Document:

Updated Articles of Association of Adecoagro S.A.

 Exhibit 4.1 
 Adecoagro S.A. 
 Société anonyme 

Siége social: 13-15 avenue de la Liberté 
 L-1931 Luxembourg 
 R.C.S. Luxembourg B 153.681 

STATUTS COORDONNES 

à la date du 5 Octobre 2011 
 UPDATED ARTICLES OF ASSOCIATION 
 AS AT October 5th, 2011 
 PART I.    FORM, DENOMINATION, DURATION, REGISTERED OFFICE 
 Article
1.    Form, Name 
 There exists a company in the form of a société anonyme, under the name of Adecoagro
S.A. (the “Company”). 
 Article 2.    Duration 
 The Company is established for an undetermined duration. The Company may be dissolved at any time by a resolution of the Shareholders adopted in the manner required for amendment of these Articles of
Incorporation. 
 Article 3.    Registered office 
 3.1 The Company has its registered office in the City of Luxembourg, Grand-Duchy of Luxembourg. It may be transferred to any other place in the Grand Duchy of Luxembourg by means of a resolution of
a General Meeting deliberating in the manner provided for amendments to the Articles. 
 3.2 The address of the registered office may be
transferred within the municipality by decision of the Board of Directors. 
 3.3 The Company may have offices and branches, both in
Luxembourg and abroad. 
 3.4 In the event that the Board of Directors determines that extraordinary political, economic or social
developments have occurred or are imminent that would interfere with the normal activities of the Company at its registered office, or with the ease of communication between such office and persons abroad, the registered office may be temporarily
transferred abroad until 

 
the complete cessation of these abnormal circumstances; such temporary measures shall have no effect on the nationality of the Company which, notwithstanding the temporary transfer of its
registered office, will remain a Luxembourg company. Such temporary measures will be taken and notified to any interested parties by the Board of Directors. 
 PART II.    PURPOSE, OBJECT 
 Article
4.    Purpose, Object 
 4.1 The object of the Company is the holding of participations, in any form whatsoever,
in Luxembourg and foreign companies, or other entities or enterprises, the acquisition by purchase, subscription, or in any other manner as well as the transfer by sale, exchange or otherwise of stock, bonds, debentures, notes and other securities
or rights of any kind including interests in partnerships, and the holding, acquisition, disposal, investment in any manner in, development, licensing or sub licensing, of any patents or other intellectual 

property rights of any nature or origin as well as the ownership, administration, development and management of its portfolio. The Company may carry out
its business through branches in Luxembourg or abroad. 
 4.2 The Company may borrow in any form and proceed to the issue by private or
public of bonds, convertible bonds and debentures or any other securities or instruments it deems fit. 
 4.3 In a general fashion it may
grant assistance (by way of loans, advances, guarantees or securities or otherwise) to companies or other enterprises in which the Company has an interest or which form part of the group of companies to which the Company belongs or any entity as the
Company may deem fit (including up stream or cross stream), take any controlling, management, administrative and/or supervisory measures and carry out any operation which it may deem useful in the accomplishment and development of its purposes.

 4.4 Finally, the Company can perform all commercial, technical and financial or other operations, connected directly or indirectly in
all areas in order to facilitate the accomplishment of its purpose. 
 PART III.    SHARE CAPITAL—SHARES

 Article 5.    Share capital 
 5.1. The Company has an issued share capital of one hundred eighty million seven hundred forty-eight thousand six hundred and thirty-five US Dollars (USD 180,748,635) represented by a total
of one hundred twenty million four hundred ninety-nine thousand and ninety (120,499,090) fully paid Shares, each with a nominal value of one US Dollar and fifty cents (USD1.5), with such rights and obligations as set forth in the present
Articles. 
 5.1.1 The Company has an authorized share capital of three billion US Dollars (3,000,000,000), including the issued share capital,
represented by two billion (2,000,000,000) shares, each with a nominal value of one US Dollar and fifty cents (USD1.5). The Company’s 

  
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share capital (and any authorization granted to the Board of Directors in relation thereto) shall be valid from l0th January, 2011 and until the fifth anniversary of publication in the Mémorial of the deed of the extraordinary
General Shareholder’s Meeting held on l0th January
2011. The Board of Directors, or any delegate(s) duly appointed by the Board of Directors, may from time to time issue shares within the limits of the authorized share capital against contributions in cash, contributions in kind or by way of
incorporation of available reserves at such times and on such terms and conditions, including the issue price, as the Board of Directors or its delegate(s) may in its or their discretion resolve and the General Shareholder’s Meeting waived and
has authorized the Board of Directors to waive, suppress or limit, any pre-emptive subscription rights of shareholders provided for by law to the extent it deems such waiver, suppression or limitation advisable for any issue or issues of shares
within the authorized share capital. 
 5.1.2 The issued and the authorised un-issued share capital of the Company may be increased or reduced
one or several times by a resolution of the General Meeting of Shareholders adopted in compliance with the quorum and majority rules set by these Articles of Incorporation or, as the case may be, by law for any amendment of these Articles of
Incorporation. 
 5.2 The Company may not issue fractional Shares. The Board of Directors shall be authorised at its discretion to
provide for the payment of cash or the issuance of scrip in lieu of any fraction of a Share. 
 5.3 The Company or its subsidiaries may
proceed to the purchase or repurchase of its own Shares and may hold Shares in treasury, each time within the limits laid down by law. 
  

	5.4	Any Share premium shall be freely distributable in accordance with the provision of these Articles. 

Article 6.    Securities in registered form only 

 

	6.1	Shares 

 6.1.1 Shares of the Company are
in registered form only. 
 6.1.2 A register of Shares will be kept by the Company and will be available for inspection by any registered
shareholder. Ownership of registered Shares will be established by inscription in the said register or in the event separate registrars have been appointed pursuant to Article 6.1.3, such separate register. Without prejudice to the conditions for
transfer by book entry in the case provided for in Article 6.1.7 of the present Articles, a transfer of registered Shares shall be carried out by means of a declaration of transfer entered in the relevant register, dated and signed by the transferor
and the transferee or by their duly authorised representatives. The Company may accept and enter in the relevant register a transfer on the basis of correspondence or other documents recording the agreement between the transferor and the transferee.

  
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6.1.3 The Company may appoint registrars in different jurisdictions who will each maintain a separate register for the registered shares entered therein and the holders of shares may elect to be
entered in one of the registers and to be transferred from time to time from one register to another register. The Board of Directors may however impose transfer restrictions for Shares that are registered, listed, quoted, dealt in, or have been
placed in certain jurisdictions in compliance with the requirements applicable therein. The transfer to the register kept at the Company’s registered office may always be requested. 
 6.1.4 Subject to the provisions of Article 6.1.7, the Company may consider the person in whose name the registered Shares are registered in the register(s) of Shareholders as the full owner of such
registered Shares. The Company shall be completely free from any responsibility in dealing with such registered Shares towards third parties and shall be justified in considering any right, interest or claims of such third parties in or upon such
registered shares to be non-existent, subject, however, to any right which such third party might have to demand the registration or change in registration of registered Shares. In the event that a holder of registered shares does not provide an
address to which all notices or announcements from the Company may be sent, the Company may permit a notice to this effect to be entered into the register(s) of Shareholders and such holder’s address will be deemed to be at the registered
office of the Company or such other address as may be so entered by the Company from time to time, until a different address shall be provided to the Company by such holder. The holder may, at any time, change his address as entered in the
register(s) of Shareholders by means of written notification to the Company or the relevant registrar. 
 6.1.5 The Board may decide that no
entry shall be made in the register of Shareholders and no notice of a transfer shall be recognised by the Company or a registrar during the period starting on the fifth (5) business day before the date of a General Meeting and ending at the
close of that General Meeting, unless the Board sets a shorter time limit. 
 6.1.6 All communications and notices to be given to a registered
Shareholder shall be deemed validly made to the latest address communicated by the Shareholder to the Company. 
 6.1.7 Where Shares are
recorded in the register of Shareholders on behalf of one or more persons in the name of a securities settlement system or the operator of such a system or in the name of a professional securities depositary or any other depositary (such systems,
professionals or other depositaries being referred to hereinafter as “Depositaries”) or of a sub-depositary designated by one or more Depositaries, the Company—subject to having received from the Depositary with whom those Shares are
kept in account a certificate in proper form—will permit those persons to exercise the rights attaching to those Shares, including admission to and voting at General Meetings. The Board of Directors may determine the formal requirements with
which such 

  
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certificates must comply. Notwithstanding the foregoing, the Company will make dividend payments and any other payments in cash, Shares or other securities only to the Depositary or
sub-depositary recorded in the register or in accordance with its instructions, and such payment will effect full discharge of the Company’s obligations. 
 6.1.8 Upon the written request of a Shareholder, registered nominative Share certificate(s) recording the entry of such Shareholder in the register of Shareholders may be issued in such denominations as
the Board of Directors shall prescribe to the requesting Shareholder and, in the case provided for in Article 6.1.7 of the present Articles and upon request, to the Depositaries or sub-depositaries recorded in the register(s). The certificates so
issued shall be in such form and shall bear such legends and such numbers of identification as shall be determined by the Board of Directors. Such certificates shall be signed manually or by facsimile by two (2) Board Members. Lost, stolen or
mutilated certificates will be replaced by the Company upon such evidence, undertakings and indemnities as may be deemed satisfactory to the Company, provided that mutilated share certificates shall be delivered before new certificates are remitted.

