial interest) for
its own account or one or more accounts with respect to which it exercises sole investment discretion and that it and each such account is a qualified institutional buyer within the meaning of Rule 144A, (y) is aware that the transfer to it or
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, and (z) acknowledges that it has received such information regarding the Company as it has requested
pursuant to Rule 144A(d)(4) or has determined not to request such information. 
  
 “Rule 144A Global Note” means a Global Note that bears the Restricted Legend representing Notes issued and sold pursuant to Rule 144A. 
  
 “Securities Act” means the Securities Act of 1933, as amended. 
  
 “Stated Maturity” means the date specified in the Notes as
the fixed date on which an amount equal to the principal of or interest on the Notes is due and payable. 
  
 “Subordinated Notes “ means the Company’s 91⁄4 % Senior Subordinated Notes due 2012. 
  
 “Unrestricted Subsidiary” means (i) any Subsidiary in which
the Company, directly or indirectly, has less than an 80% ownership interest; (ii) any 80% or more owned Subsidiary which in accordance with Section 6.08 herein has been designated in a resolution adopted by the Board of Directors of the Company as
an Unrestricted Subsidiary, in each case unless and until such Subsidiary shall, in accordance with Section 6.08 herein, be designated by a resolution of the Board of Directors of the Company as a Restricted Subsidiary; and (iii) any 80% or more
owned Subsidiary a majority of the Voting Stock of which shall at the time be owned directly or indirectly by one or more Unrestricted Subsidiaries. The Company hereby designates Family Lending Services, Standard Pacific Financing Inc. and Standard
Pacific Financing L.P. as Unrestricted Subsidiaries. 
  
 “Voting Stock” means with respect to any Person, securities of any class of Capital Stock of such Person entitling the holders thereof (whether at all times or only so long as no senior class of stock has voting power by
reason of any contingency) to vote in the election of members of the board of directors of such Person. 
  

 10 

 “Warehouse Facility” means any bank credit agreement, repurchase agreement or other
credit facility entered into to finance the making of Mortgage loans originated by the Company or any of its Subsidiaries. 
  
 “Wholly-Owned Subsidiary” means a Subsidiary, all of the Capital Stock (whether or not voting, but exclusive of directors’
qualifying shares) of which is owned by the Company or a Wholly-Owned Subsidiary. 
  
 
ARTICLE THREE 
 AUTHORIZATION AND TERMS 
  
 
Section 3.01 Authorization. The Company hereby establishes the 6 7/8% Senior Notes
due 2011 as a Series of Securities of the Company. The form of Note attached hereto as Exhibit A is hereby approved and authorized in accordance with the provisions of the Indenture. 
  
 
Section 3.02 Terms. The terms of the Series of Securities established pursuant to this Fifth Supplemental Indenture shall be as follows: 
  
 (a) Title. The title of the Series of Securities established hereby is the “6 7/8% Senior Notes due 2011.” 
  
 (b) Aggregate Principal Amount. On May 19, 2003, which shall be the Original Issue Date, the Company will deliver
Notes for original issue in aggregate principal amount not to exceed $175,000,000 executed by the Company to the Trustee for authentication. The aggregate principal amount of the Notes which may be authenticated and delivered under the Indenture is
unlimited. 
  
 (c) Form; Legends; Book-Entry Provision For
Global Notes; Special Transfer Provisions. 
  
 (i) Form,
Dating and Denominations; Legends. The Notes and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Notes attached as Exhibit
A constitute, and are hereby expressly made, a part of the Indenture. The Notes may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage.
Each Note will be dated the date of its authentication. The Notes will be issuable in denominations of $1,000 in principal amount and any multiple of $1,000 in excess thereof. 
  
 (ii) Legends. 
  
 (A) Except as otherwise provided in subparagraph (ii)(G), (iv)(B)(3) or (iv)(C) below, each Note will bear the Restricted Legend. 
  
 (B) Each Global Note will bear the DTC Legend. 
  

 11 

 (C) Each Regulation S Temporary Global Note will bear the Regulation S Temporary Global Note Legend.

  
 (D) Notes offered and sold in reliance on Regulation S will
be issued as provided in subparagraph (v)(A) below. 
  
 (E) Notes
offered and sold in reliance on any exemption under the Securities Act other than Regulation S and Rule 144A will be issued, and upon the request of the Company to the Trustee, Notes offered and sold in reliance on Rule 144A may be issued, in the
form of Certificated Notes. 
  
 (F) Exchange Notes will be
issued, subject to subparagraph (iii)(A) below, in the form of one or more Global Notes. 
  
 (G) If (1) the Company determines (upon the advice of counsel and such other certifications and evidence as the Company may reasonably require) that a Note is eligible for resale pursuant to Rule 144(k) under the
Securities Act (or a successor provision) 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, or (2) after a Note is sold pursuant to an effective registration statement under the Securities Act, pursuant to a Registration Rights Agreement or otherwise, or is validly tendered and accepted for exchange into an Exchange Note pursuant to
an Exchange Offer, then the Company 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 will comply with such instruction. 
  
 (H) 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 the Indenture and in the Restricted Legend and agrees that it will transfer such Note (and any such beneficial interest) only in accordance with the Indenture and such legend.

  
 (iii) Registration, Transfer and Exchange. The Notes
will be issued in registered form only, without coupons, and the Company 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. 
  
 (A) (1) Each Global Note will be
registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will bear the DTC Legend. 
  
 (2) Each Global Note will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global Note (but not a beneficial interest therein)
will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except as set forth in subparagraph (iii)(A)(4) below. 
  

 12 

 (3) Agent Members will have no rights under the Indenture with respect to any Global Note held on their
behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company 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 the Indenture or the Notes, and nothing herein will 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. 
  
 (4) If (x) the Depositary notifies the Company that it is unwilling or
unable to continue as Depositary for a Global Note or if the Depositary ceases to be a clearing agency under the Exchange Act and, in either case, a successor depositary is not appointed by the Company within 90 days of the notice, (y) the Company,
at its option, notifies the Trustee in writing that it elects to cause the issuance of Certificated Notes or (z) an Event of Default has occurred and is continuing and the Trustee has received a request from the Depositary, the Trustee will 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 will be deemed canceled. If such Note does not bear the Restricted Legend, then the Certificated Notes issued in exchange therefor will not bear the Restricted Legend. If such Note bears the
Restricted Legend, then the Certificated Notes issued in exchange therefor will bear the Restricted Legend. 
  
 (B) Each Certificated Note will be registered in the name of the holder thereof or its nominee. 
  
 (C) 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 subparagraph (iv) below. The Trustee will promptly register any transfer or exchange that meets the requirements of this subparagraph (iii)(C) by noting the same in
the register maintained by the Trustee for the purpose; provided that 
  
 (1) no transfer or exchange will be effective until it is registered in such register; and 
  
 (2) the Trustee will not be required (x) to issue, register the transfer of or exchange any Note for a period of 15 days before a selection of Notes to
be redeemed, (y) to register the transfer of or exchange any Note so selected for redemption in whole or in part, except, in the case of a partial redemption, that portion of any Note not being redeemed, or (z) if a redemption is to occur after a
Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Note on or after the Regular Record Date and before the date of redemption. Prior to the registration of any 

  

 13 

 
transfer, the Company, the Trustee and their agents will 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 will not be affected by notice to the contrary. From time to time the Company will execute and the Trustee will authenticate additional Notes as necessary in order to permit the registration of a
transfer or exchange in accordance with this subparagraph (iii)(C)(2). No service charge will be imposed in connection with any transfer or exchange of any Note, but the Company 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 subparagraph (iii)(A)(4) above). 
  
 (D) (1) 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 will (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, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will 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. 
  
 (2) Global Note to Certificated Note. If a beneficial interest in a Global Note is transferred or exchanged for a Certificated Note, the
Trustee will (x) record a decrease in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (y) 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. 
  
 (3) Certificated Note to Global Note. If a Certificated Note
is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will (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. 
  
 (4) Certificated Note to Certificated Note. If a Certificated Note is transferred or exchanged for another Certificated Note, the Trustee
will (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 

  

 14 

 
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) 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 subparagraph (iv) and subparagraph (iii) above 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. 
  
 (B) Subject to subparagraph (iv)(C) below, 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
	  	(1)
			
	 Rule 144A Global Note
	  	 Regulation S Global Note
	  	(2)
			
	 Rule 144A Global Note
	  	 Certificated Note
	  	(3)
			
	 Regulation S Global Note
	  	 Rule 144A Global Note
	  	(4)
			
	 Regulation S Global Note
	  	 Regulation S Global Note
	  	(2)
			
	 Regulation S Global Note
	  	 Certificated Note
	  	(3)
			
	 Certificated Note
	  	 Rule 144A Global Note
	  	(4)
			
	 Certificated Note
	  	 Regulation S Global Note
	  	(2)
			
	 Certificated Note
	  	 Certificated Note
	  	(3)

  
 (1) No certification
is required. 
  
 (2) 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. 
  
 (3) 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 

  

 15 

 
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 Company 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 and upon transfer or exchange of such Certificated Note the Trustee will
deliver a Certificated Note that does not bear the Restricted Legend. 
  
 (4) The Person requesting the transfer or exchange must deliver or cause to be delivered to the Trustee a duly completed Rule 144A Certificate. 
  
 Notwithstanding anything to the contrary contained herein, no exchange of a beneficial interest in a Regulation S Temporary Global Note for a
Certificated Note is permitted. 
  
 (C) No certification is
required in connection with any transfer or exchange of any Note (or a beneficial interest therein): 
  
 (1) after such Note is eligible for resale pursuant to Rule 144(k) under the Securities Act (or a successor provision); provided that the Company has
provided the Trustee with a certificate to that effect and an opinion of counsel and, if the Company so requests, any other reasonable certifications and evidence in order to support such certificate; or 
  
 (2) (x) sold pursuant to an effective registration statement, pursuant to a
Registration Rights Agreement or otherwise or (y) which is validly tendered for exchange into an Exchange Note pursuant to an Exchange Offer. 
  
 Any Certificated Note delivered in reliance upon this subparagraph (iv)(C) will not bear the Restricted Legend. 
  
 (D) The Trustee will retain copies of all certificates, opinions and other
documents received in connection with the transfer or exchange of a Note (or a beneficial interest therein), and the Company will have the right to inspect and make copies thereof at any reasonable time upon written notice to the Trustee.

  
 (v) Regulation S Temporary Global Notes. 
  
 (A) Each Note originally sold by the initial purchasers of the Notes 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 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 

  

 16 

 
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 and Clearstream and their respective direct and indirect participants. 
  
 (D) Notwithstanding paragraph (v)(B) above, if after the Restricted Period
any initial purchaser of the Notes 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. 
  
 (d) Persons to Whom Interest Payable. Interest on the Notes shall be payable to the Person in whose name a Note is
registered at the close of business (whether or not a Business Day) on the Regular Record Date (as set forth in Section 3.02(f)(iii) below), for such interest payment, except (i) that interest payable on May 15, 2011 shall be payable to the Person
to whom principal is payable, and (ii) that default interest shall be payable in the manner provided in Section 2.11 of the Original Indenture. 
  
 (e) Stated Maturity. The date on which the principal of the Notes shall be payable, unless accelerated pursuant to the Indenture, is May 15, 2011.

  
 (f) Rate of Interest; Interest Payment Dates; Regular
Record Dates; Overdue Principal and Interest. 
  
 (i) Rate
of Interest. The principal amount of each of the Notes shall bear simple interest at the rate of 6 7/8% per
annum. The date from which interest shall accrue for each of the Notes shall be May 19, 2003 or the Interest Payment Date next preceding the date of issuance of such Notes. Interest shall be computed on the basis of a 360-day year of twelve 30-day
months. 
  
 (ii) Interest Payment Dates. Interest on
the Notes shall be payable semiannually in arrears on May 15 and November 15 of each year, commencing November 15, 2003. If any Interest Payment Date or Maturity of the Notes falls on a day that is not a Business Day, the payment due on such
Interest Payment Date or at Maturity will be made on the following day that is a Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest
Payment Date or Maturity, as the case may be. 
  

 17 

 (iii) Regular Record Dates. The Regular Record Dates for interest payable on each May 15 and
November 15 will be the immediately preceding May 1 and November 1 (whether or not a Business Day), respectively. 
  
 (iv) Overdue Principal and Interest. Overdue principal and, to the extent payment of such interest shall be legally enforceable, overdue
installments of interest shall bear interest at the rate of 6 7/8% per annum. 
  
 (v) Additional Interest. All accrued Additional Interest, if any,
shall be paid on each Interest Payment Date at the same time and in the same manner as interest on the Notes. 
  
 (g) Place of Payment; Registration of Transfer and Exchange; Notices to Company. 
  
 (i) Place of Payment. Notes may be presented for payment of the principal of and interest and Additional Interest, if
any, due thereon at the corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, or at any other office or agency designated by the Company for such purpose; provided, however, that any such payments with respect to
Global Notes or Certificated Notes shall be made by wire transfer of immediately available funds to the accounts specified by the Holders thereof and provided, further, that if no such account is specified by Holders of Certificated Notes any
such payments with respect to such Notes shall be made by mailing a check to each such Holder’s registered address. 
  
 (ii) Registration of Exchange and Transfer. Notes may be presented for exchange and registration of transfer at the corporate trust office of the
Trustee in the Borough of Manhattan, The City of New York, or at the office of any transfer agent hereafter designated by the Company for such purpose. 
  
 (iii) Notices to Company. Notices and demands to or upon the Company in respect to the Notes and the Indenture may be served at Standard Pacific
Corp., 15326 Alton Parkway, Irvine, California 92618, Attention: Secretary. 
  
 (h) Issuance of Additional Notes and Exchange Notes. The Company shall be entitled to issue Additional Notes under the Indenture which shall have substantially identical terms as the Notes, other than with
respect to the date of issuance, issue price, amount of interest payable on the first payment date applicable thereto or upon a registration default as provided under a Registration Rights Agreement related thereto, if any (and, if such Additional
Notes shall be issued without the Restricted Legend, other than with respect to transfer restrictions). The Initial Notes, any Additional Notes and any Exchange Notes shall be treated as a single class for all purposes under the Indenture.

  
 With respect to any Additional Notes, the Company shall set
forth in an Officers’ Certificate, a copy of which shall be delivered to the Trustee, the following information: 
  
 (1) the aggregate principal amount of Notes outstanding immediately prior to the issuance of such Additional Notes; 
  
 (2) the aggregate principal amount of such Additional Notes to be
authenticated and delivered pursuant to this Indenture; 
  

 18 

 (3) the issue price and the issue date of such Additional Notes and the amount of interest payable on the
first payment date applicable thereto; 
  
 (4) the
“CUSIP”, “ISIN” or “Common Code” number, as applicable, of such Additional Notes; and 
  
 (5) whether such Additional Notes shall be subject to transfer restrictions or bear the Restricted Legend or other restrictive legend. 
  
 At any time and from time to time after the execution of this Fifth
Supplemental Indenture, the Company may execute and deliver, and the Trustee will authenticate and deliver, Exchange Notes in exchange for a like principal amount of Initial Notes or Additional Notes exchanged therefor. 
  
 
ARTICLE FOUR 
 REDEMPTION 
  
 
Section 4.01 Optional Redemption. The Notes will be redeemable at the option of the Company, in whole or in part, at any time or from time to time, upon not less than 30 nor more than 60 days prior written notice
mailed by first class mail to each Holder of Notes to be redeemed, at a redemption price equal to the greater of (i) 100% of the principal amount of the notes to be redeemed or (ii) the sum, as determined by the Quotation Agent, as defined below, of
the present values of the principal amount of the notes to be redeemed and the remaining scheduled payments of interest thereon from the redemption date to May 15, 2011 for the notes to be redeemed, exclusive of interest accrued to the redemption
date (the “Remaining Life”) discounted from their respective scheduled payment dates to the redemption date on a semiannual basis (assuming a 360-day year consisting of 30-day months) at the Treasury Rate, as defined below, plus 50 basis
points, plus, in either case, accrued and unpaid interest, and any Additional Interest, on the principal amount being redeemed to the date of redemption. 
  
 If less than all of the Notes are to be redeemed, the Trustee will select the Notes to be redeemed on a pro rata basis, by lot or by such other method as
the Trustee in its sole discretion shall deem to be fair and appropriate. 
  
 As used in this Section 4.01: 
  
 (a) “Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity comparable to the Remaining Life that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity with the Remaining Life. 
  
 (b) “Comparable Treasury Price means, with respect to any redemption date, the average of the Reference Treasury Dealer Quotations for such
redemption date. 
  
 (c) “Quotation Agent” means the
Reference Treasury Dealer appointed by the Company. 
  

 19 

 (d) “Reference Treasury Dealer” means each of Credit Suisse First Boston LLC, Banc of America
Securities LLC, Banc One Capital Markets, Inc. and SunTrust Capital Markets, Inc. and their successors; provided, however, that if any of the foregoing ceases to be a primary U.S. Government securities dealer in New York City, a “primary
treasury dealer,” the Company will substitute therefor another primary treasury dealer. 
  
 (e) “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the
Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date.

  
 (f) “Treasury Rate” means, with respect to any
redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication that is
published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for
the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third business day preceding the redemption date. 
  
 Notes in denominations larger than $1,000 may be redeemed in part. If money sufficient to pay the redemption price of and
accrued interest on all of the Notes (or portions thereof) to be redeemed on the redemption date is deposited with the Trustee or paying agent on or before 11:00 a.m. (New York City time) on the redemption date, then on and after the redemption date
interest shall cease to accrue on Notes or portions of them called for redemption. 
  
 
Section 4.02 Acceleration. The principal amount of the Notes shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02 of the Original Indenture. 
  
 
Section 4.03 Change of Control. Upon the occurrence of a Change of Control, each Holder shall have the right to require that the Company repurchase all or a portion of such Holder’s Notes at a purchase price in
cash equal to 101% of the principal amount thereof plus accrued and unpaid interest (including any Additional Interest), if any, to the date of repurchase (subject to the right of Holders of record on the relevant Record Date to receive interest due
on the relevant Interest Payment Date), in accordance with the provisions of the next paragraph. 
  

 20 

 Within 30 days following any Change of Control, the Company shall mail a notice to each Holder with a
copy to the Trustee stating: 
  
 (a) that a Change of Control has
occurred and that such Holder has the right to require the Company to purchase such Holder’s Notes at a purchase price in cash equal to 101% of the principal amount outstanding at the repurchase date plus accrued and unpaid interest and
Additional Interest, if any, to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest on the relevant interest payment date) (the “Repurchase Price”); 
  
 (b) the circumstances and relevant facts and relevant financial information
regarding such Change of Control; 
  
 (c) the repurchase date
(which shall be no earlier than 30 days nor later than 60 days from the date such notice is mailed) (the “Repurchase Date”); 
  
 (d) that any Note not tendered or accepted for payment will continue to accrue interest; 
  
 (e) that any Note accepted for payment shall cease to accrue interest after the Repurchase Date; 
  
 (f) that Holders electing to have a Note purchased will be required to
surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the Notice at least five days before the Repurchase Date;

  
 (g) that Holders will be entitled to withdraw their election
if the Paying Agent receives, not later than three days prior to the Repurchase Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have the Note purchased; and 
  
 (h) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
  
 On the Repurchase Date, the Company shall (i) accept for payment Notes or
portions thereof properly tendered, (ii) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions thereof so accepted and (iii) deliver to the Trustee Notes so accepted together with an Officers’
Certificate stating the Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail or deliver to Holders of Notes so accepted, payment in an amount equal to the Repurchase Price, and the Trustee shall
promptly authenticate and mail or deliver to such Holders a new Note equal in principal amount of any unpurchased portion of the Note surrendered. The Company will publicly announce the results on or as soon after as practical the Repurchase Date.
For purposes of this Section 4.03, the Trustee shall act as the Paying Agent.  
  

 21 

 
ARTICLE FIVE 
 REGISTRAR OF SECURITIES; PAYING AGENT 
  
 The Company hereby appoints the Trustee as the Registrar and initial Paying
Agent. The books of the Registrar of the Securities for the Notes will be initially maintained at the Corporate Trust Office of the Trustee. 
  
 
ARTICLE SIX 
 CERTAIN COVENANTS 
  
 The Company covenants as follows: 
  

Section 6.01 Compliance with Securities Laws. The Company shall comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws or regulations in connection
with the repurchase of Notes pursuant to Section 4.03 or 6.05 hereunder. To the extent that the provisions of any securities laws or regulations conflict with said provisions hereunder, the Company shall comply with the applicable securities laws
and regulations and shall not be deemed to have breached its obligations under said provisions hereunder by virtue thereof. 
  
 
Section 6.02 Limitation on Additional Indebtedness. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, Incur any Indebtedness unless, after giving effect thereto, either
(i) the ratio of Indebtedness of the Company and the Restricted Subsidiaries (excluding, for purposes of this calculation only, purchase money mortgages that are Non-Recourse Indebtedness), to Consolidated Tangible Net Worth of the Company is less
than 2.25 to 1; or (ii) the Consolidated Coverage Ratio exceeds 2.0 to 1. 
  
 Notwithstanding the foregoing, the Company and its Restricted Subsidiaries may Incur: (i) Indebtedness under one or more Bank Credit Facilities in an amount not in excess of $550 million outstanding in the aggregate
at any one time; (ii) purchase money mortgages that are Non-Recourse Indebtedness; (iii) Indebtedness Incurred under a Warehouse Facility, provided that the amount of such Indebtedness (excluding funding drafts issued thereunder) outstanding at any
time pursuant to this clause (iii) may not exceed 98% of the value of the Mortgages pledged to secure Indebtedness thereunder; (iv) Indebtedness Incurred solely for the purpose of refinancing or repaying any existing Indebtedness so long as (A) the
principal amount of such new Indebtedness does not exceed the principal amount of the existing Indebtedness refinanced or repaid (plus the premiums or other payments required to be paid in connection with such refinancing or repayment and the
expenses incurred in connection therewith), (B) the maturity of such new Indebtedness is not earlier than that of the existing Indebtedness to be refinanced or repaid, (C) such new Indebtedness, determined as of the date of Incurrence, has an
Average Life at least equal to the remaining Average Life of the Indebtedness to be refinanced or repaid, (D) the new Indebtedness is pari passu with or subordinate to the Indebtedness being refinanced or repaid, and (E) the existing and new
Indebtedness are obligations of the same entity; and (v) if any Restricted Subsidiary guarantees payment of the Notes pursuant to Section 6.11, Indebtedness of the Company owed to a Guarantor and Indebtedness of any Guarantor owed to the Company or
any other Guarantor; provided that upon any Guarantor 

  

 22 

 
ceasing to be a Guarantor or such Indebtedness being owed to any Person other than the Company or a Guarantor, the Company or such Restricted Subsidiary, as
applicable, shall be deemed to have Incurred Indebtedness not permitted by this clause (v). 
  
 For purposes of determining compliance with this Section 6.02, in the event that an item of proposed Indebtedness meets the criteria of more than one of the categories of Indebtedness permitted in clauses (i) through
(v) above, or is entitled to be incurred pursuant to the first paragraph of this Section 6.02, the Company will be permitted to classify (or later classify or reclassify in whole or in part in its sole discretion) such item of Indebtedness in any
manner that complies with this covenant. 
  
 
Section 6.03 Limitations on Liens. The Company will not, and will not permit any Restricted Subsidiary to, issue, assume, guarantee or suffer to exist any Indebtedness secured by any mortgage, pledge, lien or other
encumbrance of any nature (herein collectively referred to as a “lien” or “liens”) upon any property of the Company or any Restricted Subsidiary, or on any shares of stock of any Restricted Subsidiary, without in any such case
effectively providing that the Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary ranking pari passu with the Notes) shall be secured equally and ratably with such
Indebtedness, except that the foregoing restrictions shall not apply to: (i) liens existing on December 31, 2002; (ii) pledges, guarantees and deposits under workers’ compensation laws, unemployment insurance laws or similar legislation, good
faith deposits under bids, tenders or contracts, deposits to secure public or statutory obligations or appeal or similar bonds, and liens created by special assessment districts used to finance infrastructure improvements; (iii) liens existing on
property or assets of any entity on the date on which it becomes a Restricted Subsidiary, which secured Indebtedness is not Incurred in contemplation of such entity becoming a Restricted Subsidiary; (iv) liens on or leases of model home units; (v)
Capitalized Lease Obligations entered into in the ordinary course of business in amounts not in excess of $25,000,000 outstanding in the aggregate at any one time; (vi) the replacement of any of the items set forth in clauses (i) through (v) above,
provided that (A) the principal amount of the Indebtedness secured by liens shall not be increased, (B) such Indebtedness, determined as of the date of Incurrence, has an Average Life at least equal to the remaining Average Life of the Indebtedness
to be refinanced, (C) the maturity of such Indebtedness is not earlier than that of the Indebtedness to be refinanced, and (D) the liens shall be limited to the property or part thereof which secured the lien so replaced or property substituted
therefor as a result of the destruction, condemnation or damage of such property; (vii) liens on property acquired, constructed or improved by the Company or any Restricted Subsidiary, which liens are either existing at the time of such acquisition
or at the time of completion of construction or improvement or created within 120 days after such acquisition, completion or improvement, to secure Indebtedness Incurred or assumed to finance all or part of such property, including any increase in
the principal amount of such Indebtedness and any extension of the repayment schedule and maturity of such Indebtedness Incurred or entered into in the ordinary course of business; (viii) liens or priorities incurred in the ordinary course of
business, such as laborers’, employees’, carriers’, mechanics’, vendors’ and landlords’ liens or priorities; (ix) liens for certain taxes and certain survey and title exceptions; (x) liens arising out of judgments or
awards against the Company or any Restricted Subsidiary with respect to which the Company or such Restricted Subsidiary is in good faith prosecuting an appeal or proceeding for review and with respect to which it has secured a stay of execution
pending such appeal or proceeding for review; (xi) liens 

  

 23 

 
on property owned by any Homebuilding Joint Venture; (xii) liens securing a Warehouse Facility, provided that such liens shall not extend to any assets other
than the mortgages, promissory notes and other collateral that secures mortgage loans made by the Company or any of its Restricted Subsidiaries; (xiii) liens securing the Notes and, if any Restricted Subsidiary guarantees payment of the Notes
pursuant to Section 6.11 hereof, liens securing any such guarantee; (xiv) liens which would otherwise be subject to the foregoing restrictions which, when the Indebtedness relating to those liens is added to all other then outstanding Indebtedness
of the Company and the Restricted Subsidiaries secured by liens and not listed in clauses (i) through (xiii) above, does not exceed $75,000,000. 
  
