Document:

EX-10.95

 Exhibit 10.95 

LOAN AGREEMENT 
 THIS LOAN
AGREEMENT, made to be effective as of the             day of March, 2015, by and between COMSTOCK TWO RIVERS I, L.C., a Virginia limited liability company, hereinafter called the
“Borrower”; and EAGLEBANK, a Maryland banking corporation, hereinafter called the “Lender”; 
 RECITALS: 

WHEREAS, pursuant to the terms and provisions of that certain Sales Agreement dated effective as of May 29, 2014, by and between Borrower
(as Purchaser) and Two Rivers Associates, LLC (as Seller) (the “Sales Agreement”), Borrower has contracted to purchase from time to time in phases up to sixty-six (66) subdivided residential townhouse building lots (the
“Lots”) in Sections 1 and 2, Two Rivers Infrastructure Subdivision, A Planned Unit Development Age Restricted Community (Regency at Two Rivers), located in Anne Arundel County, Maryland; and 

WHEREAS, upon the closing of the Loan herein described, initially Borrower shall have acquired and shall be the fee simple title owner of
those certain Lots of land more particularly described in Exhibit “A” attached hereto as of the effective date of this Loan Agreement; and 

WHEREAS, the Lender has agreed to make a revolving credit line land acquisition and construction loan (the “Loan”) to the Borrower
in the maximum principal sum permitted to be outstanding at any one time of SIX MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS ($6,700,000.00), which sum is to be advanced in accordance with the terms hereof and is to be used by the Borrower for
and on account of financing the costs and expenses associated with purchasing over time and from time to time the Lots pursuant to the Sales Agreement, and to finance the cost of materials to be furnished and the expense of labor and materials and
services to be performed and provided, construction supervision expenses, and other costs in connection and associated with the construction of single family residential townhouse dwelling units (medium 28’-wide) on the Lots acquired (the
“Project”); and 
 WHEREAS, simultaneously with the execution and delivery hereof, the Borrower has executed a certain Commercial
Promissory Note of even date herewith for the repayment of the principal amount of the Loan aforesaid, with interest as therein provided. 

AGREEMENT: 
 NOW THEREFORE
WITNESSETH that for and in consideration of these presents, and in further consideration of the mutual covenants and agreements herein set forth and of the sum of TEN and No/100 Dollars ($10.00) lawful money of the United States of America by each
of the parties to the other paid, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby covenant and agree as follows: 

  
 –1– 

 ARTICLE I 

DEFINITIONS 
 1.0 Definitions. 

Borrower and Lender agree that, unless the context otherwise specifies or requires, the following terms shall have the meaning herein
specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders. 
 (a) Commitment
- The revised loan commitment letter from the Lender to the Borrower dated January 7, 2015, regarding the Loan, and as the same may be from time to time, amended and/or extended. 

(b) Plans and Specifications - Any and all architectural and/or engineering plans and specifications
prepared for the Borrower in connection with the construction of the Improvements as approved in writing by the Lender and as the same may from time to time be amended, which amendments shall be subject to the prior written approval of the Lender,
which approval shall not be unreasonably withheld. 
 (c) Site Plans - Any and all preliminary and
final approved site engineering plans and subdivision plans and plats prepared for the Seller and/or Borrower under the terms of the Sales Agreement in connection with the Lots and the construction of the improvements (site development work,
infrastructure, public works improvements) as approved in writing by any Anne Arundel County, Maryland governmental authority having or claiming jurisdiction thereof , and as the same may from time to time be amended, which amendments shall be
subject to the prior written approval of the Lender, which approval shall not be unreasonably withheld, conditioned or delayed. 
 1.1 Additional
Definitions. 
 Borrower and Lender agree that unless the context otherwise specifies or requires, the following terms shall have the meaning
herein specified, such definitions to be applicable equally to the singular and the plural forms of such terms and to all genders: 
 (a)
Approved Sales Contract – A non-contingent (meaning no contingencies other than normal financing approval provisions, purchaser’s sale of existing home, and other customary contingencies) bona
fide written agreement for the sale of a Lot and House (a) with either a third party owner/occupant not affiliated or identified with Borrower, or an affiliate of Borrower approved by Lender, and (b) containing an earnest money deposit
acceptable to the Lender, which at a minimum shall be three percent (3%) of the agreed purchase price for the Lot and House; and (c) a copy of which executed Sales Contract, upon delivery to Lender, having attached to it a permanent lender
pre-qualification letter which confirms that the purchaser is qualified for available permanent financing, and (d) the contract purchaser being otherwise obligated to fully and faithfully perform each and every obligation and undertaking
required by the terms of such agreement to be performed by the contract purchaser without condition, precedent or subsequent, except such as the Lender shall approve in writing. 

(b) Architect - The architect named in the Plans and Specifications. 

(c) Borrower – The party hereinabove designated as such, and its successors and assigns. 

  
 –2– 

 (d) Consulting Engineer or Progress Inspector - Such
person or firm as the Lender may, in its discretion, from time to time appoint or designate for purposes related to the inspection of the progress of the construction of the Improvements, monitoring and assessing conformity of construction with the
Plans and Specifications, and for such other purposes as the Lender may from time to time deem appropriate or as may be required by the terms of this Loan Agreement. 

(e) Deed of Trust - That certain Credit Line Deed of Trust and Security Agreement made by the Borrower
to secure the Lender of even date herewith, as the same shall be amended and supplemented subsequent hereto from time to time. 
 (f)
Event(s) of Default - Any of the happenings, events, circumstances or occurrences described in Article VI of this Loan Agreement which are continuing beyond any applicable grace or cure period therein
provided. 
 (g) House – An individual single family residential townhouse unit as constructed on a Lot. For the purposes of this Loan
Agreement, the entirety of the residential units shall be referred to collectively together as the “Houses”. 
 (h) Improvements - Any and all House structures, improvements, or other appurtenances now erected or at any time hereafter constructed or placed upon the Lots of the Borrower, including, without limitation, all equipment, apparatus,
machinery and fixtures of any kind or character forming a part of said site infrastructure and the house structures, and appurtenances. It is contemplated that the Improvements shall consist of up to 66 single family residential townhouse units that
are 28’-wide and known as medium townhouses pursuant to the Sales Agreement. 
 (i) Indebtedness
- The principal of and the interest on and all other amounts, payments and premiums due on account of the Note, and all other indebtedness of the Borrower to the Lender payable pursuant to or secured by the
Security Documents. 
 (j) Lender - The party hereinabove designated as such, its successors and
assigns. 
 (k) Lot – Any residential building lot which is part of the Project and described on Exhibit “A” attached hereto,
as may be from time to time supplemented as Borrower acquires Lots under the Sales Agreement (singularly a “Lot” and collectively the “Lots”) 

(l) Mortgaged Property - The property described as such in the Deed of Trust. 

(m) Note - The Commercial Promissory Note of Borrower to the order of the Lender dated of even date
herewith in the maximum principal amount of SIX MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS ($6,700,000.00). 
 (n) Obligations - Any and all of the covenants, promises and other obligations (other than the Indebtedness) made or owing by the Borrower to or due to the Lender pursuant to the Note or the Security Documents. 

(o) Project - The Lots and House Improvements as defined above. 

  
 –3– 

 (p) Security Documents - This Loan Agreement, the Deed of
Trust, and any other instrument or instruments described or characterized as such in the Deed of Trust. 
 ARTICLE II 

THE LOAN - ADVANCES 

2.0 The Loan. 
 Subject to the provisions of the
Note and the Security Documents, the Lender will make and the Borrower will take and accept a loan in the maximum principal amount recited in the Note. 

2.1 Advances of Loan Proceeds. 
 With regard to
the land acquisition component of the Loan, that advance shall be made and funded by Lender to Borrower on the date of closing of the Loan to acquire the initial Lots described in Exhibit “A” attached hereto; and thereafter from time to
time as Borrower acquires Lots pursuant to the Purchase Agreement. The Lender shall advance to Borrower fifty percent (50%) of the Lot purchase price. With regard to the construction component of the Loan, no more frequently than twice monthly,
the Borrower shall make applications to the Lender for advances of construction loan proceeds for the Houses on a “work in place” basis as construction progresses in accordance with the Plans and Specifications and budgets for said
construction, by the standard Lender approved requisition form, and as provided for in the other separate draw schedules and budgets marked up and provided to Lender by Borrower for the Houses (there shall be separate draw schedules for the interior
model unit of Borrower and for the exterior model unit of the Borrower) as are attached to “EXHIBIT B”, all of which budgets shall be supported by subcontractor and materialmen contracts in sufficient detail that shall allow the Lender the
opportunity to assess the accuracy of and set said draw schedules and budgets. Disbursement of loan proceeds shall be by transfer of Loan funds into a deposit account opened and maintained by Borrower with Lender, or upon specific written request of
Borrower, by check payable to the order of Borrower and/or its general contractor. At the option of the Lender, the Borrower shall make each such application at least five (5) business days before the advance shall be called for in order to
permit the Lender to make or cause such inspections as it shall from time to time consider appropriate, if any. Provided all of the conditions precedent to an advance provided for in this Loan Agreement are satisfied by the Borrower, the Lender
shall cause the advance applied for to be disbursed within the said five (5) business days. The Lender shall require at its option that each application for an advance of loan proceeds be accompanied by true copies of all invoices as rendered
by subcontractors, materialmen and suppliers of Borrower for payment that in fact require payment and are the subject of the application for advance. Should the Borrower be seeking direct reimbursement for costs and expenses already paid, evidence
of prior payment accompanied by the billing invoices so paid shall be required to be provided by Borrower to Lender with the application for advance. The Lender shall have the right to require that each application for an advance of Loan proceeds be
accompanied by a certificate of the Consulting Engineer or Progress Inspector in such form and detail as the Lender may require. All advances shall be made either by check or internal transfer of loan funds to an account established at and held by
the Lender at its principal office opened in the name of Borrower, or at such other place as the Lender may from time to time designate. In no event shall advances hereunder exceed the value of the House construction work in place as of the date of
such advance as determined by certifications prepared by the Consulting Engineer or Progress Inspector, which certifications shall contain an itemized valuation of the Improvements erected in place as of the date of each certification, and shall
state that such House construction work complies with and conforms to the Plans and Specifications, and the Site Plans. 

  
 –4– 

 The proceeds of the Loan shall be advanced to the Borrower by the Lender with regard to actual
House construction work undertaken by Borrower, and only for such construction activity which can be commenced by Borrower due to the existing building permit issued by the appropriate governmental authorities claiming jurisdiction over same in Anne
Arundel County, Maryland. The Borrower must present to the Lender evidence of the existence of such permit(s) when making the initial application for draw advance(s) for the permitted work. 

The proceeds of the Loan shall be advanced by the Lender only in amounts and for purposes specifically authorized by the Lender and
contemplated by the provisions of this Loan Agreement, including, by way of example and not by way of limitation, amounts required for: 

(a) An allowance on account of financing the cost of the acquisition of the Lots in the amount provided for in “EXHIBIT B” and
incorporated herein and made a part hereof by this reference; and 
 (b) The payment of interest accruing on the Note when due, without
further authorization or consent of the Borrower in the amount provided for in attached “EXHIBIT B”, 
 (c) The fees of the
Consulting Engineer or Progress Inspector, fees of attorneys, engineers, surveyors, and accountants, insurance premiums, permits, real estate taxes and other costs related to the construction of the Improvements in the amounts provided for in
“EXHIBIT B”; and 
 (d) The actual costs incurred for labor, services, materials, construction supervision, and the like, and
engineering and surveying fees and the actual cost of permits secured for and used or to be used in connection with the construction of the Houses as work progresses, including options, supported by receipts for payment of labor performed and
materials installed if required by Lender, in the amounts provided for in “EXHIBIT B”. 
 2.2 Schedule of Payments. 

Applications for advances of Loan proceeds with respect to construction items shall be disbursed unit-by-unit on a “work in place” basis, for amounts equal to: 
 (a) The values of the
classes of work completed to the reasonable satisfaction of the Lender; plus 
 (b) The values of materials and equipment incorporated in the
Land to the reasonable satisfaction of the Lender; less 
 (c) The amount of previous advances. 

The amount to be advanced on account of the items described in Section 2.1 of this Article, the “values” of the classes of work
described in (a) of this Section and the “value” of the materials and equipment described in (b) of this Section shall be determined substantially in accordance with the amounts assigned thereto in the budgets set forth as
“EXHIBIT B” attached hereto and incorporated herein by this reference. Notwithstanding the foregoing, it is agreed that if such Exhibit provides for an interest reserve ( i.e., the Loan includes an allocation for interest during the term
of the Loan), then as long as there does not exist a continuing Event of Default hereunder or under any of the other Loan Documents, and the Loan is otherwise deemed by the Lender (as budgeted) to be sufficient to fund the items set forth above in
Section 2.1, then Lender shall advance, as a part of the principal of the Loan, a 

  
 –5– 

 
portion of the interest reserve on each interest payment date as called for in the Note; provided, however, such Loan funds allocated for interest expense are subject to reallocation by the
Lender in its reasonable discretion. Should the Lender not disburse the interest reserve, so long as there is no continuing Event of Default under any of the Security Documents, the Lender shall not use such Loan funds to curtail the principal of
the Loan, but shall allocate such Loan funds to other active available funding categories under the Loan for investment in the Project. If the Lender elects not to disburse interest for any reason, the Lender shall notify the Borrower and the
Borrower thereafter shall pay the interest due the Lender without the use of Loan proceeds at the time and in the manner provided in the Note. Advances for all other costs included in said “EXHIBIT B” which the Lender has agreed to fund
shall be made at such times, in such amounts and for such items as the Lender shall determine. The Lender may advance parts or the whole of any advance before it becomes due and the Lender may increase or decrease the amount of any advance, if the
Lender in each instance believes it advisable to do so and all advances shall be deemed to have been made in accordance with the terms, provisions and conditions of this Agreement. 

Advances for House construction shall not be made and disbursed by the Lender until such time as the Borrower has provided to Lender the
approved Site Plans and the Plans and Specifications and a copy of the building permit issued by the authorities of Anne Arundel County, Maryland, for such House construction. The Lender may advance parts or the whole of any advance before it
becomes due and the Lender may increase or decrease the amount of any advance, if the Lender in each instance believes it advisable to do so and all advances shall be deemed to have been made in accordance with the terms, provisions and conditions
of this Agreement. 
 2.3 Conditions Precedent to Advances. 