 6.1.9 The Shares are indivisible vis-a-vis the Company which will recognise only one holder per Share. In case a Share is held by more than
one person, the persons claiming ownership of the Share will be required to name a single proxy to represent the Share vis-a-vis the Company. The Company has the right to suspend the exercise of all rights attached to such Share until one person has
been so appointed. The same rule shall apply in the case of a conflict between an usufructuary and a bare owner or between a pledgor and a pledgee. 
  

	6.2	Other Securities 

 6.2.1 Securities (other
than Shares which are covered by article 6.1) of the Company are in registered form only. 
 6.2.2 The provisions of article 6.1 shall apply
mutatis mutandis. 
 Article 7.    Shares—Voting Rights 
 Subject as set forth in the present Articles, each Share shall be entitled to one vote at all General Meetings of Shareholders. 
 PART IV.    MANAGEMENT OF THE COMPANY 
 Article
8.    Management of the Company—Board of Directors 
 8.1 The Company shall be managed by a Board of
Directors which is vested with the broadest powers to manage the business of the Company and to authorise and/or perform all acts of disposal, management and administration falling within the purposes of the Company. 

8.2 All powers not expressly reserved by the law or by the Articles of the Company to the General Meeting shall be within the competence of the
Board of Directors. 

  
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 8.3 Except as otherwise provided herein or by law, the Board of Directors of the Company is
authorised to take such action (by resolution or otherwise) and to adopt such provisions as shall be necessary, appropriate, convenient or deemed fit to implement the purpose of the Company. 
 Article 9.    Composition of the Board of Directors 
 9.1 The
Company shall be managed by a Board of Directors composed of a minimum of three (3) Directors and a maximum of eleven (11) (unless otherwise provided for herein) who may but do not need to be Shareholders of the Company. 

9.2 The Directors are appointed by the General Meeting of Shareholders for a period of up to three (3) years; provided however the Directors
shall be elected on a staggered basis, with one third (1/3) of the Directors being elected each year and provided further that such three year term may be exceeded by a period up to the annual general meeting held following the third
anniversary of the appointment. The Directors may be removed with or without cause (ad nutum) by the General Meeting of Shareholders by a simple majority vote of votes cast at a General Meeting of Shareholders. The Directors shall be eligible for
re-election indefinitively. 
 9.3 In the event of a vacancy in the office of a Director because of death, retirement, resignation,
dismissal, removal or otherwise, the remaining Directors may fill such vacancy and appoint a successor in accordance with applicable law. 

Article 10.    Chairman 
 10.1 The Board of Directors shall, to the extent required by law and otherwise may, appoint the chairman of the Board of Directors amongst its members (the “Chairman”). The Chairman shall
preside over all meetings of the Board of Directors and of Shareholders including class meetings. In the absence of the Chairman of the Board, a chairman determined ad hoc, shall chair the relevant meeting. 

10.2 In case of a tie the Chairman (or any other Board member) shall not have a casting vote. 

Article 11.    Board Proceedings 
 11.1 The Board of Directors shall meet upon call by (or on behalf of) the Chairman or any two Directors. The Board of Directors shall meet as often as required by the interest of the Company.

 11.2 Notice of any meeting of the Board of Directors must be given by letter, cable, telegram, telephone, facsimile transmission,
telex or e-mail advice to each Director, two (2) days before the meeting, except in the case of an emergency, in which event a twenty four (24) hours notice shall be sufficient. No convening notice shall be required for meetings held
pursuant to a schedule previously approved by the Board and communicated to all Board members. A meeting of the Board may also be validly held without convening notice to the extent the Directors present or represented do not object and those
Directors not present or represented have waived the convening notice in writing, by fax or email. 

  
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 11.3 Meetings of the Board of Directors may be held physically or, in all circumstances, by way of
conference call (or similar means of communication which permit the participants to communicate with each other). 
 11.4 Any Director
may act at any meeting of the Board of Directors by appointing in writing by letter or by cable, telegram, facsimile transmission or e-mail another Director as his proxy. A Director may represent more than one of the other Directors. 

11.5 The Board of Directors may deliberate and act validly only if the majority of the Board members (able to vote) are present or represented.
Decisions shall be taken by a simple majority of the votes validly cast by the Board members present or represented (and able to vote). 

11.6 Meetings of the Board of Directors may be validly held at any time and in all circumstances by means of telephonic conference call,
videoconference or any other means, which permit the participants to communicate with each other. A Director attending in such manner shall be deemed present at the meeting for as long as he is connected. 

11.7 The Board of Directors may also in all circumstances with unanimous consent pass resolutions by circular means and written resolutions signed
by all members of the Board will be as valid and effective as if passed at a meeting duly convened and held. Such signatures may appear on a single document or multiple copies of an identical resolution and may be evidenced by letters, cables,
facsimile transmission, or e-mail. 
 11.8 The minutes of any meeting of the Board of Directors (or copies or extracts of such minutes
which may be produced in judicial proceedings or otherwise) shall be signed by the Chairman, the chairman (ad hoc) of the relevant meeting or by any two (2) Directors or as resolved at the relevant Board meeting or any subsequent Board meeting.

 Article 12.    Delegation of power, committees, secretary 
 12.1 The Board may delegate the daily management of the business of the Company, as well as the power to represent the Company in its day to day business, to individual Directors or other officers
or agents of the Company (with power to sub-delegate). In addition the Board of Directors may delegate the daily management of the business of the Company, as well as the power to represent the Company in its day to day business to an executive or
other committee as it deems fit. The Board of Directors shall determine the conditions of appointment and dismissal as well as the remuneration and powers of any person or persons so appointed. 

12.2 The Board of Directors may (but shall not be obliged to unless required by law) establish one or more committees (including without
limitation an audit committee, a risk and strategy committee, and a compensation committee) and for which it shall, if one or more of such committees are set up, appoint the members (who may be but do not need to be Board members), determine the
purpose, powers and authorities as well as the procedures and such other rules as may be applicable thereto (subject as to the audit committee as set forth below). 

  
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 12.2.1. Audit Committee: in the case the Board of Directors decides to set up an audit committee (the
“Audit Committee”), such Audit Committee shall be composed of at least three (3) members and the Board of Directors shall appoint one of the members of the Audit Committee as the chairperson of the Audit Committee. The Audit Committee
shall (a) assist the Board of Directors in fulfilling its oversight responsibilities relating to the integrity of the Company’s financial statements, including periodically reporting to the Board of Directors on its activity and the
adequacy of the Company’s systems of internal controls over financial reporting; (b) make recommendations for the appointment, compensation, retention and oversight of, and consider the independence of, the Company’s external
auditors; (c) review Material Transactions between the Company or its subsidiaries with Related Parties (other than transactions that were reviewed and approved by the independent members of the Board of Directors (if any) or other governing
body of any subsidiary of the Company or through any other procedures as the Board of Directors may deem substantially equivalent to the foregoing) to determine whether their terms are consistent with market conditions or are otherwise fair to the
Company and its subsidiaries; and (d) perform such other duties imposed to it by the laws and regulations of the Regulated Market(s) on which the shares of the Company are listed applicable to the Company, as well as any other duties entrusted
to it by the Board of Directors. The Board of Directors shall allocate to the Audit Committee the necessary resources and authority to fulfil its functions. 
 12.2.2 Compensation Committee: in the case the Board of Directors decides to set up an compensation committee (the “Compensation Committee”), such Compensation Committee shall review and approve
the compensation and benefits of the executive officers and other key employees of the Company and its group, and make recommendations to the Board of Directors regarding principles for compensation, performance evaluation, and retention strategies.
The Compensation Committee (if any) shall be responsible for designing and administering the Company’s equity-based incentive plans of the Company and its group. 
 12.2.3 Risk and Strategy Committee: in the case the Board of Directors decides to set up an risk and strategy committee (the “Risk and Strategy Committee”), such Risk and Strategy Committee
shall assist the Board of Directors in fulfilling its oversight responsibilities with regard to (i) evaluating the risks inherent in the business of the Company and its group and the control processes with respect to such risks; (ii) the
assessment and review of credit, market, commercial, fiduciary, liquidity, reputational and operational risks; and (iii) maintaining a cooperative, interactive strategic planning process with executive officers, including the identification and
setting of strategic goals and the review of potential acquisitions, joint ventures, and strategic alliances; and dispositions. 

  
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 12.3 The Board of Directors may appoint a secretary of the Company who may but does not need to be a
member of the Board of Directors and determine his responsibilities, powers and authorities. 
 Article 13.    Binding
Signature 
 The Company will be bound by the sole signature of the Chairman or the joint signature of any two (2) Director or by the
sole or joint signatures of any persons to whom such signatory power shall have been delegated by the Board of Directors. For the avoidance of doubt, for acts regarding the daily management of the Company the Company will be bound by the sole
signature of the administrateur délégué (“Chief Executive Officer” or “CEO”) or any person or persons to whom such signatory power shall be delegated by the Board of Directors. 