 
Section 6.04 Limitation on Restricted Payments. The Company will not, nor will it permit any Restricted Subsidiary to, directly or indirectly, (i) declare or pay any dividend on, or make any distribution in respect
of, or purchase, redeem or otherwise acquire or retire for value, any Capital Stock of the Company other than through the issuance solely of the Company’s own Capital Stock (other than Disqualified Stock), or rights thereto; (ii) make any
principal payment on, or redeem, repurchase, defease or otherwise acquire or retire for value prior to scheduled principal payments or maturity, Indebtedness of the Company or any Restricted Subsidiary which is expressly subordinated in right of
payment to the Notes (other than Indebtedness Incurred after the issuance of the Notes provided that such repayment, redemption, repurchase, defeasance or other retirement is made substantially concurrent with the receipt of proceeds from the
Incurrence of Indebtedness that by its terms is both subordinated in right of payment to the Notes and matures, by sinking fund or otherwise, after the earlier of (A) May 15, 2011, and (B) the maturity date of the Subordinated Indebtedness being
repaid, redeemed, repurchased, defeased or otherwise retired); or (iii) make any Restricted Investment (such payments or any other actions described in (i), (ii) and (iii) being referred to herein collectively as, “Restricted Payments”)
unless (A) at the time of, and after giving effect to, the proposed Restricted Payment, no Event of Default (and no event that, after notice or lapse of time, or both, would become an Event of Default) shall have occurred and be continuing, (B) the
Company is able to Incur an additional $1.00 of Indebtedness pursuant to the first paragraph of the covenant described under Section 6.02 herein, and (C) at the time of, and after giving effect thereto, the sum of the aggregate amount expended (or
with respect to guaranties or similar arrangements the amount then guaranteed) for all such Restricted Payments (the amount expended for such purposes, if other than in cash, to be determined by the Board of Directors of the Company, whose
determination shall be conclusive and evidenced by a resolution of such Board of Directors filed with the Trustee) subsequent to June 30, 1997 shall not exceed the sum of (I) 50% of the aggregate Consolidated Net Income (or, in case such aggregate
Consolidated Net Income shall be a deficit, minus 100% of such deficit) of the Company accrued on a cumulative basis subsequent to June 30, 1997, (II) the aggregate net proceeds, including the fair market value of property other than cash (as
determined by the Board of Directors of the Company, whose determination shall be conclusive and evidenced by a resolution of such Board of Directors filed with the Trustee), received by the Company from the issuance or sale, after the Original
Issue Date, of Capital Stock (other than Disqualified Stock) of the Company, including Capital Stock (other than Disqualified Stock) of the Company issued subsequent to the Original Issue Date upon the conversion of Indebtedness of the Company
initially issued for cash, (III) 100% of dividends or distributions (the fair value of which, if other than cash, to be determined by the Board of Directors, in good faith) paid to the Company (or any Restricted Subsidiary) by an Unrestricted
Subsidiary, Homebuilding Joint Venture or any other Person in which the Company 

  

 24 

 
(or any Restricted Subsidiary), directly or indirectly, has an ownership interest but less than an 80% ownership interest to the extent that such dividends
or distributions do not exceed the amount of loans, advances or capital contributions made to any such entity or Person subsequent to the Original Issue Date and included in the calculation of Restricted Payments, and (IV) $40,000,000;
provided, however, that the foregoing shall not prevent (aa) the payment of any dividend within 60 days after the date of declaration thereof, if at said date of declaration the making of such payment would have complied with the
provisions of this limitation on dividends; provided, however, that such dividend shall be included in future calculations of Restricted Payments, (bb) the retirement of any shares of the Company’s Capital Stock by exchange for, or out of
proceeds of the substantially concurrent sale of, other shares of its Capital Stock (other than Disqualified Stock); provided, however, that the aggregate net proceeds from such sale shall be excluded from the calculation of the amounts under
subclause (II) above, or (cc) the redemption, repayment, repurchase, defeasance or other retirement of Indebtedness with proceeds received from the substantially concurrent sale of shares of the Company’s Capital Stock (other than Disqualified
Stock); provided however, that the aggregate net proceeds from such sale shall be excluded from the calculation of the amounts under subclause (II) above. 
  
 
Section 6.05 Limitation on Asset Sales. The Company will not, and will not permit any Restricted Subsidiary to, make an Asset Disposition, other than for fair market value and in the ordinary course of business, with
an aggregate net book value as of the end of the immediately preceding fiscal quarter greater than 10% of the Company’s total consolidated assets as of that date, unless (i) the consideration received by the Company (or a Restricted Subsidiary,
as the case may be) for such disposition consists of at least 70% cash; provided, however, that for purposes of this provision (i), the amount of any liabilities assumed by the transferee and any Notes or other Obligations received by
the Company or a Restricted Subsidiary which are immediately converted into cash shall be deemed to be cash, and (ii) the Company shall within 390 days after the date of such sale or sales, apply the Net Proceeds from such sale or sales in excess of
an amount equal to 10% of the Company’s total consolidated assets to (A) a purchase of or an Investment in Additional Assets (other than cash or cash equivalents), (B) repayments, redemptions or repurchases of Indebtedness of the Company which
ranks pari passu with the Notes, and/or (C) make an offer to acquire all or part of the Notes (or Indebtedness of the Company which is pari passu with the Notes) at a purchase price equal to the principal amount thereof
plus accrued and unpaid interest and Additional Interest, if any, thereon to the purchase date. 
  
 In the event the Company shall be required to offer to redeem Notes pursuant to the provisions of this Section 6.05, the Company shall deliver to the
Trustee an Officers’ Certificate specifying the Asset Sale Offer Amount (as defined below) and the proposed date of purchase of the Notes by the Company (the “Asset Sale Purchase Date”). Not less than 30 days nor more than 60 days
prior to the Asset Sale Purchase Date, the Company shall mail or cause the Trustee to mail (in the Company’s name and at its expense) an offer to redeem (the “Asset Sale Offer”) to each Holder of Notes. The redemption price shall be
100% of the principal amount of the Notes plus accrued interest to the redemption date and upon surrender to the Trustee or the Paying Agent, the Holders of such Notes shall be paid the redemption price. The Asset Sale Offer is to be and shall be
mailed by the Company or the Trustee to the Holders of the Notes at their last registered address. The Asset Sale Offer shall remain open from the time of mailing until 5 days before the Asset Sale Purchase Date. The Notice shall contain all
instructions and materials 

  

 25 

 
necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The Notice, which shall govern the terms of the Asset Sale Offer, shall
state: 
  
 (a) that the Asset Sale Offer is being made pursuant
to this Section 6.05; 
  
 (b) the amount of Notes offered to be
redeemed (the “Asset Sale Offer Amount”), the purchase price and the Asset Sale Purchase Date; 
  
 (c) that any Note not tendered or accepted for payment will continue to accrue interest; 
  
 (d) that any Note accepted for payment pursuant to the Asset Sale Offer shall cease to accrue interest after the Asset Sale
Purchase Date; 
  
 (e) that Holders electing to have a Note
purchased pursuant to an Asset Sale Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the address specified in the
Notice at least five days before the Asset Sale Purchase Date; 
  
 (f) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than three days prior to the Asset Sale Purchase Date, a telegram, telex, facsimile transmission or letter setting forth the name of the
Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have the Note purchased; 
  
 (g) that if Notes and or Indebtedness of the Company which is pari passu with the Notes in a principal amount
in excess of the Asset Sale Offer Amount are tendered pursuant to the Asset Sale Offer, the Company shall purchase Notes and Indebtedness of the Company which ranks pari passu with the Notes on a pro rata basis or by lot or in such
other manner as the Trustee shall deem fair and appropriate; and 
  
 (h) that Holders whose Notes were purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
  
 On the Asset Sale Purchase Date, the Company shall (i) accept for payment Notes or portions thereof properly tendered
pursuant to the Asset Sale Offer (on a pro rata basis, by lot or in such other manner specified by the Trustee if required pursuant to paragraph (g) above), (ii) deposit with the Paying Agent money sufficient to pay the purchase price of all Notes
or portions thereof so accepted and (iii) deliver to the Trustee Notes so accepted together with an Officers’ Certificate stating the Notes or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail or deliver
to Holders of Notes so accepted, payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail or deliver to such Holders a new Note equal in principal amount of any unpurchased portion of the Note
surrendered. Any Notes not so accepted shall be promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly announce the results of the Asset Sale Offer on or as soon after as practical the Asset Sale Purchase Date.
For avoidance of doubt, any amount of Net Proceeds remaining after the Asset Sale Purchase Date shall be returned by the Paying Agent to the Company and may be used by the Company for any purpose not 

  

 26 

 
inconsistent with this Indenture. For purposes of this Section 6.05, the Trustee shall act as the Paying Agent. 
  
 
Section 6.06 Transactions with Affiliates. 
  
 (a) The Company shall not, and shall not permit any Restricted Subsidiary to, enter into or permit to exist any transaction or series of related transactions (including the purchase, sale, lease or exchange of any
property, employee compensation arrangements or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) unless the terms thereof (i) are no less favorable to the Company or such Restricted Subsidiary
than those that could be obtained at the time of such transaction in arm’s-length dealings with a Person who is not such an Affiliate; and (ii) if such Affiliate Transaction (or series of related Affiliate Transactions) involve aggregate
payments in an amount in excess of $10 million in any one year, (A) are set forth in writing and (B) have been approved by a majority of the disinterested members of the Board of Directors. 
  
 (b) The provisions of the foregoing paragraph shall not prohibit (i) any
Restricted Payment permitted to be paid pursuant to the covenant described under Section 6.04 herein; (ii) any issuance of securities, or other payments, awards or grants in cash, securities or otherwise, pursuant to, or the funding of, employment
arrangements, stock options and stock ownership plans in the ordinary course of business and approved by the Board of Directors or a committee thereof; (iii) the grant of stock options or similar rights to employees and directors of the Company in
the ordinary course of business and pursuant to plans approved by the Board of Directors or a committee thereof; (iv) loans or advances to employees in the ordinary course of business of the Company or its Restricted Subsidiaries; (v) fees,
compensation or employee benefit arrangements paid to and indemnity provided for the benefit of directors, officers or employees of the Company or any Subsidiary in the ordinary course of business; or (vi) any Affiliate Transaction between the
Company and a Restricted Subsidiary or between Restricted Subsidiaries. 
  
 
Section 6.07 Limitation on Payment Restrictions Affecting Restricted Subsidiaries. The Company will not, and will not permit any Restricted Subsidiary to, create or otherwise cause or permit to exist or become
effective, any consensual encumbrance or consensual restriction on the ability of any Restricted Subsidiary (i) to pay dividends or make any other distributions on its Capital Stock to the Company or a Restricted Subsidiary or pay any Indebtedness
owed to the Company, (ii) to make any loans or advances to the Company or (iii) transfer any of its property or assets to the Company, except for: (a) any encumbrance or restriction pursuant to an agreement in effect at or entered into on the
Original Issue Date; (b) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary which was entered into on or prior to the date on which such
Restricted Subsidiary was acquired by the Company (other than as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such
Restricted Subsidiary became a Restricted Subsidiary or was acquired by the Company) and outstanding on such date; (c) any encumbrance or restriction pursuant to an agreement effecting a Refinancing of Indebtedness Incurred pursuant to an agreement
referred to in clause (a) or (b) of this covenant (or effecting a Refinancing of such Refinancing Indebtedness 

  

 27 

 
pursuant to this clause (c)) or contained in any amendment to an agreement referred to in clause (a) or (b) of this covenant or this clause (c); provided,
however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are no more restrictive in any material respect than the encumbrances and restrictions with respect
to such Restricted Subsidiary contained in such agreements; (d) any such encumbrance or restriction consisting of customary contractual non-assignment provisions to the extent such provisions restrict the transfer of rights, duties or obligations
under such contract; (e) in the case of clause (iii) above, restrictions contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such restrictions restrict the transfer of the property subject to
such security agreements or mortgages; (f) 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 the Capital Stock or assets of such Restricted
Subsidiary pending the closing of such sale or disposition; and (g) any restriction imposed by applicable law. 
  
 
Section 6.08 Restricted and Unrestricted Subsidiaries. The Company will not permit any Restricted Subsidiary to be designated as an Unrestricted Subsidiary unless the Company and its Restricted Subsidiaries would
thereafter be permitted to (i) Incur at least $1.00 of Indebtedness under the first paragraph of the covenant described in Section 6.02 herein and (ii) make a Restricted Payment of at least $1.00 under Section 6.04 herein. 
  
 The Company will not permit any Unrestricted Subsidiary to be designated as a
Restricted Subsidiary unless such Subsidiary has outstanding no Indebtedness except such Indebtedness as the Company could permit it to become liable for immediately after becoming a Restricted Subsidiary under Section 6.02 herein. 
  
 Promptly after the adoption of any Board Resolution designating a Restricted
Subsidiary as an Unrestricted Subsidiary or an Unrestricted Subsidiary as a Restricted Subsidiary, a copy thereof shall be filed with the Trustee, together with an Officers’ Certificate stating that the provisions of this Section 6.08 have been
complied with in connection with such designation. 
  
 The Company
will not permit Standard Pacific of Texas, L.P., Standard Pacific of Arizona, Inc., The Writer Corporation, Westbrooke Homes, Colony Communities, Westfield Homes of the Carolinas, LLC, Westfield Homes of Florida Partnership or Westfield Homes of
Southwest Florida Partnership to be designated as an Unrestricted Subsidiary or permit the assets of the Company or any Subsidiary employed in the homebuilding operations to be transferred to an Unrestricted Subsidiary, except in amounts permitted
under Section 6.04 herein. At such time, if any, as Standard Pacific of Texas L.P. is converted or merged back into a corporation named Standard Pacific of Texas, Inc., the reference in the prior sentence to Standard Pacific of Texas, L.P. shall be
read as a reference to Standard Pacific of Texas, Inc. 
  
 
Section 6.09 Mergers and Sales of Assets by the Company. The Company will not consolidate with, merge into or transfer all or substantially all of its assets to another Person unless (i) such Person (if other than the
Company) is a corporation organized under the laws of the United States or any state thereof or the District of Columbia and expressly assumes all the obligations of the Company under the Indenture and the Notes; (ii) immediately after giving effect
to such transaction, no Default or Event of Default shall have occurred and be continuing; 

  

 28 

 
(iii) the Consolidated Net Worth of the obligor of the Notes immediately after giving effect to such transaction (exclusive of any adjustments to
Consolidated Net Worth relating to transaction costs and accounting adjustments resulting from such transaction) is not less than the Consolidated Net Worth of the Company immediately prior to such transaction; and (iv) the surviving corporation
would be able to Incur at least an additional $1.00 of Indebtedness pursuant to the first paragraph of the covenant described under Section 6.02. 
  
 
Section 6.10 Reports to Holders of the Notes. So long as the Company is subject to the periodic reporting requirements of the Exchange Act, it shall continue to furnish the information required thereby to the SEC.
Even if the Company is entitled under the Exchange Act not to furnish such information to the SEC or to the holders of the Notes, it will nonetheless continue to furnish information under Section 13 or 15(d) of the Exchange Act to the SEC and the
Trustee as if it were subject to such periodic reporting requirements. 
  
 
Section 6.11 Future Subsidiary Guarantees. The Company shall not permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee, assume or in any manner become liable with respect to any of the
Outstanding Notes or other notes issued by the Company under an indenture or comparable documents to indentures used in jurisdictions outside of the United States (other than guarantees in existence on the date of this Fifth Supplemental Indenture)
unless such Restricted Subsidiary simultaneously executes and delivers a supplemental indenture to the Indenture providing for the guarantee of the Notes on the same terms as the guarantee of such Outstanding Notes or other notes issued under an
indenture or comparable documents used in jurisdictions outside of the United States, except that the guarantee of the Subordinated Notes shall be subordinated to the guarantee of the Notes to the same extent as the Subordinated Notes are
subordinated to the Notes. 
  
 
ARTICLE SEVEN 
 EVENTS OF DEFAULT 
  
 
Section 7.01 Additional Events of Default. In addition to the Events of Default specified in the Original Indenture, the following shall constitute Events of Default under Section 6.01 of the Original Indenture with
respect to the Notes: 
  
 (i) default under any
mortgage, indenture (including the Indenture) or instrument under which is issued or which secures or evidences Indebtedness of the Company or any Restricted Subsidiary (other than Non-Recourse Indebtedness) which default constitutes a failure to
pay principal of such Indebtedness in an amount of $25,000,000 or more when due and payable (other than as a result of acceleration) or results in Indebtedness (other than Non-Recourse Indebtedness) in the aggregate of $25,000,000 or more becoming
or being declared due and payable before it would otherwise become due and payable, 
  
 (ii) entry of a final judgment for the payment of money against the Company or any Restricted Subsidiary in an amount of $5,000,000 or
more which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal such judgment has expired or becomes subject to an enforcement proceeding, and 
  

 29 

 (iii) failure by the Company to pay interest or Additional Interest, if any, on the Notes
when the same becomes due and payable and the continuance of any such failure for a period of 30 days. 
  
 
Section 7.02 Inapplicability of Cure Provisions to Certain Events of Default. With respect to Section 6.01(3) of the Original Indenture, the failure of the Company to comply with the covenant described under Section
6.09 herein will constitute an Event of Default with notice as provided in Section 6.01 of the Original Indenture, but without passage of time. 
  
 
ARTICLE EIGHT 
 DEFEASANCE 
  
 
Section 8.01 Defeasance The provisions of Article Eight of the Original Indenture shall be applicable to the Notes, except that Section 8.01(d)(1) of the Original Indenture shall be deleted in its entirety and be
replaced by the following: 
  
 “The Company shall have
irrevocably deposited with the Trustee, pursuant to an irrevocable trust and security agreement in form and substance reasonably satisfactory to the Trustee, money in U.S. dollars or U.S. government obligations or a combination thereof in such
amounts and at such times as are sufficient, in the opinion of a nationally recognized firm of independent public accountants, to pay the principal of and interest (including Additional Interest, if any) on the outstanding Notes to maturity or
redemption; provided, however, that the Trustee (or other qualifying trustee) shall have received an irrevocable written order from the Company instructing the Trustee (or other qualifying trustee) to apply such money or the proceeds of such U.S.
governmental obligations to said payments with respect to the Notes to maturity or redemption.” 
  
 
ARTICLE NINE 
 MISCELLANEOUS 
  
 
Section 9.01 Governing Law. The laws of the State of New York shall govern this Fifth Supplemental Indenture and the Notes. 
  
 
Section 9.02. No Adverse Interpretation of Other Agreements. This Fifth Supplemental Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary. Any such
indenture, loan or debt agreement may not be used to interpret this Fifth Supplemental Indenture. 
  
 
Section 9.03. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any obligations of the Company under the Notes or this Fifth
Supplemental Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Securityholder by accepting the Notes waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Notes. 
  
 
Section 9.04. Successors and Assigns. All covenants and agreements of the Company in this Fifth Supplemental Indenture and the Notes shall bind its successors and assigns. All 

  

 30 

 
agreements of the Trustee in this Fifth Supplemental Indenture shall bind its successors and assigns. 
  
 
Section 9.05 Duplicate Originals. The parties may sign any number of copies of this Fifth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  
 
Section 9.06 Severability. In case any one or more of the provisions contained in this Fifth Supplemental Indenture or in the Notes shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this Fifth Supplemental Indenture or the Notes. 
  
 (Remainder of page intentionally left blank) 
  

 31 

 IN WITNESS WHEREOF, the parties hereto have executed this Fifth Supplemental Indenture by their officers
thereunto as of this 12th day of May, 2003. 
  

	 STANDARD PACIFIC CORP.

		
	 By:
	 	  
 /s/    ANDREW H.
PARNES

	 	 	 Andrew H. Parnes

	 	 	 Senior Vice President-Finance and

	 	 	 Chief Financial Officer

		
	 By:
	 	  
 /s/  CLAY A.
HALVORSEN

	 	 	 Clay A. Halvorsen

	 	 	 Senior Vice President, General Counsel

	 	 	 and Secretary

	
	BANK ONE TRUST COMPANY, N.A.,
as Trustee
		
	 By:
	 	  
 /s/    SHARON
MCGRATH

	 	 	 Sharon McGrath

	 	 	 Vice President

 
EXHIBIT A 
  
 FORM OF NOTE

  
 [LEGENDS]1 
  

	 No.             
	 	CUSIP No.:                     

  
 6 7/8% Senior Notes due 2011 
  
 STANDARD PACIFIC CORP., a Delaware corporation, promises to pay to CEDE & CO., or registered assigns, the principal sum
of One-Hundred Seventy-Five Million Dollars ($175,000,000) on May 15, 2011. 
  
 Interest Payment Dates: May 15 and November 15, commencing November 15, 2003 
  
 Record Dates: May 1 and November 1 
  
 Authenticated: May 19, 2003 
  

	 Dated: May 19, 2003
	 	 	 	 Standard Pacific Corp.

				
	 	 	 	 	 	 	 By:

	 	 	 	 	 	 	 Title:

				
	 	 	 	 	 	 	 By:

	 	 	 	 	 	 	 Title:

  
 The Bank One Trust
Company, N.A., as Trustee, certifies that this is one of the Notes referred to in the within mentioned Indenture. 
  

				
	 	 	 	 	 	 	 By:

	 	 	 	 	 	 	Authorized Signatory

	1	 	Include applicable legend(s) as required by the Indenture. 

  

 A-1 

 STANDARD PACIFIC CORP. 
  
 6 7/8% Senior Notes due 2011 
  
 1.
Interest. STANDARD PACIFIC CORP., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually on May 15
and November 15 of each year (each an “Interest Payment Date”), commencing November 15, 2003 until the principal is paid or made available for payment. Interest on the Notes will accrue from the most recent date to which interest has been
paid or duly provided for or, if no interest has been paid, from May 19, 2003, provided that, if there is no existing default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the
next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  
 2. Method of Payment. The Company will pay interest and Additional Interest, if any, on the Notes (except
defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special record date as may be fixed by the Company) to the persons who are registered Holders of Notes at the close of business on the May 1 or
November 1 immediately preceding the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will pay principal, interest and any Additional Interest in money of the United States that at the
time of payment is legal tender for payment of public and private debts; provided, that any such payments with respect to Global Notes or Certificated Notes shall be made by wire transfer of immediately available funds to the accounts
specified by the Holders thereof and provided, further, that if no such account is specified by Holders of Certificated Notes any such payments with respect to such Notes shall be made by mailing a check to each such Holder’s registered
address. 
  
 3. Paying Agent and Registrar.
Initially, Bank One Trust Company, N.A. (the “Trustee”) will act as Paying Agent and Registrar. The Company may change or appoint any Paying Agent, Registrar or co-Registrar without notice. The Company or any of its Subsidiaries may act as
Paying Agent, Registrar or co-Registrar. 
  
 4.
Indenture. The Company issued the Notes under an Indenture dated as of April 1, 1999, between the Company and the Trustee (the “Original Indenture,” as supplemented by the First Supplemental Indenture dated as of April 13,
1999, the Second Supplemental Indenture dated as of September 5, 2000, the Third Supplemental Indenture dated as of December 28, 2001, the Fourth Supplemental Indenture dated as of March 4, 2003, and the Fifth Supplemental Indenture dated as of May
12, 2003, the “Indenture”). The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date of the Indenture. The
Notes are subject to all such terms, and Securityholders are referred to the Indenture and the TIA for a statement of them. 
  
 The Company will furnish to any Securityholder upon written request and without charge a copy of the Indenture. Requests may be made to: Standard Pacific
Corp., 15326 Alton Parkway, Irvine, California 92618, Attention: Secretary. 
  

 A-2 

 5. Optional Redemption. The Notes will be redeemable at the option of the Company, in whole
at any time or in part from time to time, upon not less than 30 nor more than 60 days’ prior written notice mailed by first class mail to each Holder’s registered address. 
  
 The Notes will be redeemable at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to
be redeemed, or (ii) the sum, as determined by the Quotation Agent, as defined in the Indenture, of the present values of the principal amount of the Notes to be redeemed and the remaining scheduled payments of interest thereon from the redemption
date to May 15, 2011 for the Notes to be redeemed, exclusive of interest accrued to the redemption date, discounted from their respective scheduled payment dates to the redemption date on a semiannual basis (assuming a 360-day year consisting of
30-day months) at the Treasury Rate, as defined in the Indenture, plus 50 basis points, plus, in either case, accrued and unpaid interest and Additional Interest, if any, on the principal amount being redeemed to the date of redemption. 

 
 If less than all of the Notes are to be redeemed, the Trustee will select
the Notes to be redeemed on a pro rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate. If money sufficient to pay the redemption price of and accrued interest on all of the Notes (or
portions thereof) to be redeemed on the redemption date is deposited with the Trustee or paying agent on or before the redemption date and certain other conditions are satisfied, then on and after such redemption date, interest will cease to accrue
on such Notes (or such portion thereof) called for redemption. Notes in denominations larger than $1,000 may be redeemed in part. 
  
 6. Mandatory Repurchase Obligation. If there is a Change of Control of the Company, the Holder of this Note shall have the right to require
the Company to repurchase all or a portion of this Note at a purchase price equal to 101% of the principal amount hereof plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase, as provided in, and subject to the
terms of, the Indenture. 
  
 7. Registration Rights.
Pursuant to a Registration Rights Agreement, the Company will be obligated to (A) consummate an exchange offer pursuant to which the Holder of this Note, if this Note was issued on the Original Issue Date, shall have the right to exchange this Note
for an Exchange Note registered under the Securities Act, in like principal amount and having terms identical in all material respects to this Note and/or (B) file, and have declared effective, a shelf registration statement under the Securities Act
for the resale of this Note, if this Note was issued on the Original Issue Date. The Holder of this Note, if this Note was issued on the Original Issue Date, shall be entitled to receive certain Additional Interest payments in the event of a
Registration Default (as such term is defined in the Registration Rights Agreement), all pursuant to and in accordance with the terms of the Registration Rights Agreement. 
  
 8. Denominations, Transfer, Exchange. If this Note is issued in global form, and contains a legend on the face
hereof to such effect, the provisions of this Section 8 shall be deemed superseded by such legend and Section 3.02(c) of the Fifth Supplemental Indenture, to the extent the provisions of this Section 8 are inconsistent with such legend or Section
3.02(c). 
  

 A-3 

 The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of
$1,000. A Holder may transfer or exchange Notes by presentation of such Notes to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal amount of Notes of other denominations. The Registrar
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. The Registrar need not transfer or exchange any Note selected for
redemption, except the unredeemed part thereof if the Note is redeemed in part, or transfer or exchange any Notes for a period of 15 days before a selection of Notes to be redeemed. 
  
 9. Persons Deemed Owners. The registered Holder of this Note shall be treated as the owner of it for all
purposes. 
  
 10. Unclaimed Money. If money for the
payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Company at its request. After that, Holders entitled to the money must look to the Company for payment unless an abandoned
property law designates another person. 
  
 11. Amendment,
Supplement, Waiver. Subject to certain exceptions, the Indenture or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the outstanding Notes of each Series affected by the
amendment, and any past default or compliance with any provision relating to any Series of the Notes may be waived in a particular instance with the consent of the Holders of a majority in principal amount of the outstanding Notes of such Series.
Without the consent of any Securityholder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in addition to or in
place of certificated Notes, to create a Series and establish its terms or to make any other change that does not adversely affect the rights of any Securityholder. 
  
 12. Defaults and Remedies. The following are Events of Default: (i) failure by the Company to pay the
principal of any Note when due; (ii) failure by the Company to pay any interest or Additional Interest on any Note when due, continuing for 30 days; (iii) failure by the Company to comply with its other agreements or covenants in the Notes or the
Indenture for the benefit of the Holders of the Notes upon the receipt by the Company of notice of such Default by the Trustee, or upon the receipt by the Company and the Trustee of notice of such Default by the Holders of at least 25% in aggregate
principal amount of the Notes, and (except in the case of a Default with respect to certain covenants described in the Indenture) the Company’s failure to cure such Default within 60 days after receipt of such notice; (iv) certain events of
bankruptcy or insolvency; (v) default under any mortgage, indenture (including the Indenture) or instrument under which is issued or which secures or evidences Indebtedness of the Company or any Restricted Subsidiary (other than Non-Recourse
Indebtedness) which default constitutes a failure to pay principal of such Indebtedness in an amount of $25 million or more when due and payable (other than as a result of acceleration) or results in Indebtedness (other than Non-Recourse
Indebtedness) in the aggregate of $25 million or more becoming or being declared due and payable before it would otherwise become due and payable; and (vi) entry of a final judgment for the payment of money against the Company or any Restricted
Subsidiary in an 

  

 A-4 

 
amount of $5 million or more which remains undischarged or unstayed for a period of 60 days after the date on which the right to appeal such judgment has
expired or becomes subject to an enforcement proceeding. 
  