The Lender shall not be obligated to make any advances of Loan proceeds hereunder, unless the following conditions have been satisfied: 

(a) In the reasonable judgment of the Lender, all work completed at the time of the application for advance has been performed in a good and
workmanlike manner and all materials and fixtures usually furnished and installed at that point of construction have in fact been furnished and installed; and 

(b) No Event of Default which has not been cured has occurred under the Note, the Security Documents or the Commitment, and no event has
occurred and is continuing which, with notice or the passage of time or both, would constitute an Event of Default under the Note, the Security Documents or the Commitment; and 

(c) The Lender has received written evidence, in form and substance satisfactory to the Lender, to the effect that all work requiring
inspection by governmental or regulatory authorities having or claiming jurisdiction has been duly inspected and approved by such authorities and by any rating or inspection organization, bureau, association or office having or claiming
jurisdiction; and 
 (d) specifically as to any House which has been materially damaged by fire or other casualty, Lender shall not be
obligated to make any advances of construction loan proceeds previously drawn by and disbursed to Borrower to the date of damage and/or casualty, and further, advances of construction loan proceeds as to the Building at issue shall not commence and
begin again until such time as Borrower has repaired and reconstructed the unit to the point of construction that caused the last draw made prior to the damage or casualty to be advanced; and 

  
 –6– 

 (e) The Lender shall have received a paid policy or policies of title insurance (American Land
Title Association Standard Form “B” Loan Policy - Current Edition), together with such reinsurance agreements and direct access agreements as may be required by the Lender, from a company or
companies satisfactory to the Lender in the face amount of the Note and which may be endorsed or assigned to the successors and assigns of the Lender without additional cost, insuring the lien of the Deed of Trust to be a valid first lien on the
Mortgaged Property, free and clear of all defects, exceptions and encumbrances, except such as the Lender and its counsel shall approve; and 

(f) The Lender shall have received advice, in form and substance, and from a source satisfactory to the Lender, to the effect that a search of
the applicable public records discloses no conditional sales contracts, chattel mortgages, leases of personalty, financing statements or title retention agreements filed or recorded against the Mortgaged Property except such as the Lender shall
otherwise approve; and 
 (g) If requested by Lender, the Lender shall have received a notice of title continuation or an endorsement to the
title insurance policy, indicating that since the last preceding advance, there has been no change in the status of title and no other exceptions not theretofore approved by the Lender, which endorsement shall have the effect of advancing the
effective date of the policy to the date of the advance then being made and increasing the coverage of the policy by an amount equal to the advance then being made if the policy does not by its terms provide for such an increase; and 

(h) The Lender shall have received all policies of insurance required by the terms of the Commitment and the Security Documents from a company
or companies and in form and amount satisfactory to the Lender, together with written evidence, in form and substance satisfactory to the Lender, that all fees and premiums due on account thereof have been paid in full; and 

(i) The Lender shall have received a plat of survey currently certified to the Lender by a Registered Land Surveyor of the jurisdiction in
which the Land is located, which plat of survey shall clearly designate at least (i) the location of the perimeter of the Land by courses and distances; and (ii) the location of all easements, rights-of-way, alleys, streams, waters, paths and encroachments, and (iii) the location of all building restriction lines and setbacks, however established; and (iv) the location of any street or
roadways abutting the Land. For these purposes the Lender agrees that the recorded plat of subdivision for the Lots shall suffice and be sufficient to satisfy the requirements of this subsection; and 

(j) The Lender has received the certificate of the Consulting Engineer or Progress Inspector, in form and substance satisfactory to the Lender,
which certificate shall contain at least the statement of the Consulting Engineer or Progress Inspector to the effect that all work then completed has been performed in substantial conformity with the Plans and Specifications and/or Site Plans, as
the case may be. 
 (k) The representations and warranties made in Article III of this Loan Agreement shall be true and correct on and as of
the date of the advance with the same effect as if made on such date; and 
 (l) Evidence satisfactory to the Lender that the Mortgaged
Property (including the Land, surface water, ground water and Improvements) is free of any substantial amounts of waste and debris, and free of all contamination, including: (i) any “hazardous waste” as defined by the Resource
Conservation and Recovery Act of 1976, as amended from time to time, and regulations promulgated thereunder; (ii) any “hazardous substance”, as defined by the Comprehensive Environmental Response, Compensation and Liability Act of
1980, as amended from time to time, and the regulations promulgated thereunder; and (iii) any substance, the presence of which on the Mortgaged Property is prohibited by any law similar to those set forth in this paragraph. For these purposes
the Lender agrees that the Report of Phase I 

  
 –7– 

 
Environmental Site Assessment Two Rivers, Sections G1A, G1B, and K, Anne Arundel County, Maryland (GTA Project No. 141045), dated June 20, 2014, as prepared by Geo-Technology
Associates, Inc., previously provided by Borrower to Lender shall suffice and be sufficient to satisfy the requirements of this subsection; and 

(m) If applicable, the Lender shall have received a separate policy of flood insurance in the face amount of the Note or the maximum limit of
coverage available with respect to the Land and Improvements, whichever is the lesser, from a company or companies satisfactory to the Lender and written in strict conformity with the National Flood Insurance Act of 1968 and the Flood Disaster
Protection Act of 1973, as amended, and all applicable regulations adopted pursuant thereto; provided, however, that in the alternative the Borrower may supply the Lender with written evidence, in form and substance reasonably satisfactory to the
Lender, to the effect that the Mortgaged Property is not within an area that has been identified by the Director of the Federal Emergency Management Agency as an area having special flood hazards and in which flood insurance has been made available
under the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973; and 
 (n) The Lender shall have received from
the Borrower written evidence, in form and substance satisfactory to the Lender, from all public utility companies or other utility companies having or claiming jurisdiction to the effect that all utility services are available for connection and
use at the boundaries of the Land, including, without limitation, telephone service, water supply, storm and sanitary sewer, gas, electric, and cable; and 

(o) All other terms and conditions of the Security Documents required to be met as of the date of that advance of Loan proceeds shall have been
met to the satisfaction of the Lender. 
 2.4 Additional Conditions Precedent to First Construction Advance. 

The following shall be conditions precedent to the first construction advance with respect to each Unit, and the Lender shall not be obligated
to make the first advance of loan proceeds with respect to construction items for any Unit unless the conditions described in Section 2.3 and the following additional conditions have been satisfied. 

(a) The Lender shall have received from the Borrower a construction progress schedule, in form and substance satisfactory to the Lender,
calling for completion of the House or Houses at issue by the Completion Date; and 
 (b) The Lender shall have received from the Borrower
written evidence, in form and substance satisfactory to the Lender, from all governmental authorities having or claiming jurisdiction to the effect that all building, construction or other permits necessary or required in connection with the
construction of the House or Houses at issue have been validly issued and that all fees and bonds required in connection therewith have been paid in full or posted, as the circumstances may require; and 

(c) The Lender shall have received from the Borrower written evidence, in form and substance satisfactory to the Lender, from all public
utility companies or other utility companies having or claiming jurisdiction to the effect that all utility services required by the Plans and Specifications or otherwise necessary to the construction of the units, and the operation thereof for
their intended purpose are available for connection and use at the boundaries of the subject land, including, without limitation, telephone service, water supply, storm sewer facilities, and natural gas or electric facilities; and 

  
 –8– 

 (d) The Lender shall have received from the Borrower a complete set of the Plans and
Specifications for the model of House being constructed for which funding is being made, initialed or otherwise identified by the Borrower for the Lender, and such other parties as the Lender may reasonably require, together with written evidence,
in form and substance reasonably satisfactory to the Lender, to the effect that the Plans and Specifications are satisfactory to the Borrower, and to the extent required by applicable law or any effective restrictive covenants, have been approved by
all governmental authorities having or claiming jurisdiction and by the beneficiaries of any such restrictive covenants, respectively; and 

(e) At such time as the footings are set and the foundations for each row of Houses within the Project are completed and in-ground, Borrower
shall furnish at its expense and deliver to Lender an “in place” wall check survey showing the exact location of said footings and foundation within the lot lines, and designating all applicable building setback restriction lines imposed
by law or recorded instrument. 
 2.5 Additional Conditions Precedent to Final Construction Advance. 

The Lender shall not be obligated to make the final advance of Loan proceeds with respect to the completed Building unless the conditions
described in Section 2.3 and Section 2.4 and the following additional conditions have all been satisfied: 
 (a) The Lender shall
have received the written certificate of the Consulting Engineer or Progress Inspector, in form and substance satisfactory to the Lender, which certificate shall contain a statement to the effect that the Building has been completed by the Borrower
in accordance with the Plans and Specifications; and 
 (b) To the extent any such occupancy certificate / permit is a condition of the
lawful use and occupancy of the Houses, the Lender shall have received written evidence, in form and substance satisfactory to the Lender, to the effect that the requisite certificate of occupancy for each House has been validly issued by the
appropriate authorities of Anne Arundel County, Maryland; and 
 (c) All other terms and conditions of the Security Documents required to be
met as of the date of the final advance of Loan proceeds shall have been met to the satisfaction of the Lender. 
 2.6 Release of Liens. 

Before making any advance of Loan proceeds, the Lender may require the Borrower to obtain from all contractors, subcontractors and materialmen
dealing directly with the Borrower acknowledgements of payment and releases of liens and rights to claim liens down to the date of the last preceding advance. All such acknowledgements and releases shall be in form and substance satisfactory to the
Lender and the title insurance company. 
 2.7 Trust Funds. 

The Borrower will receive the advances to be made hereunder and will hold the right to receive the same as a trust fund for the purpose of
paying the cost of the construction of the Improvements, and the Borrower agrees not to expend any part of the proceeds of the Loan for any purpose except in connection with uses and purposes provided for in this Loan Agreement without the prior
written consent of the Lender. 

  
 –9– 

 2.8 Advances to Others for Account of Borrower. 

At the option of the Lender and upon notice to the Borrower, the Lender may apply amounts due hereunder to the satisfaction of the conditions
of this Agreement, or the Note, and any amounts so applied shall be part of the Loan. No further direction or authorization from the Borrower shall be necessary to warrant such direct advances and all such advances shall satisfy the obligations of
the Lender hereunder and shall be secured by the Deed of Trust as fully as if made to Borrower, regardless of the disposition thereof by the party or parties to whom such advance is made. Notwithstanding the foregoing provisions, any bill, lien,
encumbrance, claim, charge of assessment then in dispute, or in the process of being negotiated or litigated by the Borrower shall not be unilaterally paid by Lender without inquiry and without advance notice to Borrower, so long as said bill, lien,
encumbrance, claim, charge or assessment is being challenged in a court of competent jurisdiction by Borrower and either the Borrower or its general contractor has bonded off such lien, encumbrance, claim, charge or assessment or otherwise posted
adequate security with the court or Borrower’s title insurer to insure its future payment and satisfaction. 
 2.9 Advances of Other Funds. 

In the event that any funds required for the construction of Improvements over and above the proceeds of the Loan have been or are in the
future deposited with the Lender, then the Borrower agrees that any funds deposited with the Lender for such purposes shall be advanced by the Lender to the Borrower prior to any advance of the proceeds of the Loan. 

2.10 Assignments. 
 The Borrower agrees not to
transfer, assign, pledge or hypothecate any right or interest in any payment or advance due pursuant to this Loan Agreement, or any of the other benefits of this Loan Agreement to any other party without the prior written consent of the Lender. Any
assignment made or attempted by the Borrower without the prior written consent of the Lender shall be void. No consent by the Lender to an assignment by the Borrower shall release the Borrower as the party primarily obligated and liable under the
terms of this Loan Agreement unless the Borrower shall be released specifically by the Lender in writing. No consent by the Lender to an assignment shall be deemed to be a waiver of the requirement of prior written consent by the Lender with respect
to each and every further assignment and as a condition precedent to the effectiveness of such assignment. 
 2.11 Costs of Inspections. 

All reasonable costs and fees levied and invoiced in connection with any on-site inspections precedent
to loan draw advances made by the Consulting Engineer or Progress Inspector (to the extent utilized by Lender) shall be paid by the Borrower. 
 2.12
Proceeds Insufficient to Complete. 
 If at any time the Lender reasonably determines that the amount of undisbursed net proceeds of the
Loan, including, without limitation, any remaining amount to be utilized as a reserve for the payment of interest on the Note, if any, is less than the amount necessary or required to complete and pay for the construction of Improvements in
accordance with the Plans and Specifications, and related expenses, by a date not later than the Completion Date and complete all of the interest payments projected to be due on account of the Note through its maturity date (the “interest
carry”), then within thirty (30) days after a 

  
 –10– 

 
request in writing by the Lender, the Borrower shall deposit with Lender an amount equal to the difference between (i) the estimated cost of said completion of the construction of
Improvements, and related expenses, and the interest carry as determined by the Lender, and (ii) the amount of the Loan which remains to be disbursed (excluding funds then unavailable for advance pursuant to some special limitation or
restriction set forth in this Agreement). In the event that Borrower fails to make the above required payment, then Lender shall suspend the disbursement of all advances under the Loan until such payment is made by Borrower. 

ARTICLE III 

REPRESENTATIONS AND WARRANTIES 
 3.0
Representations and Warranties by Borrower. 
 The Borrower each hereby represents and warrants to the Lender, as of the date of the first
advance of Loan proceeds and at all times thereafter, that: 
 3.1 Building Permits. 

No work associated with the construction of Improvements on the Lots will be commenced by the Borrower unless and until all permits necessary
or required in connection with the construction of Improvements on the Lots have been validly issued and all fees and bonds required in connection therewith have been paid or posted, as the present circumstances may require. . 

3.2 Financial Statements. 
 The financial
statements heretofore delivered to the Lender are true and correct in all material respects, have been prepared in accordance with generally accepted accounting practices consistently applied, and fairly present the respective financial conditions
of the subjects thereof as of the respective dates thereof. No material adverse change has occurred in the financial conditions reflected therein since the respective dates thereto and no additional liabilities have been incurred by the Borrower
since the date thereof other than the borrowing contemplated herein or as approved in writing by the Lender. 
 3.3 Utilities. 

All utility services necessary for the construction of the Improvements are available at the boundaries of the Lots, including, without
limitation, telephone service, water supply, storm and sanitary sewer facilities, and natural gas or electric facilities. 
 3.4 Defaults. 

There is no default on the part of the Borrower under the Note or the Security Documents and no event of default has occurred and is continuing
which, with notice or the passage of time, or both, would constitute a default under the Note or the Security Documents. 

  
 –11– 

 3.5 Access - Roads. 

All roads and other access necessary for the construction and eventual full utilization of the Improvements for their intended purposes have
either been completed or the necessary rights of way therefor have been platted and approved by the appropriate governmental authorities. 
 3.6 Restrictive
Covenants. 
 No work associated with the construction of the Improvements will be commenced by the Borrower unless and until, to the extent
required by applicable law and any effective restrictive covenants, such work has been approved by all governmental authorities having or claiming jurisdiction and by the beneficiaries of any such restrictive covenants, respectively. 