Article 14.    Board Compensation. Indemnification 

 

	14.1	The compensation of the Board of Directors will be decided by the General Meeting. 

 14.2 The Directors are not held personally liable for the indebtedness or other obligations of the Company. As agents of the Company, they are responsible for the performance of their duties.
Subject to the exceptions and limitations listed in article 14.3, every person who is, or has been, a Director or officer of the Company shall be indemnified by the Company to the fullest extent permitted by law against liability and against all
expenses reasonably incurred or paid by him in connection with any claim, action, suit or proceeding which he becomes involved as a party or otherwise by virtue of his being or having been such Director or officer and against amounts paid or
incurred by him in the settlement thereof. The words “claim”, “action”, “suit” or “proceeding” shall apply to all claims, actions, suits or proceedings (civil, criminal or otherwise including appeals) actual
or threatened and the words “liability” and “expenses” shall include without limitation attorneys’ fees, costs, judgements, amounts paid in settlement and other liabilities. 

14.3 No indemnification shall be provided to any Director or officer: 
 14.3.1 Against any liability to the Company or its shareholders by reason of wilful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his office;

 14.3.2 With respect to any matter as to which he shall have been finally adjudicated to have acted in bad faith and not in the interest of
the Company; or 
 14.3.3 In the event of a settlement, unless the settlement has been approved by a court of competent jurisdiction or by the
Board of Directors. 
 14.4 The right of indemnification herein provided shall be severable, shall not affect any other rights to which
any Director or officer may now or hereafter be entitled, shall continue as to a person who has ceased to be such Director or officer and shall inure to the benefit of the heirs, executors and administrators of such a person. Nothing contained
herein shall affect any rights to indemnification to which corporate personnel, including directors and officers, may be entitled by contract or otherwise under law. 

  
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 14.5 Expenses in connection with the preparation and representation of a defence of any claim,
action, suit or proceeding of the character described in this Article shall be advanced by the Company prior to final disposition thereof upon receipt of any undertaking by or on behalf of the officer or director, to repay such amount if it is
ultimately determined that he is not entitled to indemnification under this article. 
 Article 15.    Conflicts of
Interest 
 15.1 No contract or other transaction between the Company and any other company or firm shall be affected or invalidated
by the fact that any one or more of the Directors or officers of the Company is interested in, or is a director, associate, officer, agent, adviser or employee of such other company or firm. Any Director or officer who serves as a director, officer
or employee or otherwise of any company or firm with which the Company shall contract or otherwise engage in business shall not, by reason of such affiliation with such other company or firm only, be prevented from considering and voting or acting
upon any matters with respect to such contract or other business. 
 15.2 In the case of a personal conflict of interest of a Director,
such Director shall indicate such conflict of interest to the Board and shall not deliberate or vote on the relevant matter. Any conflict of interest arising at Board level shall be reported to the next General Meeting of Shareholders before any
resolution as and to the extent required by law. 
 PART V.    GENERAL MEETINGS OF SHAREHOLDERS 

Article 16.    General Meetings of Shareholders 
 16.1 Any regularly constituted General Meeting of Shareholders of the Company shall represent the entire body of Shareholders of the Company. It shall have the broadest powers to order, carry out
or ratify acts relating to the operations of the Company. 
 16.2 The annual general meeting of Shareholders shall be held, in accordance
with Luxembourg law, at the registered office of the Company, or at such other place in Luxembourg as may be specified in the notice of meeting on the third Wednesday of April of each year at 16.00 (local time) (or such other date as may be
permitted by law). If such day is a legal holiday, the annual General Meeting shall be held on the next following business day. 
 16.3
Other meetings of Shareholders may be held at such place and time as may be specified in the respective notices of meeting. 

  
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 16.4 General Meetings shall be convened in accordance with the provisions of law and in the case the
Shares of the Company are listed on a Regulated Market, in accordance with the publicity requirements of such Regulated Market applicable to the Company. If all of the Shareholders are present or represented at a general meeting of Shareholders, the
General Meeting may be held without prior notice or publication. 
 16.5 In case the shares of the Company are not listed in a any
Regulated Market, all Shareholders recorded in the share register on the date of the General Meeting are entitled to be admitted in the General Meeting; provided, however, that in case the Shares of the Company are listed on a Regulated Market, the
Board of Directors may determine a date preceding the General Meeting as the record date for admission to the General Meeting (the “Record Date”). 
 16.6 Where, in accordance with the provisions of Article 6.1.7 of the present Articles, Shares are recorded in the register(s) of Shareholders in the name of a Depositary or sub-depositary of the
former, the certificates provided for in Article 6.1.7 must be received by the Company (or its agents as set forth in the convening notice) no later than the day preceding the fifth (5th) working day before the date of the General Meeting unless the Board fixes a different period. Such certificates
must (unless otherwise required by applicable law) certify the fact that the Shares in the account shall be blocked until the close of the General Meeting. All proxies must be received by the Company (or its agents) by the same deadline provided
that the Board of Directors may, if it deems so advisable amend these periods of time for all Shareholders and admit Shareholders (or their proxies) who have provided the appropriate documents to the Company (or its agents as aforesaid) to the
General Meeting, irrespective of these time limits. 
 16.7 The Board of Directors shall adopt all other regulations and rules concerning
the attendance to the General Meeting, and availability of access cards, proxy forms and/or voting forms in order to enable Shareholders to exercise their right to vote. 
 16.8 Any Shareholder may be represented at a General Meeting by appointing as his or her proxy another person, who need not be a Shareholder. 

Article 17.    Majority and quorum at the General Meeting 
 17.1 At any General Meeting of Shareholders other than a General Meeting convened for the purpose of amending the Company’s Articles of Incorporation or voting on resolutions whose adoption is
subject to the quorum and majority requirements for amendments of the Articles of Incorporation, no presence quorum is required and resolutions shall be adopted, irrespective of the number of Shares represented, by a simple majority of votes validly
cast. 
 17.2 At any extraordinary General Meeting of Shareholders for the purpose of amending the Company’s Articles of
Incorporation or voting on resolutions whose adoption is subject to the quorum and majority requirements for amendments of the Articles of Incorporation, the quorum shall be at least one half of the issued share capital of the Company. If the said
quorum is not present, a second Meeting may be convened at which there shall be no quorum requirement. In order for the proposed resolutions to be adopted at such a General Meeting, and save as otherwise provided by law, a two thirds
(2/3) majority of the votes validly cast at any such General Meeting. 

  
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 PART VI.    AMENDMENT OF ARTICLES 

Article 18.    Amendments of Articles 
 The Articles of Incorporation may be amended from time to time by a resolution of the General Meeting of Shareholders to the quorum and voting requirements provided by the laws of Luxembourg and as may
otherwise be provided herein. 
 PART VII.    ACCOUNTING YEAR, AUDITOR 

Article 19.    Accounting Year 
 The accounting year of the Company shall begin on first of January and shall terminate on thirty-first of December of each year. 
 Article 20.    Auditor 
 The Company’s annual accounts shall be
audited by one or more independent auditors, appointed by the General Meeting at the Board of Directors’ recommendation (or if so resolved by the Board of Directors, the recommendation of the Audit Committee, if any). The General
Shareholders’ Meeting shall determine the number of independent auditors and the term of their office, which shall not exceed one (1) year. They may be reappointed and dismissed at any time by the General Shareholders’ Meeting at the
Board of Directors’ recommendation (or if so resolved by the Board of Directors, the recommendation of the Audit Committee, if any). 

PART VIII.    DISTRIBUTIONS, WINDING UP 
 Article 21.    Distributions 
 21.1 From the annual net profits
of the Company, five per cent (5%) shall be allocated to an un-distributable reserve required by law. This allocation shall cease to be required as soon and as long as such reserve amounts to ten per cent (10%) of the issued share capital
of the Company. 
 21.2 The General Meeting of Shareholders, upon recommendation of the Board of Directors, will determine how the
remainder of the annual net profits will be disposed of, including by way of stock dividend. 
 21.3 Interim distributions may be
declared and paid (including by way of staggered payments) by the Board of Directors subject to observing the terms and conditions provided by law either by way of a cash distribution or by way of an in kind distribution. 

21.4 In the event it is decided by the General Meeting, or in the case interim distributions declared by the Board, that a distribution be paid in
Shares or other securities of the Company, the Board of Directors may exclude from such offer such Shareholders he deems necessary or advisable due to legal or practical problems in any territory or for any other reasons as the Board may determine.

  
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 Article 22.    Liquidation 

22.1 In the event of the dissolution of the Company for whatever reason or whatever time, the liquidation will be performed by
liquidators or by the Board of Directors then in office who will be endowed with the powers provided by articles 144 et seq. of the Luxembourg law of 10th August 1915 on commercial companies. Once all debts, charges and liquidation expenses have been met, any balance
resulting shall be paid to the holders of Shares in the Company in accordance with the provisions of these Articles. 
 PART
IX.    SOLE SHAREHOLDER, DEFINITIONS, APPLICABLE LAW 
 Article 23.    Sole Shareholder

 If, and as long as one Shareholder holds all the Shares of the Company, the Company shall exist as a single Shareholder company pursuant
to the provisions of Company Law. In the event the Company has only one Shareholder or two Shareholders, the Company may at the option of the sole Shareholder or as the case may be the two Shareholders, be managed by one or two Directors as provided
for by law and all provisions in the present Articles referring to the Board of Directors shall be deemed to refer to the sole Director or the two Directors (mutatis mutandis) who shall have all such powers as provided for by law and as set forth in
the present Articles with respect to the Board of Directors. 
 Article 24.    Definitions 

 

	 Affiliate 
	Means, in relation to a person or entity, a person that directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such person or
entity. The term “Affiliated with” has a meaning correlative to the foregoing. 