 In case an Event of Default (other than arising out of certain events of bankruptcy or insolvency) occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes at the time outstanding, by
notice in writing to the Company (and to the Trustee if given by the Holders), may declare to be due and payable immediately that portion of the principal amount of the Notes at the time outstanding and accrued and unpaid interest, if any, to the
date of acceleration and upon such declaration the same shall become and be immediately due and payable. In case an Event of Default arising out of certain events of bankruptcy or insolvency occurs and is continuing, the outstanding principal of and
accrued and unpaid interest, if any, on the Notes shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any of the Holders. 
  
 Such declaration or acceleration and its consequences may be rescinded by Holders of a majority in aggregate principal
amount of Notes at the time outstanding if all existing Events of Default have been cured or waived (except non-payment of principal that has become due solely because of the acceleration) and if the rescission would not conflict with any judgment
or decree. 
  
 An existing Default (other than a Default in
payment of principal of or interest on the Notes or Default with respect to a provision which cannot be modified under the terms of the Indenture without the consent of each Holder affected) may be waived by the Holders of a majority in aggregate
principal amount of Notes at the time outstanding upon the conditions provided in the Indenture. 
  
 13. Successor Corporation. When a successor corporation assumes all the obligations of its predecessor under the Notes and the Indenture,
the predecessor corporation will be released from those obligations. 
  
 14. Trustee Dealings With Company. Bank One Trust Company, N.A., the Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its
affiliates, and may otherwise deal with the Company or its affiliates, as if it were not Trustee. 
  
 15. No Recourse Against Others. A director, officer, employee or stockholder, as such, of the Company shall not have any liability for any
obligations of the Company under the Notes or the Indenture or for any claim based on, in respect of or by reason of, such obligations or their creation. Each Holder, by accepting a Note, waives and releases all such liability. The waiver and
release are part of the consideration for the issue of the Notes. 
  
 16. Discharge of Indenture. The Indenture contains certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 
  
 17. Authentication. This Note shall not be valid until the
Trustee signs the certificate of authentication on the other side of this Note. 
  

 A-5 

 18. Abbreviations. Customary abbreviations may be used in the name of a Securityholder 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).

  

 A-6 

 ASSIGNMENT FORM 
  
 If you the Holder want to assign this Note, fill in the form below: 
  
 I or we assign and transfer this Note to 
  
 (Insert assignee’s social security or tax ID number) 
  
  

  

  

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

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

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

 A-7 

 [THE FOLLOWING PROVISION TO BE INCLUDED 
 ON ALL CERTIFICATES BEARING A RESTRICTED LEGEND] 
  
 CERTIFICATE OF TRANSFER 
  
 In connection with the transfer of this Note occurring prior to the date which is the earlier of (i) the date of the declaration by the Securities and Exchange Commission of the effectiveness of a registration
statement under the Securities Act of 1933, as amended (the “Securities Act”) covering resale of this Note (which effectiveness shall not have been suspended or terminated at the date of the transfer) and (ii) May 20, 2005, the undersigned
confirms that it has not utilized any general solicitation or general advertisement in connection with this transfer and that this Note is being transferred: 
  
 [Check One] 
  

	 (1)
	  	_____	  	to the Company or a subsidiary thereof; or
	 (2)
	  	_____	  	to a transferee whom the undersigned reasonably believes to be a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act and certification in
the form of Exhibit F to the Indenture is being furnished herewith; or
	 (3)
	  	_____	  	in an offshore transaction meeting the requirements of Rule 903 or 904 of Regulation S of the Securities Act and certification in the form of Exhibit E to the Indenture is being
furnished herewith; or
	 (4)
	  	_____	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1),(2),(3) or (7) under the Securities Act) that has furnished to the Trustee a signed letter
containing certain representations and agreements (the form of which can be obtained from the Trustee); or
	 (5)
	  	_____	  	pursuant to an exemption from registration provided by Rule 144 under the Securities Act; or
	 (6)
	  	_____	  	pursuant to another available exemption from the registration requirements of the Securities Act; or
	 (7)
	  	_____	  	pursuant to an effective registration statement under the Securities Act.

  

 A-8 

 Unless one of the above items is checked and unless and until the conditions to any such transfer of registration set
forth herein, including in any legend on the face of this Note, or in the Indenture have been satisfied, the Trustee will refuse to register any of the interests evidenced by this Note in the name of any person other than the registered Holder
thereof. 
  

	 Date:                    
	 	

	 	 	 Seller

		
	 	 	 By                                      
                                     
 

  
 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. 
  

	 	 	 	 	 	 	 
				
	Signature Guarantee:2	 	  

	 	 	 	 
	 	 	 By
	 	  

	 	 	 	 

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

  

 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 
  
 If you want to elect to have this Note purchased by the Company check the Box:   ̈ 
  
 If you want to elect to have only a part of this Note purchased by the Company state the amount: 
  
 $                                      
   
  
 Date:                     
  

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

 A-10 

 SCHEDULE OF EXCHANGES OF NOTES1 
  
 The following exchanges of a part of this Global Note for Certificated Notes or a part of another 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

	1	 	For Global Notes 

  

 A-11 

 
EXHIBIT B 
  
 REGULATION S
TEMPORARY GLOBAL NOTE LEGEND 
  
 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 PHYSICAL 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. 
  

 B-1 

 
EXHIBIT C 
  
 RESTRICTED LEGEND

  
 THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE
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) UNDER THE SECURITIES ACT) (AN “IAI”), 
  
 (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY
BENEFICIAL INTEREST HEREIN, EXCEPT (A) TO 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 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 LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY 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 COMPANY) 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 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. 
  

 C-1 

 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 CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY OR ANY OF ITS SUBSIDIARIES OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE 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. 
  
 TRANSFERS OF THIS GLOBAL NOTE ARE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE
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 
  
                 ,         
  
 Bank One Trust Company, N.A. 
 1 North State Street 
 9th Floor 
 Chicago, IL 60670-0126 
 Attention: Corporate Trust Administration 
  
 Re:    Standard Pacific Corp. 
 6 7/8% Senior Notes due 2011 (the “Notes”) 
 Issued under the Indenture dated as of April 1, 1999
 
 (as amended through the Fifth Supplemental Indenture 
 dated as of May 12, 2003, the “Indenture”) 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 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.

  

 E-1 

	 	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. 

  

	 	3.	 	The proposed exchange of Notes is not part of a plan or scheme to evade the registration requirements of the Securities Act. 

  

 E-2 

 You and the Company 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:                    
	 	 

  

 E-3 

 
EXHIBIT F 
  
 RULE 144A
CERTIFICATE 
  
                 ,         
  
 Bank One Trust Company, N.A. 
 1 North State Street 
 9th Floor 
 Chicago, IL 60670-0126 
 Attention: Corporate Trust Administration 
  
 Re:    Standard Pacific Corp. 
 6 7/8% Senior Notes due 2011 (the “Notes”) 
 Issued under the Indenture dated as of April 1, 1999  
 (as amended through the Fifth Supplemental Indenture 
 dated as of May 12, 2003, the “Indenture”) 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 exchange of $             principal amount of Notes issued under the Indenture for an equal principal
amount of Notes to be held by us. 

  
 The
undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer”
within the meaning of Rule 144A under the Securities Act and in accordance with all applicable securities laws of the states of the United States and other jurisdictions and the undersigned is aware that the sale to it is being made in reliance on
Rule 144A and acknowledges that, prior to the date of this Certificate, it has received such information, regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 
  
 You and the Company are entitled to rely upon this Certificate and are irrevocably 

  

 F-1 

 
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:                    
	 	 

  

 F-2 

 
EXHIBIT G 
  
 INSTITUTIONAL
ACCREDITED INVESTOR CERTIFICATE 
  
 Bank One
Trust Company, N.A. 
 1 North State Street 
 9th Floor 
 Chicago, IL 60670-0126 
 Attention: Corporate Trust Administration 
  
 Re:    Standard Pacific Corp. 
 6 7/8% Senior Notes due 2011 (the “Notes”) 
 Issued under the Indenture dated as of April 1, 1999
 
 (as amended through the Fifth Supplemental Indenture 
 dated as of May 12, 2003, the “Indenture”) 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 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” within the meaning of Rule 501(a)(1), (2), (3) or (7) 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. 

  

	 	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. 

  

 G-1 

	 	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. 

  
 Terms used herein and not otherwise defined shall have the meanings given to them in the Indenture. 
  
 We agree for the benefit of the Company, 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 Company or any of its subsidiaries, (B) to a person whom the we 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 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 less than $250,000, an opinion of counsel acceptable to the company 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 Company) 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. Prior to the registration of any transfer, we acknowledge that the Company 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 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 any Notes acquired by us, except upon presentation
of evidence satisfactory to the Company and the Trustee that the foregoing restrictions on transfer have been complied with. We further agree to provide to any 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 

  

 G-2 

 
account for which we are acting. You and the Company 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 
  
 CERTIFICATE OF
BENEFICIAL OWNERSHIP 
  
 [COMPLETE FORM I OR FORM II AS
APPLICABLE] 
  
 [FORM I] 
  
 Certificate of Beneficial Ownership 
  

	To:	 	Bank One Trust Company, N.A. 

 1 North State Street

 9th Floor 
 Chicago, IL
60670-0126 
 Attention: Corporate Trust Administration 
  
 [Euroclear Bank S.A./N.V., as operator of the Euroclear System] OR 
  
 [Clearstream Banking, société anonyme] 
  

	 	Re:	 	Standard Pacific Corp. 

 6 7/8% Senior Notes due 2011 (the “Notes”) 
 Issued under the Indenture dated as of April 1, 1999  
 (as amended through the Fifth Supplemental Indenture 
 dated as of May 12, 2003, the
“Indenture”) 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). 
  
 We hereby certify as follows: 
  
 [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. 

  

 H-1 

 You and the Company 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 BENEFICIAL OWNER]

	
	 By:
                                        
                                      
 

	 Name:
                                        
                                  

	 Title:
                                        
                                    

	 Address:
                                        
                             

  
  
 Date:                     

  
 [FORM II] 
  
 Certificate of Beneficial Ownership 
  

	 	To:	 	Bank One Trust Company, N.A. 

 1 North State Street

 9th Floor 
 Chicago, IL
60670-0126 
 Attention: Corporate Trust Administration 
  

	 	Re:	 	  Standard Pacific Corp. 

 6 7/8% Senior Notes due 2011 (the “Notes”) 
 Issued under the Indenture dated as of April 1, 1999  
 (as amended through the Fifth Supplemental Indenture 
 dated as of May 12, 2003, the
“Indenture”) 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. 
  
 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 

  

 H-2 

 
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 Company 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-3364-Day Competitive Advance and Revolving Credit Agreement

 Exhibit 10.41 
  
 364-DAY COMPETITIVE ADVANCE AND 
 REVOLVING CREDIT FACILITY AGREEMENT 
  
 Dated as of August 7, 2003 
  
 Among 
  
 THE E.W. SCRIPPS COMPANY, 
  
 as Borrower, 
  
 THE BANKS NAMED HEREIN, 
  
 JPMORGAN CHASE BANK, 
  
 as Administrative Agent, 
  
 J.P. MORGAN SECURITIES INC., 
  
 as
Sole Advisor, Lead Arranger and 
 Sole Bookrunner, and 
  
 WACHOVIA BANK, N.A., US BANK N.A., MELLON BANK, N.A., 
 KEYBANK NATIONAL ASSOCIATION and SUNTRUST BANK, 
  
 as Co-Syndication Agents 

 Table of Contents 
  

	 	  	Page

		
	 ARTICLE I DEFINITIONS
	  	1
		
	 SECTION 1.01. Defined Terms
	  	1
		
	 SECTION 1.02. Terms Generally
	  	11
		
	 ARTICLE II THE CREDITS
	  	11
		
	 SECTION 2.01. Commitments
	  	11
		
	 SECTION 2.02. Loans
	  	12
		
	 SECTION 2.03. Competitive Bid Procedure
	  	13
		
	 SECTION 2.04. Standby Borrowing Procedure
	  	15
		
	 SECTION 2.05. Refinancings
	  	16
		
	 SECTION 2.06. Fees
	  	16
		
	 SECTION 2.07. Repayment of Loans; Evidence of Debt
	  	17
		
	 SECTION 2.08. Interest on Loans
	  	17
		
	 SECTION 2.09. Default Interest
	  	18
		
	 SECTION 2.10. Alternate Rate of Interest
	  	18
		
	 SECTION 2.11. Termination and Reduction of Commitments
	  	18
		
	 SECTION 2.12. Prepayment
	  	19
		
	 SECTION 2.13. Reserve Requirements; Change in Circumstances
	  	19
		
	 SECTION 2.14. Change in Legality
	  	21
		
	 SECTION 2.15. Indemnity
	  	22
		
	 SECTION 2.16. Pro Rata Treatment
	  	22
		
	 SECTION 2.17. Sharing of Setoffs
	  	23
		
	 SECTION 2.18. Payments
	  	23
		
	 SECTION 2.19. Taxes
	  	23

  

 i 

	 SECTION 2.20. Mandatory Assignment; Commitment Termination
	  	26
		
	 ARTICLE III REPRESENTATIONS AND WARRANTIES
	  	27
		
	 SECTION 3.01. Organization; Powers
	  	27
		
	 SECTION 3.02. Authorization
	  	27
		
	 SECTION 3.03. Enforceability
	  	27
		
	 SECTION 3.04. Governmental Approvals
	  	27
		
	 SECTION 3.05. Financial Statements
	  	28
		
	 SECTION 3.06. No Material Adverse Change
	  	28
		
	 SECTION 3.07. Title to Properties; Possession Under Leases
	  	28
		
	 SECTION 3.08. Stock of Borrower
	  	28
		
	 SECTION 3.09. Litigation; Compliance with Laws
	  	28
		
	 SECTION 3.10. Agreements
	  	29
		
	 SECTION 3.11. Federal Reserve Regulations
	  	29
		
	 SECTION 3.12. Investment Company Act; Public Utility Holding Company Act
	  	29
		
	 SECTION 3.13. Use of Proceeds
	  	29
		
	 SECTION 3.14. Tax Returns
	  	29
		
	 SECTION 3.15. No Material Misstatements
	  	29
		
	 SECTION 3.16. Employee Benefit Plans
	  	29
		
	 SECTION 3.17. Environmental and Safety Matters
	  	30
		
	 ARTICLE IV CONDITIONS OF LENDING
	  	30
		
	 SECTION 4.01. All Borrowings
	  	31
		
	 SECTION 4.02. First Borrowing
	  	31
		
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	32
		
	 SECTION 5.01. Existence; Businesses and Properties
	  	32
		
	 SECTION 5.02. Insurance
	  	33

  

 ii 

		
	 SECTION 5.03. Obligations and Taxes
	  	33
		
	 SECTION 5.04. Financial Statements, Reports, etc.
	  	33
		
	 SECTION 5.05. Litigation and Other Notices
	  	34
		
	 SECTION 5.06. ERISA
	  	34
		
	 SECTION 5.07. Maintaining Records; Access to Properties and Inspections
	  	35
		
	 SECTION 5.08. Use of Proceeds
	  	35
		
	 SECTION 5.09. Filings
	  	35
		
	 ARTICLE VI NEGATIVE COVENANTS
	  	35
		
	 SECTION 6.01. Indebtedness
	  	36
		
	 SECTION 6.02. Liens
	  	36
		
	 SECTION 6.03. Sale and Lease-Back Transactions
	  	38
		
	 SECTION 6.04. Mergers, Consolidations and Sales of Assets
	  	38
		
	 SECTION 6.05. Interest Coverage Ratio
	  	38
		
	 SECTION 6.06. Fiscal Year
	  	38
		
	 ARTICLE VII EVENTS OF DEFAULT
	  	38
		
	 ARTICLE VIII THE AGENT
	  	41
		
	 ARTICLE IX MISCELLANEOUS
	  	43
		
	 SECTION 9.01. Notices
	  	43
		
	 SECTION 9.02. Survival of Agreement
	  	44
		
	 SECTION 9.03. Binding Effect
	  	44
		
	 SECTION 9.04. Successors and Assigns
	  	44
		
	 SECTION 9.05. Expenses; Indemnity
	  	47
		
	 SECTION 9.06. Rights of Setoff
	  	48
		
	 SECTION 9.07. Applicable Law
	  	48
		
	 SECTION 9.08. Waivers; Amendment
	  	48

  

 iii 

		
	 SECTION 9.09. Interest Rate Limitation
	  	49
		
	 SECTION 9.10. Entire Agreement
	  	49
		
	 SECTION 9.11. Waiver of Jury Trial
	  	49
		
	 SECTION 9.12. Severability
	  	49
		
	 SECTION 9.13. Counterparts
	  	50
		
	 SECTION 9.14. Headings
	  	50
		
	 SECTION 9.15. Jurisdiction; Consent to Service of Process
	  	50
		
	 SECTION 9.16. Confidentiality
	  	50

  

		
	 Exhibit A-1
	  	 Form of Competitive Bid Request

		
	 Exhibit A-2
	  	 Form of Notice of Competitive Bid Request

		
	 Exhibit A-3
	  	 Form of Competitive Bid

		
	 Exhibit A-4
	  	 Form of Competitive Bid Accept/Reject Letter

		
	 Exhibit A-5
	  	 Form of Standby Borrowing Request

		
	 Exhibit B
	  	 Administrative Questionnaire

		
	 Exhibit C
	  	 Form of Assignment and Acceptance

		
	 Exhibit D
	  	 Form of Opinion of Counsel

		
	 Schedule 2.01
	  	 Commitments

		
	 Schedule 3.09
	  	 Litigation

		
	 Schedule 3.17
	  	 Environmental

		
	 Schedule 6.01
	  	 Indebtedness

  

 iv 

 364-DAY COMPETITIVE ADVANCE AND REVOLVING CREDIT FACILITY AGREEMENT dated as of August 7, 2003, among THE
E.W. SCRIPPS COMPANY, an Ohio corporation (the “Borrower”), the banks listed in Schedule 2.01 (the “Banks”), JPMORGAN CHASE BANK, a New York banking corporation, as agent for the Banks (in such capacity, the “Agent”).

  
 The Borrower has requested the Banks to extend credit to the
Borrower in order to enable it to borrow on a standby revolving credit basis on and after the date hereof and at any time and from time to time prior to the Availability Termination Date (as herein defined) a principal amount not in excess of
$375,000,000 at any time outstanding. The Borrower has also requested the Banks to provide a procedure pursuant to which the Borrower may invite the Banks to bid on an uncommitted basis on short-term borrowings by the Borrower. The proceeds of such
borrowings are to be used for general corporate purposes. The Banks are willing to extend such credit to the Borrower on the terms and subject to the conditions herein set forth. 
  
 Accordingly, the Borrower, the Banks and the Agent agree as follows: 
  
 ARTICLE I 
  
 DEFINITIONS 
  
 SECTION 1.01. Defined Terms. As used in this Agreement, the following terms shall have the meanings specified below: 
  
 “ABR Borrowing” shall mean a Borrowing comprised of ABR Loans.

  
 “ABR Loan” shall mean any Standby Loan bearing
interest at a rate determined by reference to the Alternate Base Rate in accordance with the provisions of Article II. 
  
 “Administrative Fees” shall have the meaning assigned to such term in Section 2.06(b). 
  
 “Administrative Questionnaire” shall mean an Administrative
Questionnaire in the form of Exhibit B hereto. 
  
 “Affiliate” shall mean, when used with respect to a specified person, another person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the person
specified. 
  
 “Aggregate Commitments” shall mean, at
any time, the sum of the aggregate amount of the Commitments then in effect and the aggregate amount of the Commitments (as defined in the Other Agreement) then in effect. 
  
 “Alternate Base Rate” shall mean, for any day, a rate per annum (rounded upwards, if necessary, to the next  1/16 of 1%) equal to the greatest of (a) the Prime Rate in effect on such day, (b) the Base CD Rate in effect on such
day plus 1% and (c) the Federal Funds Effective Rate in effect on such day plus  1/2 of 1%. For purposes hereof,
“Prime Rate” shall mean the rate of interest per annum publicly announced from time to time by the Agent as its 

 
prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective on the date such change is publicly announced
as effective. “Base CD Rate” shall mean the sum of (a) the product of (i) the Three-Month Secondary CD Rate and (ii) Statutory Reserves and (b) the Assessment Rate. “Three-Month Secondary CD Rate” shall mean, for any day, the
secondary market rate for three-month certificates of deposit reported as being in effect on such day (or, if such day shall not be a Business Day, the next preceding Business Day) by the Board through the public information telephone line of the
Federal Reserve Bank of New York (which rate will, under the current practices of the Board, be published in Federal Reserve Statistical Release H.15(519) during the week following such day), or, if such rate shall not be so reported on such day or
such next preceding Business Day, the average of the secondary market quotations for three-month certificates of deposit of major money center banks in New York City received at approximately 10:00 a.m., New York City time, on such day (or, if such
day shall not be a Business Day, on the next preceding Business Day) by the Agent from three New York City negotiable certificate of deposit dealers of recognized standing selected by it. “Federal Funds Effective Rate” shall mean, for any
day, the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the next succeeding Business Day by the Federal Reserve Bank of new York,
or, if such rate is not so published for any day which is a Business Day, the average of the quotations for the day of such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. If for any reason
the Agent shall have determined (which determination shall be conclusive absent manifest error) that it is unable to ascertain the Base CD Rate or the Federal Funds Effective Rate or both for any reason, including the inability or failure of the
Agent to obtain sufficient quotations in accordance with the terms thereof, the Alternate Base Rate shall be determined without regard to clause (b) or (c), or both, of the first sentence of this definition, as appropriate, until the circumstances
giving rise to such inability no longer exist. Any change in the Alternate Base Rate due to a change in the Prime Rate, the Three-Month Secondary CD Rate or the Federal Funds Effective Rate shall be effective on the effective date of such change in
the Prime Rate, the Three-Month Secondary CD Rate or the Federal Funds Effective Rate, respectively. 
  
 “Applicable Percentage” shall mean on any date, with respect to the Facility Fee or the Loans comprising any Eurodollar Standby Borrowing, the
applicable percentage set forth below based upon the ratings applicable on such date to the Borrower’s implied or actual senior, unsecured, non-credit-enhanced long-term indebtedness for borrowed money (the “Index Debt”): 

 

	 	  	Ratings
(S&P/Moody’s)

	  	Facility Fee

	 	 	LIBOR
Spread

	 
	 Category 1
	  	A+/A1 or higher	  	0.0600	%	 	0.1650	%
	 Category 2
	  	A/A2	  	0.0600	%	 	0.1900	%
	 Category 3
	  	A-/A3	  	0.0600	%	 	0.2400	%
	 Category 4
	  	BBB+/Baa1	  	0.0600	%	 	0.4400	%
	 Category 5
	  	BBB/Baa2	  	0.0600	%	 	0.5650	%
	 Category 6
	  	BBB-/Baa3 or lower	  	0.0600	%	 	0.6900	%

  

 2 

 provided, however, that after the Availability Termination Date the LIBOR Spread shall be increased by 0.15
of 1% (15 basis points). 
  
 For purposes of the foregoing, (a) if
no rating for the Index Debt shall be available from either Moody’s or S&P (other than by reason of the circumstances referred to in the last sentence of this definition), each such rating agency shall be deemed to have established a rating
in Category 4; (b) if only one of Moody’s and S&P shall have in effect a rating for the Index Debt, the Applicable Percentage shall be determined by reference to the available rating; (c) if the ratings established or deemed to have been
established by Moody’s and S&P shall fall within different categories, the Applicable Percentage shall be based upon the superior (or numerically lower) category unless the ratings differ by more than one category, in which case the
governing rating shall be the rating next below the higher of the two; and (d) if any rating established or deemed to have been established by Moody’s or S&P shall be changed (other than as a result of a change in the rating system of
either Moody’s or S&P), such change shall be effective as of the date on which such change is first announced publicly by the rating agency making such change. Any change in the LIBOR spread due to a change in the applicable category shall
be effective on the effective date of such change in the applicable category and shall apply to all Eurodollar Standby Loans that are outstanding at any time during the period commencing on the effective date of such change in the applicable
category and ending on the date immediately preceding the effective date of the next such change in the applicable category. If the rating system of either Moody’s or S&P shall change, the Borrower and the Banks shall negotiate in good
faith to amend the references to specific ratings in this definition to reflect such changed rating system. If either Moody’s or S&P shall cease to be in the business of rating corporate debt obligations, the Borrower and the Banks shall
negotiate in good faith to agree upon a substitute rating agency and to amend the references to specific ratings in this definition to reflect the ratings used by such substitute rating agency and, pending such agreement, the Applicable Percentage
shall be determined on the basis of the ratings provided by the other rating agency. 
  
 “Assessment Rate” shall mean for any date the annual rate (rounded upwards if necessary, to the next 1/100 of 1%) most recently estimated by the Agent as the then current net annual assessment rate that will
be employed in determining amounts payable by the Agent to the Federal Deposit Insurance Corporation (or such successor) of time deposits made in dollars at the Agent’s domestic offices. 
  
 “Assignment and Acceptance” shall mean an assignment and acceptance
entered into by a Bank and an assignee, and accepted by the Agent, in the form of Exhibit C. 
  
 “Availability Termination Date” shall mean August 5, 2004. 
  
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United States. 
  
 “Borrowing” shall mean a group of Loans of a single Type made by
the Banks (or, in the case of a Competitive Borrowing, by the Bank or Banks whose Competitive Bids have been accepted pursuant to Section 2.03) on a single date and as to which a single Interest Period is in effect. 
  

 3 

 “Business Day” shall mean any day (other than a day which is a Saturday, Sunday or legal
holiday in the State of New York) on which banks are open for business in New York City; provided, however, that, when used in connection with a Eurodollar Loan, the term “Business Day” shall also exclude any day on which banks are not
open for dealings in dollar deposits in the London interbank market. 
  
 “Capital Lease Obligations” of any person shall mean the obligations of such person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property, or a combination
thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such person under GAAP and, for the purposes of this Agreement, the amount of such obligations at any time shall be the capitalized
amount thereof at such time determined in accordance with GAAP. 
  
 A “Change in Control” shall be deemed to have occurred if the Trust or the beneficiaries thereof shall not be the direct or indirect owner, beneficially and of record, of at least 51% of the issued and outstanding Common Voting
Shares, $.01 par value per share, of the Borrower and any other common stock at any time issued by the Borrower, other than the Borrower’s Class A Common Shares, $.01 per share. 
  
 “Closing Date” shall mean August 7, 2003. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as the same may be amended from time to time. 
  
 “Commitment” shall mean, with respect to each Bank, the commitment
of such Bank hereunder as set forth in Schedule 2.01 hereto, as such Bank’s Commitment may be permanently terminated or reduced from time to time pursuant to Section 2.11. The Commitments shall automatically and permanently terminate on the
Availability Termination Date. 
  
 “Competitive Bid”
shall mean an offer by a Bank to make a Competitive Loan pursuant to Section 2.03. 
  
 “Competitive Bid Accept/Reject Letter” shall mean a notification made by the Borrower pursuant to Section 2.03(d) in the form of Exhibit A-4. 
  
 “Competitive Bid Rate” shall mean, as to any Competitive Bid made by a Bank pursuant to Section 2.03(b), (i) in
the case of a Eurodollar Loan, the Margin, and (ii) in the case of a Fixed Rate Loan, the fixed rate of interest offered by the Bank making such Competitive Bid. 
  
 “Competitive Bid Request” shall mean a request made pursuant to Section 2.03 in the form of Exhibit A-1.

  
 “Competitive Borrowing” shall mean a borrowing
consisting of a Competitive Loan or concurrent Competitive Loans from the Bank or Banks whose Competitive Bids for such Borrowing have been accepted by the Borrower under the bidding procedure described in Section 2.03. 
  

