Document:

FS Energy and Power Fund 8-K

Exhibit 10.3

 

Goldman
Sachs Bank USA | 200 West Street | New York, New York 10282-2198 | Tel: +1 212 902 1000 | Fax: +1 212 428 9189

 

SECOND
AMENDED AND RESTATED MASTER CONFIRMATION

 

	DATE:	September 11, 2014 (as amended
    and restated as of December 15, 2014 and as further amended and restated on September 21, 2016)
	 	 
	TO:	Strafford Funding LLC (“Counterparty”)
	 	 
	FROM:	Goldman Sachs Bank USA (“GS”)
	 	 
	SUBJECT:	Repurchase Facility
	 	 
	REF. NO.:	SDB4064875388
	 	 
	 	 

The
purpose of this second amended and restated communication (this “Confirmation”) is to set forth the terms and
conditions of the above-referenced Repurchase Facility entered into on the Trade Date specified below between GS and Counterparty
(the “Facility”). This communication constitutes a “Confirmation” as referred to in the Master
Repurchase Agreement specified below. This communication supersedes and replaces all prior communications between the parties
hereto with respect to the Facility and Transactions described below.

 

This
Confirmation shall supplement, form a part of, and be subject to, the Master Repurchase Agreement (including the Annexes thereto)
dated as of September 11, 2014 and amended and restated as of September 21, 2016, each as further amended or replaced from time
to time (collectively, the “Master Repurchase Agreement”), between GS and Counterparty. This Confirmation shall
be read and construed as one with the executed Master Repurchase Agreement and all other outstanding confirmations between the
parties, so that all such confirmations, this Confirmation and the executed Master Repurchase Agreement constitute a single Agreement
between the parties. Except as expressly modified hereby, all provisions contained in, or incorporated by reference into, the
Master Repurchase Agreement shall govern each Transaction hereunder. In the event of any inconsistencies between the Master Repurchase
Agreement and this Confirmation, this Confirmation will govern with respect to the Transactions covered hereby (and the last sentence
of Paragraph 3(b) of the Master Repurchase Agreement shall not apply to any such Transaction). In the event of any inconsistencies
between Annex A hereto and this Confirmation with respect to any Transaction, the terms of Annex A with respect to such Transaction
will govern. System-generated confirmations of trade may be generated by GS that set forth the trade terms of the individual repurchase
transactions described in this Confirmation; and, if any such system-generated confirmation of trade are generated and there is
any inconsistency between such system-generated confirmations of trade and this Confirmation or the Master Repurchase Agreement,
then the terms of this Confirmation or the Master Repurchase Agreement, as the case may be, shall prevail. Capitalized terms not
defined herein have the meaning ascribed to them in the Master Repurchase Agreement.

 

This
Confirmation evidences a separate transaction with respect to each Purchased Security specified in Annex A from time to time (each,
a “Transaction”) as if the details specified in Annex A with respect to that Purchased Security were set out in the
Confirmation in full. Each such Transaction will have a unique Transaction Number as is set out in Annex A. The terms of the Facility
and each particular Transaction to which this Confirmation relates are as follows:

 

    

     

    

 

	(A)     Terms
    Related to the Facility
	1.       Basic
    Terms
	Buyer	GS
	Seller	Counterparty
	Trade
    Date	September
    11, 2014
	Facility
    Commencement Date	September
    15, 2014
	First
    Ramp-up Period End Date	December
    15, 2014
	Second
    Ramp-up Period End Date	March
    15, 2015
	Restatement
    Date	September
    21, 2016
	Facility
    End Date	September
    15, 2018
	Maximum
    Purchased Security Notional Amount	USD
    577,750,000.00
	Aggregate
    Purchased Security Notional Amount	At
    any time, the sum of the Purchased Security Notional Amounts under all Transactions for which a Purchase Date has occurred
    at or prior to such time.
	First
    Floor Amount	USD
    225,000,000.00
	Maximum
    Aggregate Facility Size	USD
    325,000,000.00
	Eligible
    Security	Gladwyne
                                         Funding LLC Floating Rate Notes due November 15, 2025

         

        CUSIP
        No. 376769 AA3

         

        For
        the avoidance of doubt, the Purchased Security for each Transaction under this Master Confirmation shall be the Eligible
        Security identified above.

         

	Security
    Issuer	Gladwyne
    Funding LLC
	Restatement
    Date Collateral Obligations	Counterparty
    represents, warrants and covenants to GS that the Collateral Obligations specified in Annex D hereto represent a complete
    and accurate list of all the Collateral Obligations the Security Issuer owns or has Committed to acquire, in each case as
    of the Restatement Date.
	Haircut
    Percentage	43.75%
	Business
    Days	London
    and New York.
	Business
    Day Convention	Modified
    Following
	Calculation
    Agent	GS

         

        Unless
        otherwise expressly stated herein, all determinations by the Calculation Agent hereunder shall be made in its sole and
        absolute discretion exercised in good faith and in a manner generally consistent with its then-current practices.

         

 

    	 	 2	Strafford Funding LLC

     

    

 

	2.       Conditions
    Precedent to Effectiveness of the Facility
	Conditions	It
                                         shall be a condition to the effectiveness of this Confirmation, and to the entry of the
                                         first Transaction hereunder, that the following conditions shall have been satisfied
                                         (or waived by GS), in form and substance satisfactory to GS in its sole and absolute
                                         discretion:

         

        (a)        GS
        shall have received the documents and certificates referred to in paragraph 6 to Annex I to the Master Repurchase Agreement,
        all in form and substance satisfactory to GS and its counsel in its sole discretion;

         

        (b)        GS
        shall have received the Master Repurchase Agreement and this Confirmation duly executed by Counterparty, and shall have
        received executed copies of the Security Indenture (including the schedules and exhibits thereto) and all documents, certificates
        and opinions delivered pursuant thereto, all in form and substance satisfactory to GS in its sole discretion; and

         

        (c)        no
        default or event of default with respect to Counterparty has occurred under the Master Repurchase Agreement and is then
        continuing.

         

 

	3.        Additions
    of Transactions; Post-Ramp-up Period Transaction Combination
	Additions	Subject
                                         to the satisfaction of the conditions precedent set forth herein, on any Business Day
                                         during the period from and including the Facility Commencement Date to but excluding
                                         the Second Ramp-Up Period End Date, Counterparty may, by delivery to GS of an Addition
                                         Notice with a Notice Date not less than five Business Days prior to the proposed Purchase
                                         Date for such Transaction, elect to enter into a Transaction (an “Addition”)
                                         with GS with respect to the Eligible Security (and GS agrees to enter into such Transaction
                                         on the terms and conditions specified herein), provided in each case that:

         

        (a)        after
        giving effect to such Transaction, the sum of the Initial Purchase Prices of all Transactions for which a Purchase Date
        shall have occurred shall not exceed the Maximum Aggregate Facility Size;

         

        (b)        the
        terms of such Transaction are in compliance with the terms and conditions set forth in this Confirmation and the Master
        Repurchase Agreement; and

         

        (c)        the
        Conditions to Effectiveness with respect to such Transaction are satisfied.

         

        In
        connection with each Transaction, GS shall notify Counterparty of the Purchase Date (which shall be a Business Day) and
        the related Purchase Price.

        

         

 

    	 	 3	Strafford Funding LLC

     

    

 

	 	On
    or reasonably promptly following the Restatement Date, GS shall remit USD 15,625 to Counterparty (which Counterparty shall
    remit to the Security Issuer) in immediately available funds, constituting an adjustment of the Purchase Price in connection
    with the immediately prior Increase, so that, after giving effect to such payment, the sum of the Purchase Prices of all Transactions
    hereunder will be equal to USD 325,000,000.
	Addition
    Notice	A
    notice in substantially the form attached as Annex B duly completed and executed by Counterparty and setting forth (among
    other information) the proposed Purchase Date and the proposed Purchased Security Notional Amount, or a notice otherwise in
    form and substance satisfactory to GS.
	Notice
    Date	With
    respect to any Addition Notice, the date on which such Addition Notice is received by GS (or, if any such day is not a Business
    Day, the next succeeding Business Day).
	Combination
    of Transactions	On
                                         the Business Day immediately following each of the First Ramp-Up Period End Date and
                                         the Second Ramp-up Period End Date, all Transactions outstanding hereunder on such date
                                         shall (automatically and without action by any Person) be deemed combined into a single
                                         Transaction hereunder having (for the avoidance of doubt):

         

        (a)        a
        Purchased Security Notional Amount equal to the sum of the Purchased Security Notional Amounts of each individual Transaction
        hereunder immediately prior to such combination; and

         

        (b)        a
        Purchase Price (and an Initial Purchase Price) equal to the sum of the Purchase Prices (or Initial Purchase Prices) of
        each individual Transaction hereunder immediately prior to such combination.

         

        GS
        shall prepare and deliver to Counterparty a revised Annex A (or another form setting forth information corresponding to
        that set forth on Annex A), reflecting the terms of the Transaction after giving effect to such combination, reasonably
        promptly following the occurrence thereof.

         

 

	(B)     Terms
    Relating to Each Transaction
	1.       General
    Terms
	Terms
    Specified in Annex A	The
                                         following terms in relation to each Transaction will be specified in Annex A (by the
                                         Calculation Agent):

         

        •            Transaction
        Number (to be assigned by the Calculation Agent)

         

        •            Security
        Issuer (which shall be Gladwyne Funding LLC)

         

        •            Purchased
        Security (which shall be the Eligible Security)

         

        •           Purchase
Date (which shall be the Business Day on which the Conditions to Effectiveness for such Transaction are satisfied) 

         

 

    	 	 4	Strafford Funding LLC

     

    

 

	 	        •           Initial
        Purchase Price

         

        •           Purchased
        Security Notional Amount

	Purchased
    Security Notional Amount	For
    each Transaction, the original par amount of the Eligible Security that is purchased hereunder in such Transaction (determined
    without regard to paydowns on the Eligible Security occurring at any time).
	Purchase
    Price	For
                                         each Transaction, an amount equal to the product of:

         

        (a)        the
        Purchased Security Notional Amount for such Transaction; and

         

        (b)        one
        minus the Haircut Percentage.

         

	Initial
    Purchase Price	For
    each Transaction, the Purchase Price for such Transaction on the Purchase Date for such Transaction.
	Repurchase
                                         Date

         
	In
                                         relation to the Purchased Security in each Transaction, the earliest to occur of:

         

        (a)
                the Scheduled Repurchase Date for such Purchased Security;

         

        (b)        the
        date on which the non-defaulting party exercises its option to declare an Event of Default pursuant to Section 11 of the
        Master Repurchase Agreement;

         

        (c)        the
        date (if any) on or following the occurrence of a Credit Event with respect to such Purchased Security specified in writing
        by GS to Counterparty;

         

        (d)        the
        date (if any) on or following the occurrence of a Regulatory Change specified in writing by GS to Counterparty;

         

        (e)        the
        Assignment-Related Repurchase Date (if any) specified in writing by Counterparty to GS; and

         

        (f)         the
        date (if any) specified in writing by Counterparty to GS, provided that a Dispute-Related Repurchase Right has
        occurred and is continuing on the date of such notice from Counterparty (the occurrence of the Repurchase Date under this
        clause (f), a “Dispute-Related Repurchase Date Acceleration”). 

	Scheduled
    Repurchase Date	For
    each Transaction, the Facility End Date.
	Regulatory
    Change	Any
enactment or establishment of or supplement or amendment to, or change in any law, regulation, rule, policy or guideline (including
any accord or standard of the Basel Committee on Banking Supervision, the Federal Reserve Board or any state banking regulator)
or in the application or official interpretation of any such law, regulation, rule, policy or guideline that, in each case, becomes
effective on or after the Facility Commencement Date and is binding on or otherwise has an effect on GS and, as a result of which,
in the reasonable determination of GS, for reasons outside GS’s control, GS will (either by voluntary submission or by applicable
law) no longer be permitted to enter into or maintain any Transaction hereunder or be subject to materially less favorable regulatory
capital treatment with respect to the Transactions by comparison to the regulatory capital treatment applicable as a result of
the entry into this Facility on the Facility Commencement Date.

 

    	 	 5	Strafford Funding LLC

     

    

 

	 	Before
    declaring a Repurchase Date due to the occurrence of a Regulatory Change, GS agrees to take commercially reasonable measures
    to eliminate or mitigate the impact of such Regulatory Change (which, for the avoidance of doubt, includes but is not limited
    to GS using commercially reasonable efforts to restructure the Transactions under this Confirmation with Counterparty to make
    them compliant (in the case of any such changes that would restrict entry into or maintenance of Transactions) or more efficient
    from a regulatory perspective (in the case of any such changes that would result in less favorable regulatory capital treatment),
    provided that Counterparty is under no obligation to agree to any such restructuring or any other changes to the terms
    of this Confirmation or the Master Repurchase Agreement.
	Market
    Value	With
                                         respect to the Purchased Security (in its entirety) as of any date, an amount equal to
                                         lesser of (a) the Look-Through Market Value of the Purchased Security at such date and
                                         (b) the Maximum Purchased Security Notional Amount.

         

        If
on any date the sum of the Purchased Security Notional Amounts for all Transactions hereunder at such time is for any reason less
than the full par amount of the Purchased Security that has been issued under the Security Indenture (determined without regard
to paydowns on the Purchased Security), then the Calculation Agent will pro-rate the Look-Through Market Value to reflect the
portion of the Purchased Security that is then the subject of Transactions hereunder. 

	Look-Through
    Market Value	With
                                         respect to the Eligible Security (in its entirety) as of any date, the sum of:

         

        (a)           the
        aggregate Asset Market Related Amounts in respect of all Underlying Assets and Unsettled Purchase Assets in the Underlying
        Portfolio on such date; plus

         

        (b)
          the Cash Value as at such date. 

	Asset
    Market Related Amount	As
                                         of any date:

         

        (a)
          in respect of an Underlying Asset in the Underlying Portfolio as of such date or an Unsettled
Purchase Asset as of such date (but excluding all Unsettled Sale Assets and all Zero Value Assets), the product of:

 

    	 	 6	Strafford Funding LLC

     

    

 

	 	(1)        the
                                         Asset Amortized Amount therefor as of such date; and

         

        (2)        the
        Asset Current Price (expressed as a percentage) therefor as of such date;

         

        (b)         in
        respect of an Unsettled Sale Asset in the Underlying Portfolio as of such date that is not a Zero Value Asset, the Settlement
        Value of such Unsettled Sale Asset as of such date; and

         

        (c)
                 in respect of a Zero Value Asset in the Underlying Portfolio as of such date,
        zero.

         

	Asset
    Amortized Amount	In
    respect of an Underlying Asset or Unsettled Purchase Asset on any day, an amount equal to the principal amount outstanding
    under such Underlying Asset or Unsettled Purchase Asset on such day (after giving effect on a pro-rata basis to any repurchase,
    repayment or tender offer in respect of that Underlying Asset or Unsettled Purchase Asset).
	Asset
    Current Price	In
    respect of an Underlying Asset or Unsettled Purchase Asset on any date, the bid side market value of that Underlying Asset
    or Unsettled Purchase Asset (expressed as a percentage of par of the Underlying Asset Notional Amount) but excluding any accrued
    interest, as determined by the Calculation Agent and notified to the parties by the Calculation Agent on each Business Day.
	Underlying
    Asset Notional Amount	In
    respect of any Underlying Asset or any Unsettled Purchase Asset, the full principal amount of the Underlying Asset or Unsettled
    Purchase Asset, as applicable, owned by the Security Issuer or Committed to be owned by the Security Issuer, as the case may
    be.
	Cash
    Value	As
                                         of any date, an amount, determined by the Calculation Agent, equal to:

         

        (a)
                the aggregate amount of cash standing to the credit of the Security Issuer Account
        (excluding any accrued and unpaid interest); minus

         

        (b)
                the aggregate Settlement Value for all Unsettled Purchase Assets as at such date
        (if any).

         

	Security
    Issuer Account	The
    “Principal Collection Account”, as defined in the Security Indenture.
	Underlying
    Asset	Each
    loan or bond that is owned by the Security Issuer from time to time and is identified in the Schedule of Collateral Obligations
    (as defined in the Security Indenture) set forth on Schedule A to the Security Indenture and amended from time to time.
	Private
    Underlying Asset	Each
    Underlying Asset or Proposed Underlying Asset that has been designated a “Private Collateral Obligation” pursuant
    to Section 12.2(a)(ii) of the Security Indenture.
	Non-Private
    Underlying Asset	Each
    Underlying Asset and Proposed Underlying Asset that is not a Private Underlying Asset.

 

    	 	 7	Strafford Funding LLC

     

    

 

	Underlying
    Portfolio	The
    portfolio of Underlying Assets or Unsettled Purchase Assets, as applicable, owned by the Security Issuer or Committed to be
    owned by the Security Issuer from time to time.
	Collateral
    Manager	The
    Collateral Manager as defined in the Security Indenture.
	Proposed
    Underlying Asset	A
    loan or bond that the Collateral Manager has proposed to be acquired by the Security Issuer that satisfies the Reinvestment
    Criteria at the time of such proposal.
	Unsettled
    Purchase Asset	As
    of any date, an asset that the Security Issuer has Committed to acquire and in respect of which the purchase by the Security
    Issuer has not yet settled.
	Unsettled
    Sale Asset	As
    of any date, an Underlying Asset that the Security Issuer has Committed to sell and in respect of which the sale by the Security
    Issuer has not yet settled.
	Zero
    Value Asset	An
                                         Underlying Asset at any time:

         

        (a)          in
        respect of which there has occurred a Zero Value Event;

         

        (b)         that
        did not satisfy the Reinvestment Criteria at the time the Security Issuer Committed to acquire such Underlying Asset (unless
        such Underlying Asset, after such date, subsequently satisfies the Reinvestment Criteria);

         

        (c)         that
        has been the subject of a Restructuring or a Material Modification if, in either case:

         

        (1)         immediately
        following such Restructuring or Material Modification, such Underlying Asset fails to satisfy the Reinvestment Criteria
        (unless such Underlying Asset, after such date, subsequently satisfies the Reinvestment Criteria); or

         

        (2)         the
        GS Consent Condition is not satisfied with respect to such Restructuring or Material Modification;

         

        (d)        with
        respect to which Escrowed Assignment Agreement Documents have not been delivered to the Trustee under the Security Indenture
        to be held by the Trustee thereunder, all in form and substance satisfactory to GS in its sole and absolute discretion;
        or

         

        (e)         that
        is not a Transferable bond, an Assignable Loan or a Consent Required Loan (or as to which any rights of first refusal,
        rights of first offer, last looks or other material restrictions or conditions to the transfer or assignment of such obligation
        (whether in the underlying instruments governing such obligation, in any intercreditor agreement or agreement among lenders
        relating to such obligation or otherwise) exist in favor of any other holder of such obligation or any other Person),
        all as determined by GS in its sole and absolute discretion. 

 

    	 	 8	Strafford Funding LLC

     

    

 

	 	
        For purposes of clauses (d) and (e) above,
        with respect to the Underlying Assets identified in Annex C hereto (each, a “Specified Transfer Asset”), GS may,
        in its sole and absolute discretion, deem them to be Zero Value Assets if such Specified Transfer Assets do not cease to be Specified
        Transfer Assets within 30 days after the Restatement Date.

         

        A Specified Transfer Asset will cease to
        be a Specified Transfer Asset when:

         

        (a)         the
        Security Issuer delivers to the Trustee under the Security Indenture Escrowed Assignment Agreement Documents for such Specified
        Transfer Asset and a Cooperation Agreement to be held by the Trustee under the Security Indenture, all in form and substance satisfactory
        to GS in its sole and absolute discretion, provided that GS in its sole discretion may waive the requirements to deliver
        Escrowed Assignment Agreement Documents and/or a Cooperation Agreement for such Specified Transfer Asset; and

         

        (b)         GS
        determines, in its sole and absolute discretion, that it is satisfied with the transferability of such Specified Transfer Asset.

         

        As used
        herein:

         

        “Assignable Loan” shall
        mean a Loan that is capable of being assigned or novated to, at a minimum, commercial banks or financial institutions (irrespective
        of their jurisdiction of organization) that are not then a lender or a member of the relevant lending syndicate, without the consent
        of the borrower or the guarantor, if any, of such Loan or any agent.

         

        “Assignment Agreement”
        shall mean, for any Underlying Asset, an assignment and assumption agreement in the form required, pursuant to the related Reference
        Instruments, for the transfer by the Security Issuer of all or a portion of the legal and beneficial interest in such Underlying
        Asset. If no form of assignment and assumption agreement is required, pursuant to the related Reference Instruments, for the transfer
        by the Security Issuer of all or a portion of the legal and beneficial interest in such Underlying Asset, then the “Assignment
        Agreement” for such Underlying Asset shall be a reference to the form of assignment and assumption agreement, and any related
        documents, that are customary in the relevant market for the transfer of the legal and beneficial interest in such Underlying Asset.

         

        “Consent Required Loan”
        shall mean a Loan that is capable of being assigned or novated solely with the consent of the borrower and/or the guarantor, if
        any, of such Loan and/or any agent. For the avoidance of doubt, if the assignment or novation of a Loan requires the consent of
        any lender or any other party to such Loan other than the borrower, guarantor or agent of such loan, it shall not satisfy the definition
        of Consent Required Loan.

        

	 	 	 

 

    		9	Strafford Funding LLC

    	 

    

 

	 	
  “Cooperation Agreement”
        shall mean, with respect to any Underlying Asset for which the provisions of the Reference Instruments require the consent of any
        Specified Person for the transfer of all or any portion of such Underlying Asset by the Security Issuer, an agreement in form and
        substance reasonably acceptable to GS pursuant to which each such Specified Person agrees to provide such consent when and as required
        under the terms of such agreement; it being understood and agreed that the Cooperation Agreements in respect of the Underlying
        Assets issued by Altus Power America, Inc., Horn Intermediate Holdings, Inc., Sunnova Asset Portfolio 5 Holdings, LLC, Swift Worldwide
        Resources US Holdings Corp. and Vantage Energy II, LLC and attached as Annex E hereto are acceptable to GS in all respects.

         

        “Escrowed Assignment Agreement Documents”
        shall mean, with respect to each Underlying Asset, three Assignment Agreements, each executed in blank by (a) the Security Issuer,
        as assignor, and (b) if the signature of any affiliate of the Security Issuer (whether as administrative agent, servicer, registrar
        or in any other capacity) is or could be required on such Assignment Agreement for the transfer of all or any portion of such Underlying
        Asset by the Security Issuer, each such affiliate.

         

        “Reference Instruments”
        shall mean the indenture, credit agreement or other agreement pursuant to which an Underlying Asset has been issued or created,
        each other agreement that governs the terms of or secures the obligations represented by such Underlying Asset or of which the
        holders of such Underlying Asset are the beneficiaries and all related closing documents.

         

        “Specified Person” shall
        mean any Person:

         

        (a)          that
        is an affiliate of the Security Issuer;

         

        (b)        whose
        investment advisor or investment sub-advisor is, or is an affiliate of, the investment advisor or investment sub-advisor of FS
        Energy and Power Fund (including, for the avoidance of doubt, any Person that is a fund sponsored by Franklin Square Holdings,
        L.P.); or

         

        (c)          that
        is a subsidiary of any Person described in clause (a) or (b) above.

         

        “Transferable” shall mean
        an obligation that is transferable to institutional investors without any contractual, statutory or regulatory restriction, provided
        that none of the following shall be considered contractual, statutory or regulatory restrictions:

         

        (a)          contractual,
statutory or regulatory restrictions that provide for eligibility for resale pursuant to Rule 144A or Regulation S promulgated
under the United States Securities Act of 1933, as amended (and any contractual, statutory or regulatory restrictions promulgated
under the laws of any jurisdiction having a similar effect in relation to the eligibility for resale of an obligation);

	 	 	 

 

    		10	Strafford Funding LLC

    	 

    

 

	 	
 (b)          restrictions         on permitted investments such as statutory or regulatory investment restrictions on
 insurance companies and pension funds; or

         

        (c)      
            restrictions         in respect of blocked periods on or around payment dates or voting periods.

	Restructuring	
        With respect to an Underlying Asset:

         

        (a)          if         such Underlying Asset is a Non-Private Underlying Asset, a “Restructuring” (as defined
        in Section 4.7 of the Credit Definitions)         has occurred in respect of the Underlying Asset; and

         

        (b)          if         such Underlying Asset is a Private Underlying Asset, a
        “Restructuring” (as defined in Section 4.7 of the Credit Definitions)         has occurred in respect of the
        Underlying Asset (except that, for such purposes, Section 4.7(a)(iv) of the Credit Definitions shall         be amended to
        include the following at the end thereof “; or a release of liens or other credit support for the Obligation;         or
        any other change that materially reduces the level of subordination enhancing the Obligation”).

         

        For purposes of this Confirmation, “Multiple
        Holder Obligation” will not be applicable in determining whether any such Restructuring occurs.

         

	Material Modification	A “Specified Change” (as defined in the Security Indenture) to an Underlying Asset.
	Settlement Value	
        As of any
        date:

         

        (a)         in
        respect of any Unsettled Purchase Asset, the aggregate consideration to be paid by the Security Issuer to acquire such Unsettled
        Purchase Asset; and

         

        (b)         in
        respect of any Unsettled Sale Asset, the contractual sale price for such Unsettled Sale Asset (expressed in USD) to be received
        by the Security Issuer from the purchaser of such Underlying Asset; provided that:

         

        (1)         if         the sale of such Unsettled Sale Asset remains unsettled for more than 30
        calendar days, then:

         

        (x)         from time to time upon request from GS Counterparty shall provide to GS all information known to
        Counterparty concerning the facts and circumstances causing such delay in settlement and cooperate with GS in discussing with
        the Security Issuer and the Collateral Manager strategies for accelerating settlement of such sale; and

	 	 	 

 

    		11	Strafford Funding LLC

    	 

    

 

	 	
(y)      
  if         the purchaser of such Unsettled Sale Asset is an affiliate of Counterparty and such delay in
settlement is not solely a result         of operational or logistical issues, Counterparty and GS shall work together in
good faith to determine the Settlement Value for         such Unsettled Purchase Asset; and

         

        (2)          if
        the sale of such Unsettled Sale Asset continues to remain unsettled for more than 90 calendar days, then the Settlement Value for
        such Unsettled Sale Asset will be determined by the Calculation Agent.

	Credit Event	Defaulted Asset Sale Failure

 

Security Event of Default

 

As used herein:

 

“Defaulted Asset Sale Failure” shall mean the Security Issuer’s failure to Commit to sell any Defaulted Obligation (as defined in the Security Indenture) within 30 days of such Underlying Asset becoming a Defaulted Obligation, provided that the failure to Commit to sell any Defaulted Obligation within 30 days of such Underlying Asset becoming a Defaulted Obligation shall not result in a Defaulted Asset Sale Failure for so long as the Security Issuer continues to use commercially reasonable efforts to continue to sell such Defaulted Obligation after such 30 day period.

 

“Security Event of Default” shall mean, with respect to any Purchased Security, an event of default (however designated) in the Security Indenture.

 

“Security Indenture” shall
mean the indenture or other underlying instruments governing the Purchased Security.

	Zero Value Event	In respect of any Underlying Asset, the occurrence of any one or more of the following:

 

Bankruptcy

 

Failure to Pay

 

As used herein:

 

“Bankruptcy” with respect
to an Underlying Asset shall mean a “Bankruptcy” (as defined in the 2003 ISDA Credit Derivatives Definitions as published
by the International Swap and Derivatives Association, Inc. (the “Credit Definitions”)) with respect to the related
obligor.

	

                                                                                  
	 	

 

    		12	Strafford Funding LLC

    	 

    

 

	 	“Failure to Pay” with respect to an Underlying Asset shall mean, after the expiration of any applicable grace period (however defined under the terms of the Underlying Asset), the occurrence of a non-payment of a payment of interest Scheduled to be Due or principal on the Underlying Asset when due, in accordance with the terms of the Underlying Asset at the time of such failure.

 

“Scheduled to be Due”
shall mean, in the case of an interest payment, that such interest payment would accrue during the related calculation period
for the Underlying Asset.