ARTICLE IV 
 AFFIRMATIVE
COVENANTS 
 4.0 Affirmative Covenants. 

Borrower hereby affirmatively covenants and agrees as follows: 

4.1 Construction. 
 The Borrower will prosecute
the construction of the Improvements on the Lots in good faith with diligence and continuity in accordance with the Plans and Specifications. 
 4.2
Completion of Construction; Compliance with Laws. 
 Construction of all of the Improvements hereunder shall be completed by the Borrower in
substantial accordance with the Plans and Specifications, free and clear of all liens and claims of liens for materials supplied and for services or labor performed on or before the Completion Date. The Improvements shall be constructed by the
Borrower in strict accordance with all applicable (whether present or future) laws, ordinances, rules, regulations, requirements and orders of any governmental or regulatory authority having or claiming jurisdiction, and shall be in strict
accordance with all applicable use or other restrictions and the provisions of any prior agreements, declarations, covenants and all applicable zoning and subdivision ordinances and regulations. 

4.3 Inspections - Cooperation - Progress Inspector. 

To the extent utilized by Lender, upon prior notice made by Lender to Borrower, the Borrower will permit the Lender and its duly authorized
representatives (including, without limitation, the Consulting Engineer or Progress Inspector) to enter upon the Land and to inspect the Improvements, and any and all materials to be used in connection with the construction thereof and to examine
all detailed plans and similar materials relating to the construction of Improvements. The Borrower will at all times reasonably cooperate and cause each and every of its contractors, subcontractors and materialmen, to reasonably cooperate with the
Lender and its duly authorized representatives (including, without limitation, the Consulting Engineer or Progress Inspector) in connection with or in aid of the performance of the Lender’s functions under this Loan Agreement. For each
inspection conducted, the Borrower shall pay an inspection fee to be determined by the Lender, to be deducted from the Loan advance. 

  
 –12– 

 4.4 Vouchers and Receipts. 

The Borrower will furnish to the Lender, promptly on demand, any contracts, bills of sale, statements, receipted vouchers or agreements
pursuant to which the Borrower has any claim of title to any materials or other articles delivered or to be delivered to the Land. The Borrower will furnish to the Lender, promptly on demand, a verified written statement, in such form and detail as
the Lender may require, showing all amounts paid and unpaid for labor and materials and all items of labor and materials to be furnished for which payment has not been made and the amounts to be paid therefor. 

4.5 Surveys. 
 At any time the Borrower is
required to furnish a plat of survey to the Lender pursuant to the terms of this Loan Agreement, the Borrower shall also furnish an original print thereof to the title insurance company and such plat of survey shall not be sufficient for purposes of
this Loan Agreement unless and until the title insurance company shall advise the Lender, by endorsement to the title insurance policy or otherwise, that the plat of survey discloses no violations, encroachments or other variances from applicable
setbacks or other restrictions except such as the Lender and its counsel shall approve, or shall have been permitted as exceptions on the mortgagee title insurance policy insuring the lien of the Deed of Trust. 

4.6 Intentionally Deleted. 
 4.7 Payments for Labor and
Materials. 
 The Borrower will pay when due all bills for materials supplied and for services of labor performed in connection with the
construction of Improvements. Borrower is granted by Lender a term of forty-five (45) days from the date of filing and recordation of a mechanic’s lien to either cause same to be paid and released from the land records or to bond off the
mechanic’s lien to the satisfaction of the title insurance carrier underwriting the mortgagee title insurance policy insuring the Lender. 
 4.8
Correction of Construction Defects. 
 Promptly following any demand by the Lender, the Borrower will correct or cause the correction of any
structural defects in the Improvements and any material departures or deviations from the Plans and Specifications not previously approved by the Lender. 

4.9 Insurance During Construction. 
 The Borrower
will provide or cause to be provided, and shall maintain in full force and effect at all times prior to the completion of the construction, such policies of insurance as may be required by the terms of this Loan Agreement from a company or
companies, and in form and amounts satisfactory to the Lender, including, by way of example and not by way of limitation, 
 (a)
Workmen’s compensation as required by law; and 
 (b) Comprehensive public liability insurance with broad form property damage coverage,
with a combined single limit of Two Million Dollars ($2,000,000), naming the Lender as an “additional insured”; and 

  
 –13– 

 (c) So-called “All Risk Builder’s Risk
Completed Value 100% Non-Reporting Form” insurance, including extended coverage for fire, vandalism, malicious mischief and collapse, in amounts not less than the face amount of the Note or as the Lender
may otherwise agree in writing, sufficient to meet all applicable co-insurance requirements, naming the Lender as the mortgagee in the mortgage clause thereof and providing for “privilege granted to
complete and occupy. 
 Each such policy shall provide that the policy may not be cancelled or substantially modified (including, without
limitation, cancellation for non-payment of premiums) without at least thirty (30) days’ prior written notice to any and all insureds named thereon, including the Lender. 

If, on the Closing Date, or at any time thereafter, the Lot(s) is/are in an area that has been identified by the Federal Emergency Management
Agency as having special flood and mud slide hazards, and in which the sale of flood insurance has been made available under the National Flood Insurance Act of 1968, as amended, the Borrower shall procure a flood insurance policy in the form
satisfactory to the Lender. In the event the Lot(s) is/are not in an area having special flood and mud slide hazards, the Borrower shall deliver to the Lender at the Closing Date a certificate by the Borrower’s insurance carrier stating that
flood insurance is not required by the terms hereof. 
 The Borrower shall maintain in full force and effect at all times from a company or
companies and in form and amount satisfactory to the Lender, a policy or policies of casualty or physical damage insurance in at least the amount of the Loan for the Lots, Houses and Improvements affording protection against loss or damage by fire
or other hazards covered by the standard “Extended Coverage” endorsement and such other risks as shall be customarily covered with respect to projects similar in construction, location and use or as the Lender may from time to time
otherwise require. 
 Each such policy shall provide that the policy may not be cancelled or substantially modified (including without
limitation, cancellation for non-payment of premiums) without at least thirty (30) days’ prior written notice to any and all insureds named thereon, including the Lender. 

4.10 Fees and Expenses - Indemnity. 

The Borrower will pay to the Lender, or as the Lender directs, all fees, charges, costs and expenses required to satisfy the conditions of the
Security Documents and the Commitment. The Borrower has taken no action that will result in claims of brokers and “finders” arising by reason of the execution and delivery hereof or the consummation of the transaction contemplated hereby.

 4.11 Insurance Upon Completion. 
 Upon the
completion of the construction of the Improvements the Borrower will provide or cause to be provided, and shall maintain in full force and effect at all times from a company or companies and in form and amount satisfactory to the Lender, a policy or
policies of casualty or physical damage insurance affording protection against at least loss or damage by fire or other hazards covered by the standard “Extended Coverage” endorsement and such other risks as shall be customarily covered
with respect to projects similar in construction, location and use or as the Lender may from time to time otherwise require. 
 Each such
policy shall provide that the policy may not be cancelled or substantially modified (including without limitation, cancellation for non-payment of premiums) without at least thirty (30) days’ prior
written notice to any and all insureds named thereon, including the Lender. 

  
 –14– 

 4.12 Advances. 

The Borrower will cause application for advances of Loan proceeds to be made and delivered to the Lender promptly in order to obtain advances
of Loan proceeds as they become available for disbursement pursuant to the terms of this Loan Agreement. 
 4.13 Conditions. 

The Borrower will cause each and every of the conditions of the Commitment and this Loan Agreement to be satisfied to the extent it is within
the power of the Borrower so to do. 
 ARTICLE V 

NEGATIVE COVENANTS 
 5.0 Negative
Covenants. 
 Until the Indebtedness shall have been paid in full, the Borrower covenants and agrees as follows: 

5.1 Other Liens - Transfers and
“Due-on-Sale”. 
 (a) Borrower will not, without
the prior written consent of the Lender, create or permit to be created or remain, any mortgage, pledge, lien, encumbrance or charge, or security interest, or conditional sale or other title retention agreement, with respect to the Mortgaged
Property or any part thereof or income therefrom, whether prior or subordinate to the lien of the Security Documents, except for easements required in the course of the development of the Project. 

(b) Except for any grant, conveyance, sale, assignment or transfer which is conditioned upon the release of record of the lien of the Deed of
Trust and the other Security Documents, as to the Mortgaged Property granted, conveyed, sold, assigned or transferred, the Borrower will not, without the prior written consent of the Lender, make, create or consent to any conveyance, sale,
assignment or transfer of the Mortgaged Property or any part thereof other than as provided for in the Security Documents. 
 5.2 Impairment of
Improvements. 
 Borrower will take no action which will in any manner impair the value of the Lots and Improvements. 

5.3 Bonds. 
 Borrower will not do or permit
anything to be done that would affect the coverage or indemnities provided for pursuant to the provisions of any performance bond, labor and material payment bond or any other bond required pursuant to the provisions of this Loan Agreement. 

  
 –15– 

 5.4 Conditional Sales. 

Borrower will not incorporate in the Improvements any property acquired under a conditional sales contract, or lease, or as to which the vendor
retains title or a security interest. 
 5.5 Changes to Plans and Specifications. 

(a) Borrower will not permit any material changes in the Plans and Specifications, including, without limitation, any change by altering or
adding to the work to be performed, without the prior written consent of the Lender and under such reasonable conditions as the Lender may then establish. 

(b) Borrower will not permit any material changes in the Plans and Specifications by orders for extra work resulting in material added costs
unless such change order shall be fully paid for Borrower without resort to the Loan and does not substantially impair the value of the Improvements. 

ARTICLE VI 
 EVENTS OF
DEFAULT 
 The term “Event(s) of Default”, as used in this Loan Agreement, shall mean the occurrence or happening, from time
to time, of any one or more of the following which is continuing beyond any applicable stated cure or grace period: 
 6.0 Payment of Indebtedness. 

If the Borrower shall default in the payment of any installment of the Indebtedness when and as the same shall become due and payable, whether
at maturity or by acceleration or a part of any prepayment or otherwise, and such default shall continue for a period of ten (10) days after written notice thereof from the Lender to the Borrower. 

6.1 Performance of Obligations. 
 If the Borrower
shall default in the due observance or performance of any of the Obligations and such default shall continue for a period of thirty (30) days after written notice thereof from the Lender to the Borrower; provided however, that no such grace
period shall be provided for the Obligations set forth in Sections 4.9 and 4.10 herein or for any default which could, in the absence of the immediate exercise by Lender of a right or remedy, result in harm to Lender, impairment of the Note or the
Deed of Trust or impairment or loss of or damage or harm to any security for the payment of the Indebtedness or the performance of the Obligations; and provided further that no such notice or grace period shall be provided for any default
specifically referred to in the other Sections of this Article VI. If any such non-monetary default is not capable of cure within the said 30-day period provided, then so long as Borrower commences to cure such non-monetary default within the 30-day
cure period, and it is determined and ascertained in the reasonable discretion of the Lender and proven by the Borrower to the Lender that the remedial action(s) being taken to cure such non-monetary default will in fact affect such a remedy and
cure, and Borrower is diligently and continually attempting to cure to completion of such remedial action, then the failure to cure the non-monetary default within the allotted 30-day cure period shall not be an Event of Default hereunder unless
such non-monetary default remains uncured in excess of sixty (60) days after the original written notice of default to Borrower. 

  
 –16– 

 6.2 Other Defaults. 

If any other default shall occur and continue beyond any applicable grace or cure period provided under the Note or any of the Security
Documents not defined specifically herein. 
 6.3 False Representation. 

If any material representation or warranty made by the Borrower under or pursuant to this Agreement, shall prove to have been false or
knowingly misleading in any material respect as of the date on which such representation or warranty was made. 
 6.4 Progress of Construction. 

Except for delays unavoidably occasioned by strikes, lockouts, war or civil disturbance, severe prolonged inclement weather, natural disaster,
or Acts of God (“Force Majeure”), if the Borrower abandons the work or ceases work for a period of more than ninety (90) consecutive days, or such longer period of time approved by Lender in writing. 

6.5 Failure to Complete and Comply. 
 Except for
Force Majeure, if the Borrower fails to complete the construction of the Improvements on or before the Completion Date, and/or fails to comply with the requirements imposed on Borrower in this Loan Agreement, including by specific reference,
Section 8.25 herein. 
 6.6 Conditions Precedent to Any Advance. 

If the Borrower is unable to satisfy any condition precedent to its rights to receive an advance of Loan proceeds for a period in excess of
thirty (30) days. The election of the Borrower not to receive a draw advance shall not be deemed an Event of Default hereunder. 
 6.7 Other Than First
Lien. 
 If the Deed of Trust shall not give to Lender a valid first lien for the Indebtedness to be secured thereby on the Mortgaged
Property, satisfactory to the Lender. 
 6.8 Failure to Allow Inspections. 

If Borrower does not permit a representative of Lender to enter upon the Mortgaged Property and inspect the Property at all reasonable times
after Lender has provided Borrower with notice of its intention to enter the Property to carry out the terms of this Loan Agreement. 
 6.9 Insolvency or
Bankruptcy. 
 If Borrower shall commit any affirmative act of insolvency, or shall file any petition or action under any bankruptcy or
insolvency law, or any other law or laws for the relief of, or relating to debtors; or if there shall be filed any insolvency petition under any bankruptcy or insolvency statute against Borrower or there shall be appointed any receiver or Trustee to
take possession of any property of Borrower or and such petition or appointment is not set aside or withdrawn or does not cease within sixty (60) days from the date of such filing of appointment. 

  
 –17– 

 6.10 Assignment/Encumbrance. 

If Borrower assigns this Loan Agreement, or any portion of the advances made pursuant hereto or any interest therein to any party, or if
Borrower’s interest in the Mortgaged Property or any right to income or rents related thereto be conveyed or encumbered in any way, without consent of Lender. 

6.11 Failure to Properly Construct. 
 If Borrower
does not erect the Improvements in substantial accordance with the approved Plans and Specifications and all applicable rules, regulations, ordinances and statutory provisions, and fails to take actions or measures to correct any failure that take
the Improvements out of compliance upon receipt of notice of such non-compliance. 
 6.14 Failure to Maintain Security. 

If Borrower during the progress of construction of the Improvements neglects to maintain such security for the protection of the Improvements,
as Lender may reasonably deem appropriate. For the purposes of this section, Lender deems it reasonably appropriate to expect that any construction trailers on the site be kept locked and secure when not occupied, that all materials and supplies
brought to the construction site that can be secured are in fact secured, and that unless ready to be incorporated into the office building or a unit, all materials and supplies be stored off-site and not
otherwise brought or delivered to the construction site. 
 6.13 Encroachments. 