 4 

 “Competitive Loan” shall mean a Loan from a Bank to the Borrower pursuant to the bidding
procedure described in Section 2.03. Each Competitive Loan shall be a Eurodollar Competitive Loan or a Fixed Rate Loan. 
  
 “Consolidated Cash Flow” shall mean with respect to any person for any period the aggregate operating income of such person and its consolidated
subsidiaries plus any depreciation and any amortization of intangibles arising from acquisitions that have been deduced in deriving such operating income, all computed and consolidated in accordance with GAAP. 
  
 “Consolidated Indebtedness” with respect to any person shall mean
the aggregate Indebtedness of such person and its consolidated subsidiaries, consolidated in accordance with GAAP. 
  
 “Consolidated Interest Expense” with respect to any person shall mean for any period the aggregate interest expense of such person and its
consolidated subsidiaries for such period, computed and consolidated in accordance with GAAP. 
  
 “Consolidated Net Income” with respect to any person shall mean for any period the aggregate net income (or net deficit) of such person and its consolidated subsidiaries for such period equal to gross
revenues and other proper income less the aggregate for such person and its consolidated subsidiaries of (i) operating expenses, (ii) selling, administrative and general expenses, (iii) taxes, (iv) depreciation, depletion and amortization of
properties and (v) any other items that are treated as expenses under GAAP but excluding from the definition of Consolidated Net Income any extraordinary gains or losses, all computed and consolidated in accordance with GAAP. 
  
 “Consolidated Stockholders’ Equity” with respect to any person
shall mean the aggregate Stockholders’ Equity of such person and its consolidated subsidiaries, consolidated in accordance with GAAP. 
  
 “Control” shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a
person, whether through the ownership of voting securities, by contract or otherwise, and “Controlling” and “Controlled” shall have meanings correlative thereto. 
  
 “Default” shall mean any event or condition which upon notice, lapse of time or both would constitute an Event of
Default. 
  
 “dollars” or “$” shall mean
lawful money of the United States of America. 
  
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as the same may be amended from time to time. 
  
 “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that is a member of a group of which the Borrower is a member
and which is treated as a single employer under Section 414 of the Code. 
  

 5 

 “Eurodollar Borrowing” shall mean a Borrowing comprised of Eurodollar Loans. 
  
 “Eurodollar Competitive Loan” shall mean any Competitive Loan
bearing interest at a rate determined by reference to the LIBO Rate in accordance with the provisions of Article II. 
  
 “Eurodollar Loan” shall mean any Eurodollar Competitive Loan or Eurodollar Standby Loan. 
  
 “Eurodollar Standby Borrowing” shall mean a Borrowing comprised of
Eurodollar Standby Loans. 
  
 “Eurodollar Standby Loan”
shall mean any Standby Loan bearing interest at a rate determined by reference to the LIBO Rate in accordance with the provisions of Article II. 
  
 “Event of Default” shall have the meaning assigned to such term in Article VII. 
  
 “Existing Credit Agreement” shall mean the 364-Day Competitive Advance and Revolving Credit Facility Agreement
dated as of August 8, 2002, as amended, among the Borrower, the banks named therein and JPMorgan Chase Bank, as agent. 
  
 “Facility Fee” shall have the meaning assigned to such term in Section 2.06(a). 
  
 “Fee Letter” shall mean the letter agreement dated July 1, 2003, between the Borrower and the Agent, providing for
the payment of certain fees or other amounts in connection with the credit facilities established by this Agreement. 
  
 “Fees” shall mean the Facility Fee and the Administrative Fees. 
  
 “Financial Officer” of any corporation shall mean the chief financial officer, principal accounting officer,
Treasurer, Assistant Treasurer or Controller of such corporation. 
  
 “Fixed Rate Borrowing” shall mean a Borrowing comprised of Fixed Rate Loans. 
  
 “Fixed Rate Loan” shall mean any Competitive Loan bearing interest at a fixed percentage rate per annum (expressed in the form of a decimal to
no more than four decimal places) specified by the Bank making such Loan in its Competitive Bid. 
  
 “GAAP” shall mean generally accepted accounting principles, applied on a consistent basis. 
  
 “Governmental Authority” shall mean any Federal, state, local or
foreign court or governmental agency, authority, instrumentality or regulatory body. 
  
 “Guarantee” of or by any person shall mean any obligation, contingent or otherwise, of such person guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other person (the
“primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such person, direct or indirect, (a) to purchase or pay 

  

 6 

 
(or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply funds for the purchase of) any security
for the payment of such Indebtedness, (b) to purchase property, securities or services for the purpose of assuring the owner of such Indebtedness of the payment of such Indebtedness or (c) to maintain working capital, equity capital or other
financial statement condition or liquidity of the primary obligor so as to enable the primary obligor to pay such Indebtedness; provided, however, that the term Guarantee shall not include endorsements for collection or deposit, in either case in
the ordinary course of business. 
  
 “Indebtedness” of
any person shall mean, without duplication, (a) all obligations of such person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations of such person evidenced by bonds, debentures, notes or similar instruments,
(c) all obligations of such person under conditional sale or other title retention agreements relating to property or assets purchased by such person, (d) all obligations of such person issued or assumed as the deferred purchase price of property or
services, (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such person, whether or not the obligations
secured thereby have been assumed, (f) all Guarantees by such person of Indebtedness of others, (g) all Capital Lease Obligations of such person, (h) all obligations of such person in respect of interest rate protection agreements, foreign currency
exchange agreements or other interest or exchange rate hedging arrangements, in such amount which exceeds $15,000,000 at any time and (i) all obligations of such person as an account party in respect of letters of credit and bankers’
acceptances; provided that the definition of Indebtedness shall not include (i) accounts payable to suppliers and (ii) programming rights, in each case incurred in the ordinary course of business and not overdue. The Indebtedness of any person shall
include the recourse Indebtedness of any partnership in which such person is a general partner. For purposes of this Agreement, the amount of any Indebtedness referred to in clause (h) of the preceding sentence shall be amounts, including any
termination payments, required to be paid to a counterparty after giving effect to any contractual netting arrangements, and not any notional amount with regard to which payments may be calculated. 
  
 “Interest Payment Date” shall mean, with respect to any Loan, the
last day of the Interest Period applicable thereto and, in the case of a Eurodollar Loan with an Interest Period of more than three months’ duration or a Fixed Rate Loan with an Interest Period of more than 90 days’ duration, each day that
would have been an Interest Payment Date for such Loan had successive Interest Periods of three months’ duration or 90 days’ duration, as the case may be, been applicable to such Loan and, in addition, the date of any refinancing or
conversion of such Loan with or to a Loan of a different Type. 
  
 “Interest Period” shall mean (a) as to any Eurodollar Borrowing, the period commencing on the date of such Borrowing or on the last day of the immediately preceding Interest Period applicable to such Borrowing, as the case may be,
and ending on the numerically corresponding day (or, if there is no numerically corresponding day, on the last day) in the calendar month that is 1, 2, 3 or 6 months (or, if agreed to by all Banks, 9 or 12 months) thereafter, as the Borrower may
elect, (b) as to any ABR Borrowing, the period commencing on the date of such Borrowing and ending on the date 90 days thereafter or, if earlier, on the Maturity Date or the date of prepayment of such Borrowing and (c) as to any Fixed Rate 

  

 7 

 
Borrowing, the period commencing on the date of such Borrowing and ending on the date specified in the Competitive Bids in which the offer to make the Fixed
Rate Loans comprising such Borrowing were extended, which shall not be earlier than seven days after the date of such Borrowing or later than 360 days after the date of such Borrowing; provided, however, that if any Interest Period would end on a
day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless, in the case of Eurodollar Loans only, such next succeeding Business Day would fall in the next calendar month, in which case such
Interest Period shall end on the next preceding Business Day. Interest shall accrue from and including the first day of an Interest Period to but excluding the last day of such Interest Period. 
  
 “LIBO Rate” shall mean, with respect to any Eurodollar Borrowing
for any Interest Period, the rate appearing on Page 3750 of the Telerate Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations comparable to those currently
provided on such page of such Service, as reasonably determined by the Agent from time to time for purposes of providing quotations of interest rates applicable to dollar deposits in the London interbank market) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such time for any reason, then the
“LIBO Rate” with respect to such Eurodollar Borrowing for such Interest Period shall be the rate at which dollar deposits of $5,000,000 and for a maturity comparable to such Interest Period are offered by the principal London office of the
Agent in immediately available funds in the London interbank market at approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest Period. 
  
 “Lien” shall mean, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge, encumbrance, charge
or security interest in or on such asset or (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement relating to such asset. 
  
 “Loan” shall mean a Competitive Loan or a Standby Loan, whether
made as a Eurodollar Loan, an ABR Loan or a Fixed Rate Loan, as permitted hereby. 
  
 “Loan Documents” shall mean this Agreement and the Fee Letter. 
  
 “Margin” shall mean, as to any Eurodollar Competitive Loan, the margin (expressed as a percentage rate per annum in the form of a decimal to no
more than four decimal places) to be added to or subtracted from the LIBO Rate in order to determine the interest rate applicable to such Loan, as specified in the Competitive Bid relating to such Loan. 
  
 “Margin Stock” shall have the meaning given such term under
Regulation U. 
  
 “Material Adverse Effect” shall mean
(a) a materially adverse effect on the business, assets, operations, or condition, financial or otherwise, of the Borrower and its Subsidiaries taken as a whole, (b) material impairment of the ability of the Borrower or any Subsidiary to perform any
of its obligations under any Loan Document to which it is or will be a 

  

 8 

 
party or (c) material impairment of the rights of or benefits expressly available to the Banks under any Loan Document. 
  
 “Maturity Date” shall mean the Availability Termination Date or, in
the case of Revolving Credit Loans, if the Borrower shall so elect by notice to the Agent pursuant to Section 2.07(f), the first anniversary of the Availability Termination Date. 
  
 “Multiemployer Plan” shall mean a multiemployer plan as defined in Section 4001(a) (3) of ERISA to which the
Borrower or any ERISA Affiliate (other than one considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414) is making or accruing an obligation to make contributions, or has within any of the preceding five plan years
made or accrued an obligation to make contributions. 
  
 “Other Agreement” shall mean the 5-Year Competitive Advance and Revolving Credit Facility Agreement, dated as of August 8, 2002, among the Borrower, the banks named therein, JPMorgan Chase Bank, as administrative agent, and J.P.
Morgan Securities Inc. 
  
 “Participant” shall have the
meaning set forth in Section 9.04. 
  
 “PBGC” shall mean
the Pension Benefit Guaranty Corporation referred to and defined in ERISA. 
  
 “person” shall mean any natural person, corporation, business trust, joint venture, association, company, partnership or government, or any agency or political subdivision thereof. 
  
 “Plan” shall mean any pension plan (other than a Multiemployer
Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code and which is maintained for employees of the Borrower or any ERISA Affiliate. 
  
 “Rate” shall include the LIBO Rate, the Alternate Base Rate and the Fixed Rate. 
  
 “Register” shall have the meaning given such term in Section 9.04(b) (iv). 
  
 “Regulation D” shall mean Regulation D of the Board as from time to
time in effect and all official rulings and interpretations thereunder or thereof. 
  
 “Regulation U” shall mean Regulation U of the Board as from time to time in effect and all official rulings and interpretations thereunder or thereof. 
  
 “Regulation X” shall mean Regulation X of the Board as from time to
time in effect and all official rulings and interpretations thereunder or thereof. 
  
 “Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person’s
Affiliates. 
  
 “Reportable Event” shall mean any
reportable event as defined in Section 4043(b) of ERISA or the regulations issued thereunder with respect to a Plan (other than a Plan 

  

 9 

 
maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414). 
  
 “Required Banks” shall mean, at any time, Banks having Commitments
representing at least 51% of the Total Commitment or, for purposes of acceleration pursuant to clause (ii) of Article VII, Banks holding Loans representing at least 51% of the aggregate principal amount of the Loans outstanding. 
  
 “Responsible Officer” of any corporation shall mean any executive
officer or Financial Officer of such corporation and any other officer or similar official thereof responsible for the administration of the obligations of such corporation in respect of this Agreement. 
  
 “Standby Borrowing” shall mean a borrowing consisting of
simultaneous Standby Loans from each of the Banks. 
  
 “Standby Borrowing Request” shall mean a request made pursuant to Section 2.04 in the form of Exhibit A-5. 
  
 “Standby Loans” shall mean the revolving loans made by the Banks to the Borrower pursuant to Section 2.04. Each Standby Loan shall be a
Eurodollar Standby Loan or an ABR Loan. 
  
 “Statutory
Reserves” shall mean a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentages (including any marginal, special, emergency
or supplemental reserves) expressed as a decimal established by the Board and any other banking authority to which the Agent is subject for new negotiable nonpersonal time deposits in dollars of over $100,000 with maturities approximately equal to
the applicable Interest Period. Statutory Reserves shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 
  
 “Stockholders’ Equity” shall mean, for any corporation, the consolidated total stockholders’ equity of such corporation determined in
accordance with GAAP, consistently applied. 
  
 “subsidiary” shall mean, with respect to any person (herein referred to as the “parent”), any corporation, partnership, association or other business entity (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or more than 50% of the general partnership interests are, at the time any determination is being made, owned, controlled or held, or (b) which is, at the time
any determination is made, otherwise Controlled by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 
  
 “Subsidiary” shall mean any subsidiary of the Borrower. 
  
 “Total Commitment” shall mean at any time the aggregate amount of
the Banks’ Commitments, as in effect at such time. 
  

 10 

 “Transactions” shall have the meaning assigned to such term in Section 3.02. 
  
 “Trust” shall mean The Edward W. Scripps Trust, being that certain
trust for the benefit of descendants of Edward W. Scripps and owning shares of capital stock of the Borrower. 
  
 “Type”, when used in respect of any Loan or Borrowing, shall refer to the Rate by reference to which interest on such Loan or on the Loans
comprising such Borrowing is determined. 
  
 “Utilization
Fee” shall have the meaning assigned to such term in Section 2.06(c). 
  
 “Withdrawal Liability” shall mean liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV
of ERISA. 
  
 SECTION 1.02. Terms Generally. The
definitions in Section 1.01 shall apply equally to both the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words
“include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. All references herein to Articles, Sections, Exhibits and Schedules shall be deemed references to
Articles and Sections of, and Exhibits and Schedules to, this Agreement unless the context shall otherwise require. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with
GAAP, as in effect from time to time; provided, however, that, for purposes of determining compliance with any covenant set forth in Article VI, such terms shall be construed in accordance with GAAP as in effect on the date of this Agreement applied
on a basis consistent with the application used in preparing the Borrower’s audited financial statements referred to in Section 3.05. 
  
 ARTICLE II 
  
 THE CREDITS 
  
 SECTION 2.01. Commitments. Subject to the terms and conditions and relying upon the representations and warranties herein set forth, each Bank agrees, severally and not jointly, to make Standby Loans to the Borrower, at any time and
from time to time on and after the date hereof and until the earlier of the Availability Termination Date and the termination of the Commitment of such Bank as provided in this Agreement, in an aggregate principal amount at any time outstanding not
to exceed such Bank’s Commitment minus the amount by which the Competitive Loans outstanding at such time shall be deemed to have used such Commitment pursuant to Section 2.16, subject, however, to the conditions that (a) at no time shall (i)
the sum of (x) the outstanding aggregate principal amount of all Standby Loans made by all Banks plus (y) the outstanding aggregate principal amount of all Competitive Loans made by all Banks exceed (ii) the Total Commitment and (b) at all times the
outstanding aggregate principal amount of all Standby Loans made by each Bank shall equal the product of (i) the percentage which its Commitment represents of the Total Commitment times (ii) the outstanding aggregate principal amount of all Standby
Loans made pursuant to Section 2.04. Each Bank’s Commitment is set 

  

 11 

 
forth opposite its respective name in Schedule 2.01. Such Commitments may be terminated or reduced from time to time pursuant to Section 2.11. 
  
 Within the foregoing limits, the Borrower may borrow, pay or repay and
reborrow hereunder, on and after the Closing Date and prior to the Availability Termination Date, subject to the terms, conditions and limitations set forth herein. 
  
 SECTION 2.02. Loans. (a) Each Standby Loan shall be made as part of a Borrowing consisting of Loans made by the Banks
ratably in accordance with their Commitments; provided, however, that the failure of any Bank to make any Standby Loan shall not in itself relieve any other Bank of its obligation to lend hereunder (it being understood, however, that
no Bank shall be responsible for the failure of any other Bank to make any Loan required to be made by such other Bank). Each Competitive Loan shall be made in accordance with the procedures set forth in Section 2.03. The Standby Loans or
Competitive Loans comprising any Borrowing shall be (i) in the case of Competitive Loans, in an aggregate principal amount which is an integral multiple of $1,000,000 and not less than $5,000,000 and (ii) in the case of Standby Loans, in an
aggregate principal amount which is an integral multiple of $1,000,000 and not less than $10,000,000 in the case of Eurodollar Standby Loans and $5,000,000 in the case of ABR Loans (or an aggregate principal amount equal to the remaining balance of
the available Commitments). 
  
 (b) Each Competitive Borrowing
shall be comprised entirely of Eurodollar Competitive Loans or Fixed Rate Loans, and each Standby Borrowing shall be comprised entirely of Eurodollar Standby Loans or ABR Loans, as the Borrower may request pursuant to Section 2.03 or 2.04, as
applicable. Each Bank may at its option make any Eurodollar Loan by causing any domestic or foreign branch or Affiliate of such Bank to make such Loan; provided that any exercise of such option shall not affect the obligation of the Borrower
to repay such Loan in accordance with the terms of this Agreement. Borrowings of more than one Type may be outstanding at the same time; provided, however, that the Borrower shall not be entitled to request any Borrowing which, if
made, would result in an aggregate of more than five separate Standby Loans of any Bank being outstanding hereunder at any one time. For purposes of the foregoing, Loans having different Interest Periods, regardless of whether they commence on the
same date, shall be considered separate Loans. 
  
 (c) Subject to
Section 2.05, each Bank shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds to the Agent in New York, New York, not later than 12:00 noon, New York City time, and the Agent
shall by 3:00 p.m., New York City time, wire transfer the amounts so received to the general deposit account of the Borrower at Mellon Bank (or other general deposit account designated by the Borrower in writing) or, if a Borrowing shall not occur
on such date because any condition precedent herein specified shall not have been met, return the amounts so received to the respective Banks. Competitive Loans shall be made by the Bank or Banks whose Competitive Bids therefor are accepted pursuant
to Section 2.03 in the amounts so accepted and Standby Loans shall be made by the Banks pro rata in accordance with Section 2.16. Unless the Agent shall have received notice from a Bank prior to the date of any Borrowing that such Bank will not make
available to the Agent such Bank’s portion of such Borrowing, the Agent may assume that such Bank has made such portion available to the Agent on the date of such Borrowing in 

  

 12 

 
accordance with this paragraph (c) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount.
If and to the extent that such Bank shall not have made such portion available to the Agent, such Bank and the Borrower severally agree (without duplication) to repay to the Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Agent at (i) in the case of the Borrower, the interest rate applicable at the time to the Loans comprising such Borrowing
and (ii) in the case of such Bank, the Federal Funds Effective Rate. If such Bank shall repay to the Agent such corresponding amount, such amount shall constitute such Bank’s Loan as part of such Borrowing for purposes of this Agreement.

  
 (d) Notwithstanding any other provision of this Agreement, the
Borrower shall not be entitled to request any Borrowing if the Interest Period requested with respect thereto would end after the Availability Termination Date. 
  

SECTION 2.03. Competitive Bid Procedure. (a) In order to request Competitive Bids, the Borrower shall hand deliver or telecopy to the Agent a
duly completed Competitive Bid Request in the form of Exhibit A-1 hereto, to be received by the Agent (i) in the case of a Eurodollar Competitive Borrowing, not later than 10:00 a.m., New York City time, four Business Days before a proposed
Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, one Business Day before a proposed Competitive Borrowing. No ABR Loan shall be requested in, or made pursuant to, a Competitive Bid
Request. A Competitive Bid Request that does not conform substantially to the format of Exhibit A-1 may be rejected in the Agent’s sole discretion, and the Agent shall as soon as practicable notify the Borrower of such rejection by telecopier.
Such request shall in each case refer to this Agreement and specify (x) whether the Borrowing then being requested is to be a Eurodollar Borrowing or a Fixed Rate Borrowing, (y) the date of such Borrowing (which shall be a Business Day) and the
aggregate principal amount thereof which shall be in a minimum principal amount of $5,000,000 and in an integral multiple of $1,000,000, and (z) the Interest Period with respect thereto (which may not end after the Availability Termination Date). As
soon as practicable after its receipt of a Competitive Bid Request that is not rejected as aforesaid, the Agent shall invite by telecopier (in the form set forth in Exhibit A-2 hereto) the Banks to bid, on the terms and conditions of this Agreement,
to make Competitive Loans pursuant to the Competitive Bid Request. 
  
 (b) Each Bank may, in its sole discretion, make one or more Competitive Bids to the Borrower responsive to a Competitive Bid Request. Each Competitive Bid by a Bank must be received by the Agent via telecopier, in the form of Exhibit A-3
hereto, (i) in the case of a Eurodollar Competitive Borrowing, not later than 9:30 a.m., New York City time, three Business Days before a proposed Competitive Borrowing and (ii) in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New
York City time, on the day of a proposed Competitive Borrowing. Multiple bids will be accepted by the Agent. Competitive Bids that do not conform substantially to the format of Exhibit A-3 may be rejected by the Agent after conferring with, and upon
the instruction of, the Borrower, such conference between the Agent and the Borrower to occur as soon as practicable following the receipt by the Agent of such Competitive Bid, and the Agent shall notify the Bank making such nonconforming bid of
such rejection as soon as practicable. Each Competitive Bid shall refer to this Agreement and specify (x) the principal amount (which 

  

 13 

 
shall be in a minimum principal amount of $5,000,000 and in an integral multiple of $1,000,000 and which may equal the entire principal amount of the
Competitive Borrowing requested by the Borrower) of the Competitive Loan or Loans that the Bank is willing to make to the Borrower, (y) the Competitive Bid Rate or Rates at which the Bank is prepared to make the Competitive Loan or Loans and (z) the
Interest Period and the last day thereof. If any Bank shall elect not to make a Competitive Bid, such Bank shall so notify the Agent via telecopier (I) in the case of Eurodollar Competitive Loans, not later than 9:30 a.m., New York City time, three
Business Days before a proposed Competitive Borrowing, and (II) in the case of Fixed Rate Loans, not later than 9:30 a.m., New York City time, on the day of a proposed Competitive Borrowing; provided, however, that failure by any Bank
to give such notice shall not cause such Bank to be obligated to make any Competitive Loan as part of such Competitive Borrowing. A Competitive Bid submitted by a Bank pursuant to this paragraph (b) shall be irrevocable. 
  
 (c) The Agent shall as soon as practicable notify the Borrower by telecopier
(i) in the case of Eurodollar Competitive Loans, not later than 10:00 a.m., New York City time, three Business Days before a proposed Competitive Borrowing, and (ii) in the case of Fixed Rate Loans, not later than 10:00 a.m., New York City time, on
the day of a proposed Competitive Borrowing, of all the Competitive Bids made, the Competitive Bid Rate and the principal amount of each Competitive Loan in respect of which a Competitive Bid was made and the identity of the Bank that made each bid.
The Agent shall send a copy of all Competitive Bids to the Borrower for its records as soon as practicable after completion of the bidding process set forth in this Section 2.03. 
  
 (d) The Borrower may in its sole and absolute discretion, subject only to the provisions of this paragraph (d), accept or
reject any Competitive Bid referred to in paragraph (c) above. The Borrower shall notify the Agent by telephone, confirmed by telecopier in the form of a Competitive Bid Accept/Reject Letter in the form of Exhibit A-4, whether and to what extent it
has decided to accept or reject any of or all the bids referred to in paragraph (c) above, (x) in the case of a Eurodollar Competitive Borrowing, not later than 10:00 a.m., New York City time, three Business Days before a proposed Competitive
Borrowing, and (y) in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York City time, on the day of a proposed Competitive Borrowing; provided, however, that (i) the failure by the Borrower to give such notice shall
be deemed to be a rejection of all the bids referred to in paragraph (c) above, (ii) the Borrower shall not accept a bid made at a particular Competitive Bid Rate if the Borrower has decided to reject an unrestricted bid made at a lower Competitive
Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by the Borrower shall not exceed the principal amount specified in the Competitive Bid Request, (iv) if the Borrower shall accept a bid or bids made at a particular Competitive
Bid Rate but the amount of such bid or bids shall cause the total amount of bids to be accepted by the Borrower to exceed the amount specified in the Competitive Bid Request, then the Borrower shall accept a portion of such bid or bids in an amount
equal to the amount specified in the Competitive Bid Request less the amount of all other Competitive Bids accepted with respect to such Competitive Bid Request, which acceptance, in the case of multiple bids at such Competitive Bid Rate, shall be
made pro rata in accordance with the amount of each such bid at such Competitive Bid Rate, and (v) except pursuant to clause (iv) above, no bid shall be accepted for a Competitive Loan unless such Competitive Loan is in a minimum principal amount of
$5,000,000 and an integral multiple of $1,000,000; provided, further, however, that if a Competitive Loan must be in an amount less than $5,000,000 because 

  

 14 

 
of the provisions of clause (iv) above, such Competitive Loan may be for a minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro
rata allocation of acceptances of portions of multiple bids at a particular Competitive Bid Rate pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a manner which shall be in the discretion of the Borrower. A
notice given by the Borrower pursuant to this paragraph (d) shall be irrevocable. 
  
 (e) The Agent shall promptly notify each bidding Bank (i) in the case of Eurodollar Competitive Loans, not later than 11:00 a.m., New York City time, three Business Days before a proposed Competitive Borrowing, and
(ii) in the case of Fixed Rate Loans, not later than 11:00 a.m., New York City time, on the day of a proposed Competitive Borrowing, whether or not its Competitive Bid has been accepted (and if so, in what amount and at what Competitive Bid Rate) by
telecopy sent by the Agent, and each successful bidder will thereupon become bound, subject to the other applicable conditions hereof, to make the Competitive Loan in respect of which its bid has been accepted. 
  
 (f) A Competitive Bid Request shall not be made within five Business Days
after the date of any previous Competitive Bid Request. 
  
 (g) If
the Agent shall elect to submit a Competitive Bid in its capacity as a Bank, it shall submit such bid directly to the Borrower one quarter of an hour earlier than the latest time at which the other Banks are required to submit their bids to the
Agent pursuant to paragraph (b) above. 
  
 (h) All Notices
required by this Section 2.03 shall be given in accordance with Section 9.01. 
  
 SECTION 2.04. Standby Borrowing Procedure. In order to request a Standby Borrowing, the Borrower shall hand deliver or telecopy to the Agent in the form of Exhibit A-5 (a) in the case of a Eurodollar Standby
Borrowing, not later than 10:00 a.m., New York City time, three Business Days before a proposed borrowing and (b) in the case of an ABR Borrowing, not later than 10:00 a.m., New York City time, on the day of a proposed borrowing. No Fixed Rate Loan
shall be requested or made pursuant to a Standby Borrowing Request. Such notice shall be irrevocable and shall in each case specify (i) whether the Borrowing then being requested is to be a Eurodollar Standby Borrowing or an ABR Borrowing; (ii) the
date of such Standby Borrowing (which shall be a Business Day) and the amount thereof; and (iii) if such Borrowing is to be a Eurodollar Standby Borrowing, the Interest Period with respect thereto. If no election as to the Type of Standby Borrowing
is specified in any such notice, then the requested Standby Borrowing shall be an ABR Borrowing. If no Interest Period with respect to any Eurodollar Standby Borrowing is specified in such notice, then the Borrower shall be deemed to have selected
an Interest Period of one month’s duration. If the Borrower shall not have given notice in accordance with this Section 2.04 of its election to refinance a Standby Borrowing prior to the end of the Interest Period in effect for such Borrowing,
then the Borrower shall (unless such Borrowing is repaid at the end of such Interest Period) be deemed to have given notice of an election to refinance such Borrowing with an ABR Borrowing. The Agent shall promptly advise the Banks of any notice
given pursuant to this Section 2.04 and of each Bank’s portion of the requested Borrowing. 
  