	Commitment	A binding commitment pursuant to FSEP’s and/or the Collateral Manager’s then current policies and procedures to purchase or sell an Underlying Asset between the buyer and seller of such Underlying Asset entered into pursuant to customary documents in the relevant market.  The terms “Commit” and “Committed” have correlative meanings.
	Reinvestment Criteria	The criteria set forth in the Security Indenture (including, without limitation, the criteria set forth in the definition of “Collateral Obligation” set forth therein) that, pursuant to the terms set forth in the Security Indenture are required to be satisfied as a condition to the purchase of an Underlying Asset (other than any consent of one or more holders of the Eligible Security).
	GS Consent Condition	For any Underlying Asset proposed to be acquired by the Security Issuer or any Underlying Asset subject to a Restructuring or Material Modification after it was acquired by the Security Issuer, a condition satisfied if GS consents to such acquisition, Restructuring or Material Modification, as applicable (which GS may withhold in its sole and absolute discretion).
	 	 	 

 

	2.        Conditions to Effectiveness
	Conditions to Effectiveness	
        The effectiveness of each Transaction shall
        be subject to the satisfaction of each of the conditions precedent for such Transaction specified in the Master Repurchase Agreement
        and the satisfaction of each of the following additional conditions:

         

        (a)         a valid Addition Notice has been
        timely delivered to GS;

         

        (b)         in
        the case of the first Transaction hereunder:

         

        (1)          the
        “Closing Date” under and as defined in the Security Indenture shall have occurred, and the Seller shall have acquired
        a portion of the Eligible Security in an amount equal to the Purchased Security Notional Amount for such Transaction; and

         

        (2)          Counterparty
shall have initiated the transfer to GS of a par amount of the Eligible Securities equal to the Purchased Security Notional Amount
for such Transaction pursuant to Paragraph 3(a) of the Master Repurchase Agreement for scheduled settlement substantially in accordance
with the then-current market practice in the principal market for such Security;

        

 

    		13	Strafford Funding LLC

    	 

    

 

	 	
(c)          in
        the case of each subsequent Transaction hereunder, the related “Increase” under the Security Indenture shall have occurred,
        and Counterparty shall have initiated the transfer to GS of a par amount of the Eligible Securities equal to the Purchased Security
        Notional Amount for such Transaction pursuant to Paragraph 3(a) of the Master Repurchase Agreement for scheduled settlement substantially
        in accordance with the then-current market practice in the principal market for such Security;

         

        (d)          no
        default or event of default with respect to Counterparty has occurred under the Master Repurchase Agreement and is then continuing;
        and

         

        (e)          no
        Margin Deficit exists under the Master Repurchase Agreement.

         

        GS shall prepare and deliver to
Counterparty a revised Annex A (or another form setting forth information corresponding to that set forth on Annex A), reflecting
the terms of such Transaction, reasonably promptly following the satisfaction of the Conditions to Effectiveness for such Transaction.

 

	3.        Financing Fees
	Ramp-Up Period Financing Fee Payments	
        In lieu of accrual and payment of Price
        Differential in respect of the Transactions, on the first Financing Fee Payment Date, Counterparty shall pay to GS an amount in
        USD (the first “Financing Fee Payment”) equal to the sum of:

         

        (a)         for
        each Transaction entered into on or prior to the First Ramp-Up Period End Date:

         

        (1)          the
        Initial Purchase Price for each Transaction; multiplied by

         

        (2)          the
        sum of (x) the Floating Rate as of the Financing Fee Reset Date for the initial Financing Fee Period for such Transaction plus
        (y) the Spread; multiplied by

         

        (3)          the
        Financing Fee Day Count Fraction for the initial Financing Fee Period for such Transaction; and

         

        (b)         for
        all Transactions (collectively) outstanding during the Financing Fee Period commencing on December 15, 2014:

         

        (1)         the
Average Fee Basis Amount; multiplied by

        

 

    		14	Strafford Funding LLC

    	 

    

 

	 	
(2)          the
        sum of (x) the Floating Rate as of the Financing Fee Reset Date for the Financing Fee Period commencing on December 15, 2014 plus
        (y) the Spread; multiplied by

         

        (3)         the
Financing Fee Day Count Fraction for the Financing Fee Period commencing on December 15, 2014.

	Average Fee Basis Amount	
        (a)         The
        sum, for each day in the Financing Fee Period commencing on December 15, 2014, of the greater of:

         

        (1)         the
        First Floor Amount; and

         

        (2)  
              the         aggregate Purchase Prices for all Transactions on such day; divided
        by

         

        (b)         the
number of days in such Financing Fee Period.

	Pre-Restatement Date Spread	2.75% per annum.
	Post-Restatement Date Spread	3.38% per annum.
	Spread	
        (a)          For
        each day from, and including, the prior Financing Fee Period End Date to, but excluding, the Restatement Date, the Pre-Restatement
        Date Spread; and

         

        (b)
          for each day from, and including, the Restatement Date, the Post-Restatement Date
Spread.

	Post-Second Ramp-Up Period Financing Fee Payments	
        In lieu of accrual and payment of Price
        Differential in respect of all of the Transactions collectively (and without duplication of any Financing Fees theretofore paid
        as part of the Repurchase Price of any Purchased Securities), on each Financing Fee Payment Date (other than the initial Financing
        Fee Payment Date), Counterparty shall pay to GS an amount in USD (the subsequent “Financing Fee Payments”) equal
        to:

         

        (a)          the
        Maximum Aggregate Facility Size; multiplied by

         

        (b)          the
        sum of (1) the Floating Rate as of the Financing Fee Reset Date for such Financing Fee Period plus (2) the Average Applicable
        Margin for such Financing Fee Period; multiplied by

         

        (c)          the
Financing Fee Day Count Fraction.

	Financing Fee Payment Dates	Each date that is 2 Business Days after each Financing Fee Period End Date (commencing with the Financing Fee Period End Date in March 2015).
	Financing Fee Period End Dates	
        (a)          Each
        three-month anniversary of the Facility Commencement Date to, but excluding, the Repurchase Date; and

         

        (b)          the
Repurchase Date.

 

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	Financing Fee Period	
        (a)          For
        each Transaction having a Purchase Date prior to the Second Ramp-Up Period End Date, initially, the period from, and including,
        the Purchase Date for such Transaction to, but excluding, the Financing Fee Period End Date following such Purchase Date; and

         

        (b)          for
        each Transaction (including those having an initial Financing Fee Period under clause (a) above), each period from, and including,
        the prior Financing Fee Period End Date to, but excluding, the current Financing Fee Period End Date.

         

	
        Floating Rate

         
	
        For any Financing Fee Period, three-month
        USD LIBOR, except that linear interpolation will apply for Financing Fee Periods commencing prior to the Second Ramp-Up Period
        End Date.

         

        “USD LIBOR”
for any Financing Fee Period shall be the rate for deposits in U.S. Dollars which appears on the Reuters Screen LIBOR01 (or a
successor page) at 11:00 a.m. London time on the date that is two London Business Days prior to the first day of such Financing
Fee Period (or, if such rate does not appear thereon, the arithmetic mean of the offered quotations of four major banks in London
designated by the Buyer to prime banks in the London interbank market for U.S. Dollar deposits in Europe) having a maturity of
three months.

	
        London Business Day

         
	Any day on which commercial banks are open for general business in London.
	
        New York Business Day

         
	Any day on which commercial banks are open for general business in New York.
	Average Applicable Margin	For any Financing Fee Period, the sum of the Applicable Margin for each day in such Financing Fee Period divided by the number of days in such Financing Fee Period.
	Applicable Margin	
        For any day, the higher of:

         

        (a)         the product of:

         

        (1)         the Spread for such day;
        and

         

        (2)         the
        ratio on such day of:

         

        (x)          the
        Aggregate Purchased Security Notional Amount minus the Adjusted Aggregate Reduction Amount as of such day; to

         

        (y)          the
        Aggregate Purchased Security Notional Amount as of such day; and

         

        (b)          1.49%.

	Financing Fee Day Count Fraction	Actual/360
	Financing Fee Reset Dates	For each Transaction, the first day of each Financing Fee Period for such Transaction

 

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	Adjusted Aggregate Reduction Amount	
        For any day, the lesser of:

         

        (a)         the
        Aggregate Reduction Amount in effect on such day; and

         

        (b)         the
        Cash Value as of such day.

         

	Reduction Amounts	
        If after the Second Ramp-Up Period End Date
        the Collateral Manager proposes a Proposed Underlying Asset for which at least two Pricing Sources are available and GS notifies
        Counterparty (including by telephone or email) that:

         

        (x)          GS
        has determined (in its sole and absolute discretion) that such Proposed Underlying Asset is a Non-Private Underlying Asset; and

         

        (y)          the
        GS Consent Condition is not satisfied with respect to such Proposed Underlying Asset,

         

        such event will constitute a “Rejection
        Event” and the Proposed Underlying Asset will constitute a “Rejected Underlying Asset” unless the GS
        Consent Condition is subsequently satisfied with respect to such Proposed Underlying Asset within three Business Days after GS
        receives a Reduction Notice for the related Reduction Event as described below.

         

        If the GS Consent Condition is not satisfied
        with respect to any Restructuring or any Material Modification of an Underlying Asset, such event will constitute a “Rejection
        Event” and the Underlying Asset will also constitute a “Rejected Underlying Asset” unless the GS Consent
        Condition is subsequently satisfied with respect to such Restructuring or Material Modification within three Business Days after
        GS receives a Reduction Notice for the related Reduction Event as described below.

         

        Each time three unique and consecutive
Rejection Events occur (each with respect to Underlying Assets or Proposed Underlying Assets issued by obligors unaffiliated with
one another), such occurrence will constitute a “Reduction Event”, whereupon Counterparty may, by written notice
to GS (each such notice, a “Reduction Notice”), declare a “Reduction Amount” (with effect from
the date of such Reduction Notice, each such date a “Reduction Date”) with respect to such Reduction Event equal
to the average of the Reduction Calculation Amounts of the Rejected Underlying Assets relating to such Reduction Event (determined,
for the avoidance of doubt, taking into account the portion of such Rejected Underlying Asset that is or would have been acquired
by the Security Issuer), provided that the Reduction Amount related to such Reduction Event shall be deemed reduced to
zero (with effect from the date of the related Reduction Notice) if, within three Business Days following the related Reduction
Date, the GS Consent Condition is subsequently satisfied with respect to one or more of the Rejected Underlying Assets related
to such Reduction Event.

        

 

    		17	Strafford Funding LLC

    	 

    

 

	 	
For the avoidance of doubt, multiple Reduction
        Events may occur during the term of this Agreement entitling Counterparty to declare Reduction Amounts with respect to each such
        Reduction Event (the sum of all Reduction Amounts at any time, the “Aggregate Reduction Amount” at such time).

         

        If (at any time after any Reduction
Event) the Collateral Manager proposes a Proposed Underlying Asset and GS notifies Counterparty (including by telephone or email)
that the GS Consent Condition is satisfied with respect to such Proposed Underlying Asset (each such date, an “Acceptance
Date”), or the GS Consent Condition is satisfied with respect to a related Restructuring or Material Modification, the
Aggregate Reduction Amount will be reduced (but not below zero) (with effect from such Acceptance Date) by an amount equal to
the Reduction Calculation Amount of such Proposed Underlying Asset or Underlying Asset (determined, for the avoidance of doubt,
taking into account the portion of such Proposed Underlying Asset or Underlying Asset, as the case may be, that is or would have
been acquired by the Security Issuer).

	Reduction Calculation Amount	
        For any Rejection Event relating to a Proposed
        Underlying Asset that is a Rejected Underlying Asset, the proposed purchase price of such Rejected Underlying Asset.

         

        For any Rejection Event relating
to a Restructuring or Material Modifications, the then-prevailing market value of the related Rejected Underlying Asset.

	Pricing Source	For any Underlying Asset or Proposed Underlying Asset, a market maker in the relevant market, LoanX or other pricing sources reasonably acceptable to GS.

 

	4.        Make-Whole Payment
	Make-Whole Payment Requirement	If the Repurchase Date for the Transactions is accelerated for any reason (other than the occurrence of a Regulatory Change, the occurrence of an Assignment-Related Repurchase Date Acceleration or the occurrence of a Dispute-Related Repurchase Date Acceleration) (a “Repurchase Date Acceleration”), then Counterparty shall pay to GS, within five Business Days of the date on which such acceleration occurs, an amount equal to the Make-Whole Amount.
	Make-Whole Amount	In connection with a Repurchase Date Acceleration (if any), an amount equal to the aggregate amount of Financing Fee Payments that would be payable to GS hereunder during the period from and including the date on which such Repurchase Date Acceleration occurs to but excluding the Scheduled Repurchase Date (determined as if the Floating Rate were equal to zero), discounted to present value, all as calculated by the Calculation Agent.

 

    		18	Strafford Funding LLC

    	 

    

 

	5.          Application
    of Principal Payments.
	Cash
    Principal Payment Provisions	On
                                         each date on which GS receives a payment (other than a payment of interest) on the Purchased
                                         Security in cash and in immediately available funds (each, a “Cash Principal
                                         Payment”), GS shall reduce the Repurchase Price for such Purchased Security
                                         by an amount equal to the related Repurchase Price Reduction Amount.

         

        On
        or reasonably promptly following the second Business Day after GS’s receipt of a Cash Principal Payment GS shall use commercially
        reasonable efforts to remit to Counterparty an amount equal to the related Counterparty Application Amount.

        

	Repurchase
    Price Reduction Amount	With
                                         respect to any Cash Principal Payment, an amount equal to the product of:

         

        (a)           such
        Cash Principal Payment; and

         

        (b)           one
        minus the Haircut Percentage.

        

	Counterparty
    Application Amount	With
                                         respect to any Cash Principal Payment, an amount equal to the product of:

         

        (a)           such
        Cash Principal Payment; minus

         

        (b)           the
        Repurchase Price Reduction Amount for such Cash Principal Payment.

        

 

	6.          Dispute
    Resolution, Etc.
	Dispute
    Resolution	If
                                         Counterparty in good faith disputes the Asset Market Related Amounts of one or more Underlying
                                         Assets as determined by the Calculation Agent as of any Business Day and, accordingly,
                                         Counterparty wishes to dispute the calculation of a Margin Deficit or an Excess Cure
                                         Collateral Refund Amount (each, a “Dispute”), then for so long as such
                                         Dispute is continuing (and provided that no Event of Default, Monetary Default
                                         or Other Material Default with respect to Counterparty occurs or is then continuing),
                                         upon the request of Counterparty, GS and Counterparty will work together in good faith
                                         to resolve such Dispute, it being understood that Counterparty shall at all times during
                                         the pendency of each Dispute be required to comply with its obligations under Paragraph
                                         4 of the Master Repurchase Agreement based upon the determinations of the Asset Market
                                         Related Amounts of the Underlying Assets as determined by the Calculation Agent.

         

        GS
        agrees that, if any Dispute continues unresolved for more than five Business Days, a “Dispute-Related Repurchase
        Right” shall be deemed to exist until the earlier to occur (if any) of (a) the resolution of such Dispute by
        the parties and (b) the occurrence of an Event of Default, a Monetary Default or an Other Material Default with respect
        to Counterparty.

         

        The
        provisions set forth in this Dispute Resolution section supersede all inconsistent provisions in the Master Repurchase
        Agreement.

        

 

    	 	 19	Strafford Funding LLC

     

    

 

	Monetary
    Default	A
    default by a party in the payment of money hereunder or under the Master Repurchase Agreement when due (determined without
    regard to any grace period otherwise specified), or a default by such party in the performance or observance of any other
    obligation hereunder or under the Master Repurchase Agreement (determined without regard to any grace period otherwise specified)
    that by its terms can be cured solely by the payment of money.
	Other
    Material Default	A
    default by a party in the performance or observance of any material obligation of that party hereunder or under the Master
    Repurchase Agreement that, with the giving of notice or lapse of time or both, would become an Event of Default with respect
    to such party.

 

	7.          Additional
    Provisions
	Restriking
    Terms	If
    for any period of five or more consecutive Business Days the net amount of cash margin held by GS under Paragraph 4 of the
    Master Repurchase Agreement exceeds 10% of the sum of the then-current Repurchase Prices hereunder, then for so long as such
    condition is continuing (and provided that no Event of Default or event that, with the giving of notice or lapse of
    time or both, would become an Event of Default with respect to Counterparty occurs or is then continuing), upon the request
    of Counterparty, GS and Counterparty will work together in good faith to restrike one or more of the economic terms of the
    Transactions under the Master Repurchase Agreement with a view to reducing or eliminating the amount of cash margin then required
    to be posted to GS thereunder, it being understood that, in connection with any such restriking, GS may require that changes
    to other economic terms of the Transactions be made, and that changes to the terms of the Purchased Securities be made, in
    order to preserve the overall economic effect of the Transactions for GS.
	Limit
    on Optional Redemptions	GS
    agrees that, for so long as any Transaction is outstanding under this Confirmation (unless an Event of Default with respect
    to Counterparty has occurred and is then continuing), it will not give the Security Issuer or the Trustee under the Security
    Indenture any direction to effect a redemption (in whole or in part) of the Purchased Securities.
	Counterparty
    Note Restriction	Counterparty
    agrees that, for so long as any Transaction is outstanding under this Confirmation, it shall not at any time (1) hold any
    portion of the Purchased Securities or (2) transfer any portion of the Purchased Securities (other than pursuant to the provisions
    hereof and of the Master Repurchase Agreement).
	No
    Substitution Rights	Seller
    may not substitute other Securities for the Purchased Security, unless otherwise agreed to by Purchaser in writing in its
    sole and absolute discretion.  

 

    	 	 20	Strafford Funding LLC

     

    

 

	Indemnity	Counterparty
                                         shall indemnify GS and each Related Party (as defined below) (each such person being
                                         referred to herein as an “Indemnitee”) against, and hold each Indemnitee
                                         harmless from, any and all losses, claims, damages, liabilities and related expenses,
                                         including the reasonable fees and reasonable out-of-pocket expenses of any counsel for
                                         any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection
                                         with, or as a result of (i) the execution or delivery of the Master Repurchase Agreement,
                                         this Confirmation or any agreement or instrument contemplated hereby, the performance
                                         by the parties hereto of their respective obligations hereunder or thereunder or the
                                         consummation of the Transaction or any other transactions contemplated hereby or thereby
                                         or (ii) any claim, litigation, investigation or proceeding relating to any of the foregoing,
                                         whether based on contract, tort or any other theory and regardless of whether any Indemnitee
                                         is a party thereto; provided that such indemnity shall not, as to any Indemnitee,
                                         be available to the extent that such losses, claims, damages, liabilities or related
                                         expenses have resulted from the bad faith, gross negligence or willful misconduct of
                                         any Indemnitee or a breach of the Master Repurchase Agreement or this Confirmation by
                                         GS.

         

        Notwithstanding
        the foregoing, in no event shall Counterparty be liable for any indirect, consequential, incidental, exemplary or punitive
        damages, opportunity cost or lost profits (other than as set forth in Paragraph 11 of the Master Repurchase Agreement).

         

        The
        obligations of Counterparty in this Indemnity section shall survive termination of the Transaction and any termination
        of the Master Repurchase Agreement.

         

        As
        used herein “Related Party” means GS’s affiliates and the respective directors, officers, employees,
        agents and advisors of GS and GS’s affiliates.

        

	Taxes

         
	Each
    of the parties hereto intends and agrees to treat the Transaction, for United States income tax purposes, as a secured loan
    made by Buyer to Seller.  Consistent with the Transaction being treated for U.S. federal income tax purposes as
    a secured loan made by Buyer to Seller, Buyer agrees to provide Seller with a Form 1099-INT (or any successor form) with respect
    to interest paid to Buyer and passed on to Seller pursuant to Paragraph 5 of the Master Repurchase Agreement.
	Certain
    Voting Rights	If
                                         GS has the right to exercise any Specified Voting Right in relation to any consent, vote,
                                         direction proposal or resolution arising at any time while this Transaction is outstanding,
                                         then:

         

        (a)          GS
        shall notify Counterparty thereof in writing after its receipt of notice thereof or GS otherwise becomes aware thereof;

         

        (b)          GS
        shall not exercise such Specified Voting Right unless and until directed to do so by Counterparty; and

         

        (c)          GS
        shall either (x) follow Counterparty’s written instructions as to the manner and timing of exercising such Specified Voting
        Right or (y) procure that Counterparty may exercise such Specified Voting Right directly,

        

        

 

    	 	 21	Strafford Funding LLC

     

    

 

	 	provided
                                         that, without prejudice to clause (b), GS shall have no obligation to take any action
                                         in relation to any direction from Counterparty with respect to the exercise of any Specified
                                         Voting Right if doing so could expose GS to liability, could violate any rule or regulation
                                         applicable to GS or any interpretation thereof (whether or not having the force of law),
                                         could cause reputational damage to GS or otherwise cause GS to otherwise incur any expenses
                                         not paid by Counterparty in a manner satisfactory to GS.

         

        Notwithstanding
        the foregoing, GS may exercise at any time and from time to time all other rights given to it as a holder of the Purchased
        Security as if this Transaction were not outstanding (including, without limitation, all rights to exercise remedies upon
        the occurrence of an event of default or an acceleration event, all rights to give or refrain from giving consents to
        amendments, modifications, supplements and waivers to the Security Indenture and the other documents executed and delivered
        thereunder or in connection therewith, all rights to consent or refrain from giving consent to changes to the assets purchased
        or sold by the Security Issuer, and all rights to otherwise give directions or refrain from giving directions under the
        Purchased Security), in each case other than the Specified Voting Rights.

        

	Specified
    Voting Right	The
    right of a holder of the Purchased Security (in its capacity as such) to participate in the selection or removal of a general
    partner, managing member, member of the board of directors or trustees, investment manager, investment adviser, or commodity
    trading advisor of the Security Issuer (excluding the rights of a creditor to exercise remedies upon the occurrence of an
    event of default or an acceleration event).
	Expense
    Reimbursement	GS
    agrees to reimburse Counterparty for payment of out-of-pocket costs incurred by Counterparty in connection with Additions
    hereunder through the Second Ramp-up Period End Date, promptly following presentation of an invoice therefor, in an amount
    equal to USD 40,000.

 

	8.          Payment
    Details, Etc.
	Payments
    to GS	In
    accordance with GS’s prior written instructions as set forth below or as otherwise delivered to Counterparty.  
	GS
    Payment Details	In
    accordance with GS’s written instructions as delivered to Counterparty.
	GS
    Inquiries	Goldman
                                         Sachs Bank USA 

        Facsimile:          +1
        212 428 4534 

        Email:                gs-sctabs-reporting@ny.email.gs.com

        

	GS
    Notices	Goldman
                                         Sachs Bank USA

        

        Facsimile:          +1
        212 428 4534

        Email:                gs-pfi-mo-confidential@gs.com
        and 

        gs-sct-compliance-delivery@ny.email.gs.com

         

        

        

 

    	 	 22	Strafford Funding LLC

     

    

 

		

        With
        a copy to:

         

        Attention:          SCT
        Legal, Derivatives 

        Address:            200
        West Street, 6th Floor 

        New
York, NY 10282

         

        With
        respect to Disputes, with a copy to:

         

        Email:
                        gs-repo-disputes@gs.com 

        Attention:
                  GS Credit

         

        and

         

        Facsimile:
                 +1 212 428 4534 

        Email:
                        gs-sctabs-reporting@ny.email.gs.com 

        Attention:
                  PFI Middle Office

         

        All
        correspondence shall include the GS Reference Number:

        

        SDB4064875388

        

	Payments
    to Counterparty	In
    accordance with Counterparty’s written instructions as set forth below or otherwise delivered to GS.  GS shall make
    no payments (and have no obligation to make any payment hereunder) without having received (i) such written instructions
    and (ii) a fully executed facsimile copy of this Confirmation or other written acceptance of the terms hereof.
	Counterparty
    Payment Details	In
    accordance with Counterparty’s written instructions as delivered to GS.  
	Counterparty
    Inquiries	In
    accordance with Counterparty’s written instructions as delivered to GS

 

(C)        Miscellaneous.

 

		1.	Amendments,
                                         Etc. Except as otherwise expressly stated herein, this Confirmation may not be
                                         amended except in writing signed by both parties.

 

		2.	Execution.
                                         This Confirmation may be executed in counterparts (including by facsimile or electronic
                                         transmission), each of which counterpart, when so executed and delivered, shall be deemed
                                         to be an original and all of which counterparts, taken together, shall constitute one
                                         and the same agreement.

 

		3.	Legal
                                         Requirements. Buyer shall not be required to purchase the Purchased Security
                                         if any such purchase shall result in any violation of applicable rules or regulations,
                                         including, but not limited to, rules applicable to new issuances of securities.

 

(D)
        Additional Acknowledgements, Representations and Agreements:

 

1.           Counterparty
hereby represents to and acknowledges and agrees with GS that:

 

		(i)	It
                                         has consulted with its own tax advisors to the extent that it has deemed necessary, and
                                         it has made its own decisions regarding entering into the Facility based upon its own
                                         judgment and upon any advice from such advisors as it has deemed necessary and not upon
                                         any view expressed by GS or any of its affiliates or agents.

 

    	 	 23	Strafford Funding LLC

     

    

 

		(ii)	The
                                         fair value of the assets of Counterparty will exceed the debt and liabilities, subordinated,
                                         contingent and otherwise of Counterparty, and Counterparty will not have unreasonably
                                         small capital with which to conduct the business in which it is engaged as such business
                                         is now conducted and is proposed to be conducted.

 

2.            Each
party acknowledges and agrees that:

 

		(i)	Unless
                                         identified as an underwriter or arranger in an offering document relating to a Purchased
                                         Security, Underlying Asset or Unsettled Purchase Asset (each, an “Instrument”),
                                         GS and its affiliates have played no role in structuring or arranging any Instrument
                                         or in negotiating or establishing the terms of such Instrument. Whether or not GS or
                                         its affiliates are identified as an underwriter or arranger in any offering document
                                         relating to an Instrument, any and all information that may have been or is in the future
                                         provided by GS to Counterparty with respect to any Instrument is not being furnished
                                         by GS in the capacity of an underwriter or arranger in relation to the Instrument in
                                         connection with the relevant Transaction, and GS accepts no responsibility or liability
                                         therefor.

 

		(ii)	The
                                         contents of this Confirmation and the other agreements relating to the Facility are confidential
                                         and shall not be disclosed to any third party, and neither party shall make any public
                                         announcement relating to the Facility without consent of the other party; except that
                                         disclosure of this Confirmation and the terms of the Facility is permitted (A) where
                                         required or appropriate in response to any summons, subpoena, or otherwise in connection
                                         with any litigation or regulatory inquiry or to comply with any applicable law, order,
                                         regulation, ruling, or disclosure requirement, including without limitation, any requirement
                                         of any regulatory body or stock exchange where the shares of such disclosing party are
                                         listed, as determined by the disclosing party in good faith following consultation with
                                         the other party hereto, (B) to officers, directors, employees, attorneys, accountants
                                         and advisors of the parties or their affiliates who are subject to a duty of confidentiality
                                         to the disclosing party or such affiliate and otherwise have a need to know such information,
                                         (C) to rating agencies and (D) where the information has otherwise become public (other
                                         than as a result of a breach of this subparagraph). Notwithstanding the foregoing or
                                         any other provision in this Confirmation or any other document, GS and Counterparty (and
                                         each employee, representative, or other agent of GS or Counterparty) may each disclose
                                         to any and all persons, without limitation of any kind, the U.S. tax treatment and U.S.
                                         tax structure of the transaction and all materials of any kind (including opinions or
                                         other tax analyses) that are provided to them relating to such U.S. tax treatment and
                                         U.S. tax structure (as those terms are used in Treasury Regulations under Sections 6011,
                                         6111 and 6112 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”)),
                                         other than any information for which nondisclosure is reasonably necessary in order to
                                         comply with applicable securities laws.

 

		(iii)	As
                                         of the Facility Commencement Date and so long as either party has or may have any obligation
                                         under any Transaction, it is not and will not be an “employee benefit plan”
                                         (as defined in Section 3(3) of the Employee Retirement Income Security Act of 1974, as
                                         amended (“ERISA”)), subject to Title I of ERISA, a “plan”
                                         (as defined in Section 4975(e) of the Code), subject to Section 4975 of the Code or an
                                         entity whose underlying assets include the assets of any such plan by reason of 29 CFR
                                         2510.3-101, Section 3(42) of ERISA or otherwise.