  

	 Articles or Articles of Incorporation 
	Means the present articles of incorporation of the Company as amended from time to time 

  

	 Board or Board of Directors 
	Means the Board of Directors (conseil d’administration) of the Company 

  

	 Control 
	Means, in relation to a person or entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such person or entity, whether
through ownership of voting securities, by contract or otherwise. 

  

	 Director 
	Means a member of the Board of Directors or as the case may be, the sole Director of the Company 

  
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	 General Meeting 
	Means the general meeting of Shareholders 

  

	 independent members of the Board of Directors 
	Means a Director who: (i) is not employed, and has not been employed within the five years immediately prior to the ordinary General Meeting at which the candidates to the Board of Directors
will be voted upon, by the Company or any of its subsidiaries in an executive capacity; (ii) does not receive consulting, advisory or other compensatory fees from the Company or any of its subsidiaries (other than fees received as member of the
Board of Directors or any committee thereof and fees received as member of the board of directors or other governing body, or any committee thereof, of any of the Company’s subsidiaries); (iii) does not Control the Company; (iv) has not (and
does not Control a business entity that has) a material business relationship with the Company, any of its subsidiaries, or the person that directly or indirectly Controls the Company, if such material business relationship would be reasonably
expected to adversely affect the director’s ability to properly discharge its duties; (v) does not Control, and is not, and has not been within the five-year period immediately prior to the ordinary shareholders’ meeting at which the
candidates to the Board of Directors will be voted upon, employed by, a (present or former) internal or external auditor of the Company, any of its subsidiaries or the person that directly or indirectly Controls the Company; and (vi) is not a
spouse, parent, sibling or relative up to the third degree of, and does not share a home with, any person above described from (i) to (iv). 

  

	 Material Transactions 
	Means (i) any transaction (x) with an individual value equal to or greater than ten million United States Dollars (USD 10,000,000); (y) with an individual value lower than ten million United
States Dollars (USD 10,000,000), when the aggregate sum of any series of transactions of such lower value reflected in the financial statements of the four fiscal quarters of the Company preceding the date of determination (excluding any
transactions that were reviewed and approved by any of the Audit Committee (if any), the Board of Directors or the independent members of the Board of Directors or other governing body of any subsidiary of the 

  
 Page 14

	 	Company, or through any other procedures as the Board of Directors may deem substantially equivalent to the foregoing), exceeds 1.5% of the Company’s consolidated net sales made in the
fiscal year preceding the year on which the determination is made; or (ii) any corporate reorganization transaction (including a merger, a spin-off or a bulk transfer of a business) involving the Company or any of its subsidiaries for the benefit
of, or involving, a Related Party. 

  

	 Regulated Market 
	Means any official stock exchange or securities exchange market in the European Union, the United States of America or elsewhere 

 

	 Related Party 
	Means, in relation to the Company or its direct or indirect subsidiaries, any of the following persons: (i) a member of the Board of Directors or of the board of directors or other governing
body of any of the Company’s subsidiaries; (ii) any member of the board of directors or other governing body of an entity that Controls the Company; (iii) any Affiliate of the Company (other than the Company’s subsidiaries); (iv) any
entity Controlled by any member of the Board of Directors, or of the board of directors or other governing body of any subsidiary of the Company; and (v) any spouses, parents, siblings or relatives up to the third degree of, and any persons that
share a home with, any person referred to in (i) or (ii). 

  

	 Shareholder 
	Means a duly registered holder of Shares of the Company 

  

	 Shares 
	Means the shares (actions) of the Company 

 Article
25.    Applicable law 
 For anything not dealt with in the present Articles of Incorporation, the Shareholders refer to
the relevant legislation. 

  
 Page 15Intercreditor Agreement

 Exhibit 4.3 
 EXECUTION COPY 
  
  

 
 INTERCREDITOR AGREEMENT

 dated as of May 10, 2011 
 among 
 SHEA HOMES LIMITED PARTNERSHIP, 

SHEA HOMES FUNDING CORP., 
 the other GRANTORS party hereto, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION

 in its capacity as the Collateral Agent, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION 
 as the Authorized Representative for the
Indenture Secured Parties solely in its capacity 
 as Trustee under the Indenture, 

CREDIT SUISSE AG, 

as the LC Facility Authorized Representative, 
 and 
 each ADDITIONAL AUTHORIZED REPRESENTATIVE from time to time party 

hereto 
  

 
  

 INTERCREDITOR AGREEMENT dated as of May 10, 2011 (as amended,
supplemented or otherwise modified from time to time, this “Agreement”), among SHEA HOMES LIMITED PARTNERSHIP, a California limited partnership (the “Company”), SHEA HOMES FUNDING CORP., a Delaware corporation (the
“Corporate Issuer”, and together with the Company, the “Issuers”), the other GRANTORS (as defined below) party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent for the Pari-Passu
Lien Secured Parties (as defined below) (in such capacity, the “Collateral Agent”), WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Authorized Representative for the Indenture Secured Parties solely in its capacity as trustee under
the Indenture (as defined below) (in such capacity, the “Trustee”), CREDIT SUISSE AG, as the Authorized Representative for the LC Facility Secured Parties (in such capacity, the “LC Facility Authorized
Representative”), and each Additional Authorized Representative from time to time party hereto, as the Authorized Representative for any Pari-Passu Lien Secured Parties of any other Class. 

In consideration of the mutual agreements herein contained and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Collateral Agent, the Trustee, for itself and on behalf of its Related Secured Parties, the LC Facility Authorized Representative, for itself and on behalf of its Related Secured Parties, and each Additional
Authorized Representative, for itself and on behalf of its Related Secured Parties, agree as follows: 
 ARTICLE I

 Definitions 
 SECTION 1.01. Certain Defined Terms. Capitalized terms used but not otherwise defined herein have the meanings assigned to such terms in the Indenture referred to below. As used in this
Agreement, the following terms have the meanings specified below: 
 “Additional Authorized Representative” has
the meaning assigned to such term in Article VI. 
 “Additional Authorized Representative Joinder Agreement”
means a supplement to this Agreement substantially in the form of Exhibit I, appropriately completed. 

 “Additional Pari-Passu Lien Credit Documents” means the indentures or other
agreements under which Additional Pari-Passu Lien Obligations of any Class are issued or incurred and all other notes, instruments, agreements and other documents evidencing or governing Additional Pari-Passu Lien Obligations of such Class or
providing any guarantee, Lien or other right in respect thereof. 
 “Additional Pari-Passu Lien Obligations”
means all Obligations of the Issuers and the other Grantors that shall have been designated as such pursuant to Article VI. Additional Pari-Passu Lien Obligations shall include Post-Petition Interest. 

“Additional Pari-Passu Lien Secured Parties” means the holders of any Additional Pari-Passu Lien Obligations.

 “Agreement” has the meaning assigned to such term in the preamble hereto. 

“Applicable Authorized Representative” means, as of the Issue Date, the Trustee (in its capacity as the Authorized
Representative of the Indenture Secured Parties). The Trustee (and any subsequent Applicable Authorized Representative) will remain the Applicable Authorized Representative until the earlier of (1) such time as the Notes Obligations (or the
applicable Class of Specified Pari-Passu Lien Obligations represented by the then-Applicable Authorized Representative) cease to represent the largest principal amount outstanding of any Class of Specified Pari-Passu Lien Obligations, in which case
the Applicable Authorized Representative shall be the Authorized Representative representing the Class of Specified Pari-Passu Lien Obligations constituting the largest principal amount outstanding of any such Class, and (2) the Non-Controlling
Authorized Representative Enforcement Date, in which case the Applicable Authorized Representative shall be the Major Non-Controlling Authorized Representative. 
 “Authorized Representatives” means the Trustee (in its capacity as the Authorized Representative of the Indenture Secured Parties), the LC Facility Authorized Representative and each
Additional Authorized Representative. 
 “Bankruptcy Case” has the meaning assigned to such term in
Section 2.07. 
 “Bankruptcy Code” means Title 11 of the United States Code, as amended. 

“Bankruptcy Law” means the Bankruptcy Code and any similar Federal, state or foreign law for the relief of debtors.

 “Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New
York City are authorized or required by law to remain closed. 
 “Class”, when used in reference to
(a) any Pari-Passu Lien Obligations, refers to whether such Pari-Passu Lien Obligations are the Notes Obligations, the LC Facility Obligations or the Additional Pari-Passu Obligations of any Series, (b) any Authorized Representative,
refers to whether such Authorized Representative is the 

 
Trustee, the LC Facility Authorized Representative or the Additional Authorized Representative with respect to the Additional Pari-Passu Lien Obligations of any Series, (c) any Pari-Passu
Lien Secured Parties, refers to whether such Pari-Passu Lien Secured Parties are the Indenture Secured Parties, the LC Facility Secured Parties or the Additional Pari-Passu Lien Secured Parties and (d) any Pari-Passu Lien Credit Documents,
refers to whether such Pari-Passu Lien Credit Documents are the Notes Documents, the LC Facility Documents or the Additional Pari-Passu Lien Credit Documents with respect to Additional Pari-Passu Lien Obligations of any Series. 