 15 

 SECTION 2.05. Refinancings. The Borrower may refinance all or any part of any Borrowing with a
Borrowing of the same or a different Type made pursuant to Section 2.03 or Section 2.04, subject to the conditions and limitations set forth herein and elsewhere in this Agreement, including refinancings of Competitive Borrowings with Standby
Borrowings and Standby Borrowings with Competitive Borrowings. Any Borrowing or part thereof so refinanced shall be repaid in accordance with Section 2.07 with the proceeds of a new Borrowing hereunder and the proceeds of the new Borrowing shall be
paid by the Banks to the Agent or by the Agent to the Borrower pursuant to Section 2.02(c); provided, however, that (i) if the principal amount extended by a Bank in a refinancing is greater than the principal amount extended by such
Bank in the Borrowing being refinanced, then such Bank shall pay such difference to the Agent for distribution to the Banks described in (ii) below, (ii) if the principal amount extended by a Bank in the Borrowing being refinanced is greater than
the principal amount being extended by such Bank in the refinancing, the Agent shall return the difference to such Bank out of amounts received pursuant to (i) above, and (iii) to the extent any Bank fails to pay the Agent amounts due from it
pursuant to (i) above, any Loan or portion thereof being refinanced with such amounts shall not be deemed repaid in accordance with Section 2.07 and shall be payable by the Borrower. 
  
 SECTION 2.06. Fees. (a) The Borrower agrees to pay to each Bank, through the Agent, on each March 31, June 30,
September 30 and December 31 and on the date on which the Commitment of such Bank shall be terminated as provided herein, a facility fee (a “Facility Fee”) at a rate per annum equal to the Applicable Percentage from time to time in effect,
on the amount of the Commitment of such Bank, whether used or unused, during the preceding quarter (or shorter period commencing with the date hereof) (or, if such Commitment has been terminated, the Standby Loans of such Bank). All Facility Fees
shall be computed on the basis of the actual number of days elapsed in a year of 360 days. The Facility Fee due to each Bank shall commence to accrue on the date hereof and shall cease to accrue on the termination of the Commitment of such Bank as
provided herein and the payment in full of all Standby Loans. 
  
 (b) The Borrower agrees to pay the Agent, for its own account, the fees (the “Administrative Fees”) at the times and in the amounts agreed upon in the Fee Letter. 
  
 (c) The Borrower agrees to pay, in immediately available funds, to the Agent for the account of each Bank a fee (the
“Utilization Fee”) based upon the average daily amount of the outstanding Loans of such Bank at a rate per annum equal to 0.10%, when and for as long as the aggregate outstanding principal amount of the sum of (a) the Standby Loans
hereunder plus (b) the aggregate principal amount of the Standby Loans (as defined therein) under the Other Agreement exceeds 25% of (i) until the Availability Termination Date, the Aggregate Commitments and (ii) from the Availability Termination
Date through the Maturity Date and the payment in full of all Standby Loans, the aggregate amount of the Commitments in effect immediately prior to the Availability Termination Date plus the aggregate amount of the Commitments (as defined therein)
of the Other Agreement. The Utilization Fee shall be payable quarterly in arrears on the last day of each March, June, September and December, commencing on the first of such dates to occur after the date hereof, and on the Maturity Date (or such
later date of payment in full of all Standby Loans). 
  

 16 

 (d) All Fees shall be paid on the date due, in immediately available funds, to the Agent for
distribution, if and as appropriate, among the Banks. 
  
 SECTION
2.07. Repayment of Loans; Evidence of Debt. (a) The Borrower hereby unconditionally promises to pay (i) to the Agent for the account of each Bank the then unpaid principal amount of each Standby Loan on the Maturity Date and (ii) to the Agent
for the account of each applicable Bank the then unpaid principal amount of each Competitive Loan on the last day of the Interest Period applicable to such Loan. 
  
 (b) Each Bank shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the
Borrower to such Bank resulting from each Loan made by such Bank, including the amounts of principal and interest payable and paid to such Bank from time to time hereunder. 
  
 (c) The Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, whether such Loan
is a Standby Loan or a Competitive Loan, and the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Bank hereunder and (iii)
the amount of any sum received by the Agent hereunder for the account of the Banks and each Bank’s share thereof. 
  
 (d) The entries made in the accounts maintained pursuant to paragraphs (b) and (c) of this Section shall be prima facie evidence of the existence and
amounts of the obligations recorded therein; provided that the failure of any Bank or the Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the
terms of this Agreement. 
  
 (e) Any Bank may request that Loans
made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Bank a promissory note payable to the order of such Bank (or, if requested by such Bank, to such Bank and its registered assigns)
and in a usual and customary form for such Type approved by the Agent in its reasonable discretion. 
  
 (f) The Borrower may elect to extend the Maturity Date to the first anniversary of the Availability Termination Date by giving notice thereof to the Agent
by 1:00 p.m., New York City time, two Business Days prior to the Availability Termination Date. The Agent shall promptly give notice to the Banks of any such extension. 
  
 SECTION 2.08. Interest on Loans. (a) Subject to the provisions of Section 2.09, the Loans comprising each Eurodollar
Borrowing shall bear interest (computed on the basis of the actual number of days elapsed over a year of 360 days) at a rate per annum equal to (i) in the case of each Eurodollar Standby Loan, the LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Percentage, and (ii) in the case of each Eurodollar Competitive Loan, the LIBO Rate for the Interest Period in effect for such Borrowing plus the Margin offered by the Bank making such Loan and accepted by the Borrower
pursuant to Section 2.03. 
  

 17 

 (b) Subject to the provisions of Section 2.09, the Loans comprising each ABR Borrowing shall bear
interest (computed on the basis of the actual number of days elapsed over a year of 365 or 366 days, as the case may be, when determined by reference to the Prime Rate and over a year of 360 days at all other times) at a rate per annum equal to the
Alternate Base Rate. 
  
 (c) Subject to the provisions of Section
2.09, each Fixed Rate Loan shall bear interest at a rate per annum (computed on the basis of the actual number of days elapsed over a year of 360 days) equal to the fixed rate of interest offered by the Bank making such Loan and accepted by the
Borrower pursuant to Section 2.03. 
  
 (d) Interest on each Loan
shall be payable on each Interest Payment Date applicable to such Loan. The LIBO Rate or the Alternate Base Rate for each Interest Period or day within an Interest Period shall be determined by the Agent, and such determination shall be conclusive
absent manifest error. 
  
 SECTION 2.09. Default Interest.
If the Borrower shall default in the payment of the principal of or interest on any Loan or any other amount becoming due hereunder, whether by scheduled maturity, notice of prepayment, acceleration or otherwise, the Borrower shall on demand from
time to time from the Agent pay interest, to the extent permitted by law, on such defaulted amount up to (but not including) the date of actual payment (after as well as before judgment) at a rate per annum (computed as provided in Section 2.08(b) )
equal to the Alternate Base Rate plus 1%. 
  
 SECTION 2.10.
Alternate Rate of Interest. In the event, and on each occasion, that on the day two Business Days prior to the commencement of any Interest Period for a Eurodollar Borrowing the Agent shall have determined that dollar deposits in the
principal amounts of the Eurodollar Loans comprising such Borrowing are not generally available in the London interbank market, or that the rates at which such dollar deposits are being offered will not adequately and fairly reflect the cost to any
Bank of making or maintaining its Eurodollar Loan during such Interest Period, or that reasonable means do not exist for ascertaining the LIBO Rate, the Agent shall, as soon as practicable thereafter, give written or telecopy notice of such
determination to the Borrower and the Banks. In the event of any such determination, until the Agent shall have advised the Borrower and the Banks that the circumstances giving rise to such notice no longer exist, (i) any request by the Borrower for
a Eurodollar Competitive Borrowing pursuant to Section 2.03 shall be of no force and effect and shall be denied by the Agent and (ii) any request by the Borrower for a Eurodollar Standby Borrowing pursuant to Section 2.04 shall be deemed to be a
request for an ABR Borrowing. Each determination by the Agent hereunder shall be conclusive absent manifest error. 
  
 SECTION 2.11. Termination and Reduction of Commitments. (a) The Commitments shall be automatically terminated on the Availability Termination Date.

  
 (b) Upon at least three Business Days’ prior irrevocable
written or telecopy notice to the Agent, the Borrower may at any time in whole permanently terminate, or from time to time in part permanently reduce, the Total Commitment; provided, however, that (i) each partial reduction of the
Total Commitment shall be in an integral multiple of $5,000,000 and in a minimum principal amount of $5,000,000 and (ii) no such termination or reduction shall be made 

  

 18 

 
which would reduce the Total Commitment to an amount less than the aggregate outstanding principal amount of the Loans. 
  
 (c) Each reduction in the Total Commitment hereunder shall be made ratably
among the Banks in accordance with their respective Commitments. The Borrower shall pay to the Agent for the account of the Banks, on the date of each termination or reduction, the Facility Fees on the amount of the Commitments so terminated or
reduced accrued to the date of such termination or reduction. 
  
 SECTION 2.12. Prepayment. (a) The Borrower shall have the right at any time and from time to time to prepay any Standby Borrowing, in whole or in part, upon giving written or telecopy notice (or telephone notice promptly confirmed by
written or telecopy notice) to the Agent: (i) before 10:00 a.m., New York City time, three Business Days prior to prepayment, in the case of Eurodollar Loans and (ii) before 10:00 a.m., New York City time, one Business Day prior to prepayment, in
the case of ABR Loans; provided, however, that each partial prepayment shall be in an amount which is an integral multiple of $1,000,000 and not less than $10,000,000. The Borrower shall not have the right to prepay any Competitive Borrowing.

  
 (b) On the date of any termination or reduction of the
Commitments pursuant to Section 2.11, the Borrower shall pay or prepay so much of the Standby Borrowings as shall be necessary in order that the aggregate principal amount of the Competitive Loans and Standby Loans outstanding will not exceed the
Total Commitment after giving effect to such termination or reduction. 
  
 (c) Each notice of prepayment shall specify the prepayment date and the principal amount of each Borrowing (or portion thereof) to be prepaid, shall be irrevocable and shall commit the Borrower to prepay such Borrowing (or portion thereof)
by the amount stated therein on the date stated therein. All prepayments under this Section 2.12 shall be subject to Section 2.15 but otherwise without premium or penalty. All prepayments under this Section 2.12 shall be accomplished by accrued
interest on the principal amount being prepaid to the date of payment. 
  
 SECTION 2.13. Reserve Requirements; Change in Circumstances. (a) Notwithstanding any other provision herein, if after the date of this Agreement any change in applicable law or regulation or in the interpretation or administration
thereof by any governmental authority charged with the interpretation or administration thereof (whether or not having the force of law) shall change the basis of taxation of payments to any Bank of the principal of or interest on any Eurodollar
Loan or Fixed Rate Loan made by such Bank or any Fees or other amounts payable hereunder (other than changes in respect of taxes imposed on the overall net income of such Bank by the jurisdiction in which such Bank has its principal office or by any
political subdivision or taxing authority therein), or shall impose, modify or deem applicable any reserve, special deposit or similar requirement against assets of, deposits with or for the account of or credit extended by such Bank, or shall
impose on such Bank or the London interbank market any other condition affecting this Agreement or any Eurodollar Loan or Fixed Rate Loan made by such Bank, and the result of any of the foregoing shall be to increase the cost to such Bank of making
or maintaining any Eurodollar Loan or Fixed Rate Loan or to reduce the amount of any sum received or receivable by such Bank hereunder (whether of principal, interest 

  

 19 

 
or otherwise) by an amount deemed by such Bank to be material, then the Borrower will pay to such Bank within 30 days of demand such additional costs
incurred or reduction suffered. Notwithstanding the foregoing, no Bank shall be entitled to request compensation under this paragraph with respect to any Competitive Loan if it shall have been aware of the change giving rise to such request at the
time of submission of the Competitive Bid pursuant to which such Competitive Loan shall have been made. 
  
 (b) If any Bank shall have determined that the applicability of any law, rule, regulation or guideline adopted pursuant to or arising out of the July 1988
report of the Basle Committee on Banking Regulations and Supervisory Practices entitled “International Convergence of Capital Measurement and Capital Standards”, or the adoption after the date hereof of any other law, rule, regulation or
guideline regarding capital adequacy, or any change in any of the foregoing or in the interpretation or administration of any of the foregoing by any governmental authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Bank (or any lending office of such Bank) or any Bank’s holding company with any request or directive regarding capital adequacy (whether or not having the focus of law) of any such authority,
central bank or comparable agency, has or would have the effect of reducing the rate of return on such Bank’s capital or on the capital of such Bank’s holding company, if any, as a consequence of this Agreement or the Loans made by such
Bank pursuant hereto to a level below that which such Bank or such Bank’s holding company could have achieved but for such applicability, adoption, change or compliance (taking into consideration such Bank’s policies and the policies of
such Bank’s holding company with respect to capital adequacy) by an amount deemed by such Bank to be material, then from time to time the Borrower shall pay to such Bank such additional amount or amounts as will compensate such Bank or such
Bank’s holding company for any such reduction suffered. It is acknowledged that the Facility Fee provided for in this Agreement has been determined on the understanding that the Banks will not be required to maintain capital against their
Commitments under currently applicable law, rules, regulations and regulatory guidelines. In the event the Banks shall be advised by bank regulatory authorities responsible for interpreting or administering such applicable laws, rules, regulations
and guidelines or shall otherwise determine, on the basis of applicable laws, rules, regulations, guidelines or other requests or statements (whether or not having the force of law) of such bank regulatory authorities, that such understanding is
incorrect, it is agreed that the Banks will be entitled to make claims under this paragraph based upon prevailing market requirements for commitments under comparable credit facilities against which capital is required to be maintained. 

 
 (c) Notwithstanding any other provision of this Section 2.13, no Bank
shall demand compensation for any increased cost or reduction referred to in paragraph (a) or (b) above if it shall not at the time be the general policy or practice of such Bank to demand such compensation in similar circumstances under comparable
provisions of other credit agreements, if any. 
  
 (d) A
certificate of a Bank setting forth such amount or amounts as shall be necessary to compensate such Bank as specified in paragraph (a) or (b) above, as the case may be, shall be delivered to the Borrower and shall be conclusive absent manifest
error. The Borrower shall pay each Bank the amount shown as due on any such certificate delivered by it 

  

 20 

 
within 30 days after the receipt of the same. If any Bank subsequently receives a refund of any such amount paid by the Borrower it shall remit such refund
to the Borrower. 
  
 (e) Failure on the part of any Bank to demand
compensation for any increased costs or reduction in amounts received or receivable or reduction in return on capital with respect to any period shall not constitute a waiver of such Bank’s right to demand compensation with respect to any other
period; provided that if any Bank fails to make such demand within 90 days after it obtains knowledge of the event giving rise to the demand such Bank shall, with respect to amounts payable pursuant to this Section 2.13 resulting from such
event, only be entitled to payment under this Section 2.13 for such costs incurred or reduction in amounts or return on capital from and after the date 90 days prior to the date that such Bank does make such demand. The protection of this Section
shall be available to each Bank regardless of any possible contention of the invalidity or inapplicability of the law, rule, regulation, guideline or other change or condition which shall have occurred or been imposed. 
  
 SECTION 2.14. Change in Legality. (a) Notwithstanding any other
provision herein, if any change in any law or regulation or in the interpretation thereof by any governmental authority charged with the administration or interpretation thereof shall make it unlawful for any Bank to make or maintain any Eurodollar
Loan or to give effect to its obligations as contemplated hereby with respect to any Eurodollar Loan, then, by written or telecopy notice to the Borrower and to the Agent, such Bank may: 
  
 (i) declare that Eurodollar Loans will not thereafter be made by such Bank hereunder, whereupon such Bank
shall not submit a Competitive Bid in response to a request for Eurodollar Competitive Loans and any request by the Borrower for a Eurodollar Standby Borrowing shall, as to such Bank only, be deemed a request for an ABR Loan unless such declaration
shall be subsequently withdrawn; and 
  
 (ii)
require that all outstanding Eurodollar Loans made by it be converted to ABR Loans, in which event all such Eurodollar Loans shall be automatically converted to ABR Loans as of the effective date of such notice as provided in paragraph (b) below.

  
 In the event any Bank shall exercise its rights under (i) or (ii) above, all
payments and prepayments of principal which would otherwise have been applied to repay the Eurodollar Loans that would have been made by such Bank or the converted Eurodollar Loans of such Bank shall instead be applied to repay the ABR Loans made by
such Bank in lieu of, or resulting from the conversion of, such Eurodollar Loans. 
  
 (b) For purposes of this Section 2.14, a notice to the Borrower by any Bank shall be effective as to each Eurodollar Loan, if lawful, on the last day of the Interest Period currently applicable to such Eurodollar
Loan; in all other cases such notice shall be effective on the date of receipt by the Borrower. 
  
 (c) Each Bank agrees that, upon the occurrence of any event giving rise to the operation of paragraph (a) of this Section 2.14 with respect to such Bank,
it shall have a duty to 

  

 21 

 
endeavor in good faith to mitigate the adverse effects that may arise as a consequence of such event to the extent that such mitigation will not, in the
reasonable judgment of such Bank, entail any cost or disadvantage to such Bank that such Bank is not reimbursed or compensated for by the Borrower. 
  
 SECTION 2.15. Indemnity. The Borrower shall indemnify each Bank against any loss or expense which such Bank may sustain or incur as a consequence
of (a) any failure by the Borrower to fulfill on the date of any borrowing hereunder the applicable conditions set forth in Article IV, (b) any failure by the Borrower to borrow or to refinance or continue any Loan hereunder after irrevocable notice
of such borrowing, refinancing or continuation has been given pursuant to Section 2.03 or 2.04, (c) any payment, prepayment or conversion of a Eurodollar Loan or Fixed Rate Loan required by any other provision of this Agreement or otherwise made or
deemed made on a date other than the last day of the Interest Period applicable thereto, (d) any default in payment or prepayment of the principal amount of any Loan or any part thereof or interest accrued thereon, as and when due and payable (at
the due date thereof, whether by scheduled maturity, acceleration, irrevocable notice of prepayment or otherwise) or (e) the occurrence of any Event of Default, including, in each such case, any loss or reasonable expense sustained or incurred or to
be sustained or incurred in liquidating or employing deposits from third parties acquired to effect or maintain such Loan or any part thereof as a Eurodollar Loan or Fixed Rate Loan. Such loss or reasonable expense shall include an amount equal to
the excess, if any, as reasonably determined by such Bank, of (i) its cost of obtaining the funds for the Loan being paid, prepaid, converted or not borrowed (assumed to be the LIBO Rate or, in the case of a Fixed Rate Loan, the fixed rate of
interest applicable thereto) for the period from the date of such payment, prepayment or failure to borrow to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, the Interest Period for such Loan which would
have commenced on the date of such failure) over (ii) the amount of interest (as reasonably determined by such Bank) that would be realized by such Bank in reemploying the funds so paid, prepaid or not borrowed for the remainder of such period or
Interest Period, as the case may be. A certificate of any Bank setting forth any amount or amounts which such Bank is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error.

  
 Each Bank shall have a duty to mitigate the damages to such
Bank that may arise as a consequence of clause (a), (b), (c), (d) or (e) above to the extent that such mitigation will not, in the reasonable judgment of such Bank, entail any cost or disadvantage to such Bank that such Bank is not reimbursed or
compensated for by the Borrower. 
  
 SECTION 2.16. Pro Rata
Treatment. Except as required under Section 2.14, each Standby Borrowing, each payment or prepayment of principal of any Standby Borrowing, each payment of interest on the Standby Loans, each payment of the Facility Fees, each reduction of the
Commitments and each refinancing of any Borrowing with a Standby Borrowing of any Type, shall be allocated pro rata among the Banks in accordance with their respective Commitments (or, if such Commitments shall have expired or been terminated, in
accordance with the respective principal amounts of their outstanding Standby Loans). Each payment of principal of any Competitive borrowing shall be allocated pro rata among the Banks participating in such Borrowing in accordance with the
respective principal amounts of their outstanding Competitive Loans comprising such Borrowing. Each payment of interest on any 

  

 22 

 
Competitive Borrowing shall be allocated pro rata among the Banks participating in such Borrowing in accordance with the respective amounts of accrued and
unpaid interest on their outstanding Competitive Loans comprising such Borrowing. For purposes of determining the available Commitments of the Banks at any time, each outstanding Competitive Borrowing shall be deemed to have utilized the Commitments
of the Banks (including those Banks which shall not have made Loans as part of such Competitive Borrowing) pro rata in accordance with such respective Commitments. Each Bank agrees that in computing such Bank’s portion of any Borrowing to be
made hereunder, the Agent may, in its discretion, round each Bank’s percentage of such Borrowing to the next higher or lower whole dollar amount. 
  
 SECTION 2.17. Sharing of Setoffs. Each Bank agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim
against the Borrower, or pursuant to, a secured claim under Section 506 of title 11 of the United States Code or other security or interest arising from, or in lieu of, such secured claim received by such Bank under any applicable bankruptcy,
insolvency or other similar law or otherwise, or by any other means, obtain payment (voluntary or involuntary) in respect of any Standby Loan or Loans as a result of which the unpaid principal portion of the Standby Loans shall be proportionately
less than the unpaid principal portion of the Standby Loans of any other Bank, it shall be deemed simultaneously to have purchased from such other Bank at face value, and shall promptly pay to such other Bank the purchase price for, a participation
in the Standby Loans of such other Bank, so that the aggregate unpaid principal amount of the Standby Loans and participations in the Standby Loans held by each Bank shall be in the same proportion to the aggregate unpaid principal amount of all
Standby Loans then outstanding as the principal amount of its Standby Loans prior to such exercise of banker’s lien, setoff or counterclaim or other event was to the principal amount of all Standby Loans outstanding prior to such exercise of
banker’s lien, setoff or counterclaim or other event; provided, however, that, if any such purchase or purchases or adjustment shall be made pursuant to this Section 2.17 and the payment giving rise thereto shall thereafter be
recovered, such purchase or purchases or adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustments restored without interest. The Borrower expressly consents to the foregoing arrangements and
agrees that any Bank holding a participation in a Standby Loan deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or counterclaim with respect to any and all moneys owing by the Borrower to such Bank by
reason thereof as fully as if such Bank had made a Standby Loan directly to the Borrower in the amount of such participation. 
  
 SECTION 2.18. Payments. (a) The Borrower shall initiate each payment (including principal of or interest on any Borrowing or any Fees or other
amounts) hereunder and under any other Loan Document not later than 12:00 (noon), New York City time, on the date when due in dollars to the Agent at its offices at 270 Park Avenue, New York, New York, in immediately available funds. 
  
 SECTION 2.19. Taxes. (a) Any and all payments by the Borrower
hereunder shall be made, in accordance with Section 2.18, free and clear of and without deduction for any and all current or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding (i)
income taxes imposed on the net income of the Agent or any Bank (or any transferee or assignee thereof, including a participation holder (any such entity a “Transferee”) ) and (ii) franchise taxes imposed on the net income of the Agent or

  

 23 

 
any Bank (or Transferee), in each case by the jurisdiction under the laws of which the Agent or such Bank (or Transferee) is organized or has its principal
place of business or any political subdivision thereof (all such nonexcluded taxes, levies, imposts, deductions, charges, withholdings and liabilities, collectively or individually, “Taxes”). If the Borrower shall be required to deduct any
Taxes from or in respect of any sum payable hereunder to any Bank (or any Transferee) or the Agent, (i) the sum payable shall be increased by the amount (an “additional amount”) necessary so that after making all required deductions
(including deductions applicable to additional sums payable under this Section 2.19) such Bank (or Transferee) or the Agent (as the case may be) shall receive an amount equal to the sum it would have received had no such deduction been made, (ii)
the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 
  
 (b) In addition, the Borrower agrees to pay to the relevant Governmental Authority in accordance with applicable law any
current or future stamp or documentary taxes or any other excise or property taxes, charges or similar levies that arise from any payment made hereunder or from the execution, delivery or registration of, or otherwise with respect to, this Agreement
or any other Loan Document (“Other Taxes”). 
  
 (c) The
Borrower will indemnify each Bank (or Transferee) and the Agent for the full amount of Taxes and Other Taxes paid by such Bank (or Transferee) or the Agent, as the case may be, and any liability (including penalties, interest and expenses (including
reasonable attorney’s fees and expenses) ) arising therefrom or with respect thereto, whether or not such Taxes or Other Taxes were correctly or legally asserted by the relevant Governmental Authority. A certificate as to the amount of such
payment or liability prepared by a Bank, or the Agent on its behalf, absent manifest error, shall be final, conclusive and binding for all purposes. Such indemnification shall be made within 30 days after the date the Bank (or Transferee) or the
Agent, as the case may be, makes written demand therefor. 
  
 (d)
If a Bank (or Transferee) or the Agent shall become aware that it is entitled to claim a refund from a Governmental Authority in respect of Taxes or Other Taxes as to which it has been indemnified by the Borrower, or with respect to which the
Borrower has paid additional amounts, pursuant to this Section 2.19, it shall promptly notify the borrower of the availability of such refund claim and shall, within 30 days after receipt of a request by the Borrower, make a claim to such
Governmental Authority for such refund at the Borrower’s expense. If a Bank (or Transferee) or the Agent receives a refund (including pursuant to a claim for refund made pursuant to the preceding sentence) in respect of any Taxes or Other Taxes
as to which it has been indemnified by the Borrower or with respect to which the Borrower has paid additional amounts pursuant to this Section 2.19, it shall within 30 days from the date of such receipt pay over such refund to the Borrower (but only
to the extent of indemnity payments made, or additional amounts paid, by the Borrower under this Section 2.19 with respect to the Taxes or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of such Bank (or Transferee) or the
Agent and without interest (other than interest paid by the relevant Governmental Authority with respect to such refund); provided, however, that the Borrower, upon the request of such Bank (or Transferee) or the 

  

 24 

 
Agent, agrees to repay the amount paid over to the Borrower (plus penalties, interest or other charges) to such Bank (or Transferee) or the Agent in the
event such Bank (or Transferee) or the Agent is required to repay such refund to such Governmental Authority. 
  
 (e) As soon as practicable after the date of any payment of Taxes or Other Taxes by the Borrower to the relevant Governmental Authority, the Borrower will
deliver to the Agent, at its address referred to in Section 9.01, the original or a certified copy of a receipt issued by such Governmental Authority evidencing payment thereof. 
  
 (f) Without prejudice to the survival of any other agreement contained herein, the agreements and obligations contained in
this Section 2.19 shall survive the payment in full of the principal of and interest on all Loans made hereunder. 
  