 

		(iv)	GS
                                         and any of its affiliates may deal in any Instrument and may accept deposits from, make
                                         loans or otherwise extend credit to, and generally engage in any kind of commercial or
                                         investment banking or other business with any issuer of or obligor on any Instrument,
                                         any affiliate thereof, any other person or entity having obligations relating to any
                                         Security Issuer or any such issuer or obligor and may act with respect to such business
                                         in the same manner as if any Transaction did not exist and may originate, purchase, sell,
                                         hold or trade, and may exercise consensual or remedial rights in respect of, obligations,
                                         securities or other financial instruments of, issued by or linked to the Security Issuer
                                         or any such issuer or obligor, regardless of whether any such action might have an adverse
                                         effect on such Security Issuer, such issuer or such obligor, the value of the related
                                         Instrument or the position of the other party to such Transaction or otherwise.

 

    	 	 24	Strafford Funding LLC

     

    

 

		(v)	Except
                                         as otherwise expressly provided herein, each party and its affiliates and the Calculation
                                         Agent may, whether by virtue of the types of relationships described herein or otherwise,
                                         at the date hereof or at any time hereafter, be in possession of information regarding
                                         any Security Issuer or any issuer of or obligor on any Instrument, or any affiliate thereof,
                                         that is or may be material in the context of such Transaction and that may or may not
                                         be publicly available or known to the other party. In addition, except as expressly provided
                                         herein, this Confirmation does not create any obligation on the part of such party and
                                         its affiliates to disclose to the other party any such relationship or information (whether
                                         or not confidential).

 

[remainder
of page intentionally blank]

 

    	 	 25	Strafford Funding LLC

     

    

 

Counterparty
hereby agrees (a) to check this Confirmation (Reference No.: SDB4064875388) carefully upon receipt so that errors or discrepancies
can be promptly identified and rectified and (b) to confirm that the foregoing correctly sets forth the terms of the agreement
between the parties with respect to the particular Transaction to which this Confirmation relates, by manually signing this Confirmation
and providing the other information requested herein and returning an executed copy to SCT Compliance, facsimile No. +1 212 428
4534.

	 	 
	 	Very truly yours,
	 	 
	 	GOLDMAN SACHS BANK USA
	 	 
	 	By: 	/s/
    Ali Meli	 
	 	 	Name:
    Ali Meli
Title:     Managing
    Director

	 
	AGREED AND ACCEPTED BY:
	 
	STRAFFORD FUNDING LLC
	 
	By: 	/s/
    Gerald F. Stahlecker	 
	 	Name:
    Gerald F. Stahlecker
Title:
       Executive Vice President

  

[Second Amended and
Restated Master Confirmation Signature Page]EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 

Indenture 

DATED AS OF SEPTEMBER 21, 2016 

AMONG 

Beazer Homes USA, Inc., 
 The
Subsidiary Guarantors Named on Schedule I Hereto, 
 AND 

U.S. Bank National Association, 

AS TRUSTEE 

8.750% SENIOR NOTES DUE 2022 

 CROSS-REFERENCE TABLE* 
  

					
	 Trust Indenture Act Section
	  	Indenture Section
	 310
	 	(a)(1)	  	6.10
			
		 	(a)(2)	  	6.10
			
		 	(a)(3)	  	N.A.
			
		 	(a)(4)	  	N.A.
			
		 	(a)(5)	  	6.10
			
		 	(b)	  	6.10
			
		 	(c)	  	N.A.
			
	 311
	 	(a)	  	6.11
			
		 	(b)	  	6.11
			
		 	(c)	  	N.A.
			
	 312
	 	(a)	  	2.05
			
		 	(b)	  	11.03
			
		 	(c)	  	11.03
			
	 313
	 	(a)	  	6.06
			
		 	(b)(1)	  	N.A.
			
		 	(b)(2)	  	6.06; 6.07
			
		 	(c)	  	6.06; 11.02
			
		 	(d)	  	6.06
			
	 314
	 	(a)	  	4.03
			
		 	(b)	  	N.A.
			
		 	(c)(1)	  	11.04
			
		 	(c)(2)	  	11.04
			
		 	(c)(3)	  	N.A.
			
		 	(d)	  	N.A.
			
		 	(e)	  	11.05
			
		 	(f)	  	N.A.
			
	 315
	 	(a)	  	6.01
			
		 	(b)	  	6.05; 11.02
			
		 	(c)	  	6.01

					
	 Trust Indenture Act Section
	  	Indenture Section
		 	(d)	  	6.01
			
		 	(e)	  	5.12
			
	 316  
	 	(a)(last sentence)	  	2.09
			
		 	(a)(1)(A)	  	5.05
			
		 	(a)(1)(B)	  	5.04
			
		 	(a)(2)	  	N.A.
			
		 	(b)	  	5.08
			
		 	(c)	  	1.05(e); 8.04
			
	 317  
	 	(a)(1)	  	5.08
			
		 	(a)(2)	  	5.10
			
		 	(b)	  	2.04
			
	 318  
	 	(a)	  	11.01
			
		 	(b)	  	N.A.
			
		 	(c)	  	11.01

 N.A. means not applicable. 

  
 ii 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 Article I. DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	  
			
	 Section 1.01
	 	 Definitions
	  	 	1	  
	 Section 1.02
	 	 Other Definitions
	  	 	22	  
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	23	  
	 Section 1.04
	 	 Rules of Construction
	  	 	23	  
	 Section 1.05
	 	 Acts of Holders
	  	 	24	  
		
	 Article II. THE NOTES
	  	 	25	  
			
	 Section 2.01
	 	 Form and Dating; Terms
	  	 	25	  
	 Section 2.02
	 	 Execution and Authentication
	  	 	26	  
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	27	  
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	27	  
	 Section 2.05
	 	 Holder Lists
	  	 	28	  
	 Section 2.06
	 	 Transfer and Exchange
	  	 	28	  
	 Section 2.07
	 	 Replacement Notes
	  	 	42	  
	 Section 2.08
	 	 Outstanding Notes
	  	 	43	  
	 Section 2.09
	 	 Treasury Notes
	  	 	43	  
	 Section 2.10
	 	 Temporary Notes
	  	 	43	  
	 Section 2.11
	 	 Cancellation
	  	 	44	  
	 Section 2.12
	 	 Defaulted Cash Interest
	  	 	44	  
	 Section 2.13
	 	 CUSIP and ISIN Numbers
	  	 	44	  
		
	 Article III. REDEMPTION
	  	 	45	  
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	45	  
	 Section 3.02
	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	45	  
	 Section 3.03
	 	 Notice of Redemption
	  	 	45	  
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	46	  
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	46	  
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	47	  
	 Section 3.07
	 	 Optional Redemption
	  	 	47	  
	 Section 3.08
	 	 Mandatory Redemption
	  	 	48	  
		
	 Article IV. COVENANTS
	  	 	48	  
			
	 Section 4.01
	 	 Payment of Notes
	  	 	48	  
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	48	  
	 Section 4.03
	 	 Reports and Other Information
	  	 	49	  
	 Section 4.04
	 	 Compliance Certificate
	  	 	49	  
	 Section 4.05
	 	 Taxes
	  	 	50	  

  
 i 

							
	 Section 4.06
	 	 Stay, Extension and Usury Laws
	  	 	50	  
	 Section 4.07
	 	 Limitations on Restricted Payments
	  	 	50	  
	 Section 4.08
	 	 Change of Control
	  	 	53	  
	 Section 4.09
	 	 Subsidiary Guarantees by Restricted Subsidiaries
	  	 	55	  
	 Section 4.10
	 	 Limitations on Additional Indebtedness
	  	 	55	  
	 Section 4.11
	 	 Limitations on Secured Indebtedness
	  	 	57	  
	 Section 4.12
	 	 Maintenance of Corporate Existence; Maintenance of Properties
	  	 	58	  
	 Section 4.13
	 	 Limitations on Mergers and Consolidations
	  	 	59	  
		
	 Article V. DEFAULTS AND REMEDIES
	  	 	59	  
			
	 Section 5.01
	 	 Events of Default
	  	 	59	  
	 Section 5.02
	 	 Acceleration
	  	 	61	  
	 Section 5.03
	 	 Other Remedies
	  	 	61	  
	 Section 5.04
	 	 Waiver of Existing Defaults
	  	 	62	  
	 Section 5.05
	 	 Control by Majority
	  	 	62	  
	 Section 5.06
	 	 Limitation on Suits
	  	 	62	  
	 Section 5.07
	 	 Rights of Holders of Notes to Receive Payment
	  	 	63	  
	 Section 5.08
	 	 Collection Suit by Trustee
	  	 	63	  
	 Section 5.09
	 	 Restoration of Rights and Remedies
	  	 	63	  
	 Section 5.10
	 	 Trustee May File Proofs of Claim
	  	 	63	  
	 Section 5.11
	 	 Priorities
	  	 	64	  
	 Section 5.12
	 	 Undertaking for Costs
	  	 	64	  
		
	 Article VI. TRUSTEE
	  	 	65	  
			
	 Section 6.01
	 	 Duties of Trustee
	  	 	65	  
	 Section 6.02
	 	 Rights of Trustee
	  	 	66	  
	 Section 6.03
	 	 Individual Rights of Trustee
	  	 	67	  
	 Section 6.04
	 	 Trustee’s Disclaimer
	  	 	67	  
	 Section 6.05
	 	 Notice of Defaults
	  	 	67	  
	 Section 6.06
	 	 Reports by Trustee to Holders of the Notes
	  	 	68	  
	 Section 6.07
	 	 Compensation and Indemnity
	  	 	68	  
	 Section 6.08
	 	 Replacement of Trustee
	  	 	69	  
	 Section 6.09
	 	 Successor Trustee by Merger, etc
	  	 	70	  
	 Section 6.10
	 	 Eligibility; Disqualification
	  	 	70	  
	 Section 6.11
	 	 Preferential Collection of Claims Against Company
	  	 	70	  
		
	 Article VII. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	70	  
			
	 Section 7.01
	 	 Defeasance Upon Deposit of Moneys or U.S. Government Obligations
	  	 	70	  
	 Section 7.02
	 	 Survival of the Company’s Obligations
	  	 	73	  
	 Section 7.03
	 	 Application of Trust Money
	  	 	73	  
	 Section 7.04
	 	 Repayment to the Company
	  	 	73	  
	 Section 7.05
	 	 Reinstatement
	  	 	73	  

  
 ii 

							
	 Article VIII. AMENDMENTS, SUPPLEMENTS AND WAIVERS
	  	 	74	  
			
	 Section 8.01
	 	 With Consent of Majority; Without Consent of Holders
	  	 	74	  
	 Section 8.02
	 	 With Consent of all Affected Holders
	  	 	75	  
	 Section 8.03
	 	 Compliance with Trust Indenture Act
	  	 	75	  
	 Section 8.04
	 	 Revocation and Effect of Consents
	  	 	76	  
	 Section 8.05
	 	 Notation on or Exchange of Notes
	  	 	76	  
	 Section 8.06
	 	 Trustee to Sign Amendments
	  	 	76	  
		
	 Article IX. SUBSIDIARY GUARANTEES; RELEASE OF SUBSIDIARY GUARANTORS
	  	 	77	  
			
	 Section 9.01
	 	 Subsidiary Guarantee
	  	 	77	  
	 Section 9.02
	 	 Execution and Delivery of Subsidiary Guarantee
	  	 	78	  
	 Section 9.03
	 	 Additional Subsidiary Guarantors
	  	 	79	  
	 Section 9.04
	 	 Release of a Subsidiary Guarantor
	  	 	79	  
	 Section 9.05
	 	 Waiver of Subrogation; Right of Contribution
	  	 	80	  
		
	 Article X. SATISFACTION AND DISCHARGE
	  	 	81	  
			
	 Section 10.01
	 	 Satisfaction and Discharge
	  	 	81	  
	 Section 10.02
	 	 Application of Trust Money
	  	 	82	  
		
	 Article XI. MISCELLANEOUS
	  	 	82	  
			
	 Section 11.01
	 	 Trust Indenture Act Controls
	  	 	82	  
	 Section 11.02
	 	 Notices
	  	 	82	  
	 Section 11.03
	 	 Communication by Holders of Notes with Other Holders of Notes
	  	 	83	  
	 Section 11.04
	 	 Certificate and Opinion as to Conditions Precedent
	  	 	83	  
	 Section 11.05
	 	 Statements Required in Certificate or Opinion
	  	 	84	  
	 Section 11.06
	 	 Rules by Trustee and Agents
	  	 	84	  
	 Section 11.07
	 	 No Personal Liability of Incorporators, Shareholders, Officers, Directors or Employees
	  	 	84	  
	 Section 11.08
	 	 Governing Law
	  	 	84	  
	 Section 11.09
	 	 Waiver of Jury Trial
	  	 	85	  
	 Section 11.10
	 	 Force Majeure
	  	 	85	  
	 Section 11.11
	 	 No Adverse Interpretation of Other Agreements
	  	 	85	  
	 Section 11.12
	 	 Successors
	  	 	85	  
	 Section 11.13
	 	 Severability
	  	 	85	  
	 Section 11.14
	 	 Counterpart Originals
	  	 	85	  
	 Section 11.15
	 	 Table of Contents, Headings, etc.
	  	 	85	  
	 Section 11.16
	 	 Qualification of Indenture
	  	 	86	  

  
 iii 

 SCHEDULES 

Schedule 1 Subsidiary Guarantors 
 EXHIBITS 

Exhibit A Form of Notes 
 Exhibit B Form of Certificate of
Transfer 
 Exhibit C Form of Certificate of Exchange 
 Exhibit
D Form of Supplemental Indenture to Be Delivered by Subsequent Guarantors 

  
 iv 

 INDENTURE, dated as of September 21, 2016, among Beazer Homes USA, Inc., a
Delaware corporation (the “Company”), the Subsidiary Guarantors (as defined herein) listed on the signature pages hereto and U.S. Bank National Association, as Trustee. 

WITNESSETH 

WHEREAS, the Company has duly authorized the creation of an issue of $400,000,000 aggregate principal amount of 8.750% Senior
Notes due 2022; and WHEREAS, the Company and each of the Subsidiary Guarantors has duly authorized the execution and delivery of this Indenture. 

NOW, THEREFORE, in consideration of the promises and the purchase and acceptance of the Notes by the holders thereof, the
Company, the Subsidiary Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes. 

Article I. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

“144A Global Note” means a Global Note substantially in the form of Exhibit A attached hereto, as the case may be,
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the
Notes sold in reliance on Rule 144A. 
 “Acquired Indebtedness” means Indebtedness of any Person and its Subsidiaries
existing at the time such Person became a Subsidiary of the Company (or such Person is merged with or into the Company or one of the Company’s Subsidiaries) or assumed in connection with the acquisition of assets from any such Person,
including, without limitation, Indebtedness Incurred in connection with, or in contemplation of (a) such Person being merged with or into or becoming a Subsidiary of the Company or one of its Subsidiaries (but excluding Indebtedness of such
Person which is extinguished, retired or repaid in connection with such Person being merged with or into or becoming a Subsidiary of the Company or one of its Subsidiaries) or (b) such acquisition of assets from any such Person. 

“Additional Interest” means the additional interest, if any, to be paid on the Notes pursuant to the applicable Registration
Rights Agreement. All references in this Indenture to “interest” shall include Additional Interest, if any, with respect to the Notes. 

“Additional Notes” means Notes (other than the Notes issued on the Issue Date) issued pursuant to Article II hereof and
otherwise in compliance with the provisions of this Indenture. 

  
 1 

 “Adjusted Consolidated Tangible Net Worth” of the Company means Consolidated
Tangible Net Worth plus the amount of any Mandatory Convertible Notes and any other instrument that is mandatorily convertible into Capital Stock. 

“Adjusted Indebtedness” of the Company means the Indebtedness of the Company and its Restricted Subsidiaries minus the amount
of any Mandatory Convertible Notes. 
 “Affiliate” of any Person means any other Person directly or indirectly controlling
or controlled by, or under direct or indirect common control with, such Person. For purposes of this Indenture, each executive officer and director of the Company and each Subsidiary of the Company will be an Affiliate of the Company. In addition,
for purposes of this Indenture, control of a Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the
foregoing, the term “Affiliate” will not include, with respect to the Company or any Restricted Subsidiary which is a Wholly Owned Subsidiary of the Company, any Restricted Subsidiary which is a Wholly Owned Subsidiary of the Company. 

“Agent” means any Registrar or Paying Agent. 

“Applicable Premium” means, with respect to a Note at any redemption date, the greater of (i) 1.00% of the principal
amount of such Note and (ii) the excess of (A) the present value at such redemption date of (1) the redemption price of such Note on March 15, 2019 (such redemption price being described under Section 3.07(a) hereof,
exclusive of any accrued interest) plus (2) all required remaining scheduled interest payments due on such Note through March 15, 2019 (but excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal
to the Treasury Rate plus 0.50% per annum, over (B) the principal amount of such Note on such redemption date. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary, Euroclear and/or Clearstream that apply to such transfer or exchange. 
 “Asset
Sale” for any Person means the sale, transfer, lease, conveyance or other disposition (including, without limitation, by merger, consolidation or sale and leaseback transaction, and whether by operation of law or otherwise) of any of that
Person’s assets (including, without limitation, the sale or other disposition of Capital Stock of any Subsidiary of such Person, whether by such Person or such Subsidiary), whether owned on the date of this Indenture or subsequently acquired in
one transaction or a series of related transactions, in which such Person and/or its Subsidiaries receive cash and/or other consideration (including, without limitation, the unconditional assumption of Indebtedness of such Person and/or its
Subsidiaries) having an aggregate Fair Market Value of $5.0 million or more as to each such transaction or series of related transactions; provided, however, that none of the following transactions that otherwise satisfy the above
requirements shall constitute an Asset Sale: 
  

	 	(i)	a transaction or series of related transactions that results in a Change of Control; 

  
 2 

	 	(ii)	sales of homes or land, including sales of real estate assets in bulk, regardless of value, in the ordinary course of business (as determined in good faith by the Company); 

 

	 	(iii)	sales, leases, conveyances or other dispositions, including, without limitation, exchanges or swaps, of real estate or other assets, in each case in the ordinary course of business (as determined in good faith by the
Company), for development or disposition of the Company’s or any of its Subsidiaries’ projects; 

  

	 	(iv)	sales, leases, sale-leasebacks or other dispositions of amenities, model homes and other improvements at the Company’s or its Subsidiaries’ projects in the ordinary course of business (as determined in good
faith by the Company); 

  

	 	(v)	transactions between the Company and any of its Restricted Subsidiaries which are Wholly Owned Subsidiaries, or among such Restricted Subsidiaries which are Wholly Owned Subsidiaries of the Company; 

 

	 	(vi)	any disposition of Cash Equivalents or obsolete or worn out equipment, in each case, in the ordinary course of business (as determined in good faith by the Company); 

 

	 	(vii)	the sale or other disposition of assets, including real property, no longer used or useful in the conduct of business of the Company or any of its Restricted Subsidiaries; 

 

	 	(viii)	the making of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.07 hereof; and 

 

	 	(ix)	a transaction involving the sale of Capital Stock of, or the disposition of assets in, an Unrestricted Subsidiary. 

“Authentication Order” means a written request or order signed on behalf of the Company by an Officer of the Company and
delivered to the Trustee. 
 “Bankruptcy Law” means Title 11 of the United States Code, as amended, or any similar federal
or state law for the relief of debtors. 
 “Book Value” means, with respect to any asset of the Company or any of its
Subsidiaries, the book value thereof as reflected in the most recent consolidated financial statements of the Company filed with the SEC (or if such asset has been acquired after the date of such financial statements, the then-current book value
thereof as reasonably determined by the Company consistent with recent practices). 
 “Business Day” means any day other
than a Legal Holiday. 
 “Capital Stock” of any Person means any and all shares, rights to purchase, warrants or options
(whether or not currently exercisable), participations, or other equivalents of or interests in (however designated and whether voting or non-voting) the equity (which includes, but is not limited to, common stock, preferred stock and partnership
and joint venture interests) of such Person (excluding any debt securities that are convertible into, or exchangeable for, such equity). 

  
 3 

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

 

	 	(i)	direct obligations of the United States or any agency thereof or obligations guaranteed by the United States or any agency thereof, in each case maturing within one year of the date of acquisition thereof;

  

	 	(ii)	certificates of deposit, time deposits, bankers acceptances and other obligations placed with commercial banks organized under the laws of the United States of America or any state thereof, or branches or agencies of
foreign banks licensed under the laws of the United States of America or any state thereof, having a short-term rating of not less than A- by each of Moody’s and S&P at the time of acquisition, and having a maturity of not more than one
year; 

  

	 	(iii)	commercial paper rated at least P-1, A-1 or the equivalent thereof by Moody’s or S&P, respectively, and in each case and maturing not more than one year from the date of the acquisition thereof;

  

	 	(iv)	repurchase agreements or money-market accounts which are fully secured by direct obligations of the United States or any agency thereof; and 

 

	 	(v)	investments in money market funds (x) substantially all of the assets of which consist of investments described in the foregoing clauses (i) through (iv) or (y) which (A) have total net assets
of at least $2 billion, (B) have investment objectives and policies that substantially conform with the Company’s investment policy as in effect from time to time, (C) purchase only first-tier or U.S. government obligations as defined
by Rule 2a-7 of the SEC promulgated under the Investment Company Act of 1940 and (D) otherwise comply with such Rule 2a-7. 

“Change of Control” means any of the following: 
  

	 	(i)	the sale, transfer, lease, conveyance or other disposition (in one transaction or a series of transactions) of all or substantially all of the Company’s assets as an entirety or substantially as an entirety to any
Person or “group” (within the meaning of Section 13(d)(3) of the Exchange Act); provided that a transaction where the holders of all classes of Common Equity of the Company immediately prior to such transaction own,
directly or indirectly, 50% or more of the aggregate voting power of all classes of Common Equity of such Person or group immediately after such transaction will not be a Change of Control; 

  
 4 

	 	(ii)	the liquidation or dissolution of the Company; provided that a liquidation or dissolution of the Company which is part of a transaction or series of related transactions that does not constitute a Change
of Control under the “provided” clause of clause (i) above will not constitute a Change of Control under this clause (ii); 

  

	 	(iii)	any transaction or a series of related transactions (as a result of a tender offer, merger, consolidation or otherwise) that results in, or that is in connection with, any Person, including a “group” (within
the meaning of Section 13(d)(3) of the Exchange Act) acquiring “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the aggregate voting power of all classes of Common
Equity of the Company or of any Person that possesses “beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of 50% or more of the aggregate voting power of all classes of Common Equity of the
Company; 

  

	 	(iv)	a majority of the Board of Directors of the Company not being comprised of Continuing Directors; or 

  

	 	(v)	a change of control shall occur as defined in the instrument governing any publicly traded debt securities of the Company which requires the Company to repay or repurchase such debt securities. 

“Clearstream” means Clearstream Banking, Societe Anonyme. 

“Common Equity” of any Person means all Capital Stock of such Person that is generally entitled to (i) vote in the
election of directors of such Person, or (ii) if such Person is not a corporation, vote or otherwise participate in the selection of the governing body, partners, managers or others that will control the management and policies of such Person.

 “Consolidated Cash Flow Available for Fixed Charges” of the Company and its Restricted Subsidiaries means for any
period, the sum of the amounts for such period of: 
  

	 	(i)	Consolidated Net Income, plus 

  

	 	(ii)	Consolidated Income Tax Expense (without regard to income tax expense or credits attributable to extraordinary and nonrecurring gains or losses on Asset Sales), plus 

 

	 	(iii)	Consolidated Interest Expense, plus 

  

	 	(iv)	all depreciation, and, without duplication, amortization (including, without limitation, capitalized interest amortized to cost of sales), plus 

 

	 	(v)	all other non-cash items reducing Consolidated Net Income during such period, minus 

  
 5 

	 	(vi)	all other non-cash items increasing Consolidated Net Income during such period; all as determined on a consolidated basis for the Company and its Restricted Subsidiaries in accordance with GAAP. 

“Consolidated Fixed Charge Coverage Ratio” of the Company means, with respect to any determination date, the ratio of
(i) Consolidated Cash Flow Available for Fixed Charges of the Company for the prior four full fiscal quarters for which financial results have been reported immediately preceding the determination date, to (ii) the aggregate Consolidated
Interest Incurred of the Company for the prior four full fiscal quarters for which financial results have been reported immediately preceding the determination date; provided that: 

(1) with respect to any Indebtedness Incurred during, and remaining outstanding at the end of, such four full fiscal quarter period, such
Indebtedness will be assumed to have been incurred as of the first day of such four full fiscal quarter period; 
 (2) with respect to
Indebtedness repaid (other than a repayment of revolving credit obligations repaid solely out of operating cash flows) during such four full fiscal quarter period, such Indebtedness will be assumed to have been repaid on the first day of such four
full fiscal quarter period; 
 (3) with respect to the Incurrence of any Acquired Indebtedness, such Indebtedness and any proceeds therefrom
will be assumed to have been Incurred and applied as of the first day of such four full fiscal quarter period, and the results of operations of any Person and any Subsidiary of such Person that, in connection with or in contemplation of such
Incurrence, becomes a Subsidiary of the Company or is merged with or into the Company or one of the Company’s Subsidiaries or whose assets are acquired, will be included, on a pro forma basis, in the calculation of the Consolidated Fixed Charge
Coverage Ratio as if such transaction had occurred on the first day of such four full fiscal quarter period; and 
 (4) with respect to any
other transaction pursuant to which any Person becomes a Subsidiary of the Company or is merged with or into the Company or one of the Company’s Subsidiaries or pursuant to which any Person’s assets are acquired, such Consolidated Fixed
Charge Coverage Ratio shall be calculated on a pro forma basis as if such transaction (and the change in Consolidated Cash Flow Available for Fixed Charges resulting therefrom) had occurred on the first day of such four full fiscal quarter period.

 “Consolidated Income Tax Expense” of the Company for any period means the income tax expense of the Company and its
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest
Expense” of the Company for any period means the Interest Expense of the Company and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Interest Incurred” of the Company for any period means the Interest Incurred of the Company and its Restricted
Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

  
 6 

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

	 	(i)	the net income (or loss) of any Person (other than a Restricted Subsidiary) in which any Person (including, without limitation, an Unrestricted Subsidiary) other than the Company or any Restricted Subsidiary has an
ownership interest, except to the extent that any such income has actually been received by the Company or any Restricted Subsidiary in the form of cash dividends or similar cash distributions during such period, or in any other form but converted
to cash during such period; 

  

	 	(ii)	except to the extent includable in Consolidated Net Income pursuant to the foregoing clause (i), the net income (or loss) of any Person that accrued prior to the date that (a) such Person becomes a Restricted
Subsidiary or is merged with or into or consolidated with the Company or any of its Restricted Subsidiaries or (b) the assets of such Person are acquired by the Company or any of its Restricted Subsidiaries; 

 

	 	(iii)	the net income of any Restricted Subsidiary to the extent that (but only so long as) the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted by
operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to that Restricted Subsidiary during such period; 

 

	 	(iv)	in the case of a successor to the Company by consolidation, merger or transfer of its assets (other than as a result of a holding corporation reorganization), any earnings of the successor prior to such merger,
consolidation or transfer of assets; and 

  

	 	(v)	the gains (but not losses) realized during such period by the Company or any of its Restricted Subsidiaries resulting from (a) the acquisition of securities issued by the Company or extinguishment of Indebtedness
of the Company or any of its Restricted Subsidiaries, (b) Asset Sales by the Company or any of its Restricted Subsidiaries and (c) other extraordinary items realized by the Company or any of its Restricted Subsidiaries. 