If any portion of the Improvements shall encroach upon the street or upon adjoining property or violate restrictive covenants of record of
local zoning ordinances. 
 6.14 Mechanic’s Lien. 

If the Borrower causes the filing of a mechanic’s lien on the Project which is not timely bonded off, or otherwise satisfied and released
as provided for herein under Section 4.7. 
 ARTICLE VII 

DEFAULT - REMEDIES 

7.0 Remedies on Default. 
 (a) Lender shall have
the right, upon the happening of any Event of Default, to terminate this Agreement by notice in writing to the Borrower and, in addition to any rights or remedies available to it under the Deed of Trust or other Security Documents, to enter into
possession of the Mortgaged Property and perform any and all work and labor necessary to complete the Improvements to the Lots and employ watchmen to protect the Mortgaged Property. 

All sums expended by Lender for such purposes shall be deemed to have been paid to Borrower and secured by the Deed of Trust. For this
purpose, upon the happening of an Event of Default hereunder, 

  
 –18– 

 
Borrower hereby unconditionally and irrevocably constitutes and appoints Lender its true and lawful
attorney-in-fact with full power of substitution to complete the development of the Lots and construction of the Improvements in the name of the Borrower, and hereby
empowers said attorney or attorneys as follows: 
 (i) To use any funds of Borrower, including any balance which may be held in escrow and
any funds which may remain unadvanced hereunder for the purpose of completing the construction of the Improvements; and 
 (ii) To make such
additions and changes and corrections to subdivision plats and plans, including, without limitation the Plans and Specifications, which shall be necessary or desirable in the judgment of the Lender to complete the construction of the Improvements;
and 
 (iii) To employ such contractors, subcontractors, agents, engineers and inspectors as shall be required for said purpose; and 

(iv) To pay, settle or compromise all existing bills and claims which are or may be liens against the Mortgaged Property, or may be necessary
or desirable for the completion of the construction of the Improvements, or the clearance of title; and 
 (v) To execute all applications
and certificates in the name of Borrower specific to the Project; and 
 (vi) To do any and every act with respect to the construction of the
Improvements which Borrower may do in its own behalf. 
 It is understood and agreed that this Power of Attorney shall be deemed to be a
power coupled with an interest which cannot be revoked. Said attorney-in-fact shall also have power to take such actions and require such performance as is deemed
necessary. 
 (b) Any advance made pursuant to this paragraph shall be (i) deemed to be an advance of Loan proceeds and, therefore,
evidenced by the Note and secured by the Deed of Trust and other Security Documents, and (ii) may be made without notice to or request by the Borrower. The Lender is irrevocably authorized by the Borrower to make advances in accordance with
this paragraph. The proceeds of any advance made pursuant to this paragraph shall be deposited by the Lender in a deposit account maintained by the Lender as collateral for all the obligations (whether contingent or otherwise) of the Borrower to the
Lender with respect to the Loan and secured by the Deed of Trust and other Security Documents. 
 7.1 No Conditions Precedent to Exercise of Remedies. 

Neither Borrower nor any guarantor of the payment of all or any part of the Indebtedness or the performance of any of the Obligations shall be
relieved of any obligation by reason of the failure of the Lender to comply with any request of Borrower or of any other person to take action to foreclose on the Deed of Trust or otherwise to enforce any provisions of the Note or the Security
Documents, or by reason of the release, regardless of consideration, of all or any part of the Mortgaged Property or by reason of any agreement or stipulation between any subsequent owner of the Mortgaged Property and the Lender extending the time
of payment or modifying the terms of the Note or the Security Documents without first having obtained the consent of the Borrower or such guarantor; and in the latter event, the Borrower and all such guarantors shall continue to be liable to make
payments according to the terms of any such extension or modification agreement, unless expressly released and discharged in writing by the Lender. 

  
 –19– 

 7.2 Remedies Cumulative and Concurrent. 

No remedy herein conferred upon or reserved to the Lender is intended to be exclusive of any other remedies provided for in the Note or in the
Security Documents, and each and every such remedy shall be cumulative, and shall be in addition to every other remedy given hereunder, or under the Note or the Security Documents, or now or hereafter existing at law in equity, or by statute. Every
right, power and remedy given by the Note and the Security Documents to the Lender shall be concurrent and may be pursued separately, successively or together against the Borrower, any guarantor of the payment of all or any part of the Indebtedness
or the performance of any of the Obligations, or the Mortgaged Property or any part thereof, or any one or more of them; and every right, power and remedy given by the Note or the Security Documents may be exercised from time to time as often as may
be deemed expedient by the Lender. 
 7.3 Strict Performance. 

No delay or omission of the Lender to exercise any right, power or remedy accruing upon the happening of an Event of Default shall impair any
such right, power or remedy or shall be construed to be a waiver of any such Event of Default or any acquiescence therein. No delay or omission on the part of the Lender to exercise any provision for the acceleration of the maturity of the
Indebtedness, or for foreclosure of the Deed of Trust following any Event of Default as aforesaid, or any other option granted to the Lender hereunder in any one or more instances, or the acceptance by the Lender of any partial payment on account of
the Indebtedness shall constitute a waiver of any such Event of Default and each such option shall remain continuously in full force and effect. 

ARTICLE VIII 

MISCELLANEOUS AND ADDITIONAL PROVISIONS 

8.0 No Warranty by Lender. 
 By accepting or
approving anything required to be observed, performed or fulfilled by the Borrower or to be given to Lender pursuant to this Loan Agreement, including, without limitation, any certificate, balance sheet, statement of profit and loss or other
financial statement, survey, receipt, appraisal or insurance policy, the Lender shall not be deemed to have warranted or represented the sufficiency, legality, effectiveness or legal effect of the same, or of any term, provision or condition
thereof, any such acceptance or approval thereof shall not be or constitute any warranty or representation with respect thereto by Lender. Neither the approval by the Lender of the Plans and Specifications, nor any subsequent inspections or
approvals by or for the Lender during the course of the construction of Improvements shall constitute a representation or warranty by the Lender, of any of the Lender’s employees, agents or representatives, as to any matter or fact with respect
to or concerning the Project or any of its component parts. Borrower agrees to indemnify and hold the Lender harmless of and from any and all loss or expense (including reasonable attorneys’ fees) resulting from any third party claim, action,
settlement or liability for acts (or failure to act) in connection with such inspections and/or approvals by or for the Lender. 

  
 –20– 

 8.1 Liability of Lender. 

The Lender shall not be liable for any act or omission by it pursuant to the provisions of this Loan Agreement in the absence of fraud, willful
misconduct, or gross negligence. The Lender shall incur no liability to the Borrower, or any other party in connection with the acts or omissions of the Lender in reliance upon any certificate or other paper believed by the Lender to be genuine or
with respect to any other thing which the Lender may do or refrain from doing, unless such act or omission amounts to fraud or gross negligence. In connection with the performance of its duties pursuant to this Loan Agreement, the Lender may consult
with counsel of its own selection, and anything which the Lender may do or refrain from doing, in good faith, in reliance upon the opinion of such counsel shall be full justification and protection to the Lender. Borrower hereby agrees to indemnify
and hold the Lender harmless of and from any and all loss or expense (including reasonable attorney’s fees) resulting from any claim, action, settlement or liability for acts (or failure to act) in connection with site inspections or approvals
by or for the Lender during the course of the contemplated House construction. 
 8.2 Relationship of the Parties; No Partnership. 

Nothing contained in this Loan Agreement shall be construed in a manner to create any relationship between the Borrower and the Lender other
than the relationship of Borrower and Lender and the Borrower and the Lender shall not be considered partners or co-venturers for any purpose. 

This Agreement provides for the making of a loan or loans by Lender, in its capacity as a lender, to the Borrower, in its capacity as a
borrower, and for the payment of interest and repayment of principal by the Borrower to Lender. The relationship between Lender and the Borrower is limited to that of creditor/secured party, on the one hand, and debtor, on the other hand. The
provisions herein for compliance with financial covenants and delivery of financial statements, are intended solely for the benefit of Lender to protect its interests as lender in assuring payments of interest and repayment of principal, and nothing
contained in this Agreement shall be construed as permitting or obligating Lender to act as a financial or business advisor or consultant to Borrower, as permitting or obligating the Lender to control Borrower or to conduct Borrower’s
operations, as creating any fiduciary obligation on the part of Lender to Borrower, or as creating any joint venture, agency, or other relationship between the parties other than as explicitly and specifically stated in this Agreement. The Borrower
acknowledges that it has had the opportunity to obtain the advice of experienced counsel of its own choosing in connection with the negotiation and execution of this Agreement and to obtain the advice of such counsel with respect to all matters
contained herein, including, without limitation, the provision for waiver of trial by jury. The Borrower further acknowledges that it is experienced with respect to financial and credit matters and has made its own independent decision to apply to
Lender for credit and to execute and deliver this Agreement. 
 8.3 Severability. 

In the event any one or more of the provisions of this Loan Agreement shall for any reason be held to be invalid, illegal or unenforceable, in
whole or in part or in any respect, or in the event any one or more of the provisions of the Note or the Security Documents operate or would prospectively operate to invalidate this Loan Agreement, then and in either of those events, at the option
of the Lender, such provision or provisions only shall be held for naught and shall not affect any other provision of the Note or the Security Documents or the validity of the remaining Obligations and the remaining provisions of the Note and the
Security Documents shall remain operative and in full force and effect and shall in no way be affected, prejudiced or disturbed thereby. 

  
 –21– 

 8.4 Successors and Assigns. 

Each and every of the covenants, terms, provisions and conditions of this Loan Agreement, the Note and the Security Documents shall apply to,
bind and inure to the benefit of the Borrower, its successors and those assigns of the Borrower consented to in writing by the Lender, and shall apply to, bind and inure to the benefit of the Lender and the endorsees, transferees, successors and
assigns of the Lender, and all persons claiming under or through any of them. 
 8.5 Modification - Waiver. 

None of the terms or provisions of this Loan Agreement may be changed, waived, modified, discharged or terminated except by instrument in
writing executed by the party or parties against which enforcement of the change, waiver, modification, discharge or termination is asserted. None of the terms or provisions of this Agreement shall be deemed to have been abrogated or waived by
reason of any failure or failures to enforce the same. 
 8.6 Third Parties - Benefit. 

All conditions of the obligations of the Lender to make advances hereunder are imposed solely and exclusively for the benefit of the Lender and
its assigns and no other person shall have standing to require satisfaction of such conditions in accordance with their terms or be entitled to assume that the Lender will refuse to make advances in the absence of strict compliance with any or all
thereof and no other person shall, under any circumstances, be deemed to be beneficiary of such conditions, any or all of which may be freely waived in whole or in part by the Lender at any time in the sole and absolute exercise of its discretion.
The terms and provisions of this Loan Agreement are for the benefit of the parties hereto and, except as herein specifically provided, no other person shall have any right or cause of action on account thereof. 

The Lender shall in no event be responsible or liable to any person other than to the Borrower for any advance of or failure to advance the
proceeds of the loan or any part thereof and no contractor, subcontractor, materialman or other person shall have any right or claim against the Lender pursuant to this Loan Agreement or the administration thereof. 

The Lender shall in no event be responsible or liable to any person other than to the Borrower for any advance of or failure to advance the
proceeds of the Loan or any part thereof and no contractor, subcontractor, materialman or other person shall have any right or claim against the Lender pursuant to this Loan Agreement or the administration thereof. 

8.7 Conditions - Verification. 

Any condition of this Loan Agreement which requires the submission of evidence of the existence or
non-existence of a specified fact or facts implies as a condition the existence or non-existence, as the case may be, of such fact or facts, and the Lender shall, at all
times, be free independently to establish to its satisfaction and in its absolute discretion such existence or non-existence. 

  
 –22– 

 8.8 Captions and Headings. 

The captions and headings contained in this Loan Agreement are included herein for convenience of reference only and shall not be considered a
part hereof and are not in any way intended to limit or enlarge the terms hereof. 
 8.9 Counterparts. 

This Loan Agreement may be executed in any number of counterparts, each of which shall be considered an original for all purposes; provided,
however, that all such counterparts shall together constitute one and the same instrument. 
 8.10 Notices. 

All notices, demands, requests and other communications required pursuant to the provisions of this Loan Agreement shall be in writing and
shall be deemed to have been properly given or served for all purposes when presented personally, or one business day after having been sent by a nationally recognized overnight delivery service or a local courier service, charges prepaid, or three
(3) calendar days after having been sent by United States Registered or Certified Mail - Return Receipt Requested, postage prepaid, to the respective addresses as follows: 

(a) If to the Borrower, then to it at: 1886 Metro Center Drive, 4th Floor, Reston,
Virginia 20190, Attention: Christopher Clemente, with a copy at the same address provided to Jubal R. Thompson, Esq., General Counsel. 
 (b)
If to the Lender, then to it at: 7815 Woodmont Avenue, Bethesda, Maryland 20814. 
 Any of the parties may designate a change of address by
notice in writing to the other parties. Whenever in this Loan Agreement the giving of notice by mail or otherwise is required, the giving of such notice may be waived in writing by the person or persons entitled to receive such notice. 

8.11 Publicity. 
 At its option, the Lender may
announce and publicize the source of the financing contemplated hereby in such manner as the Lender may elect, including, without limitation, the placement of a sign for display upon the Property. Any such sign shall be provided at the expense of
the Lender; provided, however, that if the Lender provides a sign to the Borrower, then as long as such sign is not otherwise prohibited by the Declaration governing the Two Rivers Subdivision, the Borrower agrees to provide a prominent and suitable
location for the display of the sign, subject to compliance with the rules and regulations regarding signs established for the Two Rivers Subdivision. Lender shall maintain the display of such sign for the duration of the term of the Loan. 

8.12 Applicable Law. 
 This Agreement shall be
governed by and construed, interpreted and enforced in accordance with and pursuant to the laws of the State of Maryland, without regard to its conflicts of law principles. 

8.13 Time of Essence. 
 Time shall be of the
essence of each and every provision of this Agreement. 

  
 –23– 

 8.14 Waiver of Jury Trial. 

The Borrower and Lender each hereby (i) covenants and agrees not to elect a trial by jury of any issue triable of right by a jury, and
(ii) waives any right to trial by jury fully to the extent that any such right shall now or hereafter exist. This waiver of right to trial by jury is separately given, knowingly and voluntarily, by the Borrower and the Lender, and this waiver
is intended to encompass individually each instance and each issue as to which the right to a jury trial would otherwise accrue. Either party is hereby authorized and requested to submit this agreement to any court having jurisdiction over the
subject matter and the parties hereto, so as to serve as conclusive evidence of the waiver of the right to jury trial. 
 8.15 Commitment Incorporated. 