 (g) Each Bank (or Transferee) that is organized under the laws of a jurisdiction other than the United States, any State thereof or the District of
Columbia (a “Non-U.S. Bank”) shall deliver to the Borrower and the Agent two copies of either United States Internal Revenue Service Form W-8BEN or Form W-8ECI, or, in the case of a Non-U.S. Bank claiming exemption from U.S. Federal
withholding tax under Section 871(h) or 881(c) of the Code with respect to payments of “portfolio interest”, a Form W-8BEN, or any subsequent versions thereof or successors thereto (and, if such Non-U.S. Bank delivers a Form W-8BEN, a
certificate representing that such Non-U.S. Bank is not a bank for purposes of Section 881(c) of the Code, is not a 10-percent shareholder (within the meaning of Section 871(h) (3) (B) of the Code) of the Borrower and is not a controlled foreign
corporation related to the Borrower (within the meaning of Section 864(d) (4) of the Code) ), properly completed and duly executed by such Non-U.S. Bank claiming complete exemption from, or reduced rate of, U.S. Federal withholding tax on payments
by the Borrower under this Agreement and the other Loan Documents. Such forms shall be delivered by each Non-U.S. Bank on or before the date it becomes a party to this Agreement (or, in the case of a Transferee that is a participation holder, on or
before the date such participation holder becomes a Transferee hereunder) and on or before the date, if any, such Non-U.S. Bank changes its applicable lending office by designating a different lending office (a “New Lending Office”). In
addition, each Non-U.S. Bank shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Non-U.S. Bank. Notwithstanding any other provision of this Section 2.19(g), a Non-U.S. Bank shall not be
required to deliver any form pursuant to this Section 2.19(g) that such Non-U.S. Bank is not legally able to deliver. 
  
 (h) The Borrower shall not be required to indemnify any Non-U.S. Bank, or to pay any additional amounts to any Non-U.S. Bank, in respect of United States
Federal withholding tax pursuant to paragraph (a) or (c) above to the extent that (i) the obligation to withhold amounts with respect to United States Federal withholding tax existed on the date such Non-U.S. Bank became a party to this Agreement
(or, in the case of a Transferee that is a participation holder, on the date such participation holder became a Transferee hereunder) or, with respect to payments to a New Lending Office, the date such Non-U.S. Bank designated such New Lending
Office with respect to a Loan; provided, however, that this clause (i) of this subsection 2.19(h) shall not apply to any Transferee or New Lending Office that becomes a Transferee or New Lending Office as a result of an assignment,
participation, transfer or designation made at the request of the Borrower; and provided further, however, that this clause (i) of this subsection 2.19(h) shall not apply to the extent the indemnity payment or additional 

  

 25 

 
amounts any Transferee, or Bank (or Transferee) through a New Lending Office, would be entitled to receive (without regard to this clause (i) of this
subsection 2.19(h) ) do not exceed the indemnity payment or additional amounts that the person making the assignment, participation or transfer to such Transferee, or Bank (or Transferee) making the designation of such New Lending Office, would have
been entitled to receive in the absence of such assignment, participation, transfer or designation or (ii) the obligation to pay such additional amounts would not have arisen but for a failure by such Non-U.S. Bank to comply with the provisions of
paragraph (g) above. 
  
 (i) Any Bank (or Transferee) claiming any
additional amounts payable under this Section 2.19 shall (A) to the extent legally able to do so, upon written request from the Borrower, file any certificate or document if such filing would avoid the need for or reduce the amount of any such
additional amounts which may thereafter accrue, and the Borrower shall not be obligated to pay such additional amounts if, after the Borrower’s request, any Bank (or Transferee) could have filed such certificate or document and failed to do so;
or (B) consistent with legal and regulatory restrictions, use reasonable efforts to change the jurisdiction of its applicable lending office if the making of such change would avoid the need for or reduce the amount of any additional amounts which
may thereafter accrue and would not, in the sole determination of such Bank (or Transferee), be otherwise disadvantageous to such Bank (or Transferee). 
  
 (j) Nothing contained in this Section 2.19 shall require any Bank (or Transferee) or the Agent to make available any of its tax returns (or any other
information that it deems to be confidential or proprietary). 
  
 SECTION 2.20. Mandatory Assignment; Commitment Termination. In the event any Bank delivers to the Agent or the Borrower, as appropriate, a certificate in accordance with Section 2.13(c) or a notice in accordance with Section 2.10 or
2.14, or the Borrower is required to pay any additional amounts or other payments in accordance with Section 2.19, the Borrower may, at its own expense, and in its sole discretion (a) require such Bank to transfer and assign in whole or in part,
without recourse (in accordance with Section 9.04), all or part of its interests, rights and obligations under this Agreement (other than outstanding Competitive Loans) to an assignee which shall assume such assigned obligations (which assignee may
be another Bank, if a Bank accepts such assignment); provided that (i) such assignment shall not conflict with any law, rule or regulation or order of any court or other Governmental Authority and (ii) the Borrower or such assignee shall have
paid to the assigning Bank in immediately available funds the principal of and interest accrued to the date of such payment on the Loans made by it hereunder and all other amounts owed to it hereunder or (b) terminate the Commitment of such Bank and
prepay all outstanding Loans (other than Competitive Loans) of such Bank; provided that (x) such termination of the Commitment of such Bank and prepayment of Loans does not conflict with any law, rule or regulation or order of any court or
Governmental Authority and (y) the Borrower shall have paid to such Bank in immediately available funds the principal of and interest accrued to the date of such payment on the Loans (other than Competitive Loans) made by it hereunder and all other
amounts owed to it hereunder. 
  

 26 

 ARTICLE III 
  
 REPRESENTATIONS AND WARRANTIES 
  
 The Borrower represents and warrants to each of the Banks that: 
  
 SECTION 3.01. Organization; Powers. The Borrower and each Subsidiary of the Borrower (a) is a corporation or other entity duly organized, validly
existing and in good standing under the laws of the jurisdiction of its organization, (b) has all requisite corporate or other entity power and authority to own its property and assets and to carry on its business as now conducted, (c) is qualified
to do business in every jurisdiction where such qualification is required, except where the failure so to qualify would not be reasonably likely to have a Material Adverse Effect, and (d) in the case of the Borrower, has the corporate power and
authority to execute, deliver and perform its obligations under each of the Loan Documents to which it is a party and each other agreement or instrument contemplated thereby to which it is or will be a party and to borrow hereunder. 
  
 SECTION 3.02. Authorization. The execution, delivery and performance
by the Borrower of this Agreement and the execution, delivery and performance of each of the other Loan Documents and the borrowings hereunder (collectively, the “Transactions”) (a) have been duly authorized by all requisite corporate and,
if required, stockholder action and (b) will not (i) violate (A) any provision of law, statute, rule or regulation, or of the certificate or articles of incorporation or other constitutive documents or by-laws (or code of regulations) of the
Borrower or any Subsidiary, (B) any order of any Governmental Authority or (C) any provision of any indenture, agreement or other instrument to which the Borrower or any Subsidiary is a party or by which any of them or any of their property is or
may be bound, (ii) be in conflict with, result in a breach of or constitute (alone or with notice or lapse of time or both) a default under any such indenture, agreement or other instrument and (iii) result in the creation or imposition of any Lien
upon or with respect to any property or assets now owned or hereafter acquired by the Borrower or any Subsidiary, except for any such violation, conflict, creation or imposition which does not impair the Borrower’s ability to enter into and
perform the Transactions or would not be reasonably likely to have a Material Adverse Effect or materially impair the position of the Banks with respect to any other creditors of the Borrower. 
  
 SECTION 3.03. Enforceability. This Agreement has been duly executed
and delivered by the Borrower and constitutes, and each other Loan document when executed and delivered by the Borrower will constitute, a legal, valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its
terms, except as enforceability may be limited by bankruptcy, insolvency or other similar laws of general application affecting the enforcement of creditors’ rights or by general principles of equity. 
  
 SECTION 3.04. Governmental Approvals. No action, consent or approval
of, registration or filing with or any other action by any Governmental Authority is or will be required by the Borrower in connection with the Transactions, except such as have been made or obtained and are in full force and effect. 
  

 27 

 SECTION 3.05. Financial Statements. The Borrower has heretofore furnished to the Banks the
consolidated balance sheet and consolidated statements of income, retained earnings and cash flows of the Borrower and its consolidated subsidiaries (a) as of and for the fiscal year ended December 31, 2002, audited by and accompanied by the opinion
of Deloitte & Touche LLP, independent public accountants, and (b) as of and for the fiscal quarter and the portion of the fiscal year ended March 31, 2003, certified by the chief financial officer of the Borrower. Such financial statements
(subject, in the case of such interim statements, to normal year-end audit adjustments) present fairly in all material respects the financial condition and results of operations of the Borrower and its consolidated subsidiaries as of such dates and
for such periods. Such balance sheets and the notes thereto disclose, in accordance with GAAP, all material liabilities, direct or contingent, of the Borrower and its consolidated subsidiaries as of the dates thereof. Such financial statements were
prepared in accordance with GAAP applied on a consistent basis, except that such interim financial statements do not contain footnotes. 
  
 SECTION 3.06. No Material Adverse Change. There has been no change in the business, assets, operations or condition, financial or otherwise, of the
Borrower and its Subsidiaries since December 31, 2002 that would constitute a Material Adverse Effect which is not reflected in the financial statements referred to in Section 3.05(b). 
  
 SECTION 3.07. Title to Properties; Possession Under Leases. (a) Each of the Borrower and its Subsidiaries has good
and marketable title to, or valid leasehold interests in, all its properties and assets, except for defects in title that would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. All material properties and assets are
free and clear of Liens, other than Liens expressly permitted by Section 6.02. 
  
 (b) Each of the Borrower and its Subsidiaries has complied with all obligations under all leases to which it is a party, all such leases are in full force and effect and each of the Borrower and its Subsidiaries
enjoys peaceful and undisturbed possession under all such leases, except for any noncompliance, ineffectiveness or other conditions that would not, in the aggregate, be reasonably likely to have a Material Adverse Effect. 
  
 SECTION 3.08. Stock of Borrower. More than 51% of the outstanding
Common Voting Shares, par value $.01, of the Borrower are owned legally, beneficially and of record by the Trust or the beneficiaries thereof. 
  
 SECTION 3.09. Litigation; Compliance with Laws. (a) Except as set forth in Schedule 3.09 or otherwise disclosed to the Banks in writing, there are
not any actions, suits or proceedings at law or in equity or by or before any Governmental Authority now pending or, to the knowledge of the Borrower, threatened against or affecting the Borrower or any Subsidiary or any business, property or rights
of any such person (i) which involve any Loan Document or the Transactions or (ii) as to which there is a reasonable possibility of an adverse determination and which, if adversely determined, would, individually or in the aggregate, be reasonably
likely to have a Material Adverse Effect. 
  
 (b) None of the
Borrower nor any of its Subsidiaries is in violation of any law, rule or regulation, or in default with respect to any judgment, writ, injunction or decree of any 

  

 28 

 
Governmental Authority, where such violation or default would be reasonably likely to have a Material Adverse Effect. 
  
 SECTION 3.10. Agreements. (a) None of the Borrower nor any of its
Subsidiaries is a party to any agreement or instrument or subject to any corporate restriction that has resulted or would be reasonably likely to result in a Material Adverse Effect. 
  
 (b) None of the Borrower nor any of its Subsidiaries is in default in any manner under any provision of any indenture or
other agreement or instrument evidencing Indebtedness, or any other material agreement or instrument to which it is a party or by which it or any of its properties or assets are or may be bound, where such default would be reasonably likely to have
a Material Adverse Effect. 
  
 SECTION 3.11. Federal Reserve
Regulations. (a) None of the Borrower nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying Margin Stock. 
  
 (b) No part of the proceeds of any Loan will be used, whether directly or
indirectly, and whether immediately, incidentally or ultimately, (i) to purchase or carry Margin Stock or to extend credit to others for the purpose of purchasing or carrying Margin Stock or to refund indebtedness originally incurred for such
purpose, or (ii) for any purpose which entails a violation of, or which is inconsistent with, the provisions of the Regulations of the Board, including Regulation U or X. 
  
 SECTION 3.12. Investment Company Act; Public Utility Holding Company Act. None of the Borrower nor any Subsidiary is
(a) an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940 or (b) a “holding company” as defined in, or subject to regulation under, the Public Utility Holding Company Act of
1935. 
  
 SECTION 3.13. Use of Proceeds. The Borrower will
use the proceeds of the Loans only for the purposes specified in the preamble to this Agreement. 
  
 SECTION 3.14. Tax Returns. Each of the Borrower and its Subsidiaries has filed or caused to be filed all Federal, state and local tax returns
required to have been filed by it and has paid or caused to be paid all taxes shown to be due and payable on such returns or on any assessments received by it, except taxes that are being contested in good faith by appropriate proceedings and for
which the Borrower shall have set aside on its books adequate reserves. 
  
 SECTION 3.15. No Material Misstatements. No material information, report, financial statement, exhibit or schedule furnished by the Borrower in writing to the Agent or any Bank in connection with the negotiation of any Loan Document
or included therein or delivered pursuant thereto contained, contains or will contain any material misstatement of fact or omitted, omits or will omit to state any material fact necessary to make the statements therein, in the light of the
circumstances under which they were, are or will be made, not misleading. 
  
 SECTION 3.16. Employee Benefit Plans. The Borrower and each of its ERISA Affiliates is in compliance with the applicable provisions of ERISA and the Code and the regulations and published interpretations
thereunder, except for violations which, in the 

  

 29 

 
aggregate, would not be reasonably likely to have a Material Adverse Effect. No Reportable Event has occurred in respect of any plan of the Borrower or any
ERISA Affiliate that would be reasonably likely to have a Material Adverse Effect. The present value of all benefit liabilities under each Plan (based on those assumptions used to fund such Plan) did not, as of the last annual valuation date
applicable thereto, exceed by more than $20,000,000 the value of the assets of such Plan, and the present value of all benefit liabilities of all underfunded Plans (based on those assumptions used to fund each such Plan) did not, as of the last
annual valuation dates applicable thereto, exceed $40,000,000. Neither the Borrower nor any ERISA Affiliate has incurred any Withdrawal Liability that materially adversely affects the financial condition of the Borrower and its ERISA Affiliates
taken as a whole. Neither the Borrower nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization or has been terminated, within the meaning of Title IV of ERISA, and no Multiemployer Plan is reasonably
expected to be in reorganization or to be terminated, where such reorganization or termination has resulted or would reasonably be expected to result in the contributions required to be made to such Plan that would materially and adversely affect
the financial condition of the Borrower and its ERISA Affiliates taken as a whole. 
  
 SECTION 3.17. Environmental and Safety Matters. Except as set forth in Schedule 3.17 or otherwise previously disclosed to the Banks in writing, each of the Borrower and each of its Subsidiaries has complied
with all Federal, state, local and other statutes, ordinances, orders, judgments, rulings and regulations relating to environmental pollution or to environmental regulation or control or to employee health or safety, except for violations which, in
the aggregate, would not be reasonably likely to have a Material Adverse Effect. Except as set forth in Schedule 3.17 or otherwise previously disclosed to the Banks in writing, none of the Borrower or any of its Subsidiaries has received notice of
any failure so to comply. Except as set forth in Schedule 3.17 or otherwise previously disclosed to the Banks in writing, the Borrower’s and its Subsidiaries’ plants do not manage any hazardous wastes, hazardous substances, hazardous
materials, toxic substances, toxic pollutants, or substances similarly denominated, as those terms or similar terms are used in the Resource Conservation and Recovery Act, the Comprehensive Environmental Response Compensation and Liability Act, the
Hazardous Materials Transportation Act, the Toxic Substance Control Act, the Clean Air Act, the Clean Water Act or any other applicable law relating to environmental pollution or employee health and safety, in violation in any material respect of
any law or any regulations promulgated pursuant thereto, except for violations which, in the aggregate, would not be reasonably likely to have a Material Adverse Effect. Except as set forth in Schedule 3.17 or otherwise previously disclosed to the
Banks in writing, none of the Borrower nor any of its Subsidiaries is aware of any events, conditions or circumstances involving environmental pollution or contamination or employee health or safety that is reasonably expected to result in liability
which would have a Material Adverse Effect. 
  
 ARTICLE IV

  
 CONDITIONS OF LENDING 
  
 The obligations of the Banks to make Loans hereunder are subject to the
satisfaction of the following conditions: 
  

 30 

 SECTION 4.01. All Borrowings. On the date of each Borrowing, including each Borrowing in which
Loans are refinanced with new Loans as contemplated by Section 2.05, and on the date of the election of the term out option pursuant to Section 2.07(f): 
  
 (a) The Agent shall have received a notice of such Borrowing or election as required by Section 2.03, Section 2.04 or Section 2.07, as
applicable. 
  
 (b) The representations and
warranties set forth in Article III hereof (except, subject to Section 4.02(e), the representations set forth in Section 3.06) shall be true and correct in all material respects on and as of the date of such Borrowing or election with the same
effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date. 
  
 (c) At the time of and immediately after such Borrowing or election no Event of Default or Default shall have occurred and be continuing.

  
 Each Borrowing or such election shall be deemed to constitute a representation
and warranty by the Borrower on the date of such Borrowing or election as to the matters specified in paragraphs (b) and (c) of this Section 4.01. 
  
 SECTION 4.02. First Borrowing. On the Closing Date: 
  
 (a) The Agent shall have received a favorable written opinion of Baker & Hostetler LLP, counsel for the Borrower, dated the Closing Date and addressed
to the Banks, to the effect set forth in Exhibit D hereto, and the Borrower hereby instructs such counsel to deliver such opinion to the Agent. 
  
 (b) All legal matters incident to this Agreement and the borrowings hereunder shall be satisfactory to the Banks and their counsel and to Simpson Thacher
& Bartlett LLP, counsel for the Agent. 
  
 (c) The Agent shall
have received (i) a copy of the articles of incorporation, including all amendments thereto, of the Borrower, certified as of a recent date by the Secretary of State of the state of its organization, and a certificate as to the good standing of the
Borrower as of a recent date, from such Secretary of State; (ii) a certificate of the Secretary or Assistant Secretary of the Borrower dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the code of
regulations of the Borrower as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the
Board of Directors of the Borrower authorizing the execution, delivery and performance of the Loan Documents and the borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C)
that the articles of incorporation of the Borrower have not been amended since the date of the last amendment thereto shown on the certificate of good standing furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen
signature of each officer executing any Loan document or any other document delivered in connection herewith on behalf of the Borrower; (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant
Secretary executing the certificate pursuant to (ii) above; and (iv) such other documents as the 

  

 31 

 
Banks or their counsel or Simpson Thacher & Bartlett LLP, counsel for the Agent, may reasonably request. 
  
 (d) The Agent shall have received a certificate from the Borrower, dated the
Closing Date and signed by a Financial Officer thereof, confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01. 
  

(e) The representations and warranties set forth in Section 3.06 shall be true and correct in all material respects. 
  
 (f) Concurrently with the transactions contemplated hereby on the Closing
Date, the Borrower, the applicable Banks and the Agent shall have executed a side letter whereby all competitive loans under the Existing Credit Agreement shall be deemed to be Competitive Loans hereunder. The Borrower shall have repaid in full all
other amounts due under the Existing Credit Agreement and under each other agreement related thereto, and the Agent shall have received duly executed documentation either evidencing or necessary for (i) the termination of the Existing Credit
Agreement and each other agreement related thereto and (ii) the cancelation of all commitments thereunder. 
  
 (g) The Agent shall have received all Fees and other amounts due and payable on or prior to the Closing Date. 
  
 ARTICLE V 
  
 AFFIRMATIVE COVENANTS 
  
 The Borrower covenants and agrees with each Bank that, so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any
Fees or any other expenses or amounts payable under any Loan Document shall be unpaid, unless the Required Banks shall otherwise consent in writing, it will, and will cause each of its Subsidiaries to: 
  
 SECTION 5.01. Existence; Businesses and Properties. (a) Do or cause
to be done all things necessary to preserve, renew and keep in full force and effect its legal existence, except as otherwise expressly permitted under Section 6.04 and except with respect to the Subsidiaries of the Borrower where such failure would
not reasonably be likely to have a Material Adverse Effect. 
  
 (b) Except to the extent that the failure to do or cause the same to be done would not be reasonably likely to have a Material Adverse Effect, do or cause to be done all things necessary to obtain, preserve, renew, extend and keep in full
force and effect the rights, licenses, permits, franchises, authorizations, patents, copyrights, trademarks and trade names material to the conduct of its business; maintain and operate such business in substantially the manner in which it is
presently conducted and operated (subject to changes in the ordinary course of business); comply in all material respects with all applicable laws, rules, regulations and orders of any Governmental Authority, whether now in effect or hereafter
enacted; and at all times maintain and preserve all property material to the conduct of such business and keep such 

  

 32 

 
property in good repair, working order and condition and from time to time make, or cause to be made all needful and proper repairs, renewals, additions,
improvements and replacements thereto necessary in order that the business carried on in connection therewith may be properly conducted at all times. 
  
 SECTION 5.02. Insurance. (a) Keep its insurable properties adequately insured at all times by financially sound and reputable insurers; (b)
maintain such other insurance, to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses, including public liability insurance against
claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled by it, and (c) maintain such other insurance as may be required by law; provided,
however, that, in lieu of or supplementing any such insurance described in(a) or (b) above, it may adopt such other plan or method of protection conforming to its self-insurance practices existing on the date hereof. 
  
 SECTION 5.03. Obligations and Taxes. Except to the extent the failure
to do so would not, in the aggregate, be reasonably likely to have a Material Adverse Effect, pay its Indebtedness and other obligations promptly and in accordance with their terms and pay and discharge promptly when due all taxes, assessments and
governmental charges or levies imposed upon it or upon it or upon its income or profits or in respect of its property, before the same shall become delinquent or in default, as well as all lawful claims for labor, materials and supplies or otherwise
which, if unpaid, might give rise to a Lien upon such properties or any part thereof; provided, however, that such payment and discharge shall not be required with respect to any such tax, assessment, charge, levy or claim so long as
the validity or amount thereof shall be contested in good faith by appropriate proceedings and the Borrower shall have set aside on its books adequate reserves with respect thereto. 
  
 SECTION 5.04. Financial Statements, Reports, etc. Furnish to the Agent and each Bank: 
  
 (a) within 120 days after the end of each fiscal year of the
Borrower, consolidated balance sheets of the Borrower and its consolidated subsidiaries, the related consolidated statements of operations and the related consolidated statements of stockholders’ equity and cash flows, showing the financial
condition of the Borrower and its consolidated subsidiaries as of the close of such fiscal year and the results of its operations during such year, all such consolidated financial statements audited by and accompanied by the report thereon of
Deloitte & Touche LLP or other independent public accountants of recognized national standing reasonably acceptable to the Required Banks and accompanied by an opinion of such accountants (which shall not be qualified in any material respect) to
the effect that such consolidated financial condition and results of operations of the Borrower on a consolidated basis; 
  
 (b) within 60 days after the end of each of the first three fiscal quarters of each fiscal year of the Borrower, consolidated balance
sheets and related consolidated statements of income, retained earnings and cash flows, showing the financial condition of the Borrower and its consolidated subsidiaries as of the close of such fiscal quarter and the results of its operations during
such fiscal quarter and the then elapsed portion of the 

  

 33 

 
fiscal year, all certified by a Financial Officer of the Borrower as fairly presenting in all material respects the financial condition and results of
operations of the Borrower on a consolidated basis in accordance with GAAP consistently applied, subject to normal year-end audit adjustments and except for the absence of footnotes in the case of quarterly statements; 
  
 (c) concurrently with any delivery of financial statements
under (a) or (b) above, a certificate of a Financial Officer of the Borrower opining on or certifying such statements (i) certifying that no Event of Default or Default has occurred or, if such an Event of Default or Default has occurred, specifying
the nature and extent thereof and any corrective action taken or proposed to be taken with respect thereto and (ii) setting forth computations in reasonable detail satisfactory to the Agent demonstrating compliance with the covenants contained in
Sections 6.01(a) and (b) (v), 6.03 and 6.05; 
  
 (d) promptly after the same become publicly available, copies of all material periodic and other reports, proxy statements and other materials filed by the Borrower or any Subsidiary with the Securities and Exchange Commission, or any
governmental authority succeeding to any of or all the functions of said Commission, or with any national securities exchange, or distributed to its public shareholders, as the case may be; 
  
 (e) promptly after the same become publicly available,
copies of all material reports pertaining to any change in ownership filed by the Borrower or any Subsidiary with any Governmental Authority; and 
  
 (f) promptly, from time to time, such other information regarding the operations, business affairs and financial condition of the Borrower
or any Subsidiary, or compliance with the terms of any Loan Document, as the Agent or any Bank may reasonably request. 
  
 SECTION 5.05. Litigation and Other Notices. Furnish to the Agent and each Bank prompt written notice of the following: 
  
 (a) any Event of Default or Default, specifying the nature
and extent thereof and the corrective action (if any) proposed to be taken with respect thereto; 
  
 (b) the filing or commencement of, or any threat or notice of intention of any person to file or commence, any action, suit or proceeding,
whether at law or in equity or by or before any Governmental Authority, against the Borrower or any Affiliate thereof which could be reasonably anticipated to be adversely determined and, if adversely determined, could result in a Material Adverse
Effect; and 
  
 (c) any development that has
resulted in, or could reasonably be anticipated by the Borrower to result in, a Material Adverse Effect. 
  
 SECTION 5.06. ERISA. (a) Comply with the applicable provisions of ERISA and the Code except to the extent of such noncompliance which, in the
aggregate, would not be reasonably likely to have a Material Adverse Effect and (b) furnish to the Agent (i) as soon as possible after, and in any event with 30 days after any Responsible Officer of the Borrower or 

  

 34 

 
any ERISA Affiliate knows or has reason to know that any Reportable Event has occurred that alone or together with any other Reportable Event could
reasonably be expected to result in liability of the Borrower to the PBGC in an aggregate amount exceeding $10,000,000, a statement of a Financial Officer setting forth details as to such Reportable Event and the action proposed to be taken with
respect thereto, together with a copy of the notice, if any, of such Reportable Event given to the PBGC, (ii) promptly after receipt thereof, a copy of any notice that the Borrower or any ERISA Affiliate may receive from the PBGC relating to the
intention of the PBGC to terminate any Plan or Plans (other than a Plan maintained by an ERISA Affiliate that is considered an ERISA Affiliate only pursuant to subsection (m) or (o) of Code Section 414 or to appoint a trustee to administer any such
Plan, (iii) within 10 days after the due date for filing with the PBGC pursuant to Section 412(n) of the Code of a notice of failure to make a required installment or other payment with respect to a Plan, a statement of a Financial Officer setting
forth details as to such failure and the action proposed to be taken with respect thereto, together with a copy of such notice given to the PBGC and (iv) promptly and in any event within 30 days after receipt thereof by the Borrower or any ERISA
Affiliate from the sponsor of a Multiemployer Plan, a copy of each notice received by the Borrower, or any ERISA Affiliate concerning (A) the imposition of Withdrawal Liability or (B) a determination that a Multiemployer Plan is, or is expected to
be, terminated or in reorganization, in each case within the meaning of Title IV of ERISA. 
  
 SECTION 5.07. Maintaining Records; Access to Properties and Inspections. Maintain all financial records in accordance with GAAP and permit any representatives designated by any Bank to visit and inspect the
financial records and the properties of the Borrower or any Subsidiary upon reasonable prior notice at reasonable times and as often as reasonably requested (provided that such Bank shall make reasonable efforts not to interfere unreasonably
with the business of the Borrower or any Subsidiary) and to make extracts from and copies of such financial records, and permit any representatives designated by any Bank to discuss the affairs, finances and condition of the Borrower or any
Subsidiary with the officers thereof and independent accountants therefor; provided that each person obtaining such information shall hold all such information in strict confidence in accordance with the restrictions set forth in Section
9.16. 
  
 SECTION 5.08. Use of Proceeds. Use the proceeds
of the Loans only for the purposes set forth in the preamble to this Agreement. 
  
 SECTION 5.09. Filings. Make all material filings required to be made by it with any Governmental Authority. 
  