Notwithstanding the foregoing, in calculating Consolidated Net Income, the Company will be entitled to take into consideration the tax
benefits associated with any loss described in clause (v) of the preceding sentence, but only to the extent such tax benefits are actually recognized by the Company or any of its Restricted Subsidiaries during such period; provided,
further, that there will be included in such net income, without duplication, the net income of any Unrestricted Subsidiary to the extent such net income is actually received by the Company or any of its Restricted Subsidiaries in the
form of cash dividends or similar cash distributions during such period, or in any other form but converted to cash during such period. 

  
 7 

 “Consolidated Tangible Assets” of the Company as of any date means the total
amount of assets of the Company and its Restricted Subsidiaries (less applicable reserves) on a consolidated basis at the end of the fiscal quarter immediately preceding such date, as determined in accordance with GAAP after giving effect to any
transaction occurring after the last day of the most recently ended fiscal quarter pursuant to which any Person becomes a Subsidiary of the Company or is merged with or into the Company or one of the Company’s Subsidiaries or pursuant to which
any Person’s assets are acquired, on a pro forma basis as if such transaction had occurred as of the last day of the most recently ended fiscal quarter, less: (i) Intangible Assets and (ii) appropriate adjustments on account of
minority interests of other Persons holding equity investments in Restricted Subsidiaries, in the case of each of clauses (i) and (ii) above, as reflected on the consolidated balance sheet of the Company and its Restricted Subsidiaries as
of the end of the fiscal quarter immediately preceding such date. 
 “Consolidated Tangible Net Worth” of the Company as of
any date means the stockholders’ equity (including any Preferred Stock that is classified as equity under GAAP, other than Disqualified Stock) of the Company and its Restricted Subsidiaries on a consolidated basis at the end of the fiscal
quarter immediately preceding such date, as determined in accordance with GAAP, plus any amount of unvested deferred compensation included, in accordance with GAAP, as an offset to stockholders’ equity, less the amount of Intangible Assets
reflected on the consolidated balance sheet of the Company and its Restricted Subsidiaries as of the end of the fiscal quarter immediately preceding such date; provided that solely for purposes of calculating the ratio of Adjusted Indebtedness to
Adjusted Consolidated Tangible Net Worth pursuant to the covenant described herein under Limitations on Additional Indebtedness, Consolidated Tangible Net Worth shall be calculated after giving effect to (i) the issuance of any Capital Stock
occurring after the last day of the most recently ended fiscal quarter, on a pro forma basis assuming such Capital Stock had been issued and remains outstanding as of the last day of the most recently ended fiscal quarter; (ii) any redemption
or repurchase of any Capital Stock occurring after the last day of the most recently ended fiscal quarter, on a pro forma basis assuming such Capital Stock had been redeemed or repurchased as of the last day of the most recently ended fiscal
quarter; and (iii) any other transaction occurring after the last day of the most recently ended fiscal quarter pursuant to which any Person becomes a Subsidiary of the Company or is merged with or into the Company or one of the Company’s
Subsidiaries or pursuant to which any Person’s assets are acquired, on a pro forma basis as if such transaction had occurred as of the last day of the most recently ended fiscal quarter. 

“Continuing Director” means at any date a member of the Board of Directors of the Company who: 

 

	 	(i)	was a member of the Board of Directors of the Company on the Issue Date; or 

  

	 	(ii)	was nominated for election or elected to the Board of Directors of the Company with the affirmative vote of at least a majority of the directors who were Continuing Directors at the time of such nomination or election.

 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 11.02 hereof or such other address as to which the Trustee may give notice to the Holders and the Company or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate
from time to time by notice to the Holders and the Company). 

  
 8 

 “Credit Facilities” means, with respect to the Company or any of its Restricted
Subsidiaries, one or more debt facilities or other financing arrangements (including, without limitation, commercial paper or letter of credit facilities or indentures) providing for revolving credit loans, term loans, letters of credit or other
Indebtedness (including the Revolving Credit Facility), including any notes, mortgages, deeds of trust, guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, supplements, modifications,
extensions, renewals, restatements or refundings thereof and any indentures, credit facilities, letter of credit facilities or commercial paper facilities that replace, refund or refinance any part of the loans, notes, other credit facilities or
commitments thereunder, including any such replacement, refunding or refinancing facility or indenture that increases the amount permitted to be borrowed thereunder or alters the maturity thereof (provided that such increase in borrowing is
permitted under Section 4.10) or adds Restricted Subsidiaries as additional borrowers or guarantors thereunder and whether by the same or any other agent, lender or group of lenders. 

“Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

“Default” means any event, act or condition that is, or after notice or the passage of time, or both, would be, an Event of
Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06(c) hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global form,
the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as Depositary hereunder and having become such pursuant to the applicable provision of this Indenture. 

“Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible
or for which it is exchangeable), or upon the happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, on or prior to
the final maturity date of the Notes; provided that any Capital Stock which would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require the Company to repurchase or redeem such Capital
Stock upon the occurrence of a change of control occurring prior to the final maturity of the Notes will not constitute Disqualified Stock if the change of control provisions applicable to such Capital Stock are no more favorable to the holders of
such Capital Stock than Section 4.08 hereof and such Capital Stock specifically provides that the Company will not repurchase or redeem (or be required to repurchase or redeem) any such Capital Stock pursuant to such provisions prior to the
Company’s repurchase of Notes pursuant to Section 4.08 hereof. 

  
 9 

 “Disqualified Stock Dividend” of any Person means, for any dividend payable with
regard to Disqualified Stock issued by such Person, the amount of such dividend multiplied by a fraction, the numerator of which is one and the denominator of which is one minus the maximum statutory combined federal, state and local income tax rate
(expressed as a decimal number between 1 and 0) then applicable to such Person. 
 “Equity Offering” means a public or
private equity offering or sale after the Issue Date by the Company for cash of Capital Stock, other than an offering or sale of Disqualified Stock. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Exchange Notes” means any notes issued in exchange for the Notes pursuant to the applicable Registration
Rights Agreement or similar agreement. 
 “Exchange Offer” has the meaning set forth in the applicable Registration Rights
Agreement. 
 “Exchange Offer Registration Statement” has the meaning set forth in the applicable Registration Rights
Agreement. 
 “Existing Indebtedness” means all of the Indebtedness of the Company and its Restricted Subsidiaries that is
outstanding on the date of this Indenture. 
 “Fair Market Value” means with respect to any asset or property the sale
value that would be obtained in an arm’s length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair Market Value shall be determined by the Board of
Directors of the Company acting in good faith and shall be evidenced by a board resolution (certified by the Secretary or Assistant Secretary of the Company) or an officer’s certificate of the principal financial officer of the Company
delivered to the Trustee. 
 “GAAP” means generally accepted accounting principles set forth in the opinions and
interpretations of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and interpretations of the Financial Accounting Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession of the United States, as in effect from time to time. At any time after the Issue Date, the Company may elect to apply IFRS accounting principles in lieu of GAAP and, upon any such
election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided herein); provided that any such election, once made, shall be irrevocable; provided, further, any
calculation or determination herein that requires the application of GAAP for periods that include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP.
The Company shall give notice of any such election made in accordance with this definition to the Trustee and the Holders of Notes. 

  
 10 

 “Global Note Legend” means the legend set forth in Section 2.06(g)(ii)
hereof, which is required to be placed on all Global Notes issued under this Indenture. 
 “Global Notes” means,
individually and collectively, each of the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto. 

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

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

“IFRS” means International Financial Reporting Standards, as adopted by the International Accounting Standards Board. 

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

 

	 	(i)	all indebtedness of such Person for borrowed money (whether or not the recourse of the lender is to the whole of the assets of such Person or only to a portion thereof); 

 

	 	(ii)	all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments (including a purchase money obligation) given in connection with the acquisition of any businesses, properties or assets
of any kind or with services incurred in connection with capital expenditures (other than any obligation to pay a contingent purchase price which, as of the date of incurrence thereof, is not required to be recorded as a liability in accordance with
GAAP); 

  

	 	(iii)	all fixed obligations of such Person in respect of letters of credit or other similar instruments or reimbursement obligations with respect thereto (other than standby letters of credit or similar instruments issued for
the benefit of, or surety, performance, completion or payment bonds, earnest money notes or similar purpose undertakings or indemnifications issued by, such Person in the ordinary course of business (as determined in good faith by the Company));

  

	 	(iv)	all obligations of such Person with respect to Hedging Obligations (other than those that fix or cap the interest rate on variable rate Indebtedness otherwise permitted by this Indenture or that fix the exchange rate in
connection with Indebtedness denominated in a foreign currency and otherwise permitted by this Indenture); 

  
 11 

	 	(v)	all Capitalized Lease Obligations of such Person; 

  

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

 

	 	(vii)	all Indebtedness of others guaranteed by, or otherwise the liability of, such Person to the extent of such guarantee or liability; and 

 

	 	(viii)	all Disqualified Stock issued by such Person (the amount of Indebtedness represented by any Disqualified Stock will equal the greater of the voluntary or involuntary liquidation preference plus accrued and unpaid
dividends); provided, that Indebtedness shall not include accrued expenses, trade payables, liabilities related to inventory not owned, customer deposits or deferred income taxes arising in the ordinary course of business (as
determined in good faith by the Company). The amount of Indebtedness of any Person at any date will be: 

  

	(a)	the outstanding balance at such date of all unconditional obligations as described above; 

  

	(b)	the maximum liability of such Person for any contingent obligations under clause (vii) above; and 

  

	(c)	in the case of clause (vi) (if the Indebtedness referred to therein is not assumed by such Person), the lesser of the (A) Fair Market Value of all assets subject to a Lien securing the Indebtedness of others
on the date that the Lien attaches and (B) amount of the Indebtedness secured. 

 “Indenture” means this
Indenture, as amended or supplemented from time to time. 
 “Indirect Participant” means a Person who holds a beneficial
interest in a Global Note through a Participant. 
 “Intangible Assets” of the Company means all unamortized debt discount
and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights and all other items which would be treated as intangibles on the consolidated balance sheet of the Company and its Restricted
Subsidiaries prepared in accordance with GAAP. 
 “Interest Expense” of any Person for any period means, without
duplication, the aggregate amount of (i) interest which, in conformity with GAAP, would be set opposite the caption “interest expense” or any like caption on an income statement for such Person (including, without limitation, imputed
interest included on Capitalized Lease Obligations, all commissions, discounts and other fees and charges owed with respect to letters of credit securing financial obligations and bankers’ acceptance financing, the net costs associated with
Hedging Obligations, amortization of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization of discount or premium, if any, and all other non-cash interest expense other than interest and other
charges amortized to cost of sales) and includes, with respect to the Company and its Restricted Subsidiaries, without duplication (including duplication of the foregoing items), all interest amortized to cost of sales for such period, and
(ii) the amount of Disqualified Stock Dividends recognized by the Company on any Disqualified Stock whether or not paid during such period. 

  
 12 

 “Interest Incurred” of any Person for any period means, without duplication, the
aggregate amount of (i) interest which, in conformity with GAAP, would be set opposite the caption “interest expense” or any like caption on an income statement for such Person (including, without limitation, imputed interest included
on Capitalized Lease Obligations, all commissions, discounts and other fees and charges owed with respect to letters of credit securing financial obligations and bankers’ acceptance financing, the net costs associated with Hedging Obligations,
amortization of other financing fees and expenses, the interest portion of any deferred payment obligation, amortization of discount or premium, if any, and all other noncash interest expense other than interest and other charges amortized to cost
of sales) and includes, with respect to the Company and its Restricted Subsidiaries, without duplication (including duplication of the foregoing items), all interest capitalized for such period, all interest attributable to discontinued operations
for such period to the extent not set forth on the income statement under the caption “interest expense” or any like caption, and all interest actually paid by the Company or a Restricted Subsidiary under any guarantee of Indebtedness
(including, without limitation, a guarantee of principal, interest or any combination thereof) of any other Person during such period and (ii) the amount of Disqualified Stock Dividends recognized by the Company on any Disqualified Stock
whether or not declared during such period. 
 “Interest Payment Date” means March 15 and September 15 of each
year to stated maturity, commencing March 15, 2017. 
 “Investments” of any Person means all (i) investments by
such Person in any other Person in the form of loans, advances or capital contributions, (ii) guarantees of Indebtedness or other obligations of any other Person by such Person, (iii) purchases (or other acquisitions for consideration) by
such Person of Indebtedness, Capital Stock or other securities of any other Person and (iv) other items that would be classified as investments on a balance sheet of such Person determined in accordance with GAAP. For all purposes of this
Indenture, the amount of any such Investment shall be the fair market value thereof (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value). The making of any payment
in accordance with the terms of a guarantee or other contingent obligation permitted under this Indenture shall not be considered an Investment. 

“Issue Date” means the initial date of issuance of the Notes under this Indenture. 

“Legal Holiday” means Saturday, Sunday or a day on which banking institutions in New York, New York, Atlanta, Georgia or at a
place of payment are authorized or obligated by law, regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment shall be made at that place on the next succeeding day that is not a Legal
Holiday. 
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders
of the Notes for use by such Holders in connection with the Exchange Offer. 

  
 13 

 “Lien” means, with respect to any asset, any mortgage, deed of trust, lien,
pledge, charge, security interest or other similar encumbrance of any kind upon or in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law (including, without limitation, any conditional sale or other
title retention agreement). 
 “Mandatory Convertible Notes” means any Indebtedness of a Person, the principal amount of
which is payable at maturity solely in Capital Stock of such Person (provided that a requirement to pay accrued, but unpaid, interest on such Indebtedness in cash at maturity or a requirement to pay cash fees, expenses or premiums as a result of the
acceleration of payment, early redemption or otherwise with respect to such Indebtedness shall not disqualify such Indebtedness as Mandatory Convertible Notes). 

“Material Subsidiary” means any Subsidiary of the Company which accounted for 5% or more of the Consolidated Tangible Assets
or Consolidated Cash Flow Available for Fixed Charges of the Company on a consolidated basis for the fiscal year ending immediately prior to any Default or Event of Default. 

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

“Non-Recourse Indebtedness” with respect to any Person means Indebtedness of such Person for which (i) the sole legal
recourse for collection of principal and interest on such Indebtedness is against the specific property identified in the instruments evidencing or securing such Indebtedness and such property was acquired (directly or indirectly, including through
the purchase of Capital Stock of the Person owning such property) with the proceeds of such Indebtedness or such Indebtedness was Incurred within 90 days after the acquisition (directly or indirectly, including through the purchase of Capital Stock
of the Person owning such property) of such property and (ii) no other assets of such Person may be realized upon in collection of principal or interest on such Indebtedness. Indebtedness which is otherwise Non-Recourse Indebtedness will not
lose its character as Non-Recourse Indebtedness because there is recourse to the borrower, any guarantor or any other Person for (a) environmental warranties, covenants and indemnities, (b) indemnities for and liabilities arising from
fraud, misrepresentation, misapplication or non-payment of rents, profits, deposits, insurance and condemnation proceeds and other sums actually received by the borrower from secured assets to be paid to the lender, waste and mechanics’ liens,
breach of separateness covenants, and other customary exceptions or (c) in the case of the borrower thereof only, other obligations in respect of such Indebtedness that are payable solely as a result of a voluntary or collusive non-voluntary
bankruptcy filing (or similar filing or action) by such borrower. 
 “Non-U.S. Person” means a Person who is not a U.S.
Person. 
 “Notes” means the Notes as set forth in the recitals and more particularly means any Notes authenticated and
delivered under this Indenture, including the Exchange Notes and any Additional Notes. Unless the context requires otherwise, references to “Notes” for all purposes of this Indenture include any Additional Notes that are actually issued.

  
 14 

 “Obligations” means, with respect to any Indebtedness, all obligations (whether
in existence on the Issue Date or arising afterwards, absolute or contingent, direct or indirect) for or in respect of principal (when due, upon acceleration, upon redemption, upon mandatory repayment or repurchase pursuant to a mandatory offer to
purchase, or otherwise), premium, interest, penalties, fees, indemnification, reimbursement and other amounts payable and liabilities with respect to such Indebtedness, including all interest accrued or accruing after the commencement of any
bankruptcy, insolvency or reorganization or similar case or proceeding at the contract rate (including, without limitation, any contract rate applicable upon default) specified in the relevant documentation, whether or not the claim for such
interest is allowed as a claim in such case or proceeding. 
 “Officer” means the chairman, the chief executive officer,
the president, the chief financial officer, the chief operating officer, the chief accounting officer, the treasurer, or any assistant treasurer, the controller, the secretary, any assistant secretary or any vice president of a Person. 

“Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the Person’s chief
executive officer, chief operating officer, chief financial officer or chief accounting officer. 
 “OID Legend” means the
legend set forth in Section 2.06(g)(iv) hereof to be placed on each Note issued hereunder that has more than a de minimis amount of original issue discount for U.S. federal income tax purposes. 

“Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an
employee of or counsel to the Company or the Trustee. 
 “Participant” means, with respect to the Depositary, Euroclear or
Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 

“Participating Broker-Dealer” has the meaning set forth in the applicable Registration Rights Agreement. 

“Paying Agent” means any office or agency where Notes and the Subsidiary Guarantees may be presented for payment. 

“Permitted Investments” of any Person means any Investments of such Person that are not Restricted Investments. 

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

“Preferred Stock” of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect
to the payment of dividends. 

  
 15 

 “Private Placement Legend” means the legend set forth in Section 2.06(g)(i)
hereof to be placed on all Notes issued under this Indenture, except where otherwise permitted by the provisions of this Indenture. 

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

“Record Date” for the interest, if any, payable on any applicable Interest Payment Date means March 1 or
September 1 (whether or not a Business Day) next preceding such Interest Payment Date. 
 “Refinancing Indebtedness”
means Indebtedness that refunds, refinances or extends any Existing Indebtedness or other Indebtedness, including Acquired Indebtedness, permitted to be incurred by the Company or its Restricted Subsidiaries pursuant to the terms of this Indenture,
but only to the extent that: 
  

	 	(i)	the Refinancing Indebtedness is subordinated in right of payment to the Notes or the Subsidiary Guarantees, as the case may be, to the same extent as the Indebtedness being refunded, refinanced or extended, if at all;

  

	 	(ii)	the Refinancing Indebtedness is scheduled to mature either (a) no earlier than the Indebtedness being refunded, refinanced or extended, or (b) after the maturity date of the Notes; 

 

	 	(iii)	the portion, if any, of the Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is
Incurred that is equal to or greater than the Weighted Average Life to Maturity of the portion of the Indebtedness being refunded, refinanced or extended that is scheduled to mature on or prior to the maturity date of the Notes; 

 

	 	(iv)	such Refinancing Indebtedness is in an aggregate amount that is equal to or less than the aggregate amount then outstanding (including accrued interest) under the Indebtedness being refunded, refinanced or extended plus
an amount necessary to pay any reasonable fees and expenses, including premiums and defeasance costs, related to such refinancing; and 

  

	 	(v)	such Refinancing Indebtedness is Incurred by the same Person that initially Incurred the Indebtedness being refunded, refinanced or extended, except that the Company may Incur Refinancing Indebtedness to refund,
refinance or extend Indebtedness of any Restricted Subsidiary. 

 “Registrar” means an office or agency where
Notes may be presented for registration of transfer or for exchange. 
 “Registration Rights Agreement” means the
Registration Rights Agreement related to the Notes, dated the Issue Date, among the Company, the Subsidiary Guarantors and Credit Suisse Securities (USA) LLC; provided, however, that, with respect to any Additional Notes,
“Registration Rights Agreement” shall mean the applicable registration rights agreement, if any, executed by the Company and the other parties thereto and relating to such Additional Notes. 

  
 16 

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

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

“Regulation S Global Note” means a Global Note in the form of Exhibit A hereto, as the case may be, bearing the Global
Note Legend, the Private Placement Legend and the Regulation S Global Note Legend and, if applicable, the OID Legend, and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination equal to
the outstanding principal amount of the Notes initially sold in reliance on Rule 903. 
 “Regulation S Global Note Legend”
means the legend set forth in Section 2.06(g)(iii) hereof to be placed on the Regulation S Global Note. 
 “Restricted
Definitive Note” means a Definitive Note bearing the Private Placement Legend. 
 “Restricted Global Note” means a
Global Note bearing the Private Placement Legend. 
 “Restricted Investment” means an Investment in joint ventures or
Unrestricted Subsidiaries having an aggregate fair market value (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value), taken together with all other Investments made
pursuant to this definition that are at the time outstanding, net of any amounts paid to the Company or any Restricted Subsidiary as a return of, or on, such Investments, in excess of 5% of Consolidated Tangible Assets. 

“Restricted Payment” means any of the following: 
  

	 	(i)	the declaration of any dividend or the making of any other payment or distribution of cash, securities or other property or assets in respect of the Capital Stock of the Company or any Restricted Subsidiary (other than
(a) dividends, payments or distributions payable solely in Capital Stock (other than Disqualified Stock) of the Company or a Restricted Subsidiary and (b) in the case of a Restricted Subsidiary, dividends, payments or distributions payable
to the Company or to another Restricted Subsidiary and pro rata dividends, payments or distributions payable to minority stockholders of such Restricted Subsidiary); 

 

	 	(ii)	the purchase, redemption, retirement or other acquisition for value of any Capital Stock of the Company or any Restricted Subsidiary (other than Capital Stock held by the Company or a Restricted Subsidiary);

  

	 	(iii)	any Restricted Investment; and 

  

	 	(iv)	 any principal payment, redemption, repurchase, defeasance or other acquisition or retirement of any Subordinated
Indebtedness (other than (a) Indebtedness permitted under Section 4.10(b)(vii) hereof or (b) the payment, redemption, 

  
 17 

	 	
repurchase, defeasance or other acquisition or retirement of such Indebtedness in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due
within one year of the date of such payment, redemption, repurchase, defeasance or other acquisition or retirement); provided, however, that Restricted Payments will not include any purchase, redemption, retirement or other acquisition
for value of Indebtedness or Capital Stock of the Company or a Restricted Subsidiary if the consideration therefor consists solely of Capital Stock (other than Disqualified Stock) of the Company or a Restricted Subsidiary. 

“Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 

“Restricted Subsidiary” means each of the Subsidiaries of the Company which is not an Unrestricted Subsidiary. 

“Revolving Credit Facility” means the Second Amended and Restated Credit Agreement, dated as of September 24, 2012,
among the Company, the lenders and letter of credit issuers party thereto, and Credit Suisse AG, Cayman Islands Branch, as agent, as amended on November 10, 2014 and November 6, 2015, and as such facility may be amended, restated,
supplemented or otherwise modified from time to time. 
 “Responsible Officer” means, when used with respect to the
Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such Person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 
 “Rule 144” means Rule 144 promulgated
under the Securities Act. 
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 

“Rule 405” means Rule 405 promulgated under Regulation C. 

“Rule 902” means Rule 902 promulgated under Regulation S. 

“Rule 903” means Rule 903 promulgated under Regulation S. 

“Rule 904” means Rule 904 promulgated under Regulation S. 

“S&P” means Standard and Poor’s Ratings Service, a division of McGraw Hill, Inc., a New York corporation, or any
successor to its debt rating business. 
 “SEC” means the Securities and Exchange Commission. 

  
 18 

 “Secured Indebtedness” means any Indebtedness which is secured by (i) a
Lien on any property of the Company or any Restricted Subsidiary or (ii) a Lien on shares of stock owned directly or indirectly by the Company or a Restricted Subsidiary in a corporation or on equity interests owned by the Company or a
Restricted Subsidiary in a partnership or other entity not organized as a corporation or in the Company’s rights or the rights of a Restricted Subsidiary in respect of Indebtedness of a corporation, partnership or other entity in which the
Company or a Restricted Subsidiary has an equity interest; provided, that “Secured Indebtedness” shall not include Non-Recourse Indebtedness. The securing in the foregoing manner of any such Indebtedness which immediately
prior thereto was not Secured Indebtedness shall be deemed to be the creation of Secured Indebtedness at the time security is given. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated
thereunder. 
 “Security Register” is a register of the Notes and of their transfer and exchange kept by the Registrar.

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

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

“Subsidiary Guarantors” means (i) each of the Company’s Restricted Subsidiaries in existence on the Issue Date,
other than The Ridings Development LLC and (ii) each of the Company’s Subsidiaries that becomes a guarantor of the Notes pursuant to the provisions of this Indenture. 

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

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

  
 19 

 “Trustee” means the party named as such until a successor replaces such party in
accordance with the applicable provisions of this Indenture and thereafter means the successor trustee serving under this Indenture. 

“Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not required to bear the Private
Placement Legend. 
 “Unrestricted Global Note” means a permanent Global Note, substantially in the form of Exhibit
A attached hereto, as the case may be, that bears the Global Note Legend and, if applicable, the OID Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, and that is deposited with or on
behalf of and registered in the name of the Depositary, representing Notes that do not bear the Private Placement Legend. 

“Unrestricted Subsidiary” means United Home Insurance Corporation, a Vermont corporation, Security Title Insurance Company,
Inc., a Vermont corporation, and, to the extent considered a Subsidiary of the Company, Beazer Homes Capital Trust I, and each of the Subsidiaries of the Company (including any newly formed or acquired Subsidiary) so designated by a resolution
adopted by the Board of Directors of the Company as provided below and provided that: 
  

	(a)	neither the Company nor any of its other Subsidiaries (other than Unrestricted Subsidiaries)(1) provides any direct or indirect credit support for any Indebtedness of such Subsidiary (including any undertaking,
agreement or instrument evidencing such Indebtedness) or (2) is directly or indirectly liable for any Indebtedness of such Subsidiary; 

  

	(b)	the creditors with respect to Indebtedness for borrowed money of such Subsidiary have agreed in writing that they have no recourse, direct or indirect, to the Company or any other Subsidiary of the Company (other than
Unrestricted Subsidiaries or the Capital Stock of Unrestricted Subsidiaries), including, without limitation, recourse with respect to the payment of principal or interest on any Indebtedness of such Subsidiary; and 

 

	(c)	no default with respect to any Indebtedness of such Subsidiary (including any right which the holders thereof may have to take enforcement action against such Subsidiary) would permit (upon notice, lapse of time or
both) any holder of any other Indebtedness of the Company and of its other Subsidiaries (other than other Unrestricted Subsidiaries), to declare a default on such other Indebtedness or cause the payment thereof to be accelerated or payable prior to
its stated maturity. 

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

	 	(i)	any such designation will be deemed to be an Incurrence by the Company and its Restricted Subsidiaries of the Indebtedness (if any) of such designated Subsidiary for purposes of Section 4.10 hereof as of the date
of such designation; 

  

	 	(ii)	 immediately after giving effect to such designation and the Incurrence of any such additional Indebtedness, the
Company and its Restricted Subsidiaries could incur 

  
 20 

	 	
$1.00 of additional Indebtedness under the Consolidated Fixed Charge Coverage Ratio or the ratio of Adjusted Indebtedness of the Company and the Restricted Subsidiaries to Adjusted Consolidated
Tangible Net Worth contained in Section 4.10 hereof; and 

  

	 	(iii)	the Liens on the property and assets of such Unrestricted Subsidiary could then be incurred in accordance with Section 4.11 hereof as of the date of such designation. 

Subject to the foregoing, the Board of Directors of the Company also may designate any Restricted Subsidiary to be an Unrestricted Subsidiary;
provided that (a) the Restricted Subsidiary to be so designated has total consolidated assets of $1,000 or less at the time of designation, or (b) with respect to any other Restricted Subsidiary, at the time of such
designation: 
  

	 	(i)	all previous Investments by the Company and its Restricted Subsidiaries in such Restricted Subsidiary (net of any returns previously paid on such Investments) will be deemed to be Investments at the time of such
designation and such Investments must be permitted at such time under Section 4.07 hereof; 

  

	 	(ii)	immediately after giving effect to such designation and such Investment, either (x) the Company and its Restricted Subsidiaries could incur $1.00 of additional Indebtedness under the Consolidated Fixed Charge
Coverage Ratio or the ratio of Adjusted Indebtedness of the Company and the Restricted Subsidiaries to Adjusted Consolidated Tangible Net Worth contained in Section 4.10 hereof or (y) either the Consolidated Fixed Charge Coverage Ratio for
the Company and its Restricted Subsidiaries or the ratio of Adjusted Indebtedness of the Company and the Restricted Subsidiaries to Adjusted Consolidated Tangible Net Worth would be greater than such ratio immediately prior to such designation, in
each case on a pro forma basis taking into account such designation; and 

  

	 	(iii)	no Default or Event of Default shall have occurred or be continuing. 