The parties hereto agree that the terms and provisions of the Commitment Letter, as revised and amended by and between Borrower and Lender by
supplemental letter agreement, are deemed incorporated herein by this reference as though fully stated and set forth herein; provided, however, that in the event of contradiction or inconsistency of the Commitment with any provisions contained in
this Loan Agreement, the Loan Agreement shall prevail. 
 8.16 Appraisal; Fees. 

From time to time during the term of the Loan as required by Lender in its sole discretion, but no more frequently than once during the Loan
term, the Lender may obtain an appraisal of the Mortgaged Property addressed to the Lender from an appraiser approved by Lender, as well as an independent review of said appraisal acceptable to Lender if so required by any agency that regulates the
business activities of the Lender, which appraisals and reviews shall be satisfactory to the Lender in its sole judgment. All appraisal costs incurred by the Lender in connection with the Mortgaged Property shall be paid by the Borrower. 

8.17 Loan-to-Value Restrictions. 

The total acquisition and construction loan shall not exceed a 71% loan to value ratio and 80% loan to cost ratio, based on the lesser of
appraised discounted value of the “as complete” unit or 100% of cost (which shall exclude marketing costs and commissions). The total construction loan for Houses shall never exceed a 85% loan to cost ratio based on the lesser of appraised
discounted value of the “as complete” unit or 100% of cost. In the event Lender or any regulatory agency reasonably determines at any time during the term of the Loan that the committed amount of the Loan exceeds any of the above loan-to-value ratios and/or loan-to-cost ratios, then after not less than thirty (30) calendar days’ prior notice of Lender to Borrower, Borrower shall either
deposit current funds with Lender on demand, to be advanced by Lender for payment of costs previously allocated within the Loan budget, or curtail the Loan in an amount sufficient to reduce the loan-to-value ratio to the proper and required percentage. 
 8.18 Limitations on Advances. 

Anything in the Security Documents to the contrary notwithstanding, the maximum principal amount of the Loan permitted to be advanced and
outstanding at any one time shall not exceed the principal sum of SIX MILLION SEVEN HUNDRED THOUSAND AND NO/100 DOLLARS ($6,700,000.00). 

  
 –24– 

 Anything in the Security Documents to the contrary notwithstanding, the maximum amount in the
aggregate of all principal advances made pursuant to the Loan Agreement with specific regard to the Loan described herein shall not exceed the sum of TWENTY MILLION EIGHT HUNDRED THOUSAND AND NO/100 DOLLARS ($20,800,000.00). 

8.19 Loan Fee. 
 The Loan Commitment Fee
for the Loan is $100,100.00, of which Fee $35,750.00 is to be paid by the Borrower to the Lender concurrent with the execution and delivery of this Loan Agreement, net of any portion of such Fee which has been previously prepaid by Borrower to
Lender, with the remaining balance of the Fee being paid on a per Lot basis at the time the Borrower acquires a Lot in the amount of $975.00. 
 8.20
Cooperation. 
 The Trustees named in the Deed of Trust, upon written request from Borrower, and with the consent of the Lender, if
required, (which consent shall not be unreasonably withheld) and further without any release payment or curtail of principal, shall execute, acknowledge and join in (a) plats or plans of subdivision or resubdivision, (b) to the extent
required to be parties by the beneficiaries / grantees thereof, execute, acknowledge and join in any easements, rights of way and dedications as may be necessary and/or required by local, county, state, or federal authorities or public utility
companies for the purpose of acquiring or obtaining utilities, sanitary and storm sewer, flood plain, water, gas, electric and telephone facilities upon, under and over the premises or off-site, (c) to
the extent required to be parties by the beneficiaries / grantees thereof, execute, acknowledge and join in any easements, rights of way, or dedications for public roads, streets, gutters, sidewalks or similar improvements, and (d) execute,
acknowledge and join in any and all other instruments that my be required by the appropriate governmental authorities for approval with regard to the Borrower’s construction upon the Land. With regard to any and all documents described herein,
(x) the Lender shall have the right to review and approve same in advance if the endorsement of the Lender and/or Trustees is required; (y) the Borrower shall pay all costs and fees of preparation, Lender review (including reasonable
attorney’s fees), recordation and filing of said documents; and (c) no such documents shall impose any obligation or liability, monetary or otherwise, on the Lender. 

8.21 End Loan. 
 Borrower shall provide
Lender the opportunity to offer purchase money loans to the contract purchasers under Approved Sales Contracts by including Lender’s loan terms in its sales packages. Notwithstanding the foregoing, individual purchasers of Lots and Houses shall
not be bound or obligated to obtain purchase money financing from Lender. 

  
 –25– 

 8.22 Partial Release. 

Provided (a) that the Borrower has completed construction of a House to the Lender’s satisfaction in accordance with the terms and
provisions contained herein, and (b) provided no Event of Default which remains uncured has occurred with respect to this Loan Agreement or the Note or the Deed of Trust, and provided no event has occurred and is continuing which, with notice
or the passage of time or both, would constitute an Event of Default with respect to this Loan Agreement or the Note or the Deed of Trust, then Lender agrees to cause the Trustees named in the Deed of Trust, at the request and expense of the
Borrower, to release an individual Lot and House from the lien, legal effect and operation of the Deed of Trust upon payment to or for the account of the Lender by or for the account of the Borrower for each such Lot and House sought to be released
of 100% of the principal sum determined by Lender to have been previously advanced under the Loan specifically allocated to finance the costs and expenses associated with the acquisition of the Lot and to finance the costs and expenses associated
with its improvement by the construction of a House on such Lot, together with interest outstanding on account thereof to the date of payment, and any fees and costs, if any, due on account of the Loan. 

8.23 Sales Contracts; Sales Data. 

Promptly after Borrower’s execution of the same, the Borrower shall transmit to the Lender a copy of each contract providing for the sale
of any Lot and House. Monthly Borrower shall provide the Lender with detailed sales and settlement reports for the Project that is the subject of the Loan, including, but not limited to the contract purchaser’s name and address, the Lot and
House sold, the base contract sales price, a description of any options selected and pricing, the amount of earnest money deposits, the amount of the expected purchase money loan amount and the identity of the Lender providing the purchase money
loan, and evidence of pre-qualification for the purchase money loan. 
 8.24 Lot Acquisition and House Construction Limitations. 

Borrower shall be immediately permitted to construct the Houses on the Lots initially acquired by Borrower and described on attached Exhibit
“A” and Lender will fund the costs of construction for those Houses. Lot Inventory shall be limited to a total of twenty-two (22) Lots at any one time, of which two (2) lots can be models, and four (4) Lots can be
“spec” Lots, meaning those Lots are not the subject of an Approved Sales Contract. Lot Inventory funded under this Loan shall be inclusive of all Lots on which Houses are under construction, including model House Inventory. Model House
inventory is limited to two (2) units. Construction Inventory shall be limited to twenty-two (22) Houses under construction at any one time (including model Houses), of which number four (4) Houses can be “spec” Houses,
meaning those Houses are not the subject of an Approved Sales Contract. All of the foregoing shall only apply to Lots and Houses that are subject to funding under the herein Loan. 

The Lender shall not permit Borrower to seek and make application for an advance of Loan proceeds for the acquisition of a Lot or Lots and the
construction of a House or Houses thereon beyond that date which is thirty-two (32) calendar months from the date of this Loan Agreement unless Borrower can prove to the reasonable satisfaction of Lender that the Lot and completed House can be
sold and settled under an Approved Sales Contract by the maturity date of this Loan stated in the Note. Lender shall not be obligated to continue to advance Loan proceeds for the construction of a House or Houses then under construction as of the
maturity date stated in the Note unless Lender and Borrower mutually agree to extend the maturity date of the Loan and continue to disburse Loan proceeds for the completion of the House or Houses. 

8.25 Minimum Sales Rate Absorption. 

Commencing one hundred eighty (180) calendar days after the settlement of the sale of the first House pursuant to an Approved Sales
Contract, the Borrower shall be required to maintain an average quarterly sales rate of six (6) Houses. 

  
 –26– 

 8.26 Operating Accounts. 

Borrower shall open and maintain its business operating account and all escrow accounts with and at the Lender. Borrower and any affiliated and
related entities shall maintain in money market and demand deposit accounts an aggregate monthly average deposit relationship of not less than ten percent (10%) of the average outstanding loan balances of the combined loans of such companies
with Lender (the “Compensating Balances”). In the event the Compensating Balances average less than ten percent (10%) of the outstanding loan balances, the such failure shall not be an Event of Default under the Loan; however, the
interest rate spread on the Loan and floor shall be increased by 0.25% until such time as the Compensating Balances are maintained at 10% for a continuous period of six (6) months. The foregoing requirement is in addition to and supplements any
other deposit requirements for loans with Lender made to Borrower and/or any affiliated and related entities. 
 8.27 Future Amendments. 

Borrower acknowledges and agrees that as Borrower takes down and acquires new Lots under the Sales Agreement, it will be necessary for Borrower
and Lender to enter into an amendment and modification agreement to the Deed of Trust in order to supplement the Deed of Trust by the addition of the acquired Lots as collateral security for the Loan, and to also enter into an omnibus modification
agreement for the same purpose with regard to the balance of the Loan Documents made, executed and delivered by Borrower to evidence and secure the Loan. 

  
 –27– 

 IN WITNESS WHEREOF, the Borrower and the Lender have executed these presents to be effective on
the year and day first above written. 
  

			
	BORROWER:
	
	COMSTOCK TWO RIVERS I, L.C., a Virginia limited liability company
		
	By:		 COMSTOCK HOLDING COMPANIES, INC.,
 a Delaware
corporation, its Manager and Sole Member

		
			By:                                     
                      (SEAL)
			      Christopher Clemente, Chairman and
			      Chief Executive Officer

  

					
	COMMONWEALTH OF VIRGINIA		)		
			) ss:		
	COUNTY OF FAIRFAX		)		

 I hereby certify that on this             day of
March, 2015, before me, the undersigned Notary Public, of the jurisdiction aforesaid,, personally appeared Christopher Clemente, known to me (or satisfactorily proven) to be the person whose name is subscribed to the foregoing instrument, who
acknowledged that he executed the same for the purposes therein contained in his official and authorized capacity as the Chairman and Chief Executive Officer of Comstock Holding Companies, Inc., a Delaware corporation, (“the Corporation”),
said Corporation being the Manager and Sole Member of Comstock Two Rivers I, L.C., a Virginia limited liability company (the “Company”), and that he as such officer of the Corporation being authorized so to do, signed the name of the
Corporation as the Manager and Sole Member of the Company. 
  

	
	  

	Notary Public

 My Notary Commission
Expires:                                       
       
 My Notary Registration No.
is:                                        
          

  
 –28– 

 
	
	LENDER:
	
	EAGLEBANK, a Virginia banking corporation
	
	By:                                     
                                   (SEAL)
	Name:
	Title:

  

			
	STATE
OF                                        
            		)
			) ss:
	COUNTY
OF                                        
        		)

 I HEREBY CERTIFY that on March             , 2015,
before me, a Notary Public of the jurisdiction aforesaid, personally appeared
                                         
           in his/her official and authorized capacity as a
                                         
       of EAGLEBANK, a Maryland banking corporation (the “Bank”), and that he/she, as such officer of the Bank, being authorized so to do, executed the foregoing instrument for the purposes therein
contained by signing the name of the Bank. 
 WITNESS my hand and Notarial Seal. 

 

	
	                                      
                          
	Notary Public

 My Commission Expires:
                                         
                            

My Notary Registration Number
is:                                        
                 

  
 –29– 

 EXHIBIT B 

  
 –30–EX-4.2

 Exhibit 4.2 
  

 
 THE NEW HOME COMPANY INC.

  
  

INDENTURE 
 Dated as of
[            ] 
  

 
 U.S. BANK
NATIONAL ASSOCIATION 
 Trustee 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
	 Section 1.1.
	  	Definitions	  	 	1	  
	 Section 1.2.
	  	Other Definitions.	  	 	5	  
	 Section 1.3.
	  	Incorporation by Reference of Trust Indenture Act	  	 	5	  
	 Section 1.4.
	  	Rules of Construction.	  	 	6	  
		
	 ARTICLE II. THE SECURITIES
	  	 	6	  
	 Section 2.1.
	  	Issuable in Series	  	 	6	  
	 Section 2.2.
	  	Establishment of Terms of Series of Securities.	  	 	6	  
	 Section 2.3.
	  	Execution and Authentication	  	 	9	  
	 Section 2.4.
	  	Registrar and Paying Agent.	  	 	9	  
	 Section 2.5.
	  	Paying Agent to Hold Money in Trust	  	 	10	  
	 Section 2.6.
	  	Securityholder Lists.	  	 	10	  
	 Section 2.7.
	  	Transfer and Exchange.	  	 	11	  
	 Section 2.8.
	  	Mutilated, Destroyed, Lost and Stolen Securities	  	 	11	  
	 Section 2.9.
	  	Outstanding Securities.	  	 	12	  
	 Section 2.10.
	  	Treasury Securities	  	 	12	  
	 Section 2.11.
	  	Temporary Securities.	  	 	13	  
	 Section 2.12.
	  	Cancellation.	  	 	13	  
	 Section 2.13.
	  	Defaulted Interest	  	 	13	  
	 Section 2.14.
	  	Global Securities	  	 	13	  
	 Section 2.15.
	  	CUSIP Numbers	  	 	15	  
		
	 ARTICLE III. REDEMPTION
	  	 	15	  
	 Section 3.1.
	  	Notice to Trustee	  	 	15	  
	 Section 3.2.
	  	Selection of Securities to be Redeemed	  	 	15	  
	 Section 3.3.
	  	Notice of Redemption.	  	 	16	  
	 Section 3.4.
	  	Effect of Notice of Redemption.	  	 	17	  
	 Section 3.5.
	  	Deposit of Redemption Price.	  	 	17	  
	 Section 3.6.
	  	Securities Redeemed in Part.	  	 	17	  
		
	 ARTICLE IV. COVENANTS
	  	 	17	  
	 Section 4.1.
	  	Payment of Principal and Interest.	  	 	17	  
	 Section 4.2.
	  	SEC Reports	  	 	17	  
	 Section 4.3.
	  	Compliance Certificate.	  	 	18	  
	 Section 4.4.
	  	Stay, Extension and Usury Laws.	  	 	18	  
		