 ARTICLE VI 
  
 NEGATIVE COVENANTS 
  
 The Borrower covenants and agrees with each Bank and the Agent that, so long as this Agreement shall remain in effect or the principal of or interest on any Loan, any Fees or any other expenses or amounts payable under any Loan Document
shall be unpaid, unless the Required Banks shall otherwise consent in writing, it will not, and will not cause or permit any of its Subsidiaries to: 
  

 35 

 SECTION 6.01. Indebtedness. (a) Permit the ratio of Consolidated Indebtedness of the Borrower to
Consolidated Cash Flow of the Borrower at the end of and for the most recently ended four consecutive calendar quarters at any time to be greater than 5.0 to 1.0. 
  
 (b) Permit any Subsidiary of the Borrower to incur, create, assume or permit to exist any Indebtedness, except: 

 
 (i) Indebtedness existing on the date hereof as set forth
in Schedule 6.01 hereto, and additional Indebtedness incurred pursuant to commitments by persons to lend to any Subsidiary but only to the extent such commitments are available and unused as of the date hereof as set forth in Schedule 6.01 hereto;

  
 (ii) Indebtedness of a Subsidiary or business
existing at the time such Subsidiary or business was acquired by the Borrower or a Subsidiary; provided that such Indebtedness was not incurred in contemplation of such acquisition; 
  
 (iii) Indebtedness to the Borrower or to another Subsidiary of the Borrower; and 
  
 (iv) other Indebtedness exclusive of the Indebtedness
permitted by clauses (i) through (iii) above in an aggregate amount at any time outstanding which, when added to the aggregate Indebtedness secured by Liens permitted by Section 6.02(k) and to the aggregate amount incurred by the Borrower and any of
the Subsidiaries pursuant to Section 6.03(ii) herein, shall not exceed 15% of the Consolidated Stockholders’ Equity of the Borrower at such time. 
  
 SECTION 6.02. Liens. Create, incur, assume or permit to exist any Lien on any property or assets (including stock or other securities of any
person, including any Subsidiary) now owned or hereafter acquired by it or on any income or revenues or rights in respect of any thereof, except: 
  
 (a) Liens incurred or pledges and deposits made in the ordinary course of business in connection with workers’ compensation,
unemployment insurance and old-age pensions and other social security benefits; 
  
 (b) Liens securing the performance of bids, tenders, leases, contracts (other than for the repayment of borrowed money), statutory
obligations, surety and appeal bonds and other obligations of like nature, incurred as an incident to and in the ordinary course of business; 
  
 (c) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’, materialmen’s, suppliers’,
repairmen’s and vendors’ liens, incurred in good faith in the ordinary course of business with respect to obligations not delinquent or which are being contested in good faith by appropriate proceedings and as to which the Borrower or a
Subsidiary shall have set aside on its books adequate reserves; 
  

 36 

 (d) Liens securing the payment of taxes, assessments and governmental charges or levies,
either (i) not delinquent or (ii) being contested in good faith by appropriate legal or administrative proceedings and as to which the Borrower or a Subsidiary, as the case may be, shall have set aside on its books adequate reserves; 
  
 (e) zoning restrictions, easements, licenses, reservations,
restrictions on the use of real property or minor irregularities incident thereto (and with respect to leasehold interests: mortgages, obligations, liens and other encumbrances that are incurred, created, assumed or permitted to exist and arise by,
through or under or are asserted by a landlord or owner of the leased property, with or without consent of the lessee) which were not incurred in connection with the borrowing of money or the obtaining of advances or credit and which do not in the
aggregate materially detract from the value of the property or assets of the Borrower or a Subsidiary, as the case may be, or impair the use of such property for the purposes for which such property is held by the Borrower or such Subsidiary;

  
 (f) Liens to secure the purchase price of
real or personal property acquired, constructed or improved after the date hereof; provided that any such Lien is existing or created at the time of, or substantially simultaneously with, the acquisition, construction or improvement by the
Borrower or a Subsidiary of the property so acquired and at all times covers only such property; 
  
 (g) Liens on property of a Subsidiary in favor of the Borrower or another Subsidiary; 
  
 (h) Liens created by or resulting from any litigation or
proceeding which is currently being contested in good faith by appropriate proceedings and as to which (i) levy and execution have been stayed and continue to be stayed and (ii) the Borrower or a Subsidiary shall have set aside on its books adequate
reserves; 
  
 (i) Liens on property of a
Subsidiary existing at the time it becomes a Subsidiary; provided that such Liens were not created in contemplation of the acquisition by the Borrower or another Subsidiary of such Subsidiary; 
  
 (j) Liens on the property of the Borrower or a Subsidiary
incidental to the conduct of its business or the ownership of its property which were not incurred in connection with the borrowing of money or the obtaining of advances or credit or other financial accommodations (including but not limited to
interest rate swap obligations or letter of credit obligations of the Borrower or any Subsidiary), and which do not in the aggregate materially detract from the value of its property or assets or impair the use thereof in the operation of its
business; 
  
 (k) the Borrower and any Subsidiary
may incur Liens not otherwise permitted by this covenant securing Indebtedness in an aggregate amount at any time outstanding which, when added to the aggregate amount incurred by Subsidiaries under Section 6.01(b) (iv) and to the aggregate amount
incurred by the Borrower and the Subsidiaries 

  

 37 

 
under Section 6.03(ii) does not exceed 15% of Consolidated Stockholders’ Equity of the Borrower at such time; 
  
 (l) judgment Liens that do not constitute an Event of
Default; and 
  
 (m) Liens on property acquired
by the Borrower or any of its Subsidiaries after the Closing Date so long as such Liens are limited to the property acquired and were not created in contemplation of the acquisition. 
  
 SECTION 6.03. Sale and Lease-Back Transactions. Enter into any arrangement, directly or indirectly, with any person
whereby it shall sell or transfer any property, real or personal, used or useful in its business, whether now owned or hereafter acquired, and thereafter rent or lease such property or other property which it intends to use for substantially the
same purpose or purposes as the property being sold or transferred, except that (i) any Subsidiary may enter into such an arrangement for the sale or transfer of its property to another Subsidiary or to the Borrower and (ii) the Borrower and the
Subsidiaries may enter into any such arrangements provided that the aggregate sale price of all property subject to such arrangements (other than arrangements described in clause (i) above), when added to the aggregate amount of Indebtedness
incurred by Subsidiaries under Section 6.01(b) (v) and to the aggregate amount of Indebtedness secured by Liens permitted by Section 6.02(k), shall not exceed 15% of the Consolidated Stockholders’ Equity of the Borrower at such time.

  
 SECTION 6.04. Mergers, Consolidations and Sales of
Assets. Merge into or consolidate with any other person, or permit any other person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of (in one transaction or in a series of transactions) all or substantially
all of its assets (whether now owned or hereafter acquired) or purchase, lease or otherwise acquire (in one transaction or a series of transactions) all or substantially all of the assets of any other person, except that if at the time thereof and
immediately after giving effect thereto no Event of Default or Default shall have occurred and be continuing, (a) the Borrower or a Subsidiary may merge with another corporation in a transaction in which the surviving entity is the Borrower or such
Subsidiary, respectively, and, in the case of a Subsidiary, the surviving entity is a wholly owned Subsidiary, (b) any Subsidiary may merge into the Borrower or another Subsidiary; or (c) the Borrower or a Subsidiary may purchase, lease or otherwise
acquire any assets of any other person. 
  
 SECTION 6.05.
Interest Coverage Ratio. Permit the ratio of Consolidated Cash Flow of the Borrower to Consolidated Interest Expense of the Borrower for the period of four consecutive calendar quarters most recently ended at any time to be less than 2.5 to
1.0. 
  
 SECTION 6.06. Fiscal Year. Change its fiscal year.

  
 ARTICLE VII 
  
 EVENTS OF DEFAULT 
  
 In case of the happening of any of the following events (“Events of
Default”): 
  

 38 

 (a) any representation or warranty made or deemed made in or in connection with any Loan
Document or the borrowings hereunder, or any representation, warranty, statement or information contained in any report, certificate, financial statement or other instrument furnished in connection with or pursuant to any Loan Document, shall prove
to have been false or misleading in any material respect when so made, deemed made or furnished; 
  
 (b) default shall be made in the payment of any principal of any Loan when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof or by acceleration thereof or otherwise; 
  
 (c) default shall be made in the payment of any interest on any Loan or any Fee or any other amount (other than an amount referred to in
(b) above) due under any Loan Document, when and as the same shall become due and payable, and such default shall continue unremedied for a period of 5 Business Days; 
  
 (d) default shall be made in the due observance or performance by the Borrower or any Subsidiary of any
covenant, condition or agreement contained in Section 5.01(a) or 5.05(a) or in Article VI; 
  
 (e) default shall be made in the due observance or performance by the Borrower or any Subsidiary of any covenant, condition or agreement
contained in any Loan Document (other than those specified in (b), (c) or (d) above) and such default shall continue unremedied for a period of 30 days after written notice thereof from the Agent or any Bank to the Borrower; 
  
 (f) the Borrower or any Subsidiary shall (i) fail to pay any
principal or interest, regardless of amount, due in respect of any Indebtedness in a principal amount in excess of $10,000,000, when and as the same shall become due and payable, or (ii) fail to observe or perform any other term, covenant, condition
or agreement contained in any agreement or instrument evidencing or governing any such Indebtedness if the effect of any failure referred to in this clause (ii) is to cause such Indebtedness to become due prior to its stated maturity; 
  
 (g) an involuntary proceeding shall be commenced or an
involuntary petition shall be filed in a court of competent jurisdiction seeking (i) relief in respect of the Borrower or any Subsidiary, or of a substantial part of the property or assets of the Borrower or a Subsidiary, under Title 11 of the
United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law, (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for
the Borrower or any Subsidiary or for a substantial part of the property or assets of the Borrower or a Subsidiary or (iii) the winding-up or liquidation of the Borrower or any Subsidiary; and such proceeding or petition shall continue undismissed
for 90 days or an order or decree approving or ordering any of the foregoing shall be unstayed and in effect for 90 days; 
  

 39 

 (h) the Borrower or any Subsidiary shall (i) voluntarily commence any proceeding or file
any petition seeking relief under Title 11 of the United States Code, as now constituted or hereafter amended, or any other Federal or state bankruptcy, insolvency, receivership or similar law, (ii) consent to the institution of, or fail to contest
in a timely and appropriate manner, any proceeding or the filing of any petition described in (g) above, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower
or any Subsidiary or for a substantial part of the property or assets of the Borrower or any Subsidiary, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for
the benefit of creditors, (vi) become unable, admit in writing its inability or fail generally to pay its debts as they become due or (vii) take any action for the purpose of effecting any of the foregoing; 
  
 (i) one or more final judgments for the payment of money in
excess of $10,000,000, excluding such amounts which are covered by insurance, shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same shall remain undischarged for a period of 30 consecutive days during which
execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to levy upon assets or properties of the Borrower or any Subsidiary to enforce any such judgment; 
  
 (j) a Reportable Event or Reportable Events, or a failure to
make a required installment or other payment (within the meaning of Section 412(n) (l) of the Code), shall have occurred with respect to any Plan or Plans that reasonably could be expected to result in liability of the Borrower to the PBGC or to a
Plan in an aggregate amount exceeding $10,000,000 and, within 30 days after the reporting of any such Reportable Event to the Agent or after the receipt by the Agent of the statement required pursuant to Section 5.06, the Agent shall have notified
the Borrower in writing that (i) the Required Banks have made a determination that, on the basis of such Reportable Event or Reportable Events or the failure to make a required payment, there are reasonable grounds (A) for the termination of such
Plan or Plans by the PBGC, (B) for the appointment by the appropriate United States District Court of a trustee to administer such Plan or Plans or (C) for the imposition of a lien in favor of a Plan and (ii) as a result thereof an Event of Default
exists hereunder; or a trustee shall be appointed by a United States District Court to administer any such Plan or Plans; or the PBGC shall institute proceedings to terminate any Plan or Plans; or 
  
 (k) (i) the Borrower or any ERISA Affiliate shall have been
notified by the sponsor of a Multiemployer Plan that it has incurred Withdrawal Liability to such Multiemployer Plan, (ii) the Borrower or such ERISA Affiliate does not have reasonable grounds for contesting such Withdrawal Liability or is not
contesting such Withdrawal Liability in a timely and appropriate manner and (iii) the amount of such Withdrawal Liability specified in such notice, when aggregated with all other amounts required to be paid to Multiemployer Plans in connection with
Withdrawal Liabilities (determined as of the date or dates of such notification), either (A) exceeds $10,000,000 or requires payments exceeding $10,000,000 in any year or (B) is less than $10,000,000 but any Withdrawal Liability payment remains
unpaid 30 days after such payment is due; 
  

 40 

 (l) the Borrower or any ERISA Affiliate shall have been notified by the sponsor of a
Multiemployer Plan that such Multiemployer Plan is in reorganization or is being terminated, within the meaning of Title IV of ERISA, if solely as a result of such reorganization or termination the aggregate annual contributions of the Borrower and
its ERISA Affiliates to all Multiemployer Plans that are then in reorganization or have been or are being terminated have been or will be increased over the amounts required to be contributed to such Multiemployer Plans for their most recently
completed plan years by an amount exceeding $10,000,000; or 
  
 (m) there shall have occurred a Change in Control; 
  
 then, and in every such event (other than an event with respect to the Borrower described in paragraph (g) or (h) above), and at any time thereafter during the continuance of such event, the Agent, at the request of the Required Banks,
shall, by notice to the Borrower, take either or both of the following actions, at the same or different times: (i) terminate forthwith the Commitments and (ii) declare the Loans then outstanding to be forthwith due and payable in whole or in part,
whereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and any unpaid accrued Fees and all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall become
forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding; and
in any event with respect to the Borrower described in paragraph (g) or (h) above, the Commitments shall automatically terminate and the principal of the Loans then outstanding, together with accrued interest thereon and any unpaid accrued Fees and
all other liabilities of the Borrower accrued hereunder and under any other Loan Document, shall automatically become due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived by
the Borrower, anything contained herein or in any other Loan Document to the contrary notwithstanding. 
  
 ARTICLE VIII 
  
 THE AGENT 
  
 In order to expedite the transactions
contemplated by this Agreement, JPMorgan Chase Bank is hereby appointed to act as Agent on behalf of the Banks. Each of the Banks, and each transferee of any Bank, hereby irrevocably authorizes the Agent to take such actions on behalf of such Bank
or transferee and to exercise such powers as are specifically delegated to the Agent by the terms and provisions hereof and of the other Loan Documents, together with such actions and powers as are reasonably incidental thereto. The Agent is hereby
expressly authorized by the Banks, without hereby limiting any implied authority, (a) to receive on behalf of the Banks all payments of principal of and interest on the Loans and all other amounts due to the Banks hereunder, and promptly to
distribute to each Bank its proper share of each payment so received; (b) to give notice on behalf of each of the Banks to the Borrower of any Event of Default specified in this Agreement of which the Agent has actual knowledge acquired in
connection with its agency hereunder; and (c) to distribute to each Bank copies of all notices, financial statements and other materials delivered by the Borrower pursuant to this Agreement as received by the Agent. 
  

 41 

 Neither the Agent nor any of its directors, officers, employees or agents shall be liable as such for any
action taken or omitted by any of them except for its or his own gross negligence or wilful misconduct, or be responsible for any statement, warranty or representation herein or the contents of any document delivered in connection herewith, or be
required to ascertain or to make any inquiry concerning the performance or observance by the Borrower of any of the terms, conditions, covenants or agreements contained in any Loan Document. The Agent shall not be responsible to the Banks for the
due execution, genuineness, validity, enforceability or effectiveness of this Agreement or any other Loan Documents or other instruments or agreements. The Agent shall in all cases be fully protected in acting, or refraining from acting, in
accordance with written instructions signed by the Required Banks and, except as otherwise specifically provided herein, such instructions and any action or inaction pursuant thereto shall be binding on all the Banks. The Agent shall, in the absence
of knowledge to the contrary, be entitled to rely on any instrument or document believed by it in good faith to be genuine and correct and to have been signed or sent by the proper person or persons. Neither the Agent nor any of its directors,
officers, employees or agents shall have any responsibility to the Borrower on account of the failure of or delay in performance or breach by any Bank of any of its obligations hereunder or to any Bank on account of the failure of or delay in
performance or breach by any other Bank or the Borrower of any of their respective obligations hereunder or under any other Loan Document or in connection herewith or therewith. The Agent may execute any and all duties hereunder by or through agents
or employees and shall be entitled to rely upon the advice of legal counsel selected by it with respect to all matters arising hereunder and shall not be liable for any action taken or suffered in good faith by it in accordance with the advice of
such counsel. 
  
 The Banks hereby acknowledge that the Agent
shall be under no duty to take any discretionary action permitted to be taken by it pursuant to the provisions of this Agreement unless it shall be requested in writing to do so by the Required Banks. 
  
 Subject to the appointment and acceptance of a successor Agent as provided
below, the Agent may resign at any time by notifying the Banks and the Borrower. Upon any such resignation, the Required Banks shall have the right to appoint a successor. If no successor shall have been so appointed by the Required Banks and shall
have accepted such appointment within 30 days after the retiring Agent gives notice of its resignation, then the retiring Agent may, on behalf of the Banks, appoint a successor Agent which shall be a bank with an office in New York, New York, having
a combined capital and surplus of at least $500,000,000 or an Affiliate of any such bank. Upon the acceptance of any appointment as Agent hereunder by a successor bank, such successor shall succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Agent and the retiring Agent shall be discharged from its duties and obligations hereunder. After the Agent’s resignation hereunder, the provisions of this Article and Section 9.05 shall continue in effect
for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Agent. 
  
 With respect to the Loans made by it hereunder, the Agent in its individual capacity and not as Agent shall have the same rights and powers as any other
Bank and may exercise the same as though it were not the Agent, and the Agent and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as
if it were not the Agent. 
  

 42 

 Each Bank agrees (i) to reimburse the Agent, on demand, in the amount of its pro rata share (based on its
Commitment hereunder) of any expenses incurred for the benefit of the Banks by the Agent, including counsel fees and compensation of agents and employees paid for services rendered on behalf of the Banks, which shall not have been reimbursed by the
Borrower and (ii) to indemnify and hold harmless the Agent and any of its directors, officers, employees or agents, on demand, in the amount of such pro rata share, from and against any and all liabilities, taxes, obligations, losses, damages,
penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever which may be imposed on, incurred by or asserted against it in its capacity as the Agent or any of them in any way relating to or arising out of
this Agreement or any other Loan Document or any action taken or omitted by it or any of them under this Agreement or any other Loan Document, to the extent the same shall not have been reimbursed by the Borrower; provided that no Bank shall be
liable to the Agent for any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or wilful misconduct of the Agent or any of its
directors, officers, employees or agents. 
  
 Each Bank
acknowledges that it has, independently and without reliance upon the Agent or any other Bank and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Bank
also acknowledges that it will, independently and without reliance upon the Agent or any other Bank and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement or any other Loan Document, any related agreement or any document furnished hereunder or thereunder. 
  
 ARTICLE IX 
  
 MISCELLANEOUS 
  
 SECTION 9.01. Notices. Notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

  
 (a) if to the Borrower, to it at 312 Walnut
Street, Suite 2800, Cincinnati, Ohio 45202, Attention of Treasurer (Telecopy No. 513-977-3729) with a copy to Baker & Hostetler LLP, counsel for the Borrower, to it at 3200 National City Center, Cleveland, Ohio 44114, Attention of John H
..Burlingame, Esq. (Telecopy No. 216-696-0740) and 312 Walnut Street, Suite 2650, Cincinnati, Ohio 45202, Attention of William Appleton (Telecopy No. 513-929-0303); 
  
 (b) if to the Agent, to JPMorgan Chase Bank, 1111 Fannin 10th Floor, Houston, Texas 77002, Attention of
Pearl Esparza (Telecopy No. 713-750-2358), with copies to JPMorgan Chase Bank, 270 Park Avenue, New York, New York 10017, Attention of Padmini Persaud (Telecopy No. 212-270-4164); and 
  

 43 

 (c) if to a Bank, to it at its address (or telecopy number) set forth in Schedule 2.01 or
in the Assignment and Acceptance pursuant to which such Bank shall have become a party hereto. 
  
 All notices and other communications given to any party hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt if delivered by hand or overnight courier
service or sent by telecopy, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section 9.01 or in accordance with the latest unrevoked direction from such party given in accordance with this Section 9.01.

  
 SECTION 9.02. Survival of Agreement. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other material instruments prepared or delivered in connection with or pursuant to this Agreement or any other Loan Document shall be considered to
have been relied upon by the Banks and shall survive the making by the Banks of the Loans, regardless of any investigation made by the Banks or on their behalf, and shall continue in full force and effect as long as the principal of or any accrued
interest on any Loan or any Fee or any other amount payable under this Agreement or any other Loan Document is outstanding and unpaid and so long as the Commitments have not been terminated. 
  
 SECTION 9.03. Binding Effect. This Agreement shall become effective
when it shall have been executed by the Borrower and the Agent and when the Agent shall have received copies hereof which, when taken together, bear the signatures of each Bank, and thereafter shall be binding upon and inure to the benefit of the
Borrower, the Agent and each Bank and their respective successors and assigns, except that the Borrower shall not have the right to assign its rights hereunder or any interest herein without the prior consent of all the Banks. 
  
 SECTION 9.04. Successors and Assigns. (a) The provisions of this
Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder
without the prior written consent of each Bank (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Bank may assign or otherwise transfer its rights or obligations hereunder except in
accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent
provided in paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Agent and the Banks) any legal or equitable right, remedy or claim under or by reason of this Agreement. 
  
 (b) (i) Subject to the conditions set forth in paragraph (b) (ii) below, any
Bank may assign to one or more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be
unreasonably withheld, conditioned or delayed) of: 
  

 44 

 (A) the Borrower, provided that no consent of the Borrower shall be required for
an assignment to a Bank, an Affiliate of a Bank, an Approved Fund (as defined below) or, if an Event of Default under clause (b), (c), (g) or (h) of Article VII has occurred and is continuing, any other assignee; and 
  
 (B) the Agent, provided that no consent of the Agent shall
be required for an assignment to an assignee that is a Bank or an affiliate of a Bank immediately prior to giving effect to such assignment. 
  
 (ii) Assignments shall be subject to the following additional conditions: 
  
 (A) except in the case of an assignment to a Bank or an Affiliate of a Bank or an assignment of the entire
remaining amount of the assigning Bank’s Commitment, the amount of the Commitment of the assigning Bank subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the
Agent) shall not be less than $5,000,000 unless each of the Borrower and the Agent otherwise consent, provided that no such consent of the Borrower shall be required if an Event of Default under clause (b), (c), (g) or (h) of Article VII has
occurred and is continuing; 
  
 (B) each partial
assignment shall be made as an assignment of a proportionate part of all the assigning Bank’s rights and obligations under this Agreement, provided that this clause shall not apply to rights in respect of outstanding Competitive Loans;

  
 (C) the parties to each assignment shall
execute and deliver to the Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500; 
  
 (D) the assignee, if it shall not be a Bank, shall deliver to the Agent an Administrative Questionnaire; and 
  
 (E) in the case of an assignment to a CLO (as defined
below), the assigning Bank shall retain the sole right to approve any amendment, modification or waiver of any provision of this Agreement, provided that the Assignment and Acceptance between such Bank and such CLO may provide that such Bank
will not, without the consent of such CLO, agree to any amendment, modification or waiver described in the first proviso to Section 9.08(b) that affects such CLO. 
  
 For the purposes of this Section 9.04(b), the terms “Approved Fund” and “CLO” have the following
meanings: 
  
 “Approved Fund” means (a) a CLO
and (b) with respect to any Bank that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of credit and is managed by the same investment advisor as such Bank or by
an Affiliate of such investment advisor. 
  
 “CLO” means any entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or otherwise investing in bank loans and similar 

  

 45 

 
extensions of credit in the ordinary course of its business and is administered or managed by a Bank or an Affiliate of such Bank. 
  
 (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)
(iv) of this Section, from and after the effective date specified in each Assignment and Acceptance the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and
obligations of a Bank under this Agreement, and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment
and Acceptance covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.13, 2.15, 2.19 and 9.05). Any assignment
or transfer by a Bank of rights or obligations under this Agreement that does not comply with this Section 9.04 shall be treated for purposes of this Agreement as a sale by such Bank of a participation in such rights and obligations in accordance
with paragraph (c) of this Section. 
  
 (iv) The Agent, acting for
this purpose as an agent of the Borrower, shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitment of, and principal
amount of the Loans owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive, and the Borrower, the Agent and the Banks may treat each Person whose name is
recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Bank, at any reasonable time
and from time to time upon reasonable prior notice. 
  
 (v) Upon
its receipt of a duly completed Assignment and Acceptance executed by an assigning Bank and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee shall already be a Bank hereunder), the processing and
recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Agent shall accept such Assignment and Acceptance and record the information contained therein in
the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph. 
  
 (c) (i) Any Bank may, without the consent of the Borrower or the Agent, sell participations to one or more banks or other entities (a
“Participant”) in all or a portion of such Bank’s rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); provided that (A) such Bank’s obligations under
this Agreement shall remain unchanged, (B) such Bank shall remain solely responsible to the other parties hereto for the performance of such obligations and (C) the Borrower, the Agent and the other Banks shall continue to deal solely and directly
with such Bank in connection with such Bank’s rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank shall retain the sole right to enforce this
Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Bank will not, without the consent of the Participant, agree to any amendment,
modification or waiver 

  

 46 

 
described in the first proviso to Section 9.08(b) that affects such Participant. Subject to paragraph (c) (ii) of this Section, the Borrower agrees that each
Participant shall be entitled to the benefits of Sections 2.13, 2.15 and 2.19 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the extent permitted by law, each
Participant also shall be entitled to the benefits of Section 9.06 as though it were a Bank, provided such Participant agrees to be subject to Section 2.17 as though it were a Bank. 
  
 (ii) A Participant shall not be entitled to receive any greater payment under Section 2.13 or 2.19 than the applicable Bank
would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that would be a Non-U.S.
Bank if it were a Bank shall not be entitled to the benefits of Section 2.19 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrower, to comply with Section 2.19(g)
as though it were a Bank. 
  
 (d) Any Bank may at any time pledge
or assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank, and this Section shall not apply to any
such pledge or assignment of a security interest; provided that no such pledge or assignment of a security interest shall release a Bank from any of its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party
hereto. 
  
 SECTION 9.05. Expenses; Indemnity. (a) The
Borrower agrees to pay all out-of-pocket expenses incurred by the Agent in connection with the preparation of this Agreement and the other Loan Documents or in connection with any amendments, modifications or waivers of the provisions hereof or
thereof (whether or not the transactions hereby contemplated shall be consummated) or incurred by the Agent or any Bank in connection with the enforcement or protection of their rights in connection with this Agreement and the other Loan Documents
or in connection with the Loans made hereunder, including the reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the Agent, and, in connection with any such enforcement or protection, the reasonable fees,
charges and disbursements of any other counsel for the Agent or any Bank. The Borrower further agrees that it shall indemnify the Banks from and hold them harmless against any documentary taxes, assessments or charges made by any Governmental
Authority by reason of the execution and delivery of this Agreement or any of the other Loan Documents. 
  
 (b) The Borrower agrees to indemnify the Agent, each Bank and each of their respective directors, officers, employees and agents (each such person being
called an “Indemnitee”) against, and to hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses, including reasonable counsel fees, charges and disbursements, incurred by or asserted
against any Indemnitee arising out of, in any way connected with, or as a result of (i) the execution or delivery of this Agreement or any other Loan Document or any agreement or instrument contemplated thereby, the performance by the parties
thereto of their respective obligations thereunder or the consummation of the Transactions and the other transactions contemplated thereby, (ii) the use of the proceeds of the Loans or (iii) any claim, litigation, investigation or proceeding
relating to any of the foregoing, whether or not any Indemnitee is a party thereto; provided that such indemnity shall not, as to any Indemnitee, 

  

 47 

 
be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final
and nonappealable judgment to have resulted from (A) in the case of the Agent or any Bank, any unexcused breach by the Agent or such Bank of any of its obligations under this Agreement or (b) the gross negligence or wilful misconduct of such
Indemnitee. 
  