“Collateral” means all assets of the Grantors now or hereafter subject to a Lien created pursuant to any Pari-Passu Lien
Security Document to secure any Pari-Passu Lien Obligations. 
 “Collateral Agent” has the meaning assigned to
such term in the preamble hereto. 
 “Controlling Secured Parties” means, at any time with respect to any
Shared Collateral, the Secured Parties of the same Class as the Authorized Representative that is the Applicable Authorized Representative with respect to such Shared Collateral at such time. 

“Default” means a “Default” (or a similar event, however denominated) as defined in any Pari-Passu Lien Credit
Document. 
 “DIP Financing” has the meaning assigned to such term in Section 2.07. 

“DIP Financing Liens” has the meaning assigned to such term in Section 2.07. 

“DIP Lenders” has the meaning assigned to such term in Section 2.07. 

“Discharge” means, with respect to any Shared Collateral and Pari-Passu Lien Obligations of any Class (other than the LC
Facility Obligations), the date on which Pari-Passu Lien Obligations of such Class are no longer secured by Liens on such Shared Collateral. The term “Discharged” shall have a corresponding meaning. 

“Discharge of LC Facility Obligations” shall mean, except to the extent otherwise provided in Section 2.08, payment
in full in cash (except for contingent indemnities and cost and reimbursement obligations to the extent no claim has been made) of (a) principal of and interest (including any Post-Petition Interest) and premium, if any, on all Indebtedness
outstanding under the LC Facility Documents and, with respect to letters of credit outstanding thereunder, the obligations thereunder shall have been cash collateralized or other arrangements reasonably satisfactory to the Issuing Bank (as defined
in the LC Facility Agreement) or applicable Participants (as defined in the LC Facility Agreement) under the LC Facility Documents in their sole discretion shall have been made with respect thereto, in each case concurrently with the termination of
all commitments to issue or extend letters of credit, and (b) any other LC Facility Obligations that are due and payable or otherwise accrued and owing at or prior to the 

 
time such principal and interest are paid; provided, however, that the Discharge of LC Facility Obligations shall be deemed not to have occurred if such payments are made with the
proceeds of other LC Facility Obligations that are used to modify, extend, refinance, renew, replace or refund such LC Facility Obligations. In the event the LC Facility Obligations are modified and such modified LC Facility Obligations are paid
over time or otherwise modified pursuant to Section 1129 of the Bankruptcy Code, the LC Facility Obligations shall be deemed to be discharged when the final payment is made, in cash, in respect of such Indebtedness and any Obligations pursuant
to such new Indebtedness shall have been satisfied. 
 “Event of Default” means an “Event of Default”
(or a similar event, however denominated) as defined in any Pari-Passu Lien Credit Document. 
 “Excluded Land
Collateral” means Property (as defined in the Collateral Management Agreement) located in a designated “flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor
agency) for the duration of such designation. 
 “Grantor Joinder Agreement” means a supplement to this
Agreement substantially in the form of Exhibit II, appropriately completed. 
 “Grantors” means, at any time,
the Issuers and each of their Subsidiaries that, at such time, has granted a security interest in any of its assets pursuant to any Pari-Passu Lien Security Document to secure any Pari-Passu Lien Obligations of any Class. The Persons that are
Grantors on the date hereof are those Guarantors party hereto. 
 “Indenture” means the Indenture dated as of
May 10, 2011 among the Issuers, the Trustee and the other parties thereto. 
 “Indenture Secured Parties”
means the Persons holding Notes Obligations, including the Trustee. 
 “Insolvency or Liquidation Proceeding”
means: 
 (a) any case commenced by or against any Grantor under any Bankruptcy Law, any other proceeding for
the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities of any Grantor, any receivership or assignment for the benefit of creditors relating to any Grantor or any similar case or proceeding relative to any
Grantor or its creditors, as such, in each case whether or not voluntary; 
 (b) any liquidation, dissolution,
marshalling of assets or liabilities or other winding up of or relating to any Grantor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 

(c) any other proceeding of any type or nature in which substantially all claims of creditors of any Grantor are
determined and any payment or distribution is or may be made on account of such claims. 

 “LC Facility Agreement” means the Letter of Credit Facility Agreement dated
as of May 10, 2011, among the Company, the Corporate Issuer, the Guarantors party thereto, Credit Suisse AG, as administrative agent (in such capacity, the “Administrative Agent”) and as issuing bank, and the Participants party
thereto. 
 “LC Facility Authorized Representative” has the meaning assigned to such term in the preamble
hereto. 
 “LC Facility Documents” means (a) the LC Facility Agreement, the Security Documents (as such
term is defined in the LC Facility Agreement), the Intercreditor Agreement and any other document designated by the Administrative Agent as an LC Facility Document and (b) any other related document or instrument executed and delivered pursuant
to any LC Facility Document described in clause (a) evidencing or governing any LC Facility Obligations thereunder. 

“LC Facility Obligations” has the meaning assigned to such term in the Security Agreement. LC Facility Obligations shall
include Post-Petition Interest. 
 “LC Facility Secured Parties” means the holders of any LC Facility
Obligations. 
 “Major Non-Controlling Authorized Representative” means, with respect to any Shared Collateral,
the Authorized Representative of the same Class as the Class of the Specified Pari-Passu Lien Obligations (other than the Specified Pari-Passu Lien Obligations of the same Class as the Class of the Controlling Secured Parties with respect to such
Shared Collateral) secured by valid and perfected Liens on such Shared Collateral the aggregate amount of which exceeds the aggregate amount of Specified Pari-Passu Lien Obligations of any other Class (other than the Specified Pari-Passu Lien
Obligations of the same Class as the Class of the Controlling Secured Parties with respect to such Shared Collateral) secured by valid and perfected Liens on such Shared Collateral. 

“Non-Controlling Authorized Representative” means, at any time with respect to any Shared Collateral, any Authorized
Representative (other than the LC Facility Authorized Representative) that is not the Applicable Authorized Representative at such time with respect to such Shared Collateral. 
 “Non-Controlling Authorized Representative Enforcement Date” means, with respect to any Non-Controlling Authorized Representative in respect of any Shared Collateral, the date that is 90
days (throughout which 90-day period such Non-Controlling Authorized Representative was the Major Non-Controlling Authorized Representative with respect to such Shared Collateral) after the occurrence of both (a) an Event of Default (under and
as defined in the Pari-Passu Lien Credit Document under which such Non-Controlling Authorized Representative is the Authorized Representative) and (b) the Collateral Agent’s and each other Authorized Representative’s receipt of
written notice from such Non-Controlling Authorized Representative certifying that (i) such Non-Controlling Authorized Representative is the Major Non-Controlling Authorized Representative with respect to such Shared Collateral

 
and that an Event of Default (under and as defined in the Pari-Passu Lien Credit Document under which such Non-Controlling Authorized Representative is the Authorized Representative) has occurred
and is continuing and (ii) the Specified Pari-Passu Lien Obligations of the Class with respect to which such Non-Controlling Authorized Representative is the Authorized Representative are currently due and payable in full (whether as a result
of acceleration thereof or otherwise) in accordance with the terms of the Pari-Passu Lien Credit Documents of such Class; provided, however, that the Non-Controlling Authorized Representative Enforcement Date shall be stayed and shall
not occur (and shall be deemed not to have occurred for all purposes hereof) with respect to any Shared Collateral (A) at any time the Collateral Agent (pursuant to instructions from the LC Facility Representative or the Applicable Authorized
Representative) has commenced and is diligently pursuing any enforcement action with respect to such Shared Collateral or (B) at any time the Grantor that has granted a security interest in such Shared Collateral is then a debtor under or with
respect to (or otherwise subject to) any Insolvency or Liquidation Proceeding. 
 “Non-Controlling Secured
Parties” means, at any time with respect to any Shared Collateral, the Specified Pari-Passu Lien Secured Parties that are not Controlling Secured Parties at such time with respect to such Shared Collateral. 

“Notes” shall mean any securities issued under the Indenture. 

“Notes Obligations” shall mean all Obligations in respect of the Notes or arising under the Notes Documents or any of
them, including all fees and expenses of the Collateral Agent and the Trustee thereunder. Notes Obligations shall include Post-Petition Interest. 
 “Notes Documents” means (a) the Notes, the Indenture, the Pari-Passu Lien Security Documents and the Intercreditor Agreement and (b) any other related document or instrument
executed and delivered pursuant to any Notes Document described in clause (a) evidencing or governing any Notes Obligations thereunder. 
 “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. 

“Pari-Passu Lien Credit Documents” means, collectively, (a) the Notes Documents, (b) the LC Facility Documents
and (c) the Additional Pari-Passu Lien Credit Documents, in each case including such documents after giving effect to any increase, 

 
extension, renewal, replacement, restatement, supplement, restructuring, repayment, refunding or Refinancing of the Pari-Passu Lien Obligations corresponding thereto in accordance with
Section 2.01(c). 
 “Pari-Passu Lien Obligations” means (a) the Notes Obligations, (b) the LC
Facility Obligations and (c) the Additional Pari-Passu Lien Obligations. 
 “Pari-Passu Lien Secured
Parties” means (a) the Indenture Secured Parties, (b) the LC Facility Secured Parties, (c) the Additional Pari-Passu Lien Secured Parties and (d) the Collateral Agent. 