	 ARTICLE V. SUCCESSORS
	  	 	18	  
	 Section 5.1.
	  	When Company May Merge, Etc.	  	 	18	  
	 Section 5.2.
	  	Successor Corporation Substituted.	  	 	19	  
		
	 ARTICLE VI. DEFAULTS AND REMEDIES
	  	 	19	  
	 Section 6.1.
	  	Events of Default.	  	 	19	  

  
 i 

					
	 Section 6.2.
		Acceleration of Maturity; Rescission and Annulment		21
	 Section 6.3.
		Collection of Indebtedness and Suits for Enforcement by Trustee		21
	 Section 6.4.
		Trustee May File Proofs of Claim.		22
	 Section 6.5.
		Trustee May Enforce Claims Without Possession of Securities		23
	 Section 6.6.
		Application of Money Collected		23
	 Section 6.7.
		Limitation on Suits		23
	 Section 6.8.
		Unconditional Right of Holders to Receive Principal and Interest		24
	 Section 6.9.
		Restoration of Rights and Remedies		24
	 Section 6.10.
		Rights and Remedies Cumulative		24
	 Section 6.11.
		Delay or Omission Not Waiver		25
	 Section 6.12.
		Control by Holders		25
	 Section 6.13.
		Waiver of Past Defaults.		25
	 Section 6.14.
		Undertaking for Costs.		25
		
	 ARTICLE VII. TRUSTEE
		26
	 Section 7.1.
		Duties of Trustee		26
	 Section 7.2.
		Rights of Trustee		27
	 Section 7.3.
		Individual Rights of Trustee.		28
	 Section 7.4.
		Trustee’s Disclaimer.		29
	 Section 7.5.
		Notice of Defaults.		29
	 Section 7.6.
		Reports by Trustee to Holders.		29
	 Section 7.7.
		Compensation and Indemnity.		29
	 Section 7.8.
		Replacement of Trustee.		30
	 Section 7.9.
		Successor Trustee by Merger, Etc.		31
	 Section 7.10.
		Eligibility; Disqualification.		31
	 Section 7.11.
		Preferential Collection of Claims Against Company		31
		
	 ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
		31
	 Section 8.1.
		Satisfaction and Discharge of Indenture.		31
	 Section 8.2.
		Application of Trust Funds; Indemnification.		32
	 Section 8.3.
		Legal Defeasance of Securities of any Series.		33
	 Section 8.4.
		Covenant Defeasance		35
	 Section 8.5.
		Repayment to Company		36
	 Section 8.6.
		Reinstatement		36
		
	 ARTICLE IX. AMENDMENTS AND WAIVERS
		37
	 Section 9.1.
		Without Consent of Holders.		37
	 Section 9.2.
		With Consent of Holders.		38
	 Section 9.3.
		Limitations.		38
	 Section 9.4.
		Compliance with Trust Indenture Act		39
	 Section 9.5.
		Revocation and Effect of Consents		39
	 Section 9.6.
		Notation on or Exchange of Securities.		40
	 Section 9.7.
		Trustee Protected.		40
		
	 ARTICLE X. MISCELLANEOUS
		40
	 Section 10.1.
		Trust Indenture Act Controls.		40
	 Section 10.2.
		Notices.		40

  
 ii 

							
	 Section 10.3.
		Communication by Holders with Other Holders.		 	41	  
	 Section 10.4.
		Certificate and Opinion as to Conditions Precedent.		 	41	  
	 Section 10.5.
		Statements Required in Certificate or Opinion.		 	42	  
	 Section 10.6.
		Rules by Trustee and Agents.		 	42	  
	 Section 10.7.
		Legal Holidays.		 	42	  
	 Section 10.8.
		No Recourse Against Others		 	42	  
	 Section 10.9.
		Counterparts		 	43	  
	 Section 10.10.
		Governing Law.		 	43	  
	 Section 10.11.
		No Adverse Interpretation of Other Agreements		 	43	  
	 Section 10.12.
		Successors.		 	43	  
	 Section 10.13.
		Severability.		 	43	  
	 Section 10.14.
		Table of Contents, Headings, Etc.		 	43	  
	 Section 10.15.
		Securities in a Foreign Currency		 	44	  
	 Section 10.16.
		Judgment Currency.		 	44	  
	 Section 10.17.
		Force Majeure.		 	45	  
	 Section 10.18.
		Waiver of Jury Trial		 	45	  
	 Section 10.19.
		Patriot Act		 	45	  
		
	ARTICLE XI. SINKING FUNDS		 	45	  
	 Section 11.1.
		Applicability of Article.		 	45	  
	 Section 11.2.
		Satisfaction of Sinking Fund Payments with Securities.		 	46	  
	 Section 11.3.
		Redemption of Securities for Sinking Fund		 	46	  
		
	ARTICLE XII. GUARANTEES		 	47	  
	 Section 12.1.
		Guarantee.		 	47	  

  
 iii 

 THE NEW HOME COMPANY INC. 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of [            ] 

 

					
	 § 310(a)(1)
				7.10
	 (a)(2)
				7.10
	 (a)(3)
				Not Applicable
	 (a)(4)
				Not Applicable
	 (a)(5)
				7.10
	 (b)
				7.10
	 § 311(a)
				7.11
	 (b)
				7.11
	 (c)
				Not Applicable
	 § 312(a)
				2.6
	 (b)
				10.3
	 (c)
				10.3
	 § 313(a)
				7.6
	 (b)(1)
				7.6
	 (b)(2)
				7.6
	 (c)(1)
				7.6
	 (d)
				7.6
	 § 314(a)
				4.2, 10.5
	 (b)
				Not Applicable
	 (c)(1)
				10.4
	 (c)(2)
				10.4
	 (c)(3)
				Not Applicable
	 (d)
				Not Applicable
	 (e)
				10.5
	 (f)
				Not Applicable
	 § 315(a)
				7.1
	 (b)
				7.5
	 (c)
				7.1
	 (d)
				7.1
	 (e)
				6.14
	 § 316(a)
				2.10
	 (a)(1)(A)
				6.12
	 (a)(1)(B)
				6.13
	 (b)
				6.8
	 § 317(a)(1)
				6.3
	 (a)(2)
				6.4
	 (b)
				2.5
	 § 318(a)
				10.1

  
  

	Note:	This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

  
 iv 

 Indenture dated as of [            ]
between The New Home Company Inc., a company incorporated under the laws of Delaware (“Company”), and U.S. Bank National Association (“Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1. Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under circumstances specified
herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by or under
common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any
person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise. 

“Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means the board of directors of the Company or any duly authorized committee thereof. 

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture
hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or required by law,
regulation or executive order to close. 
 “Capital Stock” means any and all shares, interests, participations, rights or
other equivalents (however designated) of corporate stock. 
 “Company” means the party named as such above until a
successor replaces it and thereafter means the successor. 

 “Company Order” means a written order signed in the name of the Company by an
Officer. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust
business related to this Indenture shall be principally administered. 
 “Default” means any event which is, or after
notice or passage of time or both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of
any Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if
at any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount thereof to be due
and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 
 “Dollars” and
“$” means the currency of The United States of America. 
 “Exchange Act” means the Securities Exchange
Act of 1934, as amended. 
 “Foreign Currency” means any currency or currency unit issued by a government other than the
government of The United States of America. 
 “Foreign Government Obligations” means, with respect to Securities of any
Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and credit is pledged and
which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP” means accounting principles generally
accepted in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

“Global Security” or “Global Securities” means a Security or Securities, as the case may be, in the form
established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered in the name of such Depositary or nominee. 

“Guarantee” means a guarantee of any Securities by a Guarantor as contemplated by Article XII, provided that the term
“Guarantee,” when used with respect to any Security or 

  
 2 

 with respect to a with respect to any Series of Securities means a guarantee of such Security or of such Series
of Securities, respectively, by a Guarantor of such Security or such Series of Securities, respectively, as contemplated by Article XII. 

“Guarantor” means any person that issues a Guarantee of any Security of any Series, either on the date such Security is
issued or after such date, in accordance with or pursuant to the terms of this Indenture, provided that, upon the release and discharge of such person from its Guarantee in accordance with or pursuant to this Indenture, such person shall cease to be
a Guarantor. 
 “Guarantor Order” means a written order signed in the name of the Guarantor by an Officer thereof. 

“Holder” or “Securityholder” means a person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and terms of
particular Series of Securities established as contemplated hereunder. 
 “interest” with respect to any Discount Security
which by its terms bears interest only after Maturity, means interest payable after Maturity. 
 “Maturity,” when used with
respect to any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Officer” means the Chief Executive Officer, President, the Chief Financial Officer, the Treasurer or any Assistant
Treasurer, the Secretary or any Assistant Secretary, and any Vice President of the Company (in the case of an Officer’s Certificate to be delivered by a Guarantor, and in the case of a Guarantor Order, of such Guarantor). 

“Officer’s Certificate” means a certificate signed by any Officer. 

“Opinion of Counsel” means a written opinion of legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or any Guarantor. 
 “person” means any individual, corporation, partnership, joint
venture, association, limited liability company, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any, on, and any
Additional Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of the Trustee in its Corporate
Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter is referred because of his or her knowledge of and
familiarity with a particular subject. 

  
 3 

 “SEC” means the Securities and Exchange Commission. 

“Securities” means the debentures, notes or other debt instruments of the Company of any Series authenticated and delivered
under this Indenture. 
 “Series” or “Series of Securities” means each series of debentures, notes or
other debt instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated Maturity” when used with
respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which more than 50% of
the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or indirectly, by such
person or one or more of the other Subsidiaries of that person or a combination thereof. 
 “TIA” means the Trust Indenture
Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb) as in effect on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent
required by any such amendment, the Trust Indenture Act as so amended. 
 “Trustee” means the person named as the
“Trustee” in the first paragraph of this instrument until a successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then
a Trustee hereunder, and if at any time there is more than one such person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United States of
America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian with
respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced by such
depositary receipt. 

  
 4 

 Section 1.2. Other Definitions. 

 

			
	 TERM
	  	DEFINED IN
	 	  	SECTION
	 “Bankruptcy Law”
	  	6.1
	 “Custodian”
	  	6.1
	 “Event of Default”
	  	6.1
	 “Judgment Currency”
	  	10.16
	 “Legal Holiday”
	  	10.7  
	 “mandatory sinking fund payment”
	  	11.1  
	 “Market Exchange Rate”
	  	10.15
	 “New York Banking Day”
	  	10.16
	 “Notice Agent”
	  	  2.4  
	 “optional sinking fund payment”
	  	11.1  
	 “Paying Agent”
	  	  2.4  
	 “Registrar”
	  	2.4
	 “Required Currency”
	  	10.16
	 “successor person”
	  	5.1

 Section 1.3. Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. The
following TIA terms used in this Indenture have the following meanings: 
 “Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company (and, if such indenture securities are guaranteed by any Guarantor,
each such Guarantor) and any successor obligor upon the Securities. 
 All other terms used in this Indenture that are defined by the TIA,
defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 

  
 5 

 Section 1.4. Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

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

(c) “or” is not exclusive; 

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

(e) provisions apply to successive events and transactions. 

ARTICLE II. 
 THE SECURITIES 

Section 2.1. Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The Securities may be
issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing the adoption of
the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the adoption of the
terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities
may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

Section 2.2. Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally, in the case of
Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined in the manner provided in a Board
Resolution, supplemental indenture hereto or Officer’s Certificate: 
 2.2.1. the title (which shall distinguish the Securities of
that particular Series from the Securities of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2. the price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be
issued; 
 2.2.3. any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

  
 6 

 2.2.4. the date or dates on which the principal of the Securities of the Series is payable;

 2.2.5. the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or
rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the
date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6. the place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the
Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered, and the method of such
payment, if by wire transfer, mail or other means; 
 2.2.7. if applicable, the period or periods within which, the price or prices at
which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 

2.2.8. the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or
analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation; 
 2.2.9. the dates, if any, on which and the price or prices at which the Securities of the Series will
be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10. if other than denominations of $1,000 and any integral multiple thereof, the denominations in which the Securities of the Series
shall be issuable; 
 2.2.11. the forms of the Securities of the Series and whether the Securities will be issuable as Global
Securities; 
 2.2.12. if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series
that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 
 2.2.13. the currency of
denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

  
 7 

 2.2.14. the designation of the currency, currencies or currency units in which payment of
the principal of and interest, if any, on the Securities of the Series will be made; 
 2.2.15. if payments of principal of or
interest, if any, on the Securities of the Series are to be made in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will
be determined; 
 2.2.16. the manner in which the amounts of payment of principal of or interest, if any, on the Securities of the
Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17. the provisions, if any, relating to any security provided for the Securities of the Series; 

2.2.18. any addition to, deletion of or change in the Events of Default which applies to any Securities of the Series and any change in
the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19. any addition to, deletion of or change in the covenants set forth in Articles IV or V which applies to Securities of the Series;

 2.2.20. any Depositaries, interest rate calculation agents, exchange rate calculation agents or other agents with respect to
Securities of such Series if other than those appointed herein; 
 2.2.21. the provisions, if any, relating to conversion or exchange
of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory, at the option of the Holders thereof or at the option
of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22. any other terms of the Series (which may supplement, modify or delete any provision of this Indenture insofar as it applies to
such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 

2.2.23. whether any of the Company’s direct or indirect Subsidiaries will guarantee the Securities of that Series, including the
terms of subordination, if any, of such Guarantees. 
 All Securities of any one Series need not be issued at the same time and may be
issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

  
 8 

 Section 2.3. Execution and Authentication. 

An Officer shall sign the Securities for the Company by manual or facsimile signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual or facsimile signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 
 The
Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a
Company Order. Each Security shall be dated the date of its authentication. 
 The aggregate principal amount of Securities of any Series
outstanding at any time may not exceed any limit upon the maximum principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as
provided in Section 2.8. 
 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to
Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within that Series and the
terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate complying with Section 10.4, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the Trustee, being advised
by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents or a committee of
Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate
Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or an Affiliate of
the Company. 
 Section 2.4. Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such Series pursuant to
Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for registration of transfer or exchange

  
 9 

 
(“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or
address, of each Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from
time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so
specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such
co-registrar, additional paying agent or additional notice agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice
Agent” includes any additional notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 
 The
Company hereby appoints the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first
issued. 
 Section 2.5. Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust, for the
benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default by the Company
in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall segregate and hold
in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall serve as Paying
Agent for the Securities. 
 Section 2.6. Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
Securityholders of each Series of 

  
 10 

 
Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date and
at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

Section 2.7. Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an
equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), 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 any such transfer tax or similar governmental charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6). 

Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or exchange Securities of any Series for
the period beginning at the opening of business fifteen days immediately preceding the sending of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business on the day such notice is sent, or
(b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for redemption in part. 