 Any such designation by
the Board of Directors of the Company will be evidenced to the Trustee by the filing with the Trustee of a certified copy of the resolution of the Board of Directors of the Company giving effect to such designation and an Officers’ Certificate
certifying that such designation complied with the foregoing conditions and setting forth the underlying calculations. 
 “U.S.
Person” means a U.S. person as defined in subsection (k) of Rule 902. 
 “U.S. Government Obligations” means
securities which are (i) direct obligations of the United States of America, for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, which, are not callable or redeemable at the option of the issuer thereof, and
shall also include a depository receipt issued by a bank or 

  
 21 

 
trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for
the account of the holder of a depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt. 

“Weighted Average Life to Maturity” means, when applied to any Indebtedness or portion thereof, at any date, the number of
years obtained by dividing (i) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including, without limitation, payment
at final maturity, in respect thereof, by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (ii) the sum of all such payments described in clause
(a) above. 
 “Wholly Owned Subsidiary” of any Person means (i) a Subsidiary of which 100% of the Common Equity
(except for directors’ qualifying shares or certain minority interests owned by other Persons solely due to local law requirements that there be more than one stockholder, but which interest is not in excess of what is required for such
purpose) is owned directly by such Person or through one or more other Wholly Owned Subsidiaries of such Person, or (ii) any entity other than a corporation in which such Person, directly or indirectly, owns all of the Common Equity of such
entity. 
 Section 1.02 Other Definitions. 
  

			
	 Term
	  	Defined in Section
	 “Change of Control Offer”
	  	4.08
		
	 “Change of Control Termination Date”
	  	4.08
		
	 “Change of Control Price”
	  	4.08
		
	 “Covenant Defeasance”
	  	7.01
		
	 “DTC”
	  	2.03
		
	 “Event of Default”
	  	5.01
		
	 “Legal Defeasance”
	  	7.01
		
	 “Note Register”
	  	2.03
		
	 “Successor”
	  	4.13

  
 22 

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is incorporated by reference in and made a part of this
Indenture. 
 The following Trust Indenture Act terms used in this Indenture have the following meanings: 

“indenture securities” means the Notes; 

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

“indenture to be qualified” means this Indenture; 

“indenture trustee” or “institutional trustee” means the Trustee; and “obligor” on the Notes and the Subsidiary
Guarantees means the Company and the Subsidiary Guarantors, respectively, and any successor obligor upon the Notes and the Subsidiary Guarantees, respectively. 

All other terms used in this Indenture that are defined by the Trust Indenture Act, defined by Trust Indenture Act reference to another
statute or defined by SEC rule under the Trust Indenture Act have the meanings so assigned to them. 
 Section 1.04 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; 

(e) “will” shall be interpreted to express a command; 

(f) provisions apply to successive events and transactions; 

(g) references to sections of, or rules under, the Securities Act shall be deemed to include substitute, replacement or successor sections or
rules adopted by the SEC from time to time; 
 (h) unless the context otherwise requires, any reference to an “Article,”
“Section” or “clause” refers to an Article, Section or clause, as the case may be, of this Indenture; and 

  
 23 

 (i) the words “herein,” “hereof’ and “hereunder” and other words of
similar import refer to this Indenture as a whole and not any particular Article, Section, clause or other subdivision. 
 Section 1.05
Acts of Holders. 
 (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this
Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record or both are delivered to the Trustee and, where it is hereby expressly required, to the Company. Proof of execution of any such instrument or of a writing
appointing any such agent, or the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner provided in this
Section 1.05. 
 (b) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit
of a witness of such execution or by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by or on behalf of any legal entity other than an individual, such certificate or affidavit shall also constitute proof of the authority of the Person executing the same. The fact and date of the execution of any
such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner that the Trustee deems sufficient. 

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

(d) Any request, demand, authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof, in respect of any action taken, suffered or omitted by the Trustee or the Company in reliance thereon,
whether or not notation of such action is made upon such Note. 
 (e) The Company may, in the circumstances permitted by the Trust Indenture
Act, set a record date for purposes of determining the identity of Holders entitled to give any request, demand, authorization, direction, notice, consent, waiver or take any other act, or to vote or consent to any action by vote or consent
authorized or permitted to be given or taken by Holders, but shall have no obligation to do so. 
 (f) Without limiting the foregoing, a
Holder entitled to take any action hereunder with regard to any particular Note may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents, each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. Any notice given or action taken by a Holder or its agents with regard to different parts of such principal amount pursuant to this paragraph shall have the same effect as if given
or taken by separate Holders of each such different part. 

  
 24 

 (g) Without limiting the generality of the foregoing, a Holder, including the Depositary that is
the Holder of a Global Note, may make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this Indenture to be made, given or taken by
Holders, and the Depositary that is the Holder of a Global Note may provide its proxy or proxies to the beneficial owners of interests in any such Global Note through such depositary’s standing instructions and customary practices. 

(h) The Company may fix a record date for the purpose of determining the Persons who are beneficial owners of interests in any Global Note
held by the Depositary entitled under the procedures of such depositary to make, give or take, by a proxy or proxies duly appointed in writing, any request, demand, authorization, direction, notice, consent, waiver or other action provided in this
Indenture to be made, given or taken by Holders, but shall have no obligation to do so. If such a record date is fixed, the Holders on such record date or their duly appointed proxy or proxies, and only such Persons, shall be entitled to make, give
or take such request, demand, authorization, direction, notice, consent, waiver or other action, whether or not such Holders remain Holders after such record date. No such request, demand, authorization, direction, notice, consent, waiver or other
action shall be valid or effective if made, given or taken more than 180 days after such record date. 
 Article II. 

THE NOTES 

Section 2.01 Form and Dating; Terms. 

(a) General. The Notes and the Trustee’s certificate of authentication shall be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rules or usage. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof. 
 (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A
hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such of the outstanding Notes as shall be specified in the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding
Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount

  
 25 

 
of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Trustee, as custodian with respect to the Notes in
global form or any successor entity thereof, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

(c) Terms. The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Company, the
Subsidiary Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling. 
 The Notes shall be subject to repurchase by the Company
pursuant to a Change of Control Offer as provided in Section 4.08 hereof. The Notes shall not be redeemable, other than as provided in Article III. 

Additional Notes ranking pari passu with the Notes may be created and issued from time to time by the Issuer without notice to or
consent of the Holders and shall be consolidated with and form a single class with the Notes and shall have the same terms as to status, waivers, amendments, offers to purchase, redemption or otherwise as the Notes; provided that the
Issuer’s ability to issue Additional Notes shall be subject to the Issuer’s compliance with Section 4.10 hereof. Any additional Notes shall be issued with the benefit of an indenture supplemental to this Indenture. 

(d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and
“Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the
Regulation S Global Notes that are held by Participants through Euroclear or Clearstream. 
 Section 2.02 Execution and
Authentication. 
 At least one Officer shall execute the Notes on behalf of the Company by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be
valid. 
 A Note shall not be entitled to any benefit under this Indenture or be valid or obligatory for any purpose until authenticated
substantially in the form provided for in Exhibit A attached hereto, as the case may be, by the manual or facsimile signature of the Trustee. The signature shall be conclusive evidence that the Note has been duly authenticated and delivered
under this Indenture. 

  
 26 

 On the Issue Date, the Trustee shall, upon receipt of an Authentication Order, authenticate and
deliver the Notes. In addition, at any time, from time to time, the Trustee shall upon an Authentication Order authenticate and deliver any (i) Additional Notes or (ii) Exchange Notes or private exchange notes for issue only in an Exchange
Offer or a private exchange, respectively, pursuant to the applicable Registration Rights Agreement, for a like principal amount of Notes. Such Authentication Order shall specify the amount of the Notes to be authenticated and, in the case of any
issuance of Additional Notes pursuant to Section 2.01 hereof, shall certify that such issuance is in compliance with Section 4.10 of this Indenture. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate
Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the
Company. 
 Section 2.03 Registrar and Paying Agent. 

The Company shall maintain a Registrar and a Paying Agent. The Registrar shall keep a register of the Notes (“Note Register”)
and of their transfer and exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional
paying agent. The Company may change any Paying Agent or Registrar without prior notice to any Holder. The Company shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to
appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 

The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 The Company initially appoints the Trustee to act as the Paying Agent and Registrar for the Notes and to act as custodian with respect to
the Global Notes. 
 Section 2.04 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 shall hold in trust for the
benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require 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) shall have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the Holders all money held by it
as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the Notes. 

  
 27 

 Section 2.05 Holder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of
all Holders and shall otherwise comply with Trust Indenture Act Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least two Business Days before each Interest Payment Date and at such other times
as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Holders of Notes and the Company shall otherwise comply with Trust Indenture Act
Section 312(a). 
 Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. Except as otherwise set forth in this Section 2.06, a Global Note may be transferred, in
whole and not in part, only to another nominee of the Depositary or to a successor Depositary or a nominee of such successor Depositary. A beneficial interest in a Global Note may not be exchanged for a Definitive Note unless (i) the Depositary
(x) notifies the Company that it is unwilling or unable to continue as Depositary for such Global Note or (y) has ceased to be a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed
by the Company within 120 days, (ii) the Company, at its option, notifies the Trustee in writing that the Company elects to cause the issuance of the Notes in certificated form (provided that under industry practices as of the
date hereof, the Depositary would notify Participants of the Company’s determination, but would only withdraw beneficial interests from a Global Note at the request of Participants), (iii) there shall have occurred and be continuing a
Default with respect to the Notes, or (iv) the Trustee has received written notice by or on behalf of the Depositary that the such beneficial interest is to be exchanged for a Definitive Note and the Trustee has forwarded such notice to the
Company. Upon the occurrence of any of the preceding events in (i), (ii), (iii) or (iv) above, Definitive Notes delivered in exchange for any Global Note or beneficial interests therein will be registered in the names, and issued in any
approved denominations, requested by or on behalf of the Depositary (in accordance with its customary procedures). Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global
Note, except for Definitive Notes issued subsequent to any of the preceding events in (i), (ii), (iii) or (iv) above and pursuant to Section 2.06(c) hereof. A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a); provided, however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof. 

  
 28 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes shall be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable: 
 (i) Transfer of Beneficial
Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the Regulation S Global Note may not be made to a U.S. Person
or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(i). 

(ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.06(b)(i) hereof, the transferor of such beneficial interest must deliver to the Registrar either (A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged
and (2) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase or (B) (1) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note shall be registered to effect the transfer or exchange referred to in (1) above; provided that in no event
shall Definitive Notes be issued upon the transfer or exchange of beneficial interests in the Regulation S Global Note prior to the expiration of the Restricted Period. Upon consummation of an Exchange Offer by the Company in accordance with
Section 2.06(f) hereof, the requirements of this Section 2.06(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
 (iii)
Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.06(b)(ii) hereof and the Registrar receives the following: 
  

	 	(A)	if the transferee will take delivery in the form of a beneficial interest in the 144 A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in
item (1) thereof; or 

  
 29 

	 	(B)	if the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof. 

 (iv) Transfer and Exchange of Beneficial Interests in a
Restricted Global Note for Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to
a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(ii) hereof and: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the applicable Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer begins,
such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged
in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such
Person will comply with the registration and prospectus-delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’
business; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the applicable
Registration Rights Agreement; 
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the Exchange
Offer Registration Statement in accordance with the applicable Registration Rights Agreement; or 
 (D) the Registrar
receives the following: 
 (1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a beneficial interest in an Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 

  
 30 

 (2) if the holder of such beneficial interest in a Restricted Global Note
proposes to transfer such beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof; 
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and
in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
 If any such transfer is
effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the
Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 

Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form
of, a beneficial interest in a Restricted Global Note. 
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial
interest in a Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon the occurrence of any of the events in subsection (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and receipt by the Registrar of the following documentation: 

(A) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 

(B) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate substantially in the
form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such beneficial interest
is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof; 

  
 31 

 (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate substantially in
the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if such beneficial
interest is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(c) thereof, 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h)
hereof, and the Company shall execute and the Trustee shall authenticate and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest in
a Restricted Global Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and the Participant or Indirect Participant. The Trustee shall mail such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c)(i) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 

(ii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest
in a Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only upon the
occurrence of any of the events in subsection (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the applicable Registration Rights
Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer begins, such Person has no
arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged in, and does not
intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will

  
 32 

 
comply with the registration and prospectus-delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in
the ordinary course of such Persons’ business; 
 (B) such transfer is effected pursuant to the Shelf Registration
Statement in accordance with the applicable Registration Rights Agreement; 
 (C) such transfer is effected by a
Participating Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the applicable Registration Rights Agreement; or 

(D) the Registrar receives the following: 

(1) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for an
Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 

(2) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of an Unrestricted Definitive Note, a certificate from such holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 
 (iii) Beneficial Interests in Unrestricted Global
Notes to Unrestricted Definitive Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon the occurrence of any of the events in subsection (i), (ii), (iii) or (iv) of Section 2.06(a) hereof and satisfaction of the conditions set forth in
Section 2.06(b)(ii) hereof, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate
and mail to the Person designated in the instructions a Definitive Note in the applicable principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall be registered in such name
or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from or through the Depositary and the Participant or Indirect Participant. The Trustee shall
mail 

  
 33 

 
such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(iii) shall
not bear the Private Placement Legend. 
 (d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted
Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation: 
 (A) if the Holder of such Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 

(B) if such Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A, a certificate substantially
in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
 (C) if such Restricted
Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (2) thereof;

 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of
the Securities Act in accordance with Rule 144, a certificate substantially in the form of Exhibit B hereto, including the certifications in item (3)(a) thereof; 

(E) if such Restricted Definitive Note is being transferred to the Company or any of its Subsidiaries, a certificate
substantially in the form of Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
 (F) if
such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a certificate substantially in the form of Exhibit B hereto, including the certifications in item
(3)(c) thereof, 
 the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal
amount of, in the case of clause (A) above, the applicable Restricted Global Note, in the case of clause (B) above, the applicable 144A Global Note, and in the case of clause (C) above, the applicable Regulation S Global Note. 

  
 34 

 (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted
Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if: 
 (A) such exchange or transfer is effected pursuant to the Exchange Offer
in accordance with the applicable Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer
begins, such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not
engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company,
such Person will comply with the registration and prospectus-delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such
Persons’ business; 
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
applicable Registration Rights Agreement; 
 (C) such transfer is effected by a Participating Broker-Dealer pursuant to the
Exchange Offer Registration Statement in accordance with the applicable Registration Rights Agreement; or 
 (D) the
Registrar receives the following: 
 (1) if the Holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 

(2) if the Holder of such Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion
of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act. 

  
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 Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(ii),
the Trustee shall cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 

(iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted
Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time.
Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (ii)(B), (ii)(D) or
(iii) above at a time when an Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e)
Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or
exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.06(e): 
 (i) Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 

(A) if the transfer will be made pursuant to a QIB in accordance with Rule 144A, then the transferor must deliver a
certificate substantially in the form of Exhibit B hereto, including the certifications in item (1) thereof; 

(B) if the transfer will be made pursuant to Rule 903 or Rule 904 then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (2) thereof; or 
 (C) if the transfer will be made
pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications required by item (3) thereof, if
applicable. 

  
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 (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 

(A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the applicable Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that (w) at the time the Exchange Offer begins, such Person has no arrangement or
understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged in, and does not intend to engage
in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will comply with the
registration and prospectus-delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’ business; 

(B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the applicable Registration
Rights Agreement; 
 (C) any such transfer is effected by a Participating Broker- Dealer pursuant to the Exchange Offer
Registration Statement in accordance with the applicable Registration Rights Agreement; or 
 (D) the Registrar receives the
following: 
 (1) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted
Definitive Note, a certificate from such Holder substantially in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 

(2) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery
thereof in the form of an Unrestricted Definitive Note, a certificate from such Holder substantially in the form of Exhibit B hereto, including the certifications in item (4) thereof; 

and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to
the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance
with the Securities Act. 

  
 37 

 (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A
Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
 (f) Exchange Offer. Upon the occurrence of an
Exchange Offer in accordance with the applicable Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate (i) one or more
Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that
(w) at the time the Exchange Offer begins, such Person has no arrangement or understanding with any person to participate in the distribution of the Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is
not a broker-dealer, such Person is not engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as
defined in Rule 405) of the Company, such Person will comply with the registration and prospectus-delivery requirements of the Securities Act to the extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in
the ordinary course of such Persons’ business, and accepted for exchange in the Exchange Offer, and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes
tendered for acceptance by Persons that certify in the applicable Letters of Transmittal that (w) at the time the Exchange Offer begins, such Person has no arrangement or understanding with any person to participate in the distribution of the
Exchange Notes in violation of the provisions of the Securities Act, (x) if such Person is not a broker-dealer, such Person is not engaged in, and does not intend to engage in, a distribution of the Exchange Notes, (y)(1) such Person is not an
affiliate (as defined in Rule 405) of the Company or (2) if such Person is an affiliate (as defined in Rule 405) of the Company, such Person will comply with the registration and prospectus- delivery requirements of the Securities Act to the
extent applicable, and (z) any Exchange Notes to be received by such Person will be acquired in the ordinary course of such Persons’ business, and accepted for exchange in the Exchange Offer. Concurrently with the issuance of such Notes,
the Trustee shall cause the aggregate principal amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee shall authenticate and mail to the Persons designated by the Holders of
Definitive Notes so accepted Unrestricted Definitive Notes in the applicable principal amount. Any Notes that remain outstanding after the consummation of an Exchange Offer, and Exchange Notes issued in connection with an Exchange Offer, shall be
treated as a single class of securities under this Indenture. 
 (g) Legends. The following legends shall appear on the face of all
Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture: 

(i) Private Placement Legend. 

  
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 (A) Except as permitted by subparagraph (B) below, each Global Note and
each Definitive Note (and all Notes issued in exchange therefor or substitution therefor) shall bear the legend in substantially the following form: 

“THIS SECURITY (OR ITS PREDECESSOR) HAS NOT BEEN REGISTERED UNDER THE U S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, US. PERSONS EXCEPT AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), OR (B) IT IS NOT A US. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE OR ANY BENEFICIAL INTEREST HEREIN EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE
THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
UNDER THE SECURITIES ACT (IF AVAILABLE), (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS SECURITY IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “US. PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES
ACT” 
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraph (b)(iv),
(c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) shall not bear the Private Placement Legend. 

(ii) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, 

  
 39 

 
AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06(h) OF THE INDENTURE, (II)
THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY
BE TRANSFERRED TO A SUCCESSOR DEPOSITARY (OR A NOMINEE THEREOF) WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.
UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN” 

(iii) Regulation S Global Note Legend. The Regulation S Global Note shall bear a legend in substantially the following
form: 
 “BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A US. PERSON, NOR IS IT PURCHASING FOR THE ACCOUNT OF A
US. PERSON, AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. THE FOREGOING SHALL NOT APPLY FOLLOWING THE EXPIRATION OF FORTY DAYS FROM THE LATER OF (i) THE DATE ON WHICH THESE
NOTES WERE FIRST OFFERED AND (ii) THE DATE OF ISSUANCE OF THESE NOTES.” 

  
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 (iv) OID Legend. Each Note issued hereunder that has more than a de
minimis amount of original issue discount for U.S. federal income tax purposes shall bear a legend in substantially the following form: 

“THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A
HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO BEAZER HOMES USA, INC., 1000 ABERNATHY ROAD, ATLANTA, GEORGIA 30328, ATTENTION:
GENERAL COUNSEL” 
 (h) Cancellation or Adjustment of Global Notes. At such time as all beneficial interests in a particular
Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note
or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

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

(ii) No service charge shall be made to a holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, 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 taxes or similar
governmental charge payable upon exchange or transfer pursuant to Sections 2.07, 2.10, 3.06, 4.08 and 8.05 hereof). 
 (iii)
Neither the Registrar nor the Company shall be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

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

  
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 (v) The Company shall not be required (A) to issue, to register the transfer
of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to
register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note between a Record Date and
the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the registration of a transfer of any Note,
the Trustee, any Agent and the Company may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of (and premium, if any) and interest on such Notes and
for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice to the contrary. 

(vii) Upon surrender for registration of transfer of any Note at the office or agency of the Company designated pursuant to
Section 4.02 hereof, the Company shall execute, and the Trustee shall authenticate and mail, in the name of the designated transferee or transferees, one or more replacement Notes of any authorized denomination or denominations of a like
aggregate principal amount. 
 (viii) At the option of the Holder, Notes may be exchanged for other Notes of any authorized
denomination or denominations of a like aggregate principal amount upon surrender of the Notes to be exchanged at such office or agency. Whenever any Global Notes or Definitive Notes are so surrendered for exchange, the Company shall execute, and
the Trustee shall authenticate and mail, the replacement Global Notes and Definitive Notes which the Holder making the exchange is entitled to in accordance with the provisions of Section 2.02 hereof. 

(ix) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
 Section 2.07 Replacement
Notes. 
 If any mutilated Note is surrendered to the Trustee, the Registrar or the Company and the Trustee receives evidence to its
satisfaction of the ownership and destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required
by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating agent from any loss that any of
them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
 Every replacement Note is a
contractual obligation of the Company and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 

  
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 Section 2.08 Outstanding Notes. 

The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a
Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note. 
 If a Note is replaced pursuant
to Section 2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser. 

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

Section 2.09 Treasury Notes. 

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

Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order,
shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.
Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes. 

Holders and beneficial holders, as the case may be, of temporary Notes shall be entitled to all of the benefits accorded to Holders, or
beneficial holders, respectively, of Notes under this Indenture. 

  
 43 

 Section 2.11 Cancellation. 

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

Section 2.12 Defaulted Cash Interest. 

If the Company defaults in a payment of cash interest on the Notes, it shall pay the defaulted interest in any lawful manner plus, to the
extent lawful, interest payable on the defaulted interest to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted cash interest proposed to be paid on each Note and the date of the proposed payment, and at the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be
paid in respect of such defaulted interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such defaulted interest as provided in this Section 2.12. The Trustee shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. The Trustee shall promptly notify the Company of such special record date. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in
the name and at the expense of the Company) shall send to each Holder a notice that states the special record date, the related payment date and the amount of such interest to be paid. 

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

Section 2.13 CUSIP and ISIN Numbers. 

The Company in issuing the Notes may use CUSIP or ISIN numbers (if then generally in use) and, if so, the Trustee shall use CUSIP or ISIN
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 Notes or as contained in any notice of
redemption and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will as promptly as practicable notify
the Trustee of any change in the CUSIP or ISIN numbers. 

  
 44 

 Article III. 

REDEMPTION 

Section 3.01 Notices to Trustee. 

If the Company elects to redeem Notes pursuant to Section 3.07 hereof, it shall furnish to the Trustee, at least 2 Business Days, unless a
shorter period shall be agreed to by the Trustee, before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to Section 3.03 hereof but not more than 60 days before a Redemption Date, an Officers’
Certificate setting forth (i) the paragraph or subparagraph of such Note or Section of this Indenture pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount of the Notes, as the case may be,
to be redeemed and (iv) the redemption price. 
 Section 3.02 Selection of Notes to Be Redeemed or Purchased. 

In the event less than all of the Notes, are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the
Notes to be redeemed or purchased (a) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed, (b) on a pro rata
basis or (c) by lot or by any other method the Trustee considers fair and appropriate, unless otherwise required by law or regulatory requirements. In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or
purchased shall be selected, unless otherwise provided herein, not less than 15 nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption or purchase. 

The Trustee shall promptly notify the Company in writing of the Notes selected for redemption or purchase and, in the case of any Note
selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; no Notes of $2,000 or less can
be redeemed in part, except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not $2,000 or a multiple of $1,000 in excess thereof, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

The Company shall send notices of redemption at least 15 days but not more than 60 days before the redemption date to each Holder of Notes to
be redeemed in accordance with the procedures of the Depositary. 
 The notice shall identify the Notes to be redeemed and shall state: 

(a) the redemption date; 
 (b)
the redemption price; 

  
 45 

 (c) if any Note is to be redeemed in part only, the portion of the principal amount of that Note
that is to be redeemed and that, after the Redemption Date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion of the original Note representing the same indebtedness to the extent not redeemed will
be issued in the name of the Holder of the Notes upon cancellation of the original Note; 
 (d) the name and address of the Paying Agent;

 (e) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(f) that, unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after
the redemption date; 
 (g) the paragraph or subparagraph of the Notes or Section of this Indenture pursuant to which the Notes called for
redemption are being redeemed; 
 (h) that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, if any,
listed in such notice or printed on the Notes; and 
 (i) if in connection with a redemption pursuant to Section 3.07(b) hereof, any
condition to such redemption. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name
and at its expense; provided that the Company shall have delivered to the Trustee, at least 2 Business Days before notice of redemption is required to be mailed or caused to be mailed to Holders pursuant to this Section 3.03
(unless a shorter notice shall be agreed to by the Trustee), an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and payable
on the Redemption Date at the redemption price (except in connection with a redemption pursuant to Section 3.07(b) hereof). The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given, whether or not the
Holder receives such notice. In any case, failure to give such notice by mail or any defect in the notice to the Holder of any Note designated for redemption in whole or in part shall not affect the validity of the proceedings for the redemption of
any other Note. Subject to Section 3.05 hereof, on and after the redemption date, interest ceases to accrue on Notes or portions thereof called for redemption. 

Section 3.05 Deposit of Redemption or Purchase Price. 

Prior to 10:00 a.m. (New York City time) on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying
Agent money sufficient to pay the redemption or purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent shall promptly return to the Company

  
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any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest on, all Notes to be
redeemed or purchased. 
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption or purchase
date, interest shall cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then any accrued and
unpaid interest to such Interest Payment Date shall be paid, on such Interest Payment Date, to the Person in whose name such Note was registered at the close of business on such Record Date (and the Holder entitled to the related redemption price
shall not be entitled to such accrued and unpaid interest, unless such Holder is such Person). If any Note called for redemption or purchase shall not be so paid upon surrender for redemption or purchase because of the failure of the Company to
comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest accrued to the redemption or purchase date not paid on
such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
 Section 3.06 Notes
Redeemed or Purchased in Part. 
 Upon surrender of a Note that is redeemed or purchased in part, the Company shall issue and the Trustee
shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note surrendered representing the same indebtedness to the extent not redeemed or purchased;
provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. It is understood that, notwithstanding anything in this Indenture to the contrary, only an Authentication Order
and not an Opinion of Counsel or Officers’ Certificate is required for the Trustee to authenticate such new Note. 
 Section 3.07
Optional Redemption. 
 (a) The Company may redeem all or any portion of the Notes at any time and from time to time on or after
March 15, 2019 and prior to maturity at the following redemption prices (expressed in percentages of the principal amount thereof) together, in each case, with accrued and unpaid interest to the date fixed for redemption (subject to the second
sentence of the second paragraph of Section 3.05), if redeemed during the 12- month period beginning on March 15 of each year indicated below: 
  

					
	 Year
	  	Percentage	 
	 2019
	  	 	104.375	% 
	 2020
	  	 	102.188	% 
	 2021 and thereafter
	  	 	100.000	% 

 (b) In addition, on or prior to March 15, 2019, the Company may, at its option, redeem up to 35% of the
aggregate principal amount of Notes issued under this Indenture with the net proceeds of an Equity Offering at 108.750% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for redemption (subject to the second
sentence of the second paragraph of Section 3.05); provided, that at least 65% of the aggregate 

  
 47 

 
principal amount of the Notes originally issued under this Indenture remain outstanding after such redemption. Notice of any such redemption must be given within 60 days after the date of the
closing of the relevant Equity Offering. 
 (c) Prior to March 15, 2019, the Company may, at its, option redeem the Notes, in whole or
in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the second sentence of the second paragraph of
Section 3.05). 
 (d) Furthermore, at any time prior to the maturity of the Notes, if at least 90% of the principal amount of the Notes
have previously been repurchased and cancelled in connection with a Change of Control Offer, the Company may redeem all of the remaining Notes, upon not less than 15 nor more than 60 days’ notice, at a redemption price equal to 101% of the
principal amount of the Notes redeemed, plus accrued and unpaid interest to the date of redemption (subject to the second sentence of the second paragraph of Section 3.05). 