 (c) The provisions of this Section 9.05 shall
remain operative and in full force and effect regardless of the expiration of the term of this Agreement, the consummation of the transactions contemplated hereby, the repayment of any of the Loans, the invalidity or unenforceability of any term or
provision of this Agreement or any other Loan Document, or any investigation made by or on behalf of the Agent or any Bank. All amounts due under this Section 9.05 shall be payable on written demand therefor. 
  
 (d) Any Bank may at any time assign all or any portion of its rights under
this Agreement to a Federal Reserve Bank; provided that no such assignment shall release a Bank from any of its obligations hereunder. 
  
 SECTION 9.06. Rights of Setoff. If an Event of Default shall have occurred and be continuing, each Bank is hereby authorized at any time and from
time to time, to the fullest extent permitted by law, to set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Bank to or for the credit or
the account of the Borrower against any of and all the obligations of the Borrower now or hereafter existing under this Agreement and other Loan Documents held by such Bank, irrespective of whether or not such Bank shall have made any demand under
this Agreement or such other Loan Document and although such obligations may be unmatured. The rights of each Bank under this Section are in addition to other rights and remedies (including other rights of Setoff) which such Bank may have.

  
 SECTION 9.07. Applicable Law. THIS AGREEMENT AND THE
OTHER LOAN DOCUMENTS SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
  
 SECTION 9.08. Waivers; Amendment. (a) No failure or delay of the Agent or any Bank in exercising any power or right hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or
power. The rights and remedies of the Agent and the Banks hereunder and under the other Loan Documents are cumulative and are not exclusive of any rights or remedies which they would otherwise have. No waiver of any provision of this Agreement or
any other Loan Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) below, and then such waiver or consent shall be effective only in the specific instance
and for the purpose for which given. No notice or demand on the Borrower in any case shall entitle the Borrower to any other or further notice or demand in similar or other circumstances. 
  
 (b) Neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or
agreements in writing entered into by the Borrower, 

  

 48 

 
and the Required Banks; provided, however, that no such agreement shall (i) decrease the principal amount of, or extend the maturity of or any
scheduled principal payment date or date for the payment of any interest on any Loan, or waive or excuse any such payment of or any part thereof, or decrease the rate of interest on any Loan, without the prior written consent of each Bank affected
thereby, (ii) change or extend the Commitment or decrease the Facility Fees of any Bank without the prior written consent of such Bank, or (iii) amend or modify the provisions of Section 2.16, the provisions of this Section, or the definition of
“Required Banks”, without the prior written consent of each Bank; provided further that no such agreement shall amend, modify or otherwise affect the rights or duties of the Agent hereunder without the prior written consent
of the Agent. 
  
 SECTION 9.09. Interest Rate Limitation.
Notwithstanding anything herein to the contrary, if at any time the applicable interest rate, together with all fees and charges which are treated as interest under applicable law (collectively the “Charges”), as provided for herein or in
any other document executed in connection herewith, or otherwise contracted for, charged, received, taken or reserved by any Bank, shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by such Bank in accordance with applicable law, the rate of interest payable hereunder, together with all Charges payable to such Bank, shall be limited to the Maximum Rate. 
  
 SECTION 9.10. Entire Agreement. This Agreement and the other Loan
Documents constitute the entire contract between the parties relative to the subject matter hereof. Any previous agreement among the parties with respect to the subject matter hereof is superseded by this Agreement and the other Loan Documents.
Nothing in this Agreement or in the other Loan Documents, expressed or implied, is intended to confer upon any party other than the parties hereto and thereto any rights, remedies, obligations or liabilities under or by reason of this Agreement or
the other Loan Documents. 
  
 SECTION 9.11. Waiver of Jury
Trial. Each party hereto hereby waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any litigation directly or indirectly arising out of, under or in connection with this Agreement or
any of the other Loan Documents. Each party hereto (a) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that such other party would not, in the event of litigation, seek to enforce the
foregoing waiver and (b) acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other Loan Documents, as applicable, by, among other things, the mutual waivers and certifications in this Section
9.11. 
  
 SECTION 9.12. Severability. In the event any one
or more of the provisions contained in this Agreement or in any other Loan Document should be held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein
shall not in any way be affected or impaired thereby. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible so
that of the invalid, illegal or unenforceable provisions. 
  

 49 

 SECTION 9.13. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall constitute an original but all of which when taken together shall constitute but one contract, and shall become effective as provided in Section 9.03. 
  
 SECTION 9.14. Headings. Article and Section headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 
  
 SECTION 9.15. Jurisdiction; Consent to Service of Process. (a) The Borrower hereby irrevocably and unconditionally submits, for itself and its
property, to the nonexclusive jurisdiction of any New York State court or Federal court of the United States of America sitting in New York City, and any appellate court from any thereof, in any action or proceeding arising out of or relating to
this Agreement or the other Loan Documents, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and
determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdiction by
suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that any Bank may otherwise have to bring any action or proceeding relating to this Agreement or the other Loan Documents against the
Borrower or its properties in the courts of any jurisdiction. 
  
 (b) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising
out of or relating to this agreement or the other Loan Documents in any New York State or Federal court. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court. 
  
 (c) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other
manner permitted by law. 
  
 SECTION 9.16. Confidentiality.
(a) Each Bank agrees to keep confidential (and to cause its respective officers, directors, employees, agents and representatives to keep confidential) the Information (as defined below), except that any Bank shall be permitted to disclose
Information (i) to such of its officers, directors, employees, agents and representatives (including outside counsel) as need to know such Information; (ii) to the extent required by applicable laws and regulations or by any subpoena or similar
legal process, or requested by any bank regulatory authority (provided that such Bank shall, except (A) as prohibited by law and (B) for Information requested by any such bank regulatory authority, promptly notify Borrower of the circumstances and
content of each such disclosure and shall request confidential treatment of any information so disclosed); (iii) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Agreement, (B) becomes
available to such Bank on a non-confidential basis from a source other than the Borrower or its Affiliates or (C) was available to such Bank on a non-confidential basis prior to its disclosure to such Bank by the 

  

 50 

 
Borrower or its Affiliates; or (iv) to the extent the Borrower shall have consented to such disclosure in writing. As used in this Section 9.16, as to any
Bank, “Information” shall mean any financial statements, materials, documents and other information that the Borrower or any of its Affiliates may have furnished or made available or may hereafter furnish or make available to the Agent or
any Bank in connection with this Agreement or any other materials prepared by any such person from any of the foregoing. 
  
 (b) Notwithstanding anything herein to the contrary, any person subject to confidentiality obligations hereunder or under any other related document (and
any employee, representative or other agent of such person) may disclose to any and all persons, without limitation of any kind, such person’s U.S. federal income tax treatment and the U.S. federal income tax structure of the transactions
contemplated by this Agreement relating to such person and all materials of any kind (including opinions or other tax analyses) that are provided to it relating to such tax treatment and tax structure. However, no such person shall disclose any
information relating to such tax treatment or tax structure to the extent nondisclosure is reasonably necessary in order to comply with applicable securities laws. 
  

 51 

 IN WITNESS WHEREOF, the Borrower, the Agent and the Banks have caused this Agreement to be duly executed
by their respective authorized officers as of the day and year first above written. 
  

	 THE E. W. SCRIPPS COMPANY, as Borrower,

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 JPMORGAN CHASE BANK, individually and as
 Administrative Agent,

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

	
	 J.P. MORGAN SECURITIES INC.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 52 

	 SUNTRUST BANK

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 53 

	 KEYBANK NATIONAL ASSOCIATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 54 

	 MELLON BANK, N.A.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 55 

	 WACHOVIA BANK, N.A.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 56 

	 US BANK N.A.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 57 

	 FIFTH THIRD BANK

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 58 

	 UNION BANK OF CALIFORNIA, N.A.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 59 

	 WELLS FARGO BANK N.A.

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 60 

	 PNC BANK, NATIONAL ASSOCIATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 61 

	 FIRST TENNESSEE BANK NATIONAL
 ASSOCIATION

		
	 By:
	 	  

	 	 	 Name:

	 	 	 Title:

  

 62 

 EXHIBIT A-1 
  
 FORM OF COMPETITIVE BID REQUEST 
  
 JPMorgan Chase Bank, as Agent for 
 the Banks referred to below, 
 c/o Agency Bank Services 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 
  
 [Date]

  
 Attention: Pearl Esparza 
  
 Dear Sirs: 
  
 The undersigned, The E.W. Scripps Company (the “Borrower”), refers
to the 364-day Competitive Advance and Revolving Credit Facility Agreement dated as of August 7, 2003 (as it may hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”), among the Borrower, the Banks
named therein and JPMorgan Chase Bank, as Agent. Capitalized terms used herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives you notice pursuant to Section 2.03(a)
of the Credit Agreement that it requests a Competitive Borrowing under the Credit Agreement, and in that connection sets forth below the terms on which such Competitive Borrowing is requested to be made: 
  

	 (A)
	 	 Date of Competitive Borrowing
 (which is a Business Day)
	 	  

	 (B)
	 	 Principal Amount of Competitive
 Borrowing1
	 	

	 (C)
	 	 Interest rate basis2
	 	  

	 (D)
	 	 Interest Period and the last day thereof3
	 	  

	1	 	Not less than $5,000,000 (and in integral multiples of $1,000,000) or greater than the Total Commitment then available. 

	2	 	Eurodollar Loan or Fixed Rate Loan. 

	3	 	Which shall be subject to the definition of “Interest Period” and end not later than the Maturity Date. 

 Upon acceptance of any or all of the Loans offered by the Banks in response to this request, the Borrower
shall be deemed to have represented and warranted that the conditions to lending specified in Section 4.01(b) and (c) of the Credit Agreement have been satisfied. 
  

	 Very truly yours,

		
	 by:
	 	  

	 	 	 Title: [Responsible Officer]

  

 2 

 EXHIBIT A-2 
  
 FORM OF NOTICE OF COMPETITIVE BID REQUEST 
  
 [Name of Bank] 
 [Address] 
 New York, New York 
 [Date] 
  
 Attention: Pearl Esparza 
  
 Dear Sirs: 
  
 Reference is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of August 7, 2003 (as it may hereafter be amended,
modified, extended or restated from time to time, the “Credit Agreement”), among The E.W. Scripps Company (the “Borrower”), the Banks named therein and JPMorgan Chase Bank, as Agent. Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower made a Competitive Bid Request on            , 20, pursuant to Section 2.03(a)
of the Credit Agreement, and in that connection you are invited to submit a Competitive Bid by [Date]/[Time].1 Your
Competitive Bid must comply with Section 2.03(b) of the Credit Agreement and the terms set forth below on which the Competitive Bid Request was made: 
  

			
	 (A)
	 	 Date of Competitive Borrowing
	 	  

			
	 (B)
	 	 Principal Amount of Competitive Borrowing
	 	

			
	 (C)
	 	 Interest rate basis
	 	  

			
	 (D)
	 	 Interest Period and the last day thereof
	 	  

  

	 Very truly yours,

	 JPMORGAN CHASE BANK,
as Agent,

		
	 by:
	 	  

	 	 	 Title:

	1	 	The Competitive Bid must be received by the Agent (i) in the case of Eurodollar Loans, not later than 9:30 a.m., New York City time, three Business Days before a
proposed Competitive Borrowing, and (ii) in the case of Fixed Rate Loans, not later than 9:30 a.m., New York city time, on the Business Day of a proposed Competitive Borrowing. 

 EXHIBIT A-3 
  
 FORM OF COMPETITIVE BID 
  
 JPMorgan Chase Bank, as Agent for 
 the Banks referred to below, 
 c/o Agency Bank Services 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 
  
 [Date]

  
 Attention: Pearl Esparza 
 Dear Sirs: 
  
 The undersigned, [Name of Bank], refers to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of August 7, 2003 (as it may
hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”), among The E.W. Scripps Company (the “Borrower”), the Banks named therein and JPMorgan Chase Bank, as Agent. Capitalized terms used
herein and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The undersigned hereby makes a Competitive Bid pursuant to Section 2.03(b) of the Credit Agreement, in response to the Competitive Bid
Request made by the Borrower on , 20, and in that connection sets forth below the terms on which such Competitive Bid is made: 
  

	 (A)
	  	Principal Amount1	  	  

	 (B)
	  	Competitive Bid Rate2	  	  

	 (C)
	  	Interest Period and the last day thereof	  	  

  
 The undersigned hereby
confirms that it is prepared, subject to the conditions set forth in the Credit Agreement, to extend credit to the Borrower upon acceptance by the Borrower of this bid in accordance with Section 2.03(d) of the Credit Agreement. 
  

	 Very truly yours,

	
	 [NAME OF BANK],

		
	 by:
	 	  

	 	 	 Title:

	1	 	Not less than $5,000,000 or greater than the requested Competitive Borrowing and in integral multiples of $1,000,000. Multiple bids will be accepted by the Agent.

	2	 	i.e., LIBO Rate + or-     %, in the case of Eurodollar Loans or     %, in the case of Fixed Rate Loans.

 EXHIBIT A-4 
  
 FORM OF COMPETITIVE BID ACCEPT/REJECT LETTER 
  
 [Date] 
  
 JPMorgan Chase Bank, as Agent for 
 the Banks referred to below, 
 c/o Agency Bank Services 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 
  
 Attention: Pearl Esparza 
  
 Dear Sirs:

  
 The undersigned, E.W. Scripps Company (the
“Borrower”), refers to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of August 7, 2003 (as it may hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”),
among the Borrower, the Banks named therein and JPMorgan Chase Bank, as Agent. 
  
 In accordance with Section 2.03(c) of the Credit Agreement, we have received a summary of bids in connection with our Competitive Bid Request dated
             and in accordance with Section 2.03(d) of the Credit Agreement, we hereby accept the following bids for maturity on [date]: 
  

	 Principal Amount

	 	 Fixed Rate/Margin

	 	 Bank

	 $
	 	[%]/[+/-. %]	 	 
	 $
	 	 	 	 

  
 We
hereby reject the following bids: 
  

	 Principal Amount

	 	 Fixed Rate/Margin

	 	 Bank

	 $
	 	[%]/[+/-. %]	 	 
	 $
	 	 	 	 

  
 The $ should be
deposited in Mellon Bank account number [            ] on [date]. 
  

	 Very truly yours,

	
	 [NAME OF BANK],

		
	 by:
	 	  

	 	 	 Title: [Responsible Officer]

 EXHIBIT A-5 
  
 FORM OF STANDBY BORROWING REQUEST 
  
 JPMorgan Chase Bank, as Agent for 
 the Banks referred to below, 
 c/o Agency Bank Services 
 1111 Fannin, 10th Floor 
 Houston, Texas 77002 
  
 [Date]

  
 Attention: Pearl Esparza 
 Dear Sirs: 
  
 The undersigned, E.W. Scripps Company (the “Borrower”), refers to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated
as of August 7, 2003 (as it may hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”), among the Borrower, the Banks named therein and JPMorgan Chase Bank, as Agent. Capitalized terms used herein
and not otherwise defined herein shall have the meanings assigned to such terms in the Credit Agreement. The Borrower hereby gives you notice pursuant to Section 2.04 of the Credit Agreement that it requests a Standby Borrowing under the Credit
Agreement, and in that connection sets forth below the terms on which such Standby Borrowing is requested to be made: 
  

	 (A)
	  	Date of Standby Borrowing (which is a Business Day)	  	  

	 (B)
	  	Principal Amount of Standby Borrowing1	  	  

	 (C)
	  	Interest rate basis2	  	  

	 (D)
	  	Interest Period and the last day thereof3	  	  

  
 Upon acceptance of any
or all of the Loans made by the Banks in response to this request, the Borrower shall be deemed to have represented and warranted that the conditions to lending specified in Section 4.01(b) and (c) of the Credit Agreement have been satisfied.

  

	 Very truly yours,

		
	 by:
	 	  

	 	 	 Title: [Responsible Officer]

	1	 	Not less than $10,000,000 in the case of Eurodollar Loans and $5,000,000 in the case of ABR Loans (and in integral multiples of $1,000,000) or greater than the Total
Commitment then available. 

	2	 	Eurodollar Loan or ABR Loan. 

	3	 	Which shall be subject to the definition of “Interest Period” and end not later than the Maturity Date. 

 EXHIBIT B 
  
 [FORM OF] 
  
 ADMINISTRATIVE QUESTIONNAIRE 
  
 Please accurately complete the following information and return via FAX to JPMorgan Chase Bank, Attention of Pearl Esparza as soon as possible. 
  
 FAX Number: 713-750-7923 
  

	
	 LEGAL NAME TO APPEAR IN DOCUMENTATION:

	
	

	
	 GENERAL INFORMATION—DOMESTIC LENDING OFFICE:

	
	 Institution Name:

	
	 Street Address:

	
	 City, State, Zip Code:

	
	 GENERAL INFORMATION—LIBOR LENDING OFFICE:

	
	 Institution Name:

	
	 Street Address:

	
	 City, State, Zip Code:

	
	 CONTACTS/NOTIFICATION METHODS:

	
	 CREDIT CONTACTS:

	
	 Primary Contact:

	
	 Street Address:

	
	 City, State, Zip Code:

	
	 Phone Number:

	
	 FAX Number:

	
	 Backup Contact:

	
	 Street Address:

	
	 City, State, Zip Code:

	
	 Phone Number:

	
	 FAX Number:

	
	 TAX WITHHOLDING:

	
	 Non Resident Alien     Y*     N

	
	 * Form 4224 Enclosed

	
	 Tax ID Number
                    

	
	 CONTACTS/NOTIFICATION METHODS:

	
	 ADMINISTRATIVE CONTRACTS—BORROWINGS, PAYDOWNS, INTEREST, FEES, ETC.

	
	 Contact:

	
	 Street Address:

	
	 City, State, Zip Code:

	
	 Phone Number:

	
	 FAX Number:

	
	 PAYMENT INSTRUCTIONS:

	
	 Name of Bank where funds are to be transferred:
  

	
	 Routing Transit/ABA number of Bank where funds are to be transferred:
  

	
	 Name of Account, if applicable:
  

	
	 Account Number:

	
	 Additional Information:

	
	 MAILINGS:

	
	 Please specify who should receive financial information:

	
	 Name:

	
	 Street Address:

	
	 City, State, Zip Code:

  

 2 

 It is very important that all of the above information is accurately filled in and returned promptly. If there is someone
other than yourself who should receive this questionnaire, please notify us of their name and FAX number and we will FAX them a copy of the questionnaire. If you have any questions, please call Pearl Esparza of JPMorgan Chase Bank at 713-750-7923.

  

 3 

 EXHIBIT C 
  
 [FORM OF] 
  
 ASSIGNMENT AND ACCEPTANCE 
  
 Reference is made to the 364-Day Competitive Advance and Revolving Credit Facility Agreement dated as of August 7, 2003 (as it may hereafter be amended, modified, extended or restated from time to time, the
“Credit Agreement”), among The E.W. Scripps Company (the “Borrower”), the Banks named therein and JPMorgan Chase Bank, as Agent. Terms defined in the Credit Agreement are used herein with the same meanings. 
  
 1. The Assignor hereby sells and assigns, without recourse, to the Assignee,
and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Effective Date set forth on the reverse hereof, the interests set forth on the reverse hereof (the “Assigned Interest”) in the
Assignor’s rights and obligations under the Credit Agreement, including, without limitation, the interests set forth on the reverse hereof in the Commitment of the Assignor on the Effective Date and the Competitive Loans and Standby Loans owing
to the Assignor which are outstanding on the Effective Date, together with unpaid interest accrued on the assigned Loans to the Effective Date and the amount, if any, set forth on the reverse hereof of the Fees accrued to the Effective Date for the
account of the Assignor. Each of the Assignor and the Assignee hereby makes and agrees to be bound by all the representations, warranties and agreements set forth in Section 9.04(c) of the Credit Agreement, a copy of which has been received by each
such party. From and after the Effective Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the interests assigned by this Assignment and Acceptance, have the rights and obligations
of a Bank thereunder and under the Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned by this Assignment and Acceptance, relinquish its rights and be released from its obligations under the Credit Agreement.

  
 2. This Assignment and Acceptance is being delivered to the
Agent together with (i) if the Assignee is organized under the laws of a jurisdiction outside the United States, the forms specified in Section 2.19(f) of the Credit Agreement, duly completed and executed by such Assignee, (ii) if the Assignee is
not already a Bank under the Credit Agreement, an Administrative Questionnaire in the form of Exhibit B to the Credit Agreement and (iii) a processing and recordation fee of $3,500. 
  
 3. This Assignment and Acceptance shall be governed by and construed in accordance with the laws of the State of New York.

  
 Date of Assignment: 
  
 Legal Name of Assignor: 
  
 Legal Name of Assignee: 
  
 Assignee’s Address for Notices: 
  
 Effective Date of Assignment 
 (may not be fewer than 5 Business 

Days after the Date of Assignment): 

	 Facility

	 	 Principal Amount Assigned
(and Identifying information
as to individual
Competitive
Loans)

	 	 Percentage Assigned of
Facility/ Commitment (set
forth, to at least 8 decimals, as
a
percentage of the Facility
and the aggregate
Commitments of all Banks
thereunder)

	 Commitment Assigned:
	 	$	 	%
			
	 Standby Loans:
	 	 	 	 
			
	 Competitive Loans:
	 	 	 	 
			
	 Fees Assigned (if any):
	 	 	 	 

  

	 The terms set forth above and on
 the reverse side hereof are hereby agreed to:
	  	 Accepted

		
	                                       
      , as Assignor
	  	 JPMORGAN CHASE BANK, as Agent

		
	 By:

	  	 By:

	       Name:
	  	       Name:

	       Title
	  	       Title

		
	                                       
      , as Assignee
	  	 E.W. SCRIPPS COMPANY, as Borrower

		
	 By:

	  	 By:

	       Name:
	  	       Name:

	       Title
	  	       Title

  

 2 

 EXHIBIT D 
  
 [LETTERHEAD OF 
  
 BAKER & HOSTETLER] 
  
                  , 2003 
  
 JPMorgan Chase Bank 
 270 Park Avenue 
 New York, NY 10017 
  
 Ladies and Gentlemen: 
  
 We have acted as counsel for The E.W. Scripps Company, an Ohio corporation (the “Company”), in connection with the
364-Day Competitive Advance and Revolving Credit Facility Agreement, dated as of August 7, 2003 (as it may hereafter be amended, modified, extended or restated from time to time, the “Credit Agreement”), among the Company, the Banks named
therein and JPMorgan Chase Bank, as Agent (the “Agent”). This opinion is provided pursuant to Section 4.02(a) of the Credit Agreement. All terms used and not otherwise defined herein shall have the same meanings given such terms in the
Credit Agreement. 
  
 In that connection, we have examined
originals, or copies certified or otherwise identified to our satisfaction, of such documents, corporate records, and other instruments and such certificates of public officials and of officers of the Company as we have deemed necessary or
appropriate for the purposes of this opinion. 
  
 As to questions
of fact relating to the Company material to this opinion, we have consulted with responsible officers of the Company and have relied upon certificates of appropriate public officials and officers of the Company. In our review we have assumed the
genuineness of all signatures, the conformity to original documents of all documents submitted to us as certified or facsimile copies, and the authenticity of such documents. 
  
 When a matter is stated herein as being “to the best of our knowledge,” we have not conducted an independent
investigation into such matter and such phrase means the conscious awareness of facts or other information by any member of this firm who either (a) signs this letter, (b) was active in negotiating any of the Loan Documents, preparing the Loan
Documents, or preparing this letter, or (c) solely as to information relevant to a particular opinion issue or confirmation regarding a particular factual matter, is primarily responsible for providing the response concerning that particular opinion
issue or confirmation ((a), (b) and (c) together, the “Primary Lawyer Group”). 
  
 Based upon the foregoing and subject to the assumption hereinafter set forth, it is our opinion that: 
  
 1. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the state of Ohio with all requisite
corporate power and corporate authority to own its properties and conduct its business substantially as it is now being conducted. 

 2. The Company has all requisite corporate power and corporate authority to enter into each of the Loan
Documents; to execute, deliver, and perform its obligations under the Loan Documents; and to incur the Loans in the manner contemplated by the Loan Documents. 
  

3. The execution, delivery and performance by the Company of each of the Loan Documents and the receipt by the Company of the proceeds of the Loans in
the manner contemplated by the Loan Documents have been duly authorized by all necessary corporate action on the part of the Company and: (a) to the best of our knowledge do not violate any provision of any material indenture, agreement, or other
instrument to which the Company is a party or by which the Company or any of its properties and assets are or may be bound; (b) do not violate any provision of any applicable law, rule, or regulation to which the Company is subject, or to the best
of our knowledge, any order of any court, or of any other agency of government presently in effect to which the Company is subject; (c) do not violate any provision of the Articles of Incorporation or Certificate of Incorporation, as amended, or the
Code of Regulations or By-laws of the Company; (d) to the best of our knowledge will not result in the creation or imposition of any Lien upon any property or assets of the Company; and (e) to the best of our knowledge will not be in conflict with,
result in a breach of, or constitute (alone, with notice, with lapse of time, or with any combination of these factors) a default under any material indenture, agreement, or other instrument referred to in (a) above. The Loan Documents being
delivered on the date hereof have been duly executed and delivered by the Company. 
  
 4. Assuming mutuality of obligation of the Banks, the Loan Documents delivered on the date hereof, constitute the legal, valid, and binding obligations of the Company enforceable against it in accordance with their
terms; subject as to enforceability, to applicable bankruptcy, liquidation, insolvency, reorganization, moratorium, and similar laws and equity principles, both state and federal, relating to or affecting the rights or remedies of creditors
generally and to moratorium laws from time to time in effect; except that the availability of equitable remedies may be limited by equitable principles of general applicability; and subject to the possibility that provisions in the Loan Documents
for the reimbursement of attorney fees and other expenses of enforcement of the Loan Documents may not be enforceable under the laws of the State of Ohio. 
  
 5. No approval, authorization, or consent of, or registration, qualification, or filing with, any federal, state, or other governmental authority or
regulatory body is required on behalf of the Company for the execution, delivery, or performance by the Company of the Loan Documents or the consummation by the Company of the transactions contemplated thereby. 
  
 6. (A) To the best of our knowledge, except as set forth in Schedule 3.09 of
the Credit Agreement, there are no actions, suits, or proceedings at law or in equity or by or before any governmental instrumentality or other agency now pending or threatened, to which the Company is a party or of which any property of the Company
is the subject, as to which there is a significant likelihood of an adverse determination and which could, individually or in the aggregate, if adversely determined to the Company, materially impair the validity or enforceability of the Loan
Documents or the ability of the Company to perform under the terms of the Loan Documents or materially impair the ability of the Company and its Subsidiaries taken as a whole to carry on business substantially as now being conducted or result in any
material adverse change in the business, assets, operations, or condition (financial or otherwise) of the Company and its Subsidiaries taken as a whole. 

 (B) To the best of our knowledge, neither the Company nor any of its Subsidiaries is in default with
respect to any judgment, writ, injunction, decree, rule, or regulation of any governmental instrumentality or agency where such default could have a material and adverse effect on the business, assets, operations, or condition (financial or
otherwise) of the Company and its Subsidiaries taken as a whole. 
  
 The members of the Primary Lawyer Group are members of the Bar of the State of Ohio and we do not express any opinion as to any matters governed by any law other than the law of the State of Ohio, the General Corporation law of the State of
Delaware, and the federal law of the United States of America. For purposes of this opinion, we have assumed that the laws of the State of New York are identical in all relevant respects to the laws of the State of Ohio. 
  
 Very truly yours,

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