“Pari-Passu Lien Security Documents” means the Security Agreement and each other agreement entered into in favor of the
Collateral Agent for the purpose of securing Pari-Passu Lien Obligations of any Class. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Possessory Collateral” means any Shared Collateral in the possession of the Collateral Agent (or its agents or
bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. 

“Post-Petition Interest” means any interest accruing subsequent to the filing of a petition in bankruptcy,
reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law. 

“Proceeds” has the meaning assigned to such term in Section 2.01(b). 

“Real Property Collateral Management Agreement” means the Real Property Collateral Management Agreement dated as of
May 10, 2011, among the Company, the Corporate Issuer and Wells Fargo Bank, National Association, as collateral agent for the Pari-Passu Lien Secured Parties. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend, renew, refund, repay, prepay, purchase, redeem, defease or retire, or to issue other Indebtedness in exchange or
replacement for, such Indebtedness, in whole or in part. “Refinanced” and “Refinancing” shall have correlative meanings. 
 “Related Secured Parties” means, with respect to the Authorized Representative of any Class, the Pari-Passu Lien Secured Parties of such Class. 

“Security Agreement” shall mean the Security Agreement dated as of May 10, 2011, among the Issuers, the Grantors
party thereto and the Collateral Agent, as amended and restated or otherwise modified from time to time. 

 “Series”, when used in reference to Additional Pari-Passu Lien Obligations,
refers to such Additional Pari-Passu Lien Obligations as shall have been issued or incurred pursuant to the same indentures or other agreements and with respect to which the same Person acts as the Authorized Representative. 

“Shared Collateral” means, at any time, Collateral on which the Collateral Agent shall have at such time a valid and
perfected Lien for the benefit of Pari-Passu Lien Secured Parties of any two or more Classes. If Pari-Passu Lien Obligations of more than two Classes are outstanding at any time, then any Collateral shall constitute Shared Collateral with respect to
Pari-Passu Lien Obligations or Pari-Passu Lien Secured Parties of any Class only if the Collateral Agent has at such time a valid and perfected Lien on such Collateral securing Pari-Passu Lien Obligations of such Class for the benefit of the
Pari-Passu Lien Secured Parties of such Class. 
 “Specified Pari-Passu Lien Obligations” means all Pari-Passu
Lien Obligations other than the LC Facility Obligations. 
 “Specified Pari-Passu Lien Secured Parties” means
the holders of all Specified Pari-Passu Lien Obligations. 
 “Trustee” has the meaning assigned to such term in
the preamble hereto. 
 “Uniform Commercial Code” means the Uniform Commercial Code as in effect from time to
time in the applicable jurisdiction. 
 SECTION 1.02. Terms Generally. The definitions of terms herein shall apply
equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise,
(a) any definition of or reference to any agreement, instrument, other document, statute or regulation herein shall be construed as referring to such agreement, instrument, other document, statute or regulation as from time to time amended,
supplemented or otherwise modified, (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, but shall not be deemed to include the subsidiaries of such Person unless express reference is
made to such subsidiaries, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof,
(d) all references herein to Articles, Sections and Exhibits shall be construed to refer to Articles and Sections of, and Exhibits to, this Agreement and (e) the words “asset” and “property” shall be construed to have
the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

 SECTION 1.03. Concerning the Collateral Agent and the Authorized Representatives.
(a) Each acknowledgement, agreement, consent and waiver (whether express or implied) in this Agreement made by the Collateral Agent or the Trustee, whether on behalf of itself or, in the case of the Trustee, on behalf of any other Indenture
Secured Party, is made in reliance on the authority granted to the Collateral Agent or the Trustee, respectively, pursuant to the authorization thereof under this Agreement and the Indenture, respectively. It is understood and agreed that the
Collateral Agent and the Trustee shall not be responsible for or have any duty to ascertain or inquire into whether any other Indenture Secured Party is in compliance with the terms of this Agreement, and no party hereto or any other Pari-Passu Lien
Secured Party shall have any right of action whatsoever against the Collateral Agent or the Trustee for any failure of any other Indenture Secured Party to comply with the terms hereof or for any other Indenture Secured Party taking any action
contrary to the terms hereof. 
 (b) Each acknowledgement, agreement, consent and waiver (whether express or implied) in this
Agreement made by the Authorized Representative of any Class not referred to in paragraph (a) above, whether on behalf of itself or any of its Related Secured Parties, is made in reliance on the authority granted to such Authorized
Representative pursuant to the authorization thereof under the Pari-Passu Lien Credit Documents of such Class. It is understood and agreed that any such Authorized Representative shall not be responsible for or have any duty to ascertain or inquire
into whether any of its Related Secured Parties is in compliance with the terms of this Agreement, and no party hereto or any other Pari-Passu Lien Secured Party shall have any right of action whatsoever against such Authorized Representative for
any failure of any of its Related Secured Parties to comply with the terms hereof or for any of its Related Secured Parties taking any action contrary to the terms hereof. 
 ARTICLE II 
 Priorities and Agreements with Respect to Shared Collateral

 SECTION 2.01. Equal Priority. (a) Notwithstanding the date, time, method, manner or order of grant,
attachment or perfection of any Lien on any Shared Collateral securing Pari-Passu Lien Obligations of any Class, and notwithstanding any provision of the Uniform Commercial Code of any jurisdiction, any other applicable law or any Pari-Passu Lien
Credit Document, or any other circumstance whatsoever, each Authorized Representative, for itself and on behalf of its Related Secured Parties, agrees that valid and perfected Liens on any Shared Collateral securing Pari-Passu Lien Obligations of
any Class shall be of equal priority with valid and perfected Liens on such Shared Collateral securing Pari-Passu Lien Obligations of each other Class. 
 (b) Each Authorized Representative, for itself and on behalf of its Related Secured Parties, agrees that, notwithstanding any provision of any Pari-Passu Lien Credit Document to the contrary (but subject
to Sections 2.12, 2.13 and 2.14), if (i) an Event of Default shall have occurred and is continuing and such Authorized Representative or any of its Related Secured Parties is taking action to enforce rights or exercise remedies in respect of
any Shared Collateral, (ii) any distribution is made in respect of any Shared Collateral in any Insolvency or Liquidation Proceeding or (iii) such Authorized Representative or any of its Related Secured Parties receives any payment with
respect to 

 
any Shared Collateral pursuant to any intercreditor agreement (other than this Agreement), then the proceeds of any sale, collection or other liquidation of any Shared Collateral obtained by such
Authorized Representative or any of its Related Secured Parties on account of such enforcement of rights or exercise of remedies, and any such distributions or payments received by such Authorized Representative or any of its Related Secured Parties
(all such proceeds, distributions and payments being collectively referred to as “Proceeds”), shall be applied as follows: 
 (1) FIRST, to the payment of all agent’s fees and collateral management fees of the Collateral Agent and all fees, costs and expenses incurred by the Collateral Agent in connection with the
collection of proceeds or sale of any Collateral or otherwise in connection with the Pari-Passu Lien Security Documents, the Real Property Collateral Management Agreement and this Agreement, including all court costs, the fees and expenses of its
agents and legal counsel, all amounts payable in respect of Indemnified Liabilities (as defined in the Real Property Collateral Management Agreement) to the extent such Indemnified Liabilities are matured, payable and owing to the Collateral Agent
and its related Indemnified Parties (as defined in the Real Property Collateral Management Agreement), the repayment of all advances made by the Collateral Agent on behalf of either of the Issuers or any Guarantor and any other costs or expenses
incurred by the Collateral Agent in connection with the exercise of any right or remedy of any of the Pari-Passu Lien Secured Parties; 
 (2) SECOND, to the payment of all amounts owing to Authorized Representatives (in their capacity as such); 
 (3) THIRD, to the payment of all LC Facility Obligations (including obligations to provide cash collateral) on a pro rata basis based on the respective amounts of LC Facility Obligations then
outstanding; 
 (4) FOURTH, to the payment of any Specified Pari-Passu Lien Obligations (including the Notes
Obligations) on a pro rata basis based on the respective amounts of such Specified Pari-Passu Lien Obligations then outstanding; and 
 (5) FIFTH, to the Grantors, their successors or assigns, or as a court of competent jurisdiction may otherwise direct. 
 (c) It is acknowledged that the Pari-Passu Lien Obligations of any Class may, subject to the limitations set forth in the Pari-Passu Lien Credit Documents, be increased, extended, renewed, replaced,
restated, supplemented, restructured, repaid, refunded, Refinanced or otherwise amended or modified from time to time, all without affecting the priorities set forth in this Section 2.01 or the provisions of this Agreement defining the relative
rights of the Pari-Passu Lien Secured Parties of any Class; provided, however, that upon the Refinancing of any Class of Pari-Passu Lien Obligations, the Authorized Representative of such Class shall provide prompt notice thereof to
the Collateral Agent; and provided further, however, that upon the Refinancing of the LC 

 
Facility Obligations in accordance with the terms of the LC Facility Documents, such notice shall identify the Person that shall succeed, and the parties hereto acknowledge that such identified
Person shall be permitted to succeed, the LC Facility Authorized Representative in its capacity as such under this Agreement. 