Section 3.08 Mandatory Redemption. 

The Company will be required to offer to purchase all of the outstanding Notes as set forth in Section 4.08 hereof. 

Article IV. 
 COVENANTS

 Section 4.01 Payment of Notes. 

The Company shall pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates and in the manner provided
in the Notes. Principal, premium, if any, and cash interest shall be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary, holds as of noon Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 
 The Company
shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest at the same rate to the extent lawful. 

Section 4.02 Maintenance of Office or Agency. 

The Company shall maintain in the Borough of Manhattan in the City of New York an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The
Company shall give prompt written notice to the Trustee of the location, and 

  
 48 

 
any change in the location, of such office or agency. If at any time the Company shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 
 The
Company may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such
designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan in the City of New York for such purposes. The Company shall give prompt written notice to the Trustee of
any such designation or rescission and of any change in the location of any such other office or agency. 
 The Company hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof. 

Section 4.03 Reports and Other Information. 

(a) As long as any of the Notes are outstanding, the Company shall deliver to the Trustee and mail to each Holder within 15 days after the
filing of the same with the SEC copies of the quarterly and annual reports and of the information, documents and other reports with respect to the Company and the Subsidiary Guarantors, if any, which the Company and the Subsidiary Guarantors may be
required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. Notwithstanding that neither the Company nor any of the Subsidiary Guarantors may be required to remain subject to the reporting requirements of Section 13
or 15(d) of the Exchange Act, the Company shall continue to file with the SEC and provide the Trustee and Holders with such annual and quarterly reports and such information, documents and other reports with respect to the Company and the Subsidiary
Guarantors as are required under Sections 13 and 15(d) of the Exchange Act. If filing of documents by the Company with the SEC as aforementioned in this paragraph is not permitted under the Exchange Act, the Company shall promptly upon written
notice supply copies of such documents to any prospective Holder. The Company and each Subsidiary Guarantor shall also comply with the other provisions of Section 314(a) of the Trust Indenture Act. For the avoidance of doubt, this
Section 4.03 shall not require the Company to file any such reports, information or documents with the SEC within any specified time period and the obligation to deliver such reports, information or documents to the Trustee and Holders shall
only arise after (and only to the extent) such reports, information or documents are filed with the SEC. 
 (b) The Company shall furnish to
the Trustee, with respect to the Company or any Subsidiary Guarantor, written notice of any change (within 10 days following such change) in such Person’s (i) legal name, (ii) jurisdiction of organization or formation,
(iii) identity or corporate structure, or (iv) organizational identification number. 
 Section 4.04 Compliance
Certificate. 
 The Company shall deliver to the Trustee a quarterly statement regarding compliance with the provisions under this
Indenture, and include in such statement, if any Officer of the 

  
 49 

 
Company is aware of any Default or Event of Default, a statement specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto. In
addition, the Company shall deliver to the Trustee prompt written notice of the occurrence of any Default or Event of Default and any other development, financial or otherwise, which might materially affect its business, properties or affairs or the
ability of the Company to perform its obligations under this Indenture. 
 Section 4.05 Taxes. 

The Company shall pay or discharge, and shall cause each of its Restricted Subsidiaries to pay or discharge, prior to delinquency, all taxes,
assessments, and governmental charges levied or imposed upon it or any Restricted Subsidiary or upon the income, profits or property of the Company or any Restricted Subsidiary; provided however, that the Company or any Restricted
Subsidiary shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

Section 4.06 Stay, Extension and Usury Laws. 

The Company and each of the Subsidiary Guarantors covenant (to the extent that they may lawfully do so) that they shall not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Company or any Subsidiary Guarantor from paying all or any portion of the principal
of or interest on the Securities as contemplated herein, wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Subsidiary Guarantors (to the
extent that they may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law has been enacted. 
 Section 4.07 Limitations on
Restricted Payments. 
 (a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries to, make any
Restricted Payment, directly or indirectly, after the date of this Indenture if at the time of such Restricted Payment: 

(i) the amount of such proposed Restricted Payment (the amount of such Restricted Payment, if other than in cash, shall be
determined in good faith by a majority of the disinterested members of the Board of Directors of the Company), when added to the aggregate amount of all Restricted Payments (excluding Restricted Payments permitted by Section 4.07(b)(ii),
Section 4.07(b)(iii), Section 4.07(b)(iv), Section 4.07(b)(vi) and Section 4.07(b)(vii)) declared or made after the Issue Date exceeds the sum of: 

(A) $200.0 million, plus 

  
 50 

 (B) 50% of the Company’s Consolidated Net Income accrued during the period
(taken as a single period) commencing on the Issue Date and ending on the last day of the fiscal quarter immediately preceding the fiscal quarter in which the Restricted Payment is to occur (or, if such aggregate Consolidated Net Income is a
deficit, minus 100% of such aggregate deficit), plus 
 (C) the net cash proceeds derived from the issuance and sale
of Capital Stock of the Company and its Restricted Subsidiaries (or any capital contribution to the Company or a Restricted Subsidiary) that is not Disqualified Stock (other than a sale to, or a contribution by, a Subsidiary of the Company) after
the Issue Date, plus 
 (D) 100% of the principal amount of, or, if issued at a discount, the accreted value of, any
Indebtedness of the Company or a Restricted Subsidiary which is issued (other than to a Subsidiary of the Company) after the Issue Date that is converted into or exchanged for Capital Stock of the Company that is not Disqualified Stock, plus

 (E) 100% of the aggregate amounts received by the Company or any Restricted Subsidiary from the sale, disposition or
liquidation (including by way of dividends) of any Investment (other than to any Subsidiary of the Company and other than to the extent sold, disposed of or liquidated with recourse to the Company or any of its Subsidiaries or to any of their
respective properties or assets) but only to the extent (x) not included in clause (B) above and (y) that the making of such Investment constituted a Permitted Investment or Restricted Investment, plus 

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

(G) with respect to any Unrestricted Subsidiary that is redesignated as a Restricted Subsidiary in accordance with the
definition of “Unrestricted Subsidiary” (so long as the designation of such Subsidiary as an Unrestricted Subsidiary was treated as a Restricted Payment made after the Issue Date, and only to the extent not included in clause
(B) above), an amount equal to the lesser of (x) the proportionate interest of the Company or a Restricted Subsidiary in an amount equal to the excess of (I) the total assets of such Subsidiary, valued on an aggregate basis at the
lesser of Book Value and Fair Market Value thereof, over (II) the total liabilities of such Subsidiary, determined in accordance with GAAP, and (y) the amount of the Restricted Payment deemed to be made upon such Subsidiary’s designation
as an Unrestricted Subsidiary; or 
 (ii) the Company would be unable to incur $1.00 of additional Indebtedness under the
Consolidated Fixed Charge Coverage Ratio contained in Section 4.10 hereof; or 
 (iii) a Default or Event of Default has
occurred and is continuing or occurs as a consequence thereof. 

  
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 (b) Notwithstanding the foregoing, the provisions of this Section 4.07 shall not prevent:

 (i) the payment of any dividend within 60 days after the date of declaration thereof if the payment thereof would have
complied with the limitations of this Indenture on the date of declaration; 
 (ii) the purchase, repayment, redemption,
repurchase, defeasance or other acquisition or retirement of shares of the Company’s Capital Stock or the Company’s or a Restricted Subsidiary’s Indebtedness for, or out of the net proceeds of a substantially concurrent sale (other
than a sale to a Subsidiary of the Company) of, other shares of its Capital Stock (other than Disqualified Stock), provided that the proceeds of any such sale shall be excluded in any computation made under Section 4.07(a)(i)(C)
above; 
 (iii) the purchase, repayment, redemption, repurchase, defeasance or other acquisition or retirement for value of
Indebtedness, including premium, if any, with the proceeds of Refinancing Indebtedness; 
 (iv) payments or distributions
pursuant to or in connection with a merger, consolidation or transfer of assets that complies with Section 4.13 hereof; 

(v) any purchase, redemption, retirement or other acquisition for value of Capital Stock of the Company or any Subsidiary held
by officers or employees or former officers or employees of the Company or any Subsidiary (or their estates or beneficiaries under their estates) not to exceed $500,000 in any calendar year and $5.0 million in the aggregate since the Issue Date;

 (vi) repurchases of Capital Stock deemed to occur upon the exercise of stock options, warrants or similar instruments if
such Capital Stock represents a portion of the exercise price of such options, warrants or similar instruments; 
 (vii) the
payment by the Company of cash in lieu of the issuance of fractional shares upon the exercise of options, warrants or similar instruments or upon the conversion or exchange of Capital Stock of the Company; 

(viii) the payment of dividends on Preferred Stock and Disqualified Stock up to an aggregate amount of $10.0 million in any
fiscal year; provided that immediately after giving effect to any declaration of such dividend, the Company could incur at least $1.00 of Indebtedness under the Consolidated Fixed Charge Coverage Ratio contained under Section 4.10
hereof; 
 (ix) payments not to exceed $40.0 million in the aggregate for the purchase, repayment, redemption, repurchase,
defeasance or other acquisition or retirement for value of the Company’s junior subordinated notes due July 30, 2036 (or the related trust preferred securities issued by Beazer Homes Capital Trust I), as such securities may be amended or
modified from time to time; or 

  
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 (x) other Restricted Payments made after the Issue Date in an amount not to
exceed $100.0 million in the aggregate. 
 For purposes of determining compliance with this Section 4.07(a), in the event a Restricted
Payment meets the criteria to be made pursuant to more than one of the above clauses of this covenant, the Company, in its sole discretion, shall classify such Restricted Payment in any manner that complies with this covenant and may from time to
time reclassify such Restricted Payment in any manner in which such Restricted Payment could be made at the time of such reclassification. 

Section 4.08 Change of Control. 

(a) Following the occurrence of any Change of Control, the Company shall so notify the Trustee in writing by delivery of an Officers’
Certificate and shall offer to purchase (a “Change of Control Offer”) from all Holders, and shall purchase from Holders accepting such Change of Control Offer on the date fixed for the termination of such Change of Control Offer
(the “Change of Control Termination Date”), the outstanding principal amount of Notes at an offer price (the “Change of Control Price”) in cash in an amount equal to 101% of the aggregate principal amount thereof
plus accrued and unpaid interest, if any, to the Change of Control Termination Date in accordance with the procedures set forth under this Section 4.08. 

(b) Within 30 days after the date on which a Change of Control occurs, the Company (with Notice to the Trustee) or the Trustee at the
Company’s request (and at the expense of the Company) shall send or cause to be sent to all Persons who were Holders on the date of the Change of Control at their respective addresses appearing in the Security Register, a notice of such
occurrence and of such Holder’s rights arising as a result thereof. Such notice, which will govern the terms of the Change of Control Offer, will state: 

(i) that the Change of Control Offer is being made pursuant to Section 4.08(a) hereof and the length of time the Change of
Control Offer will remain open; 
 (ii) that the Holder has the right to require the Company to repurchase such Holder’s
Notes at the Change of Control Price; 
 (iii) that any Note not tendered will continue to accrue interest; 

(iv) that any Note accepted for payment pursuant to the Change of Control Offer will cease to accrue interest on the Change of
Control Termination Date; 
 (v) the Change of Control Termination Date, which will be no earlier than 30 days nor later than
60 days from the date such notice is sent; 
 (vi) that Holders electing to have a Note purchased pursuant to any Change of
Control Offer will be, required to surrender the Note to the Company, a depositary, if appointed by the Company, or a Paying Agent at the address specified in the notice prior to termination of the Change of Control Offer; 

  
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 (vii) that Holders will be entitled to withdraw their election if the Company,
depositary or Paying Agent, as the case may be, receives, not later than the expiration of the Change of Control Offer, or such longer period as may be required by law, a telegram, telex, facsimile transmission or letter setting forth the name of
the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing its election to have the Note purchased; 

(viii) that Holders which elect to have their Notes purchased only in part will be issued new Notes in a principal amount equal
to the unpurchased portion of the Notes surrendered; 
 (ix) information concerning the date and details of the Change of
Control and the business of the Company which the Company in good faith believes will enable such Holders to make an informed decision (which at a minimum will include (A) the most recently filed Annual Report on Form 10-K (including audited
consolidated financial statements) of the Company, the most recent subsequently filed Quarterly Report on Form 10-Q and any Current Report on Form 8-K of the Company filed subsequent to such Quarterly Report, other than Current Reports describing
Asset Sales otherwise described in the offering materials relating to the Change of Control Offer (or corresponding successor reports); provided that the Company may at its option incorporate by reference any such filed reports in the
notice, (B) a description of material developments in the Company’s business subsequent to the date of the latest of such reports, and (C) if material, appropriate pro forma financial information). 

(c) In the event of a Change of Control Offer, the Company shall only be required to accept Notes in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. 
 (d) Not later than one Business Day after the Change of Control Termination Date in
connection with which the Change of Control Offer is being made, the Company shall (i) accept for payment Notes or portions thereof tendered pursuant to the Change of Control Offer, (ii) deposit with the Paying Agent money sufficient, in
immediately available funds, to pay the purchase price of all Notes or portions thereof so accepted and (iii) deliver to the Paying Agent an Officers’ Certificate identifying the Notes or portions thereof accepted for payment by the
Company. The Paying Agent shall promptly mail or deliver to Holders of Notes so accepted payment in an amount equal to the Change of Control Price of the Notes purchased from each such Holder, and the Company shall execute and, upon receipt of an
Officers’ Certificate of the Company, the Trustee shall promptly authenticate and mail or deliver to such Holder a new Note equal in principal amount to any unpurchased portion of the Note surrendered. Any Notes not so accepted shall be
promptly mailed or delivered by the Paying Agent at the Company’s expense to the Holder thereof. The Company shall publicly announce the results of the Change of Control Offer promptly after the Change of Control Termination Date. 

(e) Any Change of Control Offer shall be conducted by the Company in compliance with applicable law, including, without limitation,
Section 14(e) of the Exchange Act and Rule 14e-1 thereunder, if applicable. 

  
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 Section 4.09 Subsidiary Guarantees by Restricted Subsidiaries. 

Each existing and future Restricted Subsidiary (other than, in the Company’s discretion, any Restricted Subsidiary the assets of which
have a Book Value of not more than $5.0 million) shall be a Subsidiary Guarantor. The Company is permitted to cause any Unrestricted Subsidiary to be a Subsidiary Guarantor. If the Company or any of its Restricted Subsidiaries acquires or creates a
Restricted Subsidiary (other than, in the Company’s discretion, any Restricted Subsidiary the assets of which have a Book Value of not more than $5.0 million) after the Issue Date, such Restricted Subsidiary shall execute a guarantee
substantially in the form included in Exhibit A, execute a supplemental indenture in the form of Exhibit D, and deliver an Opinion of Counsel to the Trustee to the effect that the supplemental indenture has been duly authorized,
executed and delivered by the new Restricted Subsidiary and constitutes a valid and binding obligation of the new Restricted Subsidiary, enforceable against the new Restricted Subsidiary in accordance with its terms (subject to customary
exceptions). 
 Section 4.10 Limitations on Additional Indebtedness. 

(a) The Company shall not, and shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to, Incur any Indebtedness
including Acquired Indebtedness; provided that the Company and the Subsidiary Guarantors may Incur Indebtedness, including Acquired Indebtedness, if, after giving effect thereto and the application of the proceeds therefrom, either
(i) the Company’s Consolidated Fixed Charge Coverage Ratio on the date thereof would be at least 2.0 to 1.0 or (ii) the ratio of Adjusted Indebtedness of the Company and the Restricted Subsidiaries to Adjusted Consolidated Tangible
Net Worth is less than 7.5 to 1. 
 (b) Notwithstanding the foregoing, the provisions of Section 4.10(a) shall not prevent: 

(i) the Company or any Restricted Subsidiary from Incurring (A) Refinancing Indebtedness or (B) Non-Recourse
Indebtedness; 
 (ii) the Company from Incurring Indebtedness evidenced by the Notes issued on the Issue Date or any Exchange
Notes issued in exchange therefor; 
 (iii) the Company or any Subsidiary Guarantor from Incurring Indebtedness under Credit
Facilities not to exceed the greater of $200.0 million and 15% of Consolidated Tangible Assets; 
 (iv) any Subsidiary
Guarantee of Indebtedness of the Company under the Notes or any Exchange Notes issued in exchange therefor; 
 (v) the
Company and its Restricted Subsidiaries from Incurring Indebtedness under any deposits made to secure performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, progress statements, government contracts and other
obligations of like nature (exclusive of the obligation for the payment of borrowed money); 

  
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 (vi) any Subsidiary Guarantor from guaranteeing Indebtedness of the Company or
any other Subsidiary Guarantor, or the Company from guaranteeing Indebtedness of any Subsidiary Guarantor, in each case permitted to be Incurred under this Indenture (other than Non-Recourse Indebtedness); 

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

 (viii) the Company and any Restricted Subsidiary from Incurring Indebtedness under Capitalized Lease Obligations or
purchase money obligations, in each case Incurred for the purpose of acquiring or financing all or any part of the purchase price or cost of construction or improvement of property or equipment used in the business of the Company or such Restricted
Subsidiary, as the case may be, in an aggregate amount at any time outstanding not to exceed $50.0 million; 
 (ix) the
Company or any Restricted Subsidiary from Incurring obligations for, pledge of assets in respect of, and guaranties of, bond financings of political subdivisions or enterprises thereof in the ordinary course of business (as determined in good faith
by the Company); 
 (x) the Company or any Restricted Subsidiary from incurring Indebtedness owed to a seller of entitled
land, lots under development or finished lots under the terms of which the Company or such Restricted Subsidiary, as obligor, is required to make a payment upon the future sale of such land or lots; and 

(xi) the Company or any Restricted Subsidiary from Incurring Indebtedness in an aggregate principal amount at any time
outstanding not to exceed $100.0 million. 
 (c) The Company shall not, and shall not cause or permit any Subsidiary Guarantor that is a
Restricted Subsidiary to, directly or indirectly, in any event Incur any Indebtedness that purports to be by its terms (or by the terms of any agreement governing such Indebtedness) subordinated to any other Indebtedness of the Company or of such
Subsidiary Guarantor, as the case may be, unless such Indebtedness is also by its terms (or by the terms of any agreement governing such Indebtedness) made expressly subordinated to the Notes or the Subsidiary Guarantee of such Subsidiary Guarantor,
as the case may be, at least to the same extent and in the same manner as such Indebtedness is subordinated to such other Indebtedness of the Company or such Subsidiary Guarantor, as the case may be. 

  
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 (d) For purposes of determining compliance with this Section 4.10, in the event an item of
Indebtedness meets the criteria of more than one of the types of Indebtedness described in the above clauses of this Section 4.10, the Company, in its sole discretion, shall classify such item of Indebtedness in any manner that complies with
this Section 4.10 and may from time to time reclassify such item of Indebtedness in any manner in which such item could be Incurred at the time of such reclassification. 

Section 4.11 Limitations on Secured Indebtedness. 

(a) Notwithstanding any Indebtedness that may be incurred in compliance with Section 4.10, the Company shall not, and shall not permit any
of its Restricted Subsidiaries to, create, incur, assume or guarantee any Secured Indebtedness unless the Notes are equally and ratably secured with (or on a senior basis to, if such Secured Indebtedness is Subordinated Indebtedness) the Secured
Indebtedness. Any Lien created for the benefit of the Holders of the Notes pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge
of the Lien securing such Secured Indebtedness. 
 (b) Notwithstanding anything to the contrary in Section 4.11(a): 

(i) Section 4.11(a) shall not prohibit the creation, incurrence, assumption or guarantee of Secured Indebtedness which is
secured by: 
 (A) Liens on model homes, homes held for sale, homes that are under contract for sale, or any option,
contract or other agreement to sell an asset; 
 (B) Liens on property acquired by the Company or a Restricted Subsidiary
and Liens on property of a Person existing at the time such Person is merged with or into or consolidated with the Company or any Restricted Subsidiary or becomes a Restricted Subsidiary; provided that, in each case, such Liens
(a) were in existence prior to the contemplation of such acquisition, merger or consolidation and (b) do not extend to any asset other than those of the Person merged with or into or consolidated with the Company or such Restricted
Subsidiary or the property acquired by the Company or such Restricted Subsidiary; 
 (C) Liens arising out of conditional
sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company or any of its Subsidiaries in the ordinary course of business (as determined in good faith by the Company); 

(D) purchase money mortgages (including, without limitation, Capitalized Lease Obligations and purchase money security
interests); or 

  
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 (E) Liens on property or assets of any Restricted Subsidiary securing
Indebtedness of such Restricted Subsidiary owing to the Company or one or more Restricted Subsidiaries; and 
 (ii)
Section 4.11(a) shall not prohibit the Company and its Restricted Subsidiaries from creating, incurring, assuming or guaranteeing Secured Indebtedness, without equally or ratably securing the Notes, if, immediately thereafter the aggregate
principal amount of all Secured Indebtedness outstanding (excluding (a) Secured Indebtedness permitted under Section 4.11(b)(i) and (b) any Secured Indebtedness in relation to which the Notes have been equally and ratably secured) as
of the date of determination would not exceed the greater of (i) $700.0 million and (ii) 40% of Consolidated Tangible Assets. 

(c) For purposes of this Section 4.11, Secured Indebtedness shall be deemed to include any amendment, restatement, supplement, renewal,
replacement, extension or refunding in whole or in part of Secured Indebtedness not prohibited to be incurred at the time of the original incurrence thereof. 

Section 4.12 Maintenance of Corporate Existence; Maintenance of Properties. 

(a) Subject to Section 4.13 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect (i) its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Company or any such Restricted Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of the Company and its Restricted Subsidiaries; provided that the Company shall not be required to preserve any such
right, license or franchise, or the corporate, partnership or other existence of any of its Restricted Subsidiaries, if the Company in good faith shall determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company and its Restricted Subsidiaries, taken as a whole. 
 (b) The Company will cause all of its material properties used or useful
in the conduct of its business or the business of any Subsidiary to be maintained and kept in good condition, repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof, all as in the judgment of the Company may be necessary so that the business carried on in connection therewith may be properly and advantageously conducted at all times; provided, however, that the
Company and its Subsidiaries shall not be prevented from selling or otherwise disposing of their properties for value in the ordinary course of business. 

  
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 Section 4.13 Limitations on Mergers and Consolidations. 

(a) Neither the Company nor any Subsidiary Guarantor shall consolidate or merge with or into, or sell, lease, convey or otherwise dispose of
all or substantially all of its assets (including, without limitation, by way of liquidation or dissolution), or assign any of its obligations under the Notes, the Guarantees or this Indenture (as an entirety or substantially in one transaction or
series of related transactions), to any Person (in each case other than with the Company or another Wholly Owned Restricted Subsidiary) unless: 

(i) the Person formed by or surviving such consolidation or merger (if other than the Company or such Subsidiary Guarantor, as
the case may be), or to which such sale, lease, conveyance or other disposition or assignment shall be made (collectively, the “Successor”), is a solvent corporation or other legal entity organized and existing under the laws of the United
States or any state thereof or the District of Columbia, and the Successor assumes by supplemental indenture in a form reasonably satisfactory to the Trustee all of the obligations of the Company or such Subsidiary Guarantor, as the case may be,
under the Notes or such Subsidiary Guarantor’s Subsidiary Guarantee, as the case may be, and this Indenture; and 
 (ii)
immediately after giving effect to such transaction, no Default or Event of Default has occurred and is continuing. 
 The foregoing
provisions shall not apply to a transaction involving the consolidation or merger of a Subsidiary Guarantor with or into another Person, or the sale, lease, conveyance or other disposition of all or substantially all of the assets of such Subsidiary
Guarantor, that results in such Subsidiary Guarantor being released from its Subsidiary Guarantee as provided in Section 9.04 hereof. 

Article V. 
 DEFAULTS AND
REMEDIES 
 Section 5.01 Events of Default. 

(b) An “Event of Default” wherever used herein, means any one of the following events: 

(i) the failure by the Company to pay interest on any Note when the same becomes due and payable and the continuance of any
such failure for a period of 30 days; 
 (ii) the failure by the Company to pay the principal or premium of any Note when the
same becomes due and payable at maturity, upon acceleration or otherwise (including the failure to make payment pursuant to a Change of Control Offer); 

(iii) the failure by the Company or any of its Subsidiaries to comply with any of its agreements or covenants in, or provisions
of, the Notes, the Subsidiary Guarantees or this Indenture and such failure continues for the period and after the notice specified below; 

(iv) the acceleration of any Indebtedness (other than Non-Recourse Indebtedness) of the Company or any of its Subsidiaries that
has an outstanding principal amount of $25.0 million or more in the aggregate; 

  
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 (v) the failure by the Company or any of its Subsidiaries to make any principal
or interest payment in respect of Indebtedness (other than Non-Recourse Indebtedness) of the Company or any of its Subsidiaries with an outstanding aggregate amount of $25.0 million or more within five days of such principal or interest payment
becoming due and payable (after giving effect to any applicable grace period set forth in the documents governing such Indebtedness); provided, that if such failure to pay shall be remedied, waived or extended, then the Event of
Default hereunder shall be deemed likewise to be remedied, waived or extended without further action by the Company; 
 (vi)
a final judgment or judgments that exceed $25.0 million or more in the aggregate, for the payment of money, having been entered by a court or courts of competent jurisdiction against the Company or any of its Subsidiaries and such judgment or
judgments is not satisfied, stayed, annulled or rescinded within 60 days of being entered; 
 (vii) the Company or any
Material Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
 (A) commences a voluntary case; 

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

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

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

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

(A) is for relief against the Company or any Material Subsidiary as debtor in an involuntary case; 

(B) appoints a Custodian of the Company or any Material Subsidiary or a Custodian for all or substantially all of the property
of the Company or any Material Subsidiary; or 
 (C) orders the liquidation of the Company or any Material Subsidiary and
the order or decree remains unstayed and in effect for 60 days; or 
 (ix) any Subsidiary Guarantee of a Material Subsidiary
ceases to be in full force and effect (other than in accordance with the terms of such Subsidiary Guarantee and this Indenture) or is declared null and void and unenforceable or found to be invalid or any Subsidiary Guarantor that is a Material
Subsidiary denies its liability under its Subsidiary Guarantee (other than by reason of release of a Subsidiary Guarantor from its Subsidiary Guarantee in accordance with the terms of this Indenture and the Subsidiary Guarantee). 

  
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 (b) A Default under Sections 5.01(a)(iii) hereof will not be deemed an Event of Default until the
Trustee notifies the Company, or the Holders of at least 25% in principal amount of the then outstanding Notes notify the Company and the Trustee, of the Default and the Company does not cure the Default within 60 days after receipt of the notice of
a Default under Section 5.01(a)(iii). The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of Default.” If such a Default is cured within such time period, it ceases. 

(c) The Trustee may withhold from the Holders notice of any continuing Default or Event of Default (except any Default or Event of Default in
payment of principal or interest on the Notes or that resulted from the failure to comply with Section 4.08 hereof) if the Trustee determines that withholding such notice is in the Holders’ interest. 

Section 5.02 Acceleration. 

(a) If an Event of Default (other than an Event of Default specified in sub- clauses (vii) and (viii) of Section 5.01(a) above)
shall have occurred and be continuing under this Indenture, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the Notes then outstanding by notice to the Company and the Trustee, may declare all Notes to be
due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Notes, as determined pursuant to this Section 5.02, will be due and payable immediately. If an Event of Default with respect to the Company
specified in sub-clauses (vii) and (viii) of Section 5.01(a) above occurs, such an amount will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee and the
Company or any Holder. 
 (b) In the event that the maturity of the Notes is accelerated pursuant to Section 5.02(a) hereof, 100% of
the principal amount of the Notes (or, in the case of a default under Section 5.01(a)(ii) or (iii) hereof resulting from a breach of the covenant set forth in Section 4.08 hereof, 101% of the principal amount of the Notes) will become
due and payable plus accrued interest, if any, to the date of payment. 
 Section 5.03 Other Remedies. 

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

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of
any other remedy. All remedies are cumulative to the extent permitted by law. 

  
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 Section 5.04 Waiver of Existing Defaults. 