Section 2.8. Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of like tenor and principal
amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become
or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the
issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith. 

  
 11 

 Every new Security of any Series issued pursuant to this Section in lieu of any destroyed, lost
or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this
Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
 The provisions of this
Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9. Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to
it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee receives proof satisfactory to it that
the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other than the Company, a Subsidiary of the Company or an
Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be outstanding and interest on them ceases to
accrue. 
 The Company may purchase or otherwise acquire the Securities, whether by open market purchases, negotiated transactions or
otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see Section 2.10 below). 

In determining whether the Holders of the requisite principal amount of outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the date of such
determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.2. 

Section 2.10. Treasury Securities. 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request, demand,
authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company, any Guarantor of Securities of such Series or any Affiliate of the Company or any such Guarantor shall be disregarded, except that for the purposes of
determining whether the Trustee shall be protected in relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so
disregarded. 

  
 12 

 Section 2.11. Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the
Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture
as the definitive Securities. 
 Section 2.12. Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee
any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled Securities
(subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to replace Securities that
it has paid or delivered to the Trustee for cancellation. 
 Section 2.13. Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted
by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 10 days before the special record
date, the Company shall mail to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful
manner. 
 Section 2.14. Global Securities. 

2.14.1. Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officer’s Certificate shall establish
whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2. Transfer and Exchange. Notwithstanding any provisions to the contrary contained in Section 2.7 of the Indenture and
in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its nominee only if (i) such
Depositary notifies the Company that it is unwilling or unable to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under 

  
 13 

 
the Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (ii) the
Company executes and delivers to the Trustee an Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

Except as provided in this Section 2.14.2, a Global Security may not be transferred except as a whole by the Depositary with respect to
such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such a successor
Depositary. 
 2.14.3. Legends. Any Global Security issued hereunder shall bear a legend in substantially the following form:

 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE
DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND MAY NOT BE
TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF
SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as the Depository Trust Company (“DTC”) is the Depositary, each Global
Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 
 “UNLESS THIS GLOBAL NOTE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

2.14.4. Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

  
 14 

 2.14.5. Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6. Consents, Declaration and Directions. The Company, the Guarantors, if any, the Trustee and any Agent shall treat a person
as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of such Depositary with respect to such
Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.15. CUSIP Numbers. 

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

ARTICLE III. 
 REDEMPTION 

Section 3.1. Notice to Trustee. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may covenant to
redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is obligated to
redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of Series of Securities to be
redeemed. The Company shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee. 

Section 3.2. Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, if
less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures of the
Depositary, (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed, or (c) if not otherwise
provided for under clause (a) or (b) in the manner that 

  
 15 

 
the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global Securities, to
the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the Series that have
denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 or, with respect to Securities of any Series
issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for
redemption also apply to portions of Securities of that Series called for redemption. 
 Section 3.3. Notice of Redemption.

 Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s Certificate,
at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose
Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and shall state: 

(a) the redemption date; 

(b) the redemption price; 

(c) the name and address of the Paying Agent; 

(d) if any Securities are being redeemed in part, the portion of the principal amount of such Securities to be redeemed
and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder thereof upon cancellation of
the original Security; 
 (e) that Securities of the Series called for redemption must be surrendered to the Paying
Agent to collect the redemption price; 
 (f) that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date unless the Company defaults in the deposit of the redemption price; 
 (g) the
CUSIP number, if any; and 
 (h) any other information as may be required by the terms of the particular Series or the
Securities of a Series being redeemed. 

  
 16 

 At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least 10 days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, an Officer’s Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such notice. 
 Section 3.4. Effect of
Notice of Redemption. 
 Once notice of redemption is sent as provided in Section 3.3, Securities of a Series called for redemption
become due and payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption may not be conditional. Upon
surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest to the redemption date. 

Section 3.5. Deposit of Redemption Price. 

On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money sufficient to pay
the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 
 Section 3.6. Securities
Redeemed in Part. 
 Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security
of the same Series and the same maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV. 

COVENANTS 

Section 4.1. Payment of Principal and Interest. 

The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and punctually pay the principal
of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit with the Paying
Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 

Section 4.2. SEC Reports. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee within 15 days after it files them with the
SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Company is required to file with the SEC pursuant
to Section 13 or 15(d) of the Exchange Act. The Company also shall comply with the other provisions of TIA § 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to be delivered to the Trustee
as of the time of such filing via EDGAR for purposes of this Section 4.2. 

  
 17 

 Delivery of reports, information and documents to the Trustee under this Section 4.2 are for
informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates). 

Section 4.3. Compliance Certificate. 

To the extent any Securities of a Series are outstanding, the Company shall deliver to the Trustee, within 120 days after the end of each
fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his/her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which the Officer may have knowledge). 
 Section 4.4. Stay,
Extension and Usury Laws. 
 The Company and each Guarantor covenants (to the extent that they may lawfully do so) that they will not at
any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture or the Securities; and the Company and each Guarantor (to the extent they may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that they will not, by resort to any such law, hinder, delay or
impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

ARTICLE V. 
 SUCCESSORS 

Section 5.1. When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its properties and
assets to, any person (a “successor person”) unless: 
 (a) the Company is the surviving corporation or
the successor person (if other than the Company) is a corporation organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the Securities and under this Indenture; and

  
 18 

 (b) immediately after giving effect to the transaction, no Default or Event
of Default, shall have occurred and be continuing. 
 The Company shall deliver to the Trustee prior to the consummation of the proposed
transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its properties to the
Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 

Section 5.2. Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the assets of the Company
in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the predecessor Company in the case of a sale,
conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 

ARTICLE VI. 
 DEFAULTS AND REMEDIES

 Section 6.1. Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the following events,
unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a) default in the payment of any interest on any Security of that Series when it becomes due and payable, and continuance
of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the
30th day of such period); or 
 (b) default in the payment of
principal of any Security of that Series at its Maturity; or 
 (c) default in the performance or breach of any covenant
or warranty of the Company in this Indenture (other than defaults pursuant to paragraphs (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the

  
 19 

 
benefit of Series of Securities other than that Series), which default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice
is a “Notice of Default” hereunder; or 
 (d) if the Securities of such Series are subject to a Guarantee of a
Guarantor, such Guarantee shall for any reason cease to be, or shall for any reason be asserted in writing by such Guarantor or the Company not to be, in full force and effect and enforceable in accordance with its terms, except to the extent
contemplated or permitted by this Indenture or the terms of the Securities of such Series; or 
 (e) the Company
pursuant to or within the meaning of any Bankruptcy Law: 
 (i) commences a voluntary case, 

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

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

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

(v) generally is unable to pay its debts as the same become due; or 

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

(i) is for relief against the Company in an involuntary case, 

(ii) appoints a Custodian of the Company or for all or substantially all of its property, or 

(iii) orders the liquidation of the Company, 

and the order or decree remains unstayed and in effect for 60 days; or 

(g) any other Event of Default provided with respect to Securities of that Series, which is specified in a Board
Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 
 The term
“Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law. 

  
 20 

 The Company will provide the Trustee written of notice of any Default or Event of Default within
30 days of becoming aware of the occurrence of such Default or Event of Default, which notice will describe in reasonable detail the status of such Default or Event of Default and what action the Company is taking or proposes to take in respect
thereof. 
 Section 6.2. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than an Event of
Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that Series to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an Event of
Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. 
 At any time after such a declaration of acceleration with
respect to any Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences if all Events of Default with respect to Securities of that Series, other than the non-payment of the principal and interest,
if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 6.13. 

No such rescission shall affect any subsequent Default or impair any right consequent thereon. 

Section 6.3. Collection of Indebtedness and Suits for Enforcement by Trustee. 

The Company covenants that if 

(a) default is made in the payment of any interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or 
 (b) default is made in the payment of principal of any Security at the
Maturity thereof, or 
 (c) default is made in the deposit of any sinking fund payment, if any, when and as due by the
terms of a Security, 

  
 21 

 then, the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on any overdue principal and any overdue interest at the rate or
rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel. 
 If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as
trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Company or any other obligor upon such
Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to any Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement
of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

Section 6.4. Trustee May File Proofs of Claim. 

In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other
judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then be due
and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Company for the payment of overdue principal or interest) shall be entitled and empowered, by intervention in
such proceeding or otherwise, 
 (a) to file and prove a claim for the whole amount of principal and interest owing and
unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 
 (b) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute the same, 
 and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.7. 

  
 22 

 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding. 
 Section 6.5. Trustee May Enforce Claims Without Possession of Securities. 

All rights of action and claims under this Indenture, the Securities or any Guarantee may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
recovered. 
 Section 6.6. Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by
the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

 First: To the payment of all amounts due the Trustee under Section 7.7; and 

Second: To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or for the
benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and 

Third: To the Company or any applicable Guarantor, as the case may be. 

Section 6.7. Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a) such Holder
has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that Series; 

(b) the Holders of not less than 25% in principal amount of the outstanding Securities of that Series shall have made
written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

  
 23 

 (c) such Holder or Holders have offered to the Trustee indemnity or security
satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d) the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any
such proceeding; and 
 (e) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; 
 it being understood, intended and
expressly covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the
equal and ratable benefit of all such Holders of the applicable Series. 
 Section 6.8. Unconditional Right of Holders to
Receive Principal and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the
right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on
the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

Section 6.9. Restoration of Rights and Remedies. 

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

Section 6.10. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in Section 2.8,
no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent permitted by law, prevent the concurrent
assertion or employment of any other appropriate right or remedy. 

  
 24 

 Section 6.11. Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event of Default shall
impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often
as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 
 Section 6.12. Control by Holders. 

The Holders of a majority in principal amount of the outstanding Securities of any Series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such Series, provided that 

(a) such direction shall not be in conflict with any rule of law or with this Indenture, 

(b) the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction, 

(c) subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such
direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

(d) prior to taking any action as directed under this Section 6.12, the Trustee shall be entitled to indemnity
satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13. Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the Holders of all the
Securities of such Series waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration). Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 6.14. Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in 

  
 25 

 
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party
litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the
merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Company or any Guarantor, to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on
any Security on or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 

ARTICLE VII. 
 TRUSTEE 

Section 7.1. Duties of Trustee. 

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

(b) Except during the continuance of an Event of Default: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and no others. 

(ii) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of any such Officer’s Certificates
or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine whether or not they conform to the form
requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that: 
 (i) This paragraph does not limit the effect of
paragraph (b) of this Section. 
 (ii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts. 

  
 26 

 (iii) The Trustee shall not be liable with respect to any action taken, suffered
or omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series relating to the time, method and place
of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such Series in accordance with Section 6.12. 

(d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraph (a), (b) and
(c) of this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

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

(g) No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur any financial
liability in the performance of any of its duties, or in the exercise of any of its rights or powers, if adequate indemnity against such risk is not assured to the Trustee in its satisfaction. 

(h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections and immunities as
are set forth in paragraphs (e), (f) and (g) of this Section and in Section 7.2, each with respect to the Trustee. 

Section 7.2. Rights of Trustee. 

(a) The Trustee may rely on and shall be protected in acting or refraining from acting upon any document (whether in its
original or facsimile form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or an Opinion of Counsel
or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 

  
 27 

 (d) The Trustee shall not be liable for any action it takes or omits to take
in good faith which it believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or negligence. 

(e) The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel shall be full and
complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or negligence, and in reliance thereon. 

(f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the
request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such
request or direction. 
 (g) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit. Except with respect to Section 4.1, the Trustee shall have no duty to inquire as to, ascertain compliance with, or make any calculations relating to the performance
of the Company with respect to the covenants contained in Article IV or Article V hereof or otherwise established pursuant to Section 2.2. 

(h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the
Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities generally or the Securities
of a particular Series and this Indenture. 
 (i) In no event shall the Trustee be liable to any person for special,
punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage. 

(j) The permissive right of the Trustee to take the actions permitted by this Indenture shall not be construed as an
obligation or duty to do so. 
 Section 7.3. Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company, any
Guarantor or any Affiliate of the Company or any Guarantor with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

  
 28 

 Section 7.4. Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be accountable for the
Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5. Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is known to a Responsible
Officer of the Trustee, the Trustee shall mail to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its corporate trust committee or a
committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 

Section 7.6. Reports by Trustee to Holders. 

Within 60 days after each anniversary of the date of this Indenture, the Trustee shall transmit by mail to all Securityholders, as their names
and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA § 313. 

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each national securities
exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed on any national securities exchange. 

Section 7.7. Compensation and Indemnity. 

The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall from time to time
agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out of pocket expenses incurred by it.
Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 
 The Company shall
indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred
by it except as set forth in the next paragraph in the performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations hereunder, unless and to the extent that the Company is materially prejudiced thereby. The Company shall defend the claim and the Trustee shall

  
 29 

 
cooperate in the defense. The Trustee may have one separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made
without its consent, which consent will not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any officer, director,
employee, shareholder or agent of the Trustee through willful misconduct or negligence. 
 To secure the Company’s payment obligations
in this Section, the Trustee shall have a lien prior to the Securities of any Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.1(d) or (e) occurs, the
expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 
 The
provisions of this Section shall survive the satisfaction and discharge of this Indenture or the earlier resignation or removal of the Trustee. 

Section 7.8. Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the Securities of one or more Series by so
notifying the Company at least 30 days prior to the date of the proposed resignation. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and
the Company. The Company may remove the Trustee with respect to Securities of one or more Series if: 
 (a) the Trustee
fails to comply with Section 7.10; 
 (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief
is entered with respect to the Trustee under any Bankruptcy Law; 
 (c) a Custodian or public officer takes charge of
the Trustee or its property; or 
 (d) the Trustee becomes incapable of acting. 

If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

  
 30 

 If a successor Trustee with respect to the Securities of any one or more Series does not take
office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any court of competent
jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the
retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in Section 7.7, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for which it is acting as Trustee under this Indenture. A successor Trustee
shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the
benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9. Successor Trustee by Merger, Etc. 

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

Section 7.10. Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee shall always
have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b). 

Section 7.11. Preferential Collection of Claims Against Company. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated. 
 ARTICLE VIII. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1. Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order or Guarantor Order cease to be of further effect (except as hereinafter provided in this
Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this Indenture, when 

(a) either 

  
 31 

 (i) all Securities of such Series theretofore authenticated and delivered (other
than Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities of such Series not theretofore delivered to the Trustee for cancellation 

(1) have become due and payable by reason of sending a notice of redemption or otherwise, or 

(2) will become due and payable at their Stated Maturity within one year, or 

(3) have been called for redemption or are to be called for redemption within one year under arrangements satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 
 (4) are
deemed paid and discharged pursuant to Section 8.3, as applicable; 
 and the Company or any Guarantor(s), in the case of (1), (2) or
(3) above, shall have irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each
installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

(b) the Company or any Guarantor(s) have paid or caused to be paid all other sums payable hereunder by the Company; and

 (c) the Company or any Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that all conditions precedent provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 7.7, and,
if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall survive. 