SECTION 2.02. Enforcement by the Collateral Agent. If (a) any Event of Default under the Indenture (or any event of default
under the Pari-Passu Lien Credit Document for which the Applicable Authorized Representative is the Authorized Representative) or an Event of Default under the LC Facility Agreement shall have occurred and be continuing, (b) an Insolvency or
Liquidation Proceeding with respect to either of the Issuers or any Guarantor is occurring or (c) the LC Facility Obligations have been accelerated pursuant to applicable law, the Collateral Agent shall act in relation to the Collateral in
accordance with the instructions of (i) on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative and the Applicable Authorized Representative and (ii) after the date of the Discharge of
LC Facility Obligations, the Applicable Authorized Representative. 
 (b) The Collateral Agent shall disregard any instructions
from any other Person to exercise any right or remedy hereunder with respect to the Collateral if those instructions are inconsistent with this Agreement. 
 (c) Any Person entitled to instruct the Collateral Agent to exercise any right or remedy hereunder with respect to the Collateral may give or refrain from giving instructions to the Collateral Agent to
exercise or refrain from exercising any right or remedy with respect to the Collateral as it sees fit in accordance with the other provisions of the Pari-Passu Lien Security Documents, the Real Property Collateral Management Agreement and this
Agreement. Prior to the Discharge of LC Facility Obligations, each instruction to exercise any right or remedy with respect to the Collateral shall be accompanied by a certification by the instructing party or parties, as the case may be, that the
requirements of Sections 2.02(d), 2.02(e) and 2.02(f) have been satisfied (together with such instruction, a “Certified Instruction”). 
 (d) Subject to paragraph (e) below, on or prior to the date of the Discharge of LC Facility Obligations, before giving any instructions to the Collateral Agent to exercise any right or remedy
hereunder with respect to the Collateral, the LC Facility Authorized Representative and the Applicable Authorized Representative shall consult with one another and with the Collateral Agent in good faith, with a view to coordinating those
instructions, for a period of up to 45 days or such shorter period as the LC Facility Authorized Representative and the Applicable Authorized Representative may agree (the “Initial Consultation Period”), which Initial Consultation
Period shall commence, with respect to any such instruction, upon the LC Facility Authorized Representative or the Applicable Authorized Representative notifying both the Collateral Agent and the other such party that the relevant party seeks to
provide a Certified Instruction to the Collateral Agent, and shall continue notwithstanding the failure of such other party to timely respond or engage in such consultation. For the avoidance of doubt, the Collateral Agent shall be entitled to rely
on such notice to it (without any requirement to confirm that such notice has been given to such other party) in determining that the Initial Consultation Period has commenced. 

 (e) The LC Facility Authorized Representative and the Applicable Authorized Representative
shall not be obligated to consult in accordance with paragraph (d) above if the LC Facility Authorized Representative and the Applicable Authorized Representative determine in good faith that to enter into such consultations and thereby delay
the commencement of enforcement of the Collateral could reasonably be expected to have a material adverse effect on (A) their ability to enforce the Collateral or (B) the realization of any proceeds of any enforcement of the Collateral.

 (f) The LC Facility Authorized Representative and the Applicable Authorized Representative hereby agree that shortening or
eliminating the requirement of (in accordance with 2.02(d) and 2.02(e), respectively) the Initial Consultation Period with respect to any Certified Instruction is contingent upon the LC Facility Authorized Representative and the Applicable
Authorized Representative jointly notifying the Collateral Agent to such effect. 
 (g) The Collateral Agent shall inform each
Authorized Representative promptly upon receipt of any instructions under this Section 2.02 to initiate an Initial Consultation Period or Certified Instructions to exercise any right or remedy with respect to the Collateral. Prior to the
Discharge of LC Facility Obligations, the Collateral Agent may rely upon any Certified Instruction in exercising any such right or remedy; provided, however, that it may not exercise any such right or remedy following its receipt of
such Certified Instruction until the earlier of (a) the sixth Business Day after the date on which it has informed each Authorized Representative of such Certified Instruction under this Section 2.02 and (b) the date on which it has
received a joint Certified Instruction from the LC Facility Authorized Representative and the Applicable Authorized Representative with respect to the exercise of such right or remedy. 

SECTION 2.03. Competing Instructions to the Collateral Agent. (a) If (x) a Certified Instruction given to the Collateral
Agent by the LC Facility Authorized Representative or the Applicable Authorized Representative conflicts with the Certified Instruction given to the Collateral Agent by the other such party or (y) the LC Facility Authorized Representative or
the Applicable Authorized Representative contests any Certified Instruction by notifying the Collateral Agent prior to the sixth Business Day after receiving notice from the Collateral Agent of such Certified Instruction in accordance with
Section 2.02(g): (i) the Collateral Agent shall promptly notify the LC Facility Authorized Representative and the Applicable Authorized Representative of such conflict; and (ii) following such notification, the LC Facility Authorized
Representative and the Applicable Authorized Representative shall consult with one another in good faith for 15 days (the “Additional Consultation Period”) with a view to resolving such conflict; provided, however,
that the Additional Consultation Period shall end immediately if the LC Facility Authorized Representative and the Applicable Authorized Representative determine in good faith (and give the Collateral Agent notice in writing prior to the
commencement thereof) that such consultation and thereby the delay in the enforcement of the Collateral could reasonably be expected to have a material adverse 

 
effect on (A) their ability to enforce any of the Collateral or (B) the realization of any proceeds of any enforcement of the Collateral; provided, however, that any such
Additional Consultation Period may only be shortened to the extent that the LC Facility Authorized Representative and the Applicable Authorized Representative jointly notify the Collateral Agent to such effect. 

(b) If, following the end of the Additional Consultation Period, the Collateral Agent has not received joint instructions from the LC
Facility Authorized Representative and the Applicable Authorized Representative, the Collateral Agent shall enforce the Collateral in accordance with the instructions of the LC Facility Authorized Representative as evidenced in the relevant
Certified Instruction, notwithstanding any outstanding dispute as to any party’s compliance with the procedural requirements pertaining to the Initial Consultation Period, which Certified Instruction the Collateral Agent shall be entitled to
rely upon in taking action to enforce rights or exercise remedies in respect of any Shared Collateral. 
 SECTION 2.04.
Actions with Respect to Shared Collateral; Prohibition on Certain Contests. (a) Notwithstanding anything to the contrary in the Pari-Passu Lien Credit Documents (other than this Agreement), (i) only the Collateral Agent shall, and shall
have the right to, exercise, or refrain from exercising, any rights, remedies and powers with respect to the Shared Collateral, including any action to enforce its security interest in or realize upon any Shared Collateral and any right, remedy or
power with respect to any Shared Collateral under any intercreditor agreement (other than this Agreement), and then only on the instructions of the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC Facility
Obligations, the LC Facility Authorized Representative, (ii) the Collateral Agent shall not be required to, and shall not, follow any instructions or directions with respect to Shared Collateral (including with respect to any intercreditor
agreement with respect to any Shared Collateral) from any Authorized Representative (or the Related Secured Parties thereof), other than the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC Facility
Obligations, the LC Facility Authorized Representative, and (iii) no Authorized Representative (or any Related Secured Parties thereof), other than the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC
Facility Obligations, the LC Facility Authorized Representative, shall, or shall instruct the Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar
official appointed for or over, attempt any action to take possession of, take any other action to enforce its security interest in or realize upon, or exercise any other right, remedy or power with respect to (including any right, remedy or power
under any intercreditor agreement other than this Agreement) any Shared Collateral, whether under any Pari-Passu Lien Credit Document, applicable law or otherwise, it being agreed that only the Collateral Agent, acting on the instructions of the
Applicable Authorized Representative (and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative) and in accordance with the applicable Pari-Passu Lien Security Documents, the Real Property
Collateral Management Agreement and this Agreement, shall be entitled to take any such actions or exercise any such rights, remedies and powers with respect to Shared Collateral. Notwithstanding the equal

 
priority of the Liens established under Section 2.01(a), the Collateral Agent (acting on the instructions of the Applicable Authorized Representative and, if on or prior to the date of the
Discharge of LC Facility Obligations, the LC Facility Authorized Representative) may deal with the Shared Collateral as if the Class of Specified Pari-Passu Lien Obligations then represented by the Applicable Authorized Representative and, if on or
prior to the date of the Discharge of LC Facility Obligations, the LC Facility Obligations, are the only Classes of Pari-Passu Lien Obligations outstanding. No Authorized Representative of any Class of Specified Pari-Passu Lien Obligations (other
than the Applicable Authorized Representative), or the Related Secured Party thereof, may contest, protest or object to any foreclosure proceeding or action brought by the Collateral Agent (acting on the instructions of the Applicable Authorized
Representative and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative), or any other exercise by the Collateral Agent, the Applicable Authorized Representative, the Controlling Secured
Parties, the LC Facility Authorized Representative or the LC Facility Secured Parties of any rights, remedies or powers with respect to the Shared Collateral. Nothing in this paragraph shall be construed to limit the rights and priorities of the
Collateral Agent, any Authorized Representative or any other Pari-Passu Lien Secured Party with respect to any Collateral not constituting Shared Collateral. 
 (b) The Collateral Agent and each of the Authorized Representatives agrees that it will not accept any Lien on any asset of any Grantor securing Pari-Passu Lien Obligations of any Class for the benefit of
any Pari-Passu Lien Secured Party of such Class other than a lien which the Company has certified is permitted by the Pari-Passu Lien Security Documents, the Pari-Passu Lien Credit Documents and this Agreement. 