Subject to Section 8.02, the Holders of a majority in principal amount of then-outstanding Notes on behalf of all the Holders of the Notes
by written notice to the Trustee and the Company may waive any Default or Event of Default (other than any Default or Event of Default in payment of principal or interest) on the Notes under this Indenture. Holders of a majority in principal amount
of the then outstanding Notes may rescind an acceleration and its consequence (except an acceleration due to nonpayment of principal or interest on the Notes) if the rescission would not conflict with any judgment or decree and if all existing
Events of Default have been cured or waived. 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 5.05 Control by Majority. 

The Holders of a majority in principal amount of the Notes then outstanding may direct the time, method and place of conducting any proceeding
for exercising any remedy available to the Trustee or in its exercise of any trust or power conferred on the Trustee; provided, however, that such direction does not conflict with the terms of this Indenture. The Holders may not
enforce the provisions of this Indenture, the Notes or the Subsidiary Guarantees except as provided in this Indenture. The Trustee, however, may refuse to follow any direction (i) that conflicts with law or this Indenture; (ii) that,
subject to Section 6.01, the Trustee determines is unduly prejudicial to the rights of any other Holder of a Note or (iii) that would involve the Trustee in personal liability. 

Section 5.06 Limitation on Suits. 

Subject to Section 5.07 hereof, no Holder of a Note may pursue any remedy with respect to this Indenture or the Notes unless: 

(a) such Holder has previously given the Trustee written notice that an Event of Default is continuing; 

(b) Holders of at least a majority in principal amount of the total outstanding Notes make a written request to the Trustee to pursue the
remedy; 
 (c) Holders of the Notes have offered the Trustee reasonable security or indemnity against any loss, liability or expense; 

(d) the Trustee has not complied with such request within 60 days after the receipt thereof and the offer of security or indemnity; and 

(e) Holders of a majority in principal amount of the total outstanding Notes have not given the Trustee a direction inconsistent with such
request within such 60-day period. 

  
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 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note
or to obtain a preference or priority over another Holder of a Note. 
 Section 5.07 Rights of Holders of Notes to Receive
Payment. 
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal,
premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with a Change of Control Offer), or to bring suit for the enforcement of any such payment on or after such respective
dates, is absolute and unconditional and shall not be impaired or affected without the consent of such Holder. 
 Section 5.08
Collection Suit by Trustee. 
 If an Event of Default specified in Section 5.01(a)(i) or (ii) hereof occurs and is
continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest remaining unpaid on the Notes and interest on
overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents, counsel, accountants and experts. 
 Section 5.09 Restoration of Rights and Remedies. 

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

Section 5.10 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents, counsel, accountants and experts) and the Holders of the Notes allowed in any judicial proceedings relative
to the Company (or any other obligor upon the Notes including the Subsidiary Guarantors), its creditors or its property and shall be entitled and empowered to participate as a member in any official committee of creditors appointed in such matter
and to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents, counsel, accountants
and experts, and any other amounts due the Trustee under Section 6.07 

  
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hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents, counsel, accountants and experts, and any other amounts due the
Trustee under Section 6.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and
other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding. 
 Section 5.11 Priorities. 

If the Trustee collects any money pursuant to this Article V, it shall pay out the money in the following order: 

(f) to the Trustee, its agents and attorneys for amounts due under Section 6.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
 (g) to Holders of Notes for
amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and 
 (h) to the Company or to such party as a court of competent jurisdiction shall direct including a Subsidiary Guarantor, if
applicable. 
 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 5.11.

 Section 5.12 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 5.12 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 5.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 

  
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 Article VI. 

TRUSTEE 

Section 6.01 Duties of Trustee. 

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

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

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

(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 certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (i) this paragraph does not limit the effect of paragraph (b) of this Section 6.01;

 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved in a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 
 (iii)
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 5.05 hereof. 

(d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section 6.01. 
 (e) The Trustee shall be under no obligation to exercise any of its
rights or powers under this Indenture at the request of any Holder, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to the Trustee. 

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

Section 6.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make
such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company and shall incur no liability or additional liability of any
kind by reason of such inquiry or investigation. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel of its
selection and the written advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon. 
 (c) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any
agent or attorney appointed with due care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless otherwise specifically
provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 

(f) None of the provisions of this Indenture shall require the Trustee to expend or risk its own funds or otherwise to incur any liability,
financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers if it shall have reasonable grounds for believing that repayment of such funds or indemnity satisfactory to it against such
risk or liability is not assured to it. 
 (g) 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 Notes and
this Indenture. 
 (h) In no event shall the Trustee be responsible or liable for special, indirect, or consequential loss or damage of any
kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

  
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 (i) The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

(j) In the event the Company is required to pay Additional Interest, the Company will provide written notice to the Trustee of the
Company’s obligation to pay Additional Interest no later than 15 days prior to the next Interest Payment Date, which notice shall set forth the amount of the Additional Interest to be paid by the Company. The Trustee shall not at any time be
under any duty or responsibility to any Holders to determine whether any Additional Interest is payable and the amount thereof. 

Section 6.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any
Affiliate of the Company with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as trustee (if this Indenture has been qualified under the TIA) or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 6.10 and 6.11 hereof. 

Section 6.04 Trustee’s Disclaimer. 

The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or application of any
money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture
other than its certificate of authentication. 
 Section 6.05 Notice of Defaults. 

If a Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default
within 90 days after it occurs. Except in the case of a Default relating to the payment of principal, premium, if any, or interest on any Note or that resulted from the failure to comply with Section 4.08 hereof, the Trustee may withhold from
the Holders notice of any continuing Default if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Notes. The Trustee shall not be deemed to know of
any Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is such a Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee and
such notice refers to the Notes and this Indenture. 

  
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 Section 6.06 Reports by Trustee to Holders of the Notes. 

Within 60 days after each May 15, beginning with the May 15 following the date of this Indenture, and for so long as Notes remain
outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with Trust Indenture Act Section 313(a) (but if no event described in Trust Indenture Act Section 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with Trust Indenture Act Section 313(b)(2). The Trustee shall also transmit by mail all reports as required by Trust
Indenture Act Section 313(c). 
 A copy of each report at the time of its mailing to the Holders of Notes shall be mailed to the
Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with Trust Indenture Act Section 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange. 

Section 6.07 Compensation and Indemnity. 

The Company and the Subsidiary Guarantors, jointly and severally, shall pay to the Trustee from time to time such compensation for its
acceptance of this Indenture and services hereunder as the parties shall agree in writing from time to time. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company and the
Subsidiary Guarantors, jointly and severally, shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall
include the reasonable compensation, disbursements and expenses of the Trustee’s agents, counsel, accountants and experts. 
 The
Company and the Subsidiary Guarantors, jointly and severally, shall indemnify the Trustee for, and hold the Trustee harmless against, any and all loss, damage, claims, liability or expense (including attorneys’ fees) incurred by it in
connection with the acceptance or administration of this trust and the performance of its duties hereunder (including the costs and expenses of enforcing this Indenture against the Company or any of the Subsidiary Guarantors (including this
Section 6.07) or defending itself against any claim whether asserted by any Holder, the Company or any Subsidiary Guarantor, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder). The
Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee
may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful
misconduct, negligence or bad faith. 
 The obligations of the Company under this Section 6.07 shall survive the satisfaction and
discharge of this Indenture or the earlier resignation or removal of the Trustee. 
 Notwithstanding anything contrary in Section 4.11
hereto, to secure the payment obligations of the Company and the Subsidiary Guarantors in this Section 6.07, the Trustee shall 

  
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have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
 When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 5.01(a)(vii) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents, counsel, accountants and experts) are intended to constitute expenses of administration under any Bankruptcy
Law. 
 The Trustee shall comply with the provisions of Trust Indenture Act Section 313(b)(2) to the extent applicable. 

Section 6.08 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 6.08. The Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if: 

(a) the Trustee fails to comply with Section 6.10 hereof; 

(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 Notes may appoint a successor Trustee to replace the successor Trustee appointed by the Company. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the
Company’s expense), the Company or the Holders of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 6.10
hereof, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and 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. Thereupon, the
resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the 

  
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Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the
successor Trustee; provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section 6.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 6.08, the
Company’s obligations under Section 6.07 hereof shall continue for the benefit of the retiring Trustee. 
 Section 6.09
Successor Trustee by Merger, etc. 
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of
its corporate trust business to, another corporation, the successor corporation without any further act shall be the successor Trustee. 

Section 6.10 Eligibility; Disqualification. 

There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50,000,000
as set forth in its most recent published annual report of condition. 
 This Indenture shall always have a Trustee who satisfies the
requirements of Trust Indenture Act Sections 310(a)(1), (2) and (5). The Trustee is subject to Trust Indenture Act Section 310(b). 

Section 6.11 Preferential Collection of Claims Against Company. 

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

Article VII. 
 LEGAL
DEFEASANCE AND COVENANT DEFEASANCE 
 Section 7.01 Defeasance Upon Deposit of Moneys or U.S. Government Obligations.

 (a) The Company may, at its option and at any time, elect to have either paragraph (b) or paragraph (c) below be applied to the
outstanding Notes upon compliance with the applicable conditions set forth in paragraph (d). 
 (b) Upon the Company’s exercise under
Section 7.01(a) of the option applicable to this clause (b), the Company and the Subsidiary Guarantors shall be deemed to have been released and discharged from their respective obligations with respect to the outstanding Notes and Subsidiary
Guarantees on the date the applicable conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire
Indebtedness represented by the 

  
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outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of the Sections and matters under this Indenture referred to in (i) and
(ii) below, and to have satisfied all its other obligations under the Notes and this Indenture, except for the following provisions which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of
outstanding Notes to receive solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph, payments in respect of the principal of and interest on such Notes when such payments are due and
(ii) obligations listed in Section 7.2, subject to compliance with this Section 7.01. The Company may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under paragraph below with
respect to such Notes. 
 (c) Upon the Company’s exercise under Section 7.01(a) of the option applicable to this clause (c), the
Company and the Subsidiary Guarantors shall be released and discharged from the obligations under any covenant contained in Section 4.3, Section 4.04, Section 4.05, Section 4.07, Section 4.08, Section 4.09,
Section 4.10, Section 4.11, Section 4.12 and Section 4.13 on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Notes shall thereafter be deemed to be
not “outstanding” for the purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder. For this purpose, such Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any
such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Section 5.01(a)(iii), but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise of under
Section 7.01(a) of the option applicable to this Section 7.01(c), subject to the satisfaction of the conditions set forth in Section 7.01(d), Sections 5.01(a)(iii), (iv), and (vi) hereof shall not constitute Events of Default.

 (d) The following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding
Notes: 
 (i) The Company shall irrevocably have deposited or caused to be deposited with the Trustee (or another trustee
satisfying the requirements of Section 6.10 who shall agree to comply with the provisions of this Article VII applicable to it) 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 Notes, (1) cash in U.S. dollars, or (2) U.S. Government Obligations which through the scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than the due date of any payment of principal of (and premium, if any) and interest, if any, on such Notes, money in an amount, or (3) a combination thereof, in any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by
the Trustee (or other qualifying trustee) to pay and discharge, (i) the principal of (and premium, if any) and interest, if any, on such Notes on the maturity date 

  
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of such principal or installment of principal or interest and (ii) any mandatory sinking fund payments or analogous payments applicable to such Notes on the day on which such payments are
due and payable in accordance with the terms of this Indenture and of such Notes. 
 (ii) Such defeasance or covenant
defeasance shall not result in a breach or violation of, or constitute a default under, this Indenture or any other material agreement or instrument to which the Company is a party or by which it is bound. 

(iii) No Event of Default or event which with notice or lapse of time or both would become an Event of Default with respect to
such Securities shall have occurred and be continuing on the date of such deposit or, insofar as Section 5.01(a)(vi) and Section 5.01(a)(vii) are concerned, at any time during the period ending on the 91st day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period). 

(iv) In the case of an election under Section 7.01(b), the Company shall have delivered to the Trustee an Opinion of
Counsel stating 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 shall confirm that, the Holders of Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal
income tax on the same amounts, in the same manner and at the same times as would have been the case if such defeasance had not occurred. 

(v) In the case of an election under Section 7.01(c), the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of such Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on the same amounts, in the same manner
and at the same times as would have been the case if such covenant defeasance had not occurred. 
 (vi) The Company shall
have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance under Section 7.01(b) or the covenant defeasance under Section 7.01(c) (as the case may be)
have been complied with and an Opinion of Counsel to the effect that either (i) as a result of a deposit pursuant to subsection (a) above and the related exercise of the Company’s opinion under Section 7.01(b) or
Section 7.01(c) (as the case may be), registration is not required under the Investment Company Act of 1940, as amended, by the Company, with respect to the trust funds representing such deposit or by the Trustee for such trust funds or
(ii) all necessary registrations under said Act have been effected. 
 (vii) Notwithstanding any other provisions of
this Section, such Legal Defeasance or Covenant Defeasance shall be effected in compliance with any additional terms, conditions or limitations which may be imposed on the Company in connection therewith pursuant to Section 2.01. 

  
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 In the event all or any portion of the Notes are to be redeemed through such irrevocable trust,
the Company must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by the Trustee in the name and at the expense of the Company. 

Section 7.02 Survival of the Company’s Obligations. 

Notwithstanding any Legal Defeasance, Covenant Defeasance or the satisfaction and discharge of this Indenture under Section 10.01, the
Company’s obligations under Sections 2.03 through 2.07, 4.01, 6.07, 6.08, 7.04 and 7.05, however, shall survive until no Notes are outstanding. Thereafter, the Company’s obligations under Sections 6.07, 7.04 and 7.05 shall survive. 

Section 7.03 Application of Trust Money. 

The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to Section 7.01. It shall apply the
deposited money and the money from U.S. Government Obligations in accordance with this Indenture to the payment of principal of and interest on the Notes. 

Section 7.04 Repayment to the Company. 

The Trustee and the Paying Agent shall promptly pay to the Company upon request any excess money or securities held by them at any time. The
Trustee and the Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published once in a newspaper of general circulation in the City of New York or mail to each such Holder notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the date of such publication or mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders of Notes
entitled to the money must look to the Company or any Subsidiary Guarantor for payment as general creditors unless applicable abandoned property law designates another person and all liability of the Trustee or such Paying Agent with respect to such
money shall cease. 
 Section 7.05 Reinstatement. 

If the Trustee is unable to apply any money or U.S. Government Obligations in accordance with Section 7.01 by reason of any legal
proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and each Subsidiary Guarantor’s obligations under this Indenture and
the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 7.01 until such time as the Trustee is permitted to apply all such money or U.S. Government Obligations in accordance with Section 7.01;
provided, however, that (a) if the Company has made any payment of interest on or principal of any Notes because of the reinstatement of their obligations, the Company shall be subrogated to the rights of the Holders

  
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of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee and (b) unless otherwise required by any legal proceeding or any order or judgment of
any court or governmental authority, the Trustee shall return all such money or U.S. Government Obligations to the Company promptly after receiving a written request therefor at any time, if such reinstatement of the Company’s obligations has
occurred and continues to be in effect. 
 Article VIII. 

AMENDMENTS, SUPPLEMENTS AND WAIVERS 

Section 8.01 With Consent of Majority; Without Consent of Holders. 

Subject to Section 8.02, this Indenture or the Notes may be amended or supplemented with the consent (which may include consents obtained
in connection with a tender offer or exchange offer for Notes) of the Holders of at least a majority in principal amount of the Notes then outstanding, and any existing Default or Event of Default (other than any continuing Default or Event of
Default in the payment of interest on or the principal of the Notes) under, or compliance with any provision of, this Indenture may be waived with the consent (which may include consents obtained in connection with a tender offer or exchange offer
for Notes) of the Holders of a majority in principal amount of the Notes then outstanding. The Company, the Subsidiary Guarantors and the Trustee may amend or supplement this Indenture or the Notes or waive any provisions hereof or thereof without
notice to or consent of any Holder of Notes: 
 (a) to cure any ambiguity, defect or inconsistency in this Indenture, the Notes or the
Guarantees; 
 (b) to comply with the provisions of Section 4.13; 

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

(d) to provide for any Subsidiary Guarantee of the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the
release, termination or discharge of any Subsidiary Guarantee of the Notes when such release, termination or discharge is permitted by this Indenture; 

(e) to add covenants or new events of default for the protection of the Holders of the Notes; 

(f) to make any change that does not adversely affect the legal rights under this Indenture of any Holder; or 

(g) to comply with or qualify this Indenture under the Trust Indenture Act. 

After an amendment under this Section 8.01 becomes effective, the Company shall mail notice of such amendment to the affected Holders of
Notes. 

  
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 Section 8.02 With Consent of all Affected Holders. 

Without the consent of each Holder of Notes affected, an amendment, supplement or waiver, including a waiver pursuant to Section 5.04 of
this Indenture or the Notes, may not: 
 (a) reduce the amount of Notes whose Holders must consent to an amendment, supplement or waiver;

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

(c) reduce the principal of, or change the fixed maturity of, any Note or alter the provisions with respect to redemption under
Section 3.07 hereof; 
 (d) make any Note payable in money other than that stated in the Note; 

(e) make any change in Sections 5.04, 4.01 or 8.02; 

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

(g) modify any of the provisions with respect to mandatory offers to repurchase Notes pursuant to Section 4.08 hereof after the
obligation to make such mandatory offer to repurchase has arisen; 
 (h) release any Subsidiary Guarantor from any of its obligations under
its Subsidiary Guarantee or this Indenture otherwise than in accordance with the terms contained herein, or 
 (i) waive a continuing
Default or Event of Default in the payment of principal of or interest on the Notes. 
 It shall not be necessary for the consent of the
Holders under this Section to approve the particular form of any proposed supplement, but it shall be sufficient if such consent approves the substance thereof. 

The right of any Holder to participate in any consent required or sought pursuant to any provision of this Indenture (and the obligation of
the Company to obtain any such consent otherwise required from such Holder) may be subject to the requirement that such Holder shall have been the Holder of record of Notes with respect to which such consent is required or sought as of a date
identified by the Trustee in a notice furnished to Holders in accordance with the terms of this Indenture. 
 Section 8.03
Compliance with Trust Indenture Act. 
 Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA
as then in effect. 

  
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 Section 8.04 Revocation and Effect of Consents. 

A consent to an amendment, supplement or waiver by a Holder shall bind the Holder and every subsequent Holder of Notes or portion of Notes that
evidences the same debt as the consenting Holders’ Notes, even if notation of the consent is not made on any Note. Subject to the following paragraph, any such Holder or subsequent Holder, however, may revoke the consent as to his Notes or
portion of Notes. Such revocation shall be effective only if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Holders of Notes entitled to consent to
any amendment, supplement or waiver. If a record date is fixed, then notwithstanding the last sentence of 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 revoke any consent previously given, 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 unless the
consent of the requisite number of Holders has been obtained. 
 After an amendment, supplement or waiver becomes effective, it shall bind
every Holder, unless it makes a change described in any of clauses of Section 8.02, in which case, the amendment, supplement or waiver shall bind only each Holder of Notes who has consented to it and every subsequent Holder of Notes or portion
of Notes that evidences the same debt as the consenting Holder’s Notes; provided that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of and interest on the Notes, on or after the
respective due dates expressed in such Notes, or to bring suit for the enforcement of any such payment on or after such respective dates without the consent of such Holder. 

Section 8.05 Notation on or Exchange of Notes. 

If an amendment, supplement or waiver changes the terms of the Notes, the Company may require the Holder of the Notes to deliver it to the
Trustee, at which time the Trustee shall place an appropriate notation on the Notes about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Notes shall issue
and the Trustee shall authenticate a new Note that reflects the changed terms. 
 Section 8.06 Trustee to Sign Amendments. 

The Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article if the amendment, supplement or waiver does not
adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign such amendment or supplemental indenture, the Trustee shall be entitled to receive and
shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it is not inconsistent
herewith, and that it will be valid and binding upon the Company in accordance with its terms. 

  
 76 

 Article IX. 

SUBSIDIARY GUARANTEES; RELEASE OF SUBSIDIARY GUARANTORS 

Section 9.01 Subsidiary Guarantee. 

(a) Subject to the provisions of this Article IX, each Subsidiary Guarantor hereby jointly and severally unconditionally guarantees to each
Holder and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company or any other Subsidiary Guarantor to the Holders or the Trustee hereunder or
thereunder, that: (i) the principal of, premium, if any, and interest on the Notes will be duly and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and (to the extent
permitted by law) interest, if any, on the Notes and all other obligations of the Company or the Subsidiary Guarantors to the Holders or the Trustee hereunder or thereunder (including fees, expenses or other) and all other obligations with respect
to the Notes and this Indenture will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any extension of time of payment or renewal of any Notes, the same will be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed, or failing performance of any other obligation of the
Company to the Holders, for whatever reason, each Subsidiary Guarantor will be obligated, jointly and severally with each other Subsidiary Guarantor, to pay, or to perform or cause the performance of, the same immediately. An Event of Default under
this Indenture or the Notes shall constitute an event of default under this Article IX, and shall entitle the Holders of Notes to accelerate the obligations of the Subsidiary Guarantors hereunder in the same manner and to the same extent as the
obligations of the Company. 
 (b) Each of the Subsidiary Guarantors hereby agrees that its obligations hereunder shall be continuing,
absolute and unconditional, irrespective of, and shall be unaffected by, the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder or the Trustee
with respect to any provisions hereof or thereof, any release of any other Subsidiary Guarantor, the recovery of any judgment against the Company, any action to enforce the same, whether or not a Subsidiary Guarantee is affixed to any particular
Note, or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Subsidiary Guarantor. Each of the Subsidiary Guarantors hereby waives the benefit of diligence, presentment, demand of payment, filing of
claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes, this Indenture and this Article IX. If any Holder or the Trustee is required by any court or otherwise to return to the Company or to any Subsidiary Guarantor, or any
custodian, trustee, liquidator or other similar official acting in relation to the Company or such Subsidiary Guarantor, any amount paid by the Company or such Subsidiary Guarantor to the Trustee or such Holder, this Article IX, to the extent
theretofore discharged, shall be reinstated in full force and effect. Each Subsidiary 

  
 77 

 
Guarantor further agrees that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (i) subject to this Article IX, the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article V hereof for the purposes of this Article IX, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and
(ii) in the event of any acceleration of such obligations as provided in Article V hereof, such obligations (whether or not due and payable) shall forthwith become due and payable by the Subsidiary Guarantors for the purpose of this Article IX.

 (c) This Article IX shall remain in full force and effect and continue to be effective should any petition be filed by or against the
Company for liquidation or reorganization, should the Company become insolvent or make an assignment for the benefit of creditors or should a receiver or trustee be appointed for all or any significant part of the Company’s assets, and shall,
to the fullest extent permitted by law, continue to be effective or be reinstated, as the case may be, if at any time payment and performance of the Notes are, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored
or returned by any obligee on the Notes, whether as a “voidable preference,” “fraudulent transfer” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned, the Subsidiary Guarantees shall, to the fullest extent permitted by law, be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 

(d) Each Subsidiary Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that the
guarantee by each Subsidiary Guarantor pursuant to its Subsidiary Guarantee not constitute a fraudulent transfer or conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any
similar federal or state law. To effectuate the foregoing intention, the Holders and each Subsidiary Guarantor hereby irrevocably agree that the obligations of each Subsidiary Guarantor under the Subsidiary Guarantees shall be limited to the maximum
amount which, after giving effect to all other contingent and fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the
obligations of such other Subsidiary Guarantor under its Subsidiary Guarantee or pursuant to its contribution obligations under this Indenture, will result in the obligations of such Subsidiary Guarantor and its Subsidiary Guarantee not constituting
a fraudulent conveyance or fraudulent transfer or obligation under federal or state law. 
 Section 9.02 Execution and Delivery of
Subsidiary Guarantee. 
 (a) To further evidence the Subsidiary Guarantee set forth in Section 9.01, each of the Subsidiary
Guarantors hereby agrees that a notation of such Subsidiary Guarantee, substantially in the form included in Exhibit A hereto, shall be endorsed on each Note authenticated and delivered by the Trustee after such Subsidiary Guarantee is
executed and executed by either manual or facsimile signature of an Officer of each Subsidiary Guarantor. The validity and enforceability of any Subsidiary Guarantee shall not be affected by the fact that it is not affixed to any particular Note.

  
 78 

 (b) Each of the Subsidiary Guarantors hereby agrees that its Subsidiary Guarantee set forth in
Section 9.01 shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 

(c) If an Officer of a Subsidiary Guarantor whose signature is on this Indenture or a Note no longer holds that office at the time the Trustee
authenticates such Note or at any time thereafter, such Subsidiary Guarantor’s Subsidiary Guarantee of such Note shall be valid nevertheless. 

(d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of any Subsidiary
Guarantee set forth in this Indenture on behalf of the Subsidiary Guarantor. 
 Section 9.03 Additional Subsidiary Guarantors.

 Any Person may become a Subsidiary Guarantor by executing and delivering to the Trustee (a) a supplemental indenture in form and
substance satisfactory to the Trustee which subjects such Person to the provisions of this Indenture as a Subsidiary Guarantor, and (b) an Opinion of Counsel to the effect that such supplemental indenture has been duly authorized and executed
by such Person and constitutes the legal, valid, binding and enforceable obligation of such Person (subject to such customary exceptions concerning fraudulent conveyance laws, creditors’ rights and equitable principles as may be acceptable to
the Trustee in its discretion). 
 Section 9.04 Release of a Subsidiary Guarantor. 

(a) If all or substantially all of the assets of any Subsidiary Guarantor or all (or a portion sufficient to cause such Subsidiary Guarantor to
no longer be a Subsidiary of the Company) of the Capital Stock of any Subsidiary Guarantor is sold (including by consolidation, merger, issuance or otherwise) or disposed of (including by liquidation, dissolution or otherwise) by the Company or any
of its Subsidiaries, or, unless the Company elects otherwise, if any Subsidiary Guarantor is designated an Unrestricted Subsidiary in accordance with the terms of this Indenture, then such Subsidiary Guarantor (in the event of a sale or other
disposition of all of the Capital Stock of such Subsidiary Guarantor or a designation as an Unrestricted Subsidiary) or the Person acquiring such assets (in the event of a sale or other disposition of all or substantially all of the assets of such
Subsidiary Guarantor) shall be deemed automatically and unconditionally released and discharged from any of its obligations under this Indenture without any further action on the part of the Trustee or any Holder of the Notes, subject in each case
to compliance with Section 4.13 hereof. 
 (b) The Trustee shall deliver an appropriate instrument evidencing the release of a
Subsidiary Guarantor upon receipt of a request of the Company accompanied by an Officers’ Certificate certifying as to the compliance with this Section 9.04. Any Subsidiary Guarantor not so released or the entity surviving such Subsidiary
Guarantor, as applicable, will remain or be liable under its Subsidiary Guarantee as provided in this Article IX. 

  
 79 

 (c) The Trustee shall execute any documents reasonably requested by the Company or a Subsidiary
Guarantor in order to evidence the release of such Subsidiary Guarantor from its obligations under its Subsidiary Guarantee endorsed on the Notes and under this Article IX. 

(d) Except as set forth in Article IV hereof and this Section 9.04, nothing contained in this Indenture or in any of the Notes shall
prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor or shall prevent any sale or conveyance of the property of a Subsidiary Guarantor as an entirety or substantially as an entirety
to the Company or another Subsidiary Guarantor. 
 Section 9.05 Waiver of Subrogation; Right of Contribution. 

(a) Except as set forth in Section 9.05(b) below, each Subsidiary Guarantor hereby irrevocably waives any claim or other rights which it
may now or hereafter acquire against the Company or any of its Subsidiaries that arise from the existence, payment, performance or enforcement of such Subsidiary Guarantor’s obligations under this Article IX and this Indenture, including,
without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and any right to participate in any claim or remedy of any Holder of Notes against the Company or any of its Subsidiaries, whether or not such claim, remedy
or right arises in equity, or under contract, statute or common law, including, without limitation, the right to take or receive from the Company or any of its Subsidiaries, directly or indirectly, in cash or other property or by set-off or in any
other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any Subsidiary Guarantor in violation of the preceding sentence and the Notes shall not have been paid in full, such amount shall have been
deemed to have been paid to such Subsidiary Guarantor for the benefit of, and held in trust for the benefit of, the Holders of the Notes, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the
Notes, whether matured or unmatured, in accordance with the terms of this Indenture. Each Subsidiary Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the
waiver set forth in this Section 9.05 is knowingly made in contemplation of such benefits. 
 (b) Notwithstanding Section 9.05(a),
each Subsidiary Guarantor that makes a payment or distribution under a Subsidiary Guarantee shall be entitled to a contribution from each other Subsidiary Guarantor in an amount pro rata, based on the net assets of each Subsidiary Guarantor,
determined in accordance with GAAP. 