Section 8.2. Application of Trust Funds; Indemnification. 

(a) Subject to the provisions of Section 8.5, all money and U.S. Government Obligations or Foreign Government
Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant to
Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance 

  
 32 

 
with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Sections
8.1, 8.3 or 8.4. 
 (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Sections 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other than any payable by or on behalf
of Holders. 
 (c) The Trustee shall deliver or pay to the Company or the relevant Guarantor(s), as applicable, from
time to time upon Company Order or Guarantor Order, as applicable, any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which
such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this
Indenture. 
 Section 8.3. Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2, to be inapplicable to Securities of any Series, the Company
and each Guarantor shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph (d) hereof, and the provisions of
this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as
to: 
 (a) the rights of Holders of Securities of such Series to receive, from the trust funds described in subparagraph
(d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such principal or installment of principal or interest and (ii) the benefit
of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this Indenture and the Securities of such Series; 

(b) the provisions of Sections 2.4, 2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 

(c) the rights, powers, trusts and immunities of the Trustee hereunder and the Company’s obligations in connection
therewith; 

  
 33 

 provided that, the following conditions shall have been satisfied: 

(d) the Company or, if applicable, any Guarantor(s) shall have deposited or caused to be deposited (except as provided in
Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and
principal in respect thereof in accordance with their terms, will provide (and without reinvestment), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm
of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal of and interest, on and any mandatory sinking fund payments in respect of
all the Securities of such Series on the dates such installments of principal or interest and such sinking fund payments are due; 

(e) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (f) no Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate and
an Opinion of Counsel to the effect that (i) the Company or such Guarantor(s), as applicable, have received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture,
there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss
for Federal income tax purposes as a result of such deposit, defeasance and discharge and will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance
and discharge had not occurred; 
 (h) the Company or, if applicable, the Guarantor(s) shall have delivered to the
Trustee an Officer’s Certificate stating that the deposit was not made by the Company or such Guarantor(s), as applicable, with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company or such Guarantor(s),
as applicable; and 
 (i) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

  
 34 

 Section 8.4. Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to be inapplicable to Securities of any Series, the Company
(and, if such Securities are subject to a Guarantee, the Guarantors thereof) may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless otherwise
specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the failure to comply with any such
covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such Series of Securities or a Board Resolution or an
Officer’s Certificate delivered pursuant to Section 2.2.18 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect to the Securities of such Series, but, except as specified above,
the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions shall have been satisfied: 

(a) with reference to this Section 8.4, the Company or, if applicable, any Guarantor(s) have irrevocably deposited or
caused to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the benefit of
the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency
(other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment), not later than one day
before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or investment bank expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

(b) such deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other
agreement or instrument to which the Company is a party or by which it is bound; 
 (c) no Default or Event of Default
with respect to the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

(d) the Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel to the effect that (i) the company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the
applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm, subject to customary exclusions, that the Holders 

  
 35 

 
of the Securities of such Series will not recognize income, gain or loss for Federal income tax purposes as a result of such deposit, covenant defeasance and discharge and will be subject to
Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, covenant defeasance and discharge had not occurred; 

(e) The Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate
stating the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f) The Company or, if applicable, the Guarantor(s) shall have delivered to the Trustee an Officer’s Certificate and
an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

Section 8.5. Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company (or, if applicable, the relevant
Guarantor(s)) upon request any money held by them for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company or, if applicable, the relevant Guarantor(s)
for payment as general creditors unless an applicable abandoned property law designates another person. 

Section 8.6. Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in accordance with
Section 8.1 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the obligations of the Company under this Indenture
with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such time as the Trustee or the Paying Agent is permitted to
apply all such money in accordance with Section 8.1; provided, however, that if the Company or any Guarantor(s) have made any payment of principal of or interest on or any Additional Amounts with respect to any Securities because
of the reinstatement of its obligations, the Company and the applicable Guarantor(s), if any, shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the
Trustee or Paying Agent after payment in full to the Holders. 

  
 36 

 ARTICLE IX. 

AMENDMENTS AND WAIVERS 

Section 9.1. Without Consent of Holders. 

The Company, the applicable Guarantor(s), if any, and the Trustee may amend or supplement this Indenture or the Securities of one or more
Series without the consent of any Securityholder: 
 (a) to cure any ambiguity, defect or inconsistency; 

(b) to comply with Article V; 

(c) to provide for uncertificated Securities in addition to or in place of certificated Securities; 

(d) to add guarantees with respect to Securities of any Series or secure Securities of any Series; 

(e) to surrender any of the Company’s rights or powers under this Indenture; 

(f) to add covenants or events of default for the benefit of the holders of Securities of any Series; 

(g) to comply with the applicable procedures of the applicable depositary; 

(h) to make any change that does not adversely affect the rights of any Securityholder; 

(i) to conform the text of this Indenture, the Guarantees (if any) or the Securities to any provision of the
“Description of Notes” section of the final prospectus supplement filed with the SEC on the date of this Indenture; 

(j) to provide for the issuance of and establish the form and terms and conditions of Securities of any Series and any
Guarantees thereof, as permitted by this Indenture; 
 (k) to evidence and provide for the acceptance of appointment
hereunder by a successor Trustee with respect to the Securities of one or more Series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by
more than one Trustee; 
 (l) to comply with requirements of the SEC or changes to applicable law related to this
Indenture, the Guarantees or the Securities; 
 (m) to add any person as Guarantor of all or any Securities of any
Series, which Securities were not theretofore subject to any Guarantee, or to add additional Guarantors of all or any Securities of any Series; 

  
 37 

 (n) to allow the Guarantor(s), if any, to execute a supplemental indenture
or Guarantee with respect to the Securities; or 
 (o) to evidence the release and discharge of any Guarantor from its
obligations under its Guarantees and its obligations hereunder in respect of any Securities, in each case in accordance with this Indenture and the terms of such Securities. 

Section 9.2. With Consent of Holders. 

The Company, the applicable Guarantor(s), if any, and the Trustee may enter into a supplemental indenture with the written consent of the
Holders of at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such
Series), for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such
Series. Except as provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or exchange
offer for the Securities of such Series) may waive compliance by the Company or any Guarantor of Securities of such Series with any provision of this Indenture or the Securities or the applicable Guarantee with respect to such Series. 

It shall not be necessary for the consent of the Holders of Securities under this Section 9.2 to approve the particular form of any
proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under this section becomes effective, the Company shall mail to the Holders of Securities
affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to mail or publish such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture or waiver. 
 Section 9.3. Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver; 

(b) reduce the rate of or extend the time for payment of interest (including default interest) on any Security; 

(c) reduce the principal or change the Stated Maturity of any Security or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation; 
 (d) reduce the principal amount of Discount Securities
payable upon acceleration of the maturity thereof; 

  
 38 

 (e) waive a Default or Event of Default in the payment of the principal of
or interest, if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration); 
 (f) make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security; 
 (g) make any change in Sections 6.8, 6.13 or 9.3 (this sentence);

 (h) waive a redemption payment with respect to any Security; or 

(i) in the case of any Security that is subject to a Guarantee, release the Guarantor of such Guarantee from any of its
obligations under such Guarantee, except in accordance with the terms of this Indenture and such Security. 

Section 9.4. Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture hereto that complies
with the TIA as then in effect. 
 Section 9.5. Revocation and Effect of Consents. 

Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such
Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver becomes effective. 

Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such amendment or waiver unless it is of the
type described in any of clauses (a) through (h) of Section 9.3. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not be obligated to, fix a record date
for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, those Persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action, whether or
not such Persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

  
 39 

 Section 9.6. Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series thereafter
authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon receipt of a Company Order in accordance with Section 2.3 new Securities of that Series that reflect the amendment or waiver.

 Section 9.7. Trustee Protected. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate or an Opinion of Counsel or both complying with
Section 10.4. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel or both, except that the Trustee need not sign any supplemental indenture that adversely affects its
rights. 
 ARTICLE X. 

MISCELLANEOUS 

Section 10.1. Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be included in this
Indenture by the TIA, such required or deemed provision shall control. 
 Section 10.2. Notices. 

Any notice or communication by the Company or the Trustee to the other, or by a Holder to the Company or the Trustee, is duly given if in
writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery, to the
others’ address: 
 if to the Company or any Guarantor: 

The New Home Company Inc. 
 85
Enterprise, Suite 450 
 Aliso Viejo, California 92656 

Attention: Chief Financial Officer 

Telephone: (949) 382-7800; 
 with a copy to
(which shall not constitute notice): 
 Latham & Watkins LLP 

650 Town Center Drive, 20th Floor 

Costa Mesa, California 92626 

Attention: Charles K. Ruck and Michael A. Treska 

Telephone: (714) 540-1235 

  
 40 

 if to the Trustee: 

U.S. Bank National Association 

EP-MN-WS3C 
 60 Livingston
Avenue 
 St. Paul, Minnesota 55107 

Attention: Corporate Trust Department 

Fax: (651) 466-7430 
 The
Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. No notice may be given to the Trustee by the Company or a Holder by means of email unless and until the Trustee
has by notice to the Company designated such email address for subsequent notices or communications 
 Any notice or communication to a
Securityholder shall be sent electronically or by first-class mail to his address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to mail a notice or communication to a Securityholder of any
Series or any defect in it shall not affect its sufficiency with respect to other Securityholders of that or any other Series. 
 If a
notice or communication is sent or published in the manner provided above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 

If the Company sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for notice of any event
(including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary procedures of such
Depositary. 
 Section 10.3. Communication by Holders with Other Holders. 

Securityholders of any Series may communicate pursuant to TIA § 312(b) with other Securityholders of that Series or any other Series with
respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

Section 10.4. Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the
Trustee: 
 (a) an Officer’s Certificate stating that, in the opinion of the signers, all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with; and 

  
 41 

 (b) an Opinion of Counsel stating that, in the opinion of such counsel, all
such conditions precedent have been complied with. 
 Section 10.5. Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

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

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

 Section 10.6. Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make reasonable rules
and set reasonable requirements for its functions. 
 Section 10.7. Legal Holidays. 

Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto for a particular Series, a
“Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. 
 Section 10.8. No Recourse Against Others. 

A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor shall not have any liability for any
obligations of the Company or such Guarantor under the Securities or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a Security waives and releases all such
liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 42 

 Section 10.9. Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and
delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all
purposes. 
 Section 10.10. Governing Law. 

THIS INDENTURE, THE SECURITIES AND EACH GUARANTEE, IF ANY, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR
THE SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 Section 10.11. No Adverse Interpretation of
Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Company, any Guarantor
or any Subsidiary of the Company or of any Guarantor. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 10.12. Successors. 

All agreements of the Company in, or of any Guarantor pursuant to, this Indenture and the Securities or Guarantee, as applicable, shall bind
its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
 Section 10.13. Severability.

 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 10.14. Table of
Contents, Headings, Etc. 
 The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture
have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 43 

 Section 10.15. Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to
Section 2.2 of this Indenture with respect to a particular Series of Securities, whenever for purposes of this Indenture any action may be taken by the Holders of a specified percentage in aggregate principal amount of Securities of all Series
or all Series affected by a particular action at the time outstanding and, at such time, there are outstanding Securities of any Series which are denominated in more than one currency, then the principal amount of Securities of such Series which
shall be deemed to be outstanding for the purpose of taking such action shall be determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of Securities. Unless otherwise specified in
a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of Securities, such conversion shall be at the spot rate for the
purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published, or if such information is no longer available in The Financial Times, such source
as may be selected in good faith by the Company) on any date of determination (the “Market Exchange Rate”). The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a
Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the extent permitted by
law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 
 Section 10.16. Judgment
Currency. 
 The Company agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for the
purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this Indenture to make payments in the
Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the Required Currency, except to the extent
that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and (iii) shall not

  
 44 

 
be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday
or a legal holiday in The City of New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

Section 10.17. Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of
or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services, it being understood that the Trustee shall use reasonable best efforts which are consistent with accepted practices in the banking
industry to resume performance as soon as practicable under the circumstances. 
 Section 10.18. Waiver of Jury Trial 

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

Section 10.19. Patriot Act 

The parties hereto acknowledge that in accordance with Section 326 of the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001 (the “Patriot Act”), the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, is
required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they shall provide the Trustee with such
information as it may request in order for the Trustee to satisfy the requirements of the Patriot Act. 
 ARTICLE XI. 

SINKING FUNDS 

Section 11.1. Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so provided by the
terms of such Securities pursuant to Section 2.2 and except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

  
 45 

 The minimum amount of any sinking fund payment provided for by the terms of the Securities of any
Series is herein referred to as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided
for by the terms of Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as
provided for by the terms of the Securities of such Series. 
 Section 11.2. Satisfaction of Sinking Fund Payments with
Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund payment with respect to the Securities of any
Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities previously called for mandatory sinking fund
redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the Company pursuant to the terms of such Series
of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities, provided that such Securities have not been
previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the Trustee begins the process of selecting Securities for
redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. If as a result
of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be less than $100,000, the
Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the Trustee or a Paying Agent and applied to the next succeeding sinking fund
payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any cash payment so being held by the Trustee or such Paying Agent upon
delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to the Company. 

Section 11.3. Redemption of Securities for Sinking Fund. 

Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture hereto or Officer’s Certificate in
respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount of the next ensuing mandatory sinking
fund payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by delivering and crediting of Securities of that
Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to pay the amount therein specified.

  
 46 

 
Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such
sinking fund payment date the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
3.4, 3.5 and 3.6. 
 ARTICLE XII. 

GUARANTEES 

Section 12.1. Guarantee. 

Any Series of Securities may be guaranteed by one or more Guarantors. The terms and the form of any such Guarantee shall be established in the
manner contemplated by Section 2.2 hereof for such Series of Securities; provided, however that, prior to the authentication and delivery upon original issuance of any Series of Securities that are to be so guaranteed, the Company
and the Trustee and each person that shall be an initial Guarantor of such Series of Securities shall execute and deliver a supplemental indenture hereto pursuant to Section 9.1 hereof, whereby such person shall become a Guarantor under this
Indenture with respect to such Series of Securities. 

  
 47 

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

			
	THE NEW HOME COMPANY INC.
		
	By:		  

	Name:		
	Its:		
	
	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE
		
	By:		  

	Name:		
	Its:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00245-of-00352.parquet"}]]