  
 80 

 Article X. 

SATISFACTION AND DISCHARGE 

Section 10.01 Satisfaction and Discharge. 

This Indenture shall be discharged and shall cease to be of further effect as to all Notes, when: 

(a) either: 
 (i)
all Notes theretofore authenticated and delivered, except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for
cancellation; or 
 (ii) (A) all Notes not theretofore delivered to the Trustee for cancellation have become due and payable
by reason of the making of a notice of redemption or otherwise, shall become due and payable within one year or may 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, and the Company or any Subsidiary Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders of the Notes,
cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest to pay and discharge the entire indebtedness on the Notes not theretofore
delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption; 

(B) no Default (other than that resulting from borrowing funds to be applied to make such deposit and any similar and
simultaneous deposit relating to other Indebtedness and, in each case, the granting of Liens in connection therewith) with respect to this Indenture or the Notes shall have occurred and be continuing on the date of such deposit or shall occur as a
result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which the Company or any
Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound (other than that resulting from borrowing funds to be applied to make such deposit and any similar and simultaneous deposit relating to other Indebtedness
and in each case, the granting of Liens in connection therewith); and 
 (b) the Company has paid or caused to be paid all sums payable by
it under this Indenture; and 
 (c) if applicable, the Company has delivered irrevocable instructions to the Trustee to apply the deposited
money toward the payment of the Notes at maturity or the redemption date, as the case may be. 
 In addition, the Company must deliver an
Officers’ Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money shall have been deposited with the Trustee pursuant to subclause
(i) of clause (b) of this Section 10.01, the provisions of Sections 4.01, 4.02 and 10.02 hereof shall survive. 

  
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 Section 10.02 Application of Trust Money. 

Subject to the provisions of Section 7.05 hereof, all money deposited with the Trustee pursuant to Section 10.01 hereof shall be held
in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law. 

If the Trustee or Paying Agent is unable to apply any money or Government Securities in accordance with Section 10.01 hereof by reason of
any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any Subsidiary Guarantor’s obligations under this
Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 10.01 hereof; provided that if the Company has made any payment of principal of, premium, if any, or interest on any
Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

Article XI. 
 MISCELLANEOUS

 Section 11.01 Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by Trust Indenture Act, the imposed duties shall
control. 
 Section 11.02 Notices. 

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

If to the Company or any Subsidiary Guarantor: 

c/o Beazer Homes USA, Inc. 
 1000
Abernathy Road, Suite 260 
 Atlanta, Georgia 30328 

Fax: 770-781-6461 
 Attention:
Kenneth F. Khoury 

  
 82 

 If to the Trustee: 

U.S. Bank National Association 

Corporate Trust Services 
 1349
West Peachtree Street NW 
 Suite 1050 

Atlanta, Georgia 30309 
 Fax No.:
(404) 898-8844 
 Attention: Beazer 8.750% Notes (2016 Indenture) 

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

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

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same
time. 
 Section 11.03 Communication by Holders of Notes with Other Holders of Notes. 

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

Section 11.04 Certificate and Opinion as to Conditions Precedent. 

(a) Upon any request or application by the Company or any of the Subsidiary Guarantors to the Trustee to take any action under this Indenture,
the Company or such Subsidiary Guarantor, as the case may be, shall furnish to the Trustee: 
 (i) an Officers’
Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any,
provided for in this Indenture relating to the proposed action have been satisfied; and 

  
 83 

 (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Section 11.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to Section 4.04 hereof or Trust Indenture Act Section 314(a)(4)) shall comply with the provisions of Trust Indenture Act Section 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 or she 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, in the case of an Opinion of Counsel, may be limited to reliance on an Officers’ Certificate
as to matters of fact); and 
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been
complied with. 
 Section 11.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions. 
 Section 11.07 No Personal Liability of Incorporators, Shareholders, Officers,
Directors or Employees. 
 No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes, or for any
claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary Guarantor in this Indenture or in any of the Notes or because of the creation of any
Indebtedness represented thereby, shall be had against any incorporator, shareholder, officer, director, employee or controlling person of the Company, any Subsidiary Guarantor or any successor Person thereof. Each Holder, by accepting such Notes
waives and releases all such liability. 
 Section 11.08 Governing Law. 

THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  
 84 

 Section 11.09 Waiver of Jury Trial. 

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

Section 11.10 Force Majeure. 

In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or
acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

Section 11.11 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Company or its Restricted Subsidiaries or of any
other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 11.12
Successors. 
 All agreements of the Company in this Indenture and the Notes shall bind its successors. All agreements of the Trustee
in this Indenture shall bind its successors. All agreements of each Subsidiary Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section 9.04 hereof. 

Section 11.13 Severability. 

In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 11.14 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. 
 Section 11.15 Table of Contents, Headings, etc.. 

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

  
 85 

 Section 11.16 Qualification of Indenture. 

The Company and the Subsidiary Guarantors shall qualify this Indenture under the Trust Indenture Act in accordance with the terms and
conditions of the applicable Registration Rights Agreement and shall pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Company, the Subsidiary Guarantors and the Trustee) incurred in connection therewith,
including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Company and the Subsidiary Guarantors any such
Officers’ Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the Trust Indenture Act. 

[Signature pages follow] 

  
 86 

 
					
		 	BEAZER HOMES USA, INC.
			
		 	By:	 	 /s/ Kenneth F. Khoury

		 		 	Name: Kenneth F. Khoury
		 		 	 Title: EVP, General Counsel and Chief

         Administrative Officer

 

					
	APRIL CORPORATION 
	 BEAZER GENERAL SERVICES, INC.

BEAZER HOMES CORP.

BEAZER HOMES HOLDINGS CORP.

BEAZER HOMES INDIANA HOLDINGS CORP.

BEAZER HOMES SALES, INC.

BEAZER HOMES TEXAS HOLDINGS, INC.

BEAZER REALTY CORP.

BEAZER REALTY, INC.

BEAZER REALTY LOS ANGELES, INC.

BEAZER REALTY SACRAMENTO, INC.

BEAZER/SQUIRES REALTY, INC.

		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President

  

					
		 	BEAZER MORTGAGE CORPORATION
			
		 	By:	 	 /s/ Robert L. Salomom

		 		 	Name: Robert L. Salomom
		 		 	 Title: President and Chief Executive

         Officer

  
 [Signature Page
Indenture] 

 
					
	BEAZER HOMES INDIANA LLP
		
	By:	 	BEAZER HOMES INVESTMENTS, LLC,
		 	its Managing Partner
		
	By:	 	BEAZER HOMES CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President
	
	 ARDEN PARK VENTURES, LLC

BEAZER CLARKSBURG, LLC 

DOVE BARRINGTON DEVELOPMENT LLC

BEAZER HOMES INVESTMENTS, LLC

BEAZER HOMES MICHIGAN, LLC

ELYSIAN HEIGHTS POTOMIA, LLC

		
	By:	 	BEAZER HOMES CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President
	
	BEAZER HOMES TEXAS, L.P.
		
	By:	 	BEAZER HOMES TEXAS HOLDINGS, INC.,
		 	its General Partner
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President

  
 [Signature Page
Indenture] 

 
					
	BEAZER REALTY SERVICES, LLC
		
	By:	 	BEAZER HOMES INVESTMENTS, LLC,
		 	its Sole Member
		
	By:	 	BEAZER HOMES CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President
	
	BEAZER-INSPIRADA LLC
		
	By:	 	BEAZER HOMES HOLDINGS CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President
	
	BH BUILDING PRODUCTS, LP
		
	By:	 	BH PROCUREMENT SERVICES, LLC
		 	its General Partner
		
	By:	 	BEAZER HOMES TEXAS, L.P.
		 	its Sole Member
		
	By:	 	BEAZER HOMES TEXAS HOLDINGS, INC.
		 	Its General Partner
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President

  
 [Signature Page
Indenture] 

 
					
	BH PROCUREMENT SERVICES
		
	By:	 	BEAZER HOMES TEXAS, L.P.,
		 	its Sole Member
		
	By:	 	BEAZER HOMES TEXAS HOLDINGS, INC.,
		 	its General Partner
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President
	
	CLARKSBURG ARORA LLC
		
	By:	 	BEAZER CLARKSBURG, LLC,
		 	its Sole Member
		
	By:	 	BEAZER HOMES CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President

  
 [Signature Page
Indenture] 

					
	CLARKSBURG SKYLARK, LLC
		
	By:	 	CLARKSBURG ARORA LLC,
		 	its Sole Member
		
	By:	 	BEAZER CLARKSBURG, LLC,
		 	its Sole Member
		
	By:	 	BEAZER HOMES CORP.,
		 	its Sole Member
		
	By:	 	 /s/ Robert L. Salomon

		 	Name:	 	Robert L. Salomon
		 	Title:	 	Executive Vice President

  
 [Signature Page
Indenture] 

 
			
	U.S. BANK NATIONAL ASSOCIATION
	as Trustee
		
	By:	 	 /s/ William B. Echols

		 	Name: William B. Echols
		 	Title: Vice Preseident

  
 [Signature Page
Indenture] 

 SCHEDULE I 

Subsidiary Guarantors 
 Beazer General
Services, Inc. 
 Beazer Homes Corp. 
 Beazer/Squires Realty,
Inc. 
 Beazer Homes Sales, Inc. 
 Beazer Homes Investments, LLC

 Beazer Realty Corp. 
 Beazer Homes Holdings Corp. 

Beazer Homes Indiana Holdings Corp. 
 Beazer Homes Texas Holdings,
Inc. 
 Beazer Homes Texas, L.P. 
 Beazer Homes Indiana LLP 

April Corporation 
 Beazer Realty, Inc. 

Beazer Realty Services, LLC 
 Beazer Realty Los Angeles, Inc. 

Beazer Realty Sacramento, Inc. 
 BH Building Products, LP 

BH Procurement Services, LLC 
 Beazer Clarksburg, LLC 

Arden Park Ventures, LLC 
 Beazer Mortgage Corporation 

Beazer Homes Michigan, LLC 
 Dove Barrington Development LLC 

Clarksburg Arora LLC 
 Clarksburg Skylark, LLC 

Elysian Heights Potomia, LLC 
 Beazer-Inspirada LLC 

  
 SI-1 

 EXHIBIT A 

[FACE OF NOTE] 
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture] 
 [Insert the Regulation S Global Note Legend, if applicable pursuant to the provisions of the
Indenture] 
 [Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

  
 EA-1 

 BEAZER HOMES USA, INC. 

[RULE 144A][REGULATION S] GLOBAL NOTE 

representing 
 $[initial aggregate
principal amount] 
 8.750% Senior Notes due 2022 

CUSIP [            ] 

ISIN [            ] 

No. [    ] 

Beazer Homes USA, Inc., a Delaware corporation, promises to pay to [Cede & Co.] or its registered assigns, the principal sum [set
forth on the Schedule of Exchanges of Interests in the Global Note attached hereto] [of [initial aggregate principal amount] United States Dollars] on March 15, 2022. 

Interest Payment Dates: March 15 and September 15 

Record Dates: March 1 and September 1 

  
 EA-2 

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

Dated:                     

 

			
	BEAZER HOMES USA, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 EA-3 

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

 

			
	U.S. BANK NATIONAL ASSOCIATION,
	as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  
 EA-4 

 [Back of the Note] 

8.750% Senior Notes due 2022 

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

 

	1.	INTEREST. Beazer Homes USA, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 8.750% per annum from September 21, 2016 until
maturity. The Company will pay interest, semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”).
Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that the first Interest Payment Date shall be March 15, 2017.
Interest will be computed on the basis of a 360-day year of twelve 30-day months. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time
on demand at the interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest from time to time on demand at the interest
rate on the Notes to the extent lawful. 

  

	2.	METHOD OF PAYMENT. The Company will pay interest on the Notes to the Persons who are registered Holders of Notes at the close of business on the March 1 or September 1 (whether or not a Business Day),
as the case may be, next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. At the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payments of principal, premium, if any, and interest with
respect to Notes represented by one or more permanent global notes registered in the name of or held by the Depositary or its nominee will be made by wire transfer of immediately available funds to the accounts specified by the Holder or Holders
thereof. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

 

	3.	PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice
to the Holders. The Company or any of its Subsidiaries may act in any such capacity. 

  

	4.	INDENTURE. The Company issued the Notes under an Indenture, dated as of September 21, 2016 (the “Indenture”), among Beazer Homes USA, Inc., the Subsidiary Guarantors named therein and the
Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (the “Trust Indenture Act”). The Notes are subject to all such
terms, and Holders are referred to the Indenture and the Trust Indenture Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. 

  
 EA-5 

	5.	OPTIONAL REDEMPTION. 

 (a) Prior to March 15, 2019, the Company may, at its
option, redeem the Notes, in whole or in part, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the second
sentence of the second paragraph of Section 3.05 of the Indenture). 
 (b) The Company may redeem all or any portion of the Notes at
any time and from time to time on or after March 15, 2019 and prior to maturity at the following redemption prices (expressed in percentages of the principal amount thereof) together, in each case, with accrued and unpaid interest to the date
fixed for redemption (subject to the second sentence of the second paragraph of Section 3.05 of the Indenture), if redeemed during the 12-month period beginning on March 15 of each year indicated below: 

 

					
	 Year
	  	Percentage	 
	 2019
	  	 	104.375	% 
	 2020
	  	 	102.188	% 
	 2021 and thereafter
	  	 	100.000	% 

 (c) In addition, on or prior to March 15, 2019, the Company may, at its option, redeem up to 35% of the
aggregate principal amount of Notes issued under the Indenture with the net proceeds of an Equity Offering at 108.750% of the principal amount thereof plus accrued and unpaid interest, if any, to the date fixed for redemption (subject to the second
sentence of the second paragraph of Section 3.05 of the Indenture); provided, that at least 65% of the aggregate principal amount of the Notes originally issued under the Indenture remain outstanding after such redemption. Notice
of any such redemption must be given within 60 days after the date of the closing of the relevant Equity Offering. 
 (d) If the Company
redeems less than all of the outstanding Notes, the Trustee shall select the Notes to be redeemed in the manner described under Section 3.02 of the Indenture. 

(e) Any redemption pursuant to this paragraph 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 

 

	6.	OFFERS TO REPURCHASE. The Company shall be required to make offers to repurchase as set forth under Section 4.08 of the Indenture. 

 

	7.	 DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require 

  
 EA-6 

	 	
a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Notes or portion of the Notes selected for
redemption, except for the unredeemed portion of any Notes being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed. 

 

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

  

	9.	AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented as provided in the Indenture. 

 

	10.	DEFAULTS AND REMEDIES. The Events of Default relating to the Notes are defined in Section 5.01 of the Indenture. If an Event of Default (other than an Event of Default specified in Sections 5.01(a)(vii) and
(viii) of the Indenture) shall have occurred and be continuing under the Indenture, the Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the Notes then outstanding by notice to the Company and the Trustee,
may declare all Notes to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Notes, as determined pursuant to the provisions of Section 5.02 of the Indenture, will be due and payable
immediately. If an Event of Default with respect to the Company specified in Section 5.01(a)(vii) and (viii) occurs, such an amount will ipso facto become and be immediately due and payable without any declaration, notice or other
act on the part of the Trustee and the Company or any Holder. The Holders of a majority in principal amount of the Notes then outstanding by written notice to the Trustee may waive such Default or Event of Default (other than any Default or Event of
Default in payment of principal or interest) on the Notes under the Indenture. Holders of a majority in principal amount of the then outstanding Notes may rescind an acceleration and its consequence (except an acceleration due to nonpayment of
principal or interest on the Notes) if the rescission would not conflict with any judgment or decree and if all existing Events of Default have been cured or waived. Upon 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 the Indenture, but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. The Company shall deliver to the Trustee a quarterly
statement regarding compliance with the Indenture, and include in such statement, if any Officer of the Company is aware of any Default or Event of Default, a statement specifying such Default or Event of Default and what action the Company is
taking or proposes to take with respect thereto. 

  

	11.	AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until authenticated by the manual or facsimile signature of the Trustee.

  

	12.	ADDITIONAL RIGHTS OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and
Restricted Definitive Notes shall have all the rights set forth in the Registration Rights Agreement, dated as of September 21, 2016, among Beazer Homes USA, Inc., and the other parties named on the signature pages thereof (the
“Registration Rights Agreement”). 

  
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	13.	GOVERNING LAW. THE INDENTURE, THE NOTES AND ANY SUBSIDIARY GUARANTEE WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 

  

	14.	CUSIP/ISIN NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP/ISIN numbers to be printed on the Notes and the Trustee
may use CUSIP/ISIN numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only
on the other identification numbers placed thereon. 

 The Company will furnish to any Holder upon written request and without
charge a copy of the Indenture or the Registration Rights Agreement. Requests may be made to the Company at the following address: 
 c/o
Beazer Homes USA, Inc. 
 1000 Abernathy Road, Suite 260 

Atlanta, Georgia 30328 
 Fax:
770-781-6461 
 Attention: Kenneth F. Khoury 

  
 EA-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	
		
	  
	 	
	(Insert assignee’s legal name)	 	
		
	  
	 	
	(Insert assignee’s soc. sec. or tax I.D. no.)	 	
		
	  
	 	
	(Print or type assignee’s name, address and zip code)	 	
		
	and irrevocably appoint	 	
		
	  
	 	
	to transfer this Note on the books of the Company. The agent may substitute another to act for him.	 	
		
	Date:                     	 	
	
	 Your Signature:

	
	
                   
                                         
                                    

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

  

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

  
 EA-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.08 of the Indenture, check box   ̈: 
 If you want to elect to have only part of this Note purchased by the Company pursuant to
Section 4.08 of the Indenture, state the amount you elect to have purchased: 
  

					
		 	$            
			
	Date:                     	 		 	
		
		 	Your Signature:
			
		 		 	  

		 		 	( Sign exactly as your name appears on the face of this Note)
		
		 	Tax Identification No.:
                                        

	
	Signature Guarantee*:
                                

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

  
 EA-10 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $[initial aggregate principal amount]. The following exchanges of a part of
this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of

Exchange
	 	 Amount of

decrease in
 Principal Amount

of this Global Note
	 	 Amount of

increase in
 Principal

Amount of this
 Global Note
	 	 Principal Amount

of this Global Note
 following
such
 decrease or

increase
	 	 Signature of

authorized
 officer of

Trustee or
 Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 EA-11 

 [FORM OF NOTATION ON NOTE RELATING TO GUARANTEE] 

GUARANTEE 
 [List of Subsidiary
Guarantors] (the “Subsidiary Guarantors”) have unconditionally guaranteed, jointly and severally (such guarantee by each Subsidiary Guarantor being referred to herein as the “Subsidiary Guarantee”), that
(i) the principal of, premium, if any, and interest on the Notes will be duly and punctually paid in full when due, whether at maturity, by acceleration or otherwise, and interest on the overdue principal and (to the extent permitted by law)
interest, if any, on the Notes and all other obligations of the Company to the Holders or the Trustee all in accordance with the terms set forth under Article IX of the Indenture, and (ii) in case of any extension of time of payment or renewal
of any Notes, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at maturity, by acceleration or otherwise. 

No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes, or for any claim based thereon or otherwise
in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company or any Subsidiary Guarantor in this Subsidiary Guarantee, the Indenture or any of the Notes or because of the creation of any Indebtedness
represented thereby, shall be had against any incorporator, shareholder, officer, director, employee or controlling person of any Subsidiary Guarantor or any successor Person thereof. Each Holder, by accepting such Notes waives and releases all such
liability. 
 Each holder of a Note by accepting a Note agrees that any Subsidiary Guarantor named below shall have no further liability
with respect to its Subsidiary Guarantee if such Subsidiary Guarantor otherwise ceases to be liable in respect of its Subsidiary Guarantee in accordance with the terms of the Indenture. The Obligations of each Guarantor under its Note Guarantee
shall be limited to the extent necessary to insure that it does not constitute a fraudulent conveyance under applicable law. 

  
 EA-12 

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

 

			
	[LIST OF SUBSIDIARY GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:

  
 EA-13 

 EXHIBIT B 

FORM OF CERTIFICATE OF TRANSFER 

Beazer Homes USA, Inc. 

1000 Abernathy Road, Suite 1200 

Atlanta, Georgia 30328 
 Fax No.:
(770) 481-2808 
 Attention: Kenneth F. Koury 

U.S. Bank National Association 

Corporate Trust Services 

1349 West Peachtree Street NW 

Suite 1050 
 Atlanta, Georgia
30309 
 Fax No.: (404) 898-8844 

Attention: Beazer 8.750% Notes (2016 Indenture) 
  

	 	Re:	8.750% Senior Notes due 2022 

 Reference is hereby made to the Indenture, dated as of
September 21, 2016 (the “Indenture”), among Beazer Homes USA, Inc., the Subsidiary Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture.

                      (the
“Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $         in such Note[s] or interests (the
“Transfer”), to                      (the “Transferee”), as further specified in Annex A hereto. In
connection with the Transfer, the Transferor hereby certifies that: 
 [CHECK ALL THAT APPLY] 

1.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144 A GLOBAL NOTE
OR A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the United States Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the
Transferor hereby further certifies that the beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or
more accounts with respect to which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of
Rule 144A and such Transfer is in compliance with any applicable blue sky securities laws of any state of the United States. 
 2.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and in accordance
with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor 

  
 EB-1 

 
hereby further certifies that (i) the Transfer is not being made to a person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United
States or such Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore
securities market and neither such Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been made in contravention of the requirements
of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made
prior to the expiration of the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the
terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Indenture and the Securities Act. 

3.  ̈ CHECK AND COMPLETE IF TRANSFEREE WILL TAKE DELIVERY OF A DEFINITIVE NOTE PURSUANT TO ANY
PROVISION OF THE SECURITIES ACT OTHER THAN RULE 144A OR REGULATION S. The Transfer is being effected in compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly the Transferor hereby further certifies that (check one): 

(a)  ̈ such Transfer is being effected pursuant to and in accordance with Rule 144 under the
Securities Act; 
 or 
 (b)  ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
 or 

(c)  ̈ such Transfer is being effected pursuant to an effective registration statement under
the Securities Act and in compliance with the prospectus- delivery requirements of the Securities Act. 
 4.  ̈ CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE OR OF AN UNRESTRICTED DEFINITIVE NOTE. 

(a)  ̈ CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant
to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive 

  
 EB-2 

 
Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture. 
 (b)  ̈ CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is
being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and
in the Indenture. 
 (c)  ̈ CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The
Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer restrictions contained in the Indenture
and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 

  
 EB-3 

 This certificate and the statements contained herein are made for your benefit and the benefit of
the Company. 
  

							
		 		 	[Insert Name of Transferor]
				
		 		 	By:	 	  

		 		 		 	Name:
	
Dated:                    

	 		 		 	Title:

  
 EB-4 

 ANNEX A TO CERTIFICATE OF TRANSFER 

 

	(1)	The Transferor owns and proposes to transfer the following: 

 [CHECK ONE OF (a) OR (b)]

  

	(a)	 ̈  a beneficial interest in the: 

  

	 	(i)	 ̈  144A Global Note (CUSIP 07556Q BJ3), or 

  

	 	(ii)	 ̈  Regulation S Global Note (CUSIP U0758T AM9), or 

  

	(b)	 ̈  a Restricted Definitive Note. 

  

	(2)	After the Transfer the Transferee will hold: 

 [CHECK ONE] 

 

	(a)	 ̈  a beneficial interest in the: 

  

	 	(i)	 ̈  144A Global Note (CUSIP 07556Q BJ3), or 

  

	 	(ii)	 ̈  Regulation S Global Note (CUSIP U0758T AM9), or 

  

	 	(iii)	 ̈  Unrestricted Global Note (CUSIP 07556Q BK0); or 

  

	(b)	 ̈  a Restricted Definitive Note; or 

  

	(c)	 ̈  an Unrestricted Definitive Note, in accordance with the terms of the Indenture. 

  
 EB-5 

 EXHIBIT C 

FORM OF CERTIFICATE OF EXCHANGE 
 Beazer Homes
USA, Inc. 
 1000 Abernathy Road, Suite 260 
 Atlanta, Georgia
30328 
 Fax: 770-781-6461 
 Attention: Kenneth F. Khoury 

U.S. Bank National Association 
 Corporate Trust Services 

1349 West Peachtree Street NW 
 Suite 1050 

Atlanta, Georgia 30309 
 Fax No.: (404) 898-8844 

Attention: Beazer 8.750% Notes (2016 Indenture) 
  

	 	Re:	8.750% Senior Notes due 2022 

 Reference is hereby made to the Indenture, dated as of
September 21, 2016 (the “Indenture”), among Beazer Homes USA, Inc., the Subsidiary Guarantors named therein and the Trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 

                     (the
“Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $          in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
 1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR
BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE 

a.  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO BENEFICIAL
INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and
in accordance with the United States Securities Act of 1933, as amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

b.  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO UNRESTRICTED
DEFINITIVE NOTE. In connection 

  
 EC-1 

 
EC-1 with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act,
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States. 
 c.  ̈ CHECK IF
EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner
hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
 d.  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the
Owner hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 

2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL
INTERESTS IN RESTRICTED GLOBAL NOTES 
 a.  ̈ CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST
IN A RESTRICTED GLOBAL NOTE TO RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby
certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will
continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and in the Indenture and the Securities Act. 

b.  ̈ CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE. In connection with the 

  
 EC-2 

 
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A Global Note  ̈ Regulation S Global Note, with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state
of the United States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the
relevant Restricted Global Note and in the Indenture and the Securities Act. 
 This certificate and the statements contained herein are
made for your benefit and the benefit of the Company and are dated                     . 

 

			
	[Insert Name of Transferor]
		
	By:	 	  

		 	Name:
		 	Title:

Dated:                     

  
 EC-3 

 EXHIBIT D 

[FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Beazer Homes USA, Inc., a Delaware Corporation (the
“Company”), and U.S. Bank National Association, as trustee (the “Trustee”). 
 WITNESSETH 

WHEREAS, each of Beazer Homes USA, Inc. and the Subsidiary Guarantors (as defined in the Indenture referred to below) has
heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of September 21, 2016, providing for the issuance of an unlimited aggregate principal amount of 8.750% Senior Notes due 2022 (the
“Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and
deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein and
under the Indenture (the “Guarantee”); and WHEREAS, pursuant to Section 8.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

WHEREAS, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the
parties mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
 (1) Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 
 (2) Agreement
to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an unconditional Guarantee on the terms and subject to the conditions set forth in the Guarantees and in the Indenture including but not limited to Article X thereof, and subject
to the limitation therein. 
 (3) Governing Law. THIS SUPPLEMENTAL INDENTURE WILL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK.

 (4) Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original,
but all of them together represent the same agreement. 
 (5) Effect of Headings. The headings of the Sections of this Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part of this Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 

  
 ED-1 

 (6) The Trustee. The Trustee shall not be responsible for and makes no representation as
to the validity or adequacy of this Supplemental Indenture. 
 (7) Benefits Acknowledged. The Guaranteeing Subsidiary’s
Guarantee is subject to the terms and conditions set forth in the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this
Supplemental Indenture and that the guarantee and waivers made by it pursuant to this Guarantee are knowingly made in contemplation of such benefits. 

(8) Successors. All agreements of the Guaranteeing Subsidiary in this Supplemental Indenture shall bind its Successors, except as
otherwise provided in this Supplemental Indenture. All agreements of the Trustee in this Supplemental Indenture shall bind its successors. 

  
 ED-2 

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

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 U.S. BANK NATIONAL ASSOCIATION
 as
Trustee

		
	By:	 	  

		 	Name:
		 	Title:

  
 ED-3

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