(c) Each of the Authorized Representatives agrees, for itself and on behalf of its Related Secured Parties, that neither such Authorized
Representative nor its Related Secured Parties will (and each hereby waives any right to) challenge or contest or support any other Person in challenging or contesting, in any proceeding (including any Insolvency or Liquidation Proceeding),
(i) the validity, attachment, creation, perfection, priority or enforceability of a Lien held by or on behalf of the Collateral Agent or any other Authorized Representative or any of its Related Secured Parties in all or any part of the
Collateral, (ii) the validity, enforceability or effectiveness of any Pari-Passu Lien Obligation of any Class, any Pari-Passu Lien Security Document of any Class or the Real Property Collateral Management Agreement or (iii) the validity,
enforceability or effectiveness of the priorities, rights or duties established by, or other provisions of, any Pari-Passu Security Documents, this Agreement or the Real Property Collateral Management Agreement; provided, however, that
nothing in this Agreement shall be construed to prevent or impair the rights of the Collateral Agent, any Authorized Representative or any of its Related Secured Parties to enforce this Agreement. 

SECTION 2.05. No Interference; Payment Over. (a) Each of the Authorized Representatives, for itself and on behalf of its Related
Secured Parties, agrees that (i) neither such Authorized Representative nor its Related Secured Parties will (and each hereby waives any right to) take or cause to be taken any action the purpose of

 
which is, or could reasonably be expected to be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other disposition of the Shared
Collateral by the Collateral Agent, (ii) except as provided in Sections 2.02, 2.03 and 2.04, neither such Authorized Representative nor its Related Secured Parties shall have any right (A) to direct the Collateral Agent or any other
Pari-Passu Lien Secured Party to exercise any right, remedy or power with respect to any Shared Collateral (including pursuant to any intercreditor agreement) or (B) to consent to the exercise by the Collateral Agent or any other Pari-Passu
Lien Secured Party of any right, remedy or power with respect to any Shared Collateral, (iii) neither such Authorized Representative nor its Related Secured Parties will (and each hereby waives any right to) institute any suit or proceeding, or
assert in any suit or proceeding any claim, against the Collateral Agent or any other Pari-Passu Lien Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Shared Collateral,
and none of the Collateral Agent, the Applicable Authorized Representative or any other Pari-Passu Lien Secured Party shall be liable for any action taken or omitted to be taken by the Collateral Agent, such Applicable Authorized Representative or
such other Pari-Passu Lien Secured Party with respect to any Shared Collateral in accordance with the provisions of this Agreement, and (iv) neither such Authorized Representative nor its Related Secured Parties will (and each hereby waives any
right to) seek to have any Shared Collateral or any part thereof marshaled upon any foreclosure or other disposition of such Shared Collateral; provided, however, that nothing in this Agreement shall be construed to prevent or impair
the rights of the Collateral Agent or any Authorized Representative or any of its Related Secured Parties to enforce this Agreement. 
 (b) Each Authorized Representative, on behalf of itself and its Related Secured Parties, agrees that if such Authorized Representative or any of its Related Secured Parties shall at any time after the
occurrence and during the continuation of an Event of Default obtain possession of any Shared Collateral or receive any Proceeds (other than as a result of any application of Proceeds pursuant to Section 2.01(b)) at any time prior to the
Discharge of LC Facility Obligations and the Discharge of Pari-Passu Lien Obligations of each other Class, (i) such Authorized Representative or its Related Secured Party, as the case may be, shall promptly inform each Authorized Representative
thereof, (ii) such Authorized Representative or its Related Secured Party shall hold such Shared Collateral or Proceeds in trust for the benefit of the Pari-Passu Lien Secured Parties of any Class entitled thereto pursuant to Section 2.01
and (iii) such Authorized Representative or its Related Secured Party shall promptly transfer such Shared Collateral or Proceeds to the Collateral Agent for distribution in accordance with Section 2.01(b). Furthermore, in the event of any
Insolvency or Liquidation Proceeding in which a determination is made that any Lien encumbering any Shared Collateral is not enforceable for any reason, each Authorized Representative (on behalf of itself and its Related Secured Parties) agrees
that, prior to the Discharge of LC Facility Obligations and the Discharge of Pari-Passu Lien Obligations of each other Class, any distribution or recovery it may receive with respect to, or allocable to, the value of the assets intended to
constitute such Shared Collateral or any proceeds thereof shall be segregated and held in trust and forthwith paid over to the Collateral Agent for the benefit of the Pari-Passu Lien Secured Parties (in accordance with Section 2.01,
notwithstanding such determination) in 

 
the same form as received, without recourse, representation or warranty (other than a representation of such Authorized Representative that it has not otherwise sold, assigned or transferred or
pledged any right, title or interest in and to such distribution or recovery) but with any necessary endorsements or as a court of competent jurisdiction may otherwise direct. The Collateral Agent and each Authorized Representative, on behalf of
itself and its Related Secured Parties, agrees that if the Collateral Agent or such Authorized Representative (or any of its Related Secured Parties) shall at any time, other than when an Event of Default has occurred and is continuing, obtain
possession of any Shared Collateral or receive any Proceeds (other than as a result of any application of Proceeds pursuant to Section 2.01(b)) thereof, the Collateral Agent or such Authorized Representative (or its Related Secured Party), as
the case may be, will convey such Shared Collateral or Proceeds, as the case may be, to the Grantors. 
 SECTION 2.06.
Automatic Release of Liens; Amendments to Pari-Passu Lien Security Documents. (a) Notwithstanding anything to the contrary in the Pari-Passu Lien Credit Documents or Pari-Passu Lien Security Documents (but subject to the provisions of
Section 11.04 of the Indenture in the case of the release of the Collateral from the Liens of the Security Documents), if at any time the Collateral Agent forecloses upon or otherwise exercises rights, remedies and powers against any Shared
Collateral resulting in a disposition thereof, then (whether or not any Insolvency or Liquidation Proceeding is pending at the time) the Liens on such Shared Collateral in favor of the Collateral Agent, for the benefit of the Pari-Passu Lien Secured
Parties of all Classes, will automatically be released and discharged; provided, however, that any Proceeds realized therefrom shall be applied pursuant to Section 2.01(b). 

(b) Each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, acknowledges and agrees that
(i) the Collateral Agent may enter into any amendment or other modification to the Real Property Collateral Management Agreement or any Pari-Passu Lien Security Document so long as the Collateral Agent receives a certificate of the Issuers
stating that such amendment or other modification is permitted by the terms of the Pari-Passu Lien Credit Documents of each Class and (ii) the Collateral Agent may enter into any amendment or other modification to the Real Property Collateral
Management Agreement or any Pari-Passu Lien Security Document solely as such Pari-Passu Lien Security Document relates to Pari-Passu Lien Obligations of a particular Class so long as the Collateral Agent receives a certificate of the Issuers stating
that (A) such amendment or modification is in accordance with the Pari-Passu Lien Credit Documents of such Class and (B) such amendment or modification does not adversely affect the interests of the Pari-Passu Lien Secured Parties of any
other Class. 
 (c) Each Authorized Representative agrees to execute and deliver (at the sole cost and expense of the Grantors)
all such consents, confirmations, authorizations and other instruments as shall reasonably be requested by the Collateral Agent to evidence and confirm any release of Shared Collateral or amendment or modification to the Real Property Collateral
Management Agreement or any Pari-Passu Lien Security Document provided for in this Section. 

 SECTION 2.07. Certain Agreements with Respect to Bankruptcy and Insolvency
Proceedings. The Authorized Representative of each Class, for itself and on behalf of its Related Secured Parties, agrees that, if the Issuers or any other Grantor shall become subject to a case (a “Bankruptcy Case”) under the
Bankruptcy Code and shall, as debtor-in-possession, move for approval of financing (“DIP Financing”) to be provided by one or more lenders (the “DIP Lenders”) under Section 364 of the Bankruptcy Code or any
equivalent provision of any other Bankruptcy Law or the use of cash collateral under Section 363 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law, neither such Authorized Representative nor its Related Secured
Parties will raise any objection to any such financing or to the Liens on the Shared Collateral securing any such financing (“DIP Financing Liens”) or to any use of cash collateral that constitutes Shared Collateral, in each case
unless the Applicable Authorized Representative or, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative, shall then oppose or object to such DIP Financing or such DIP Financing Liens or
such use of cash collateral (and (i) to the extent that such DIP Financing Liens are senior to the Liens on any such Shared Collateral for the benefit of the LC Facility Secured Parties or the Controlling Secured Parties, each Non-Controlling
Secured Party (and, in the case of DIP Financing Liens senior to Liens on Shared Collateral for the benefit of the LC Facility Secured Parties, the Controlling Secured Parties) will subordinate its or their Liens (as applicable) with respect to such
Shared Collateral on the same terms as the Liens of the LC Facility Secured Parties or the Controlling Secured Parties (as applicable, and in each case, other than any Liens of the LC Facility Secured Parties or Controlling Secured Parties
constituting DIP Financing Liens) are subordinated thereto, and (ii) to the extent that such DIP Financing Liens rank pari passu with the Liens on any such Shared Collateral granted to secure the Pari-Passu Lien Obligations of the LC
Facility Secured Parties or the Controlling Secured Parties, each Non-Controlling Secured Party (and, in the case of DIP Financing Liens that rank pari-passu with the Liens on any such Shared Collateral granted to secure the Pari-Passu Lien
Obligations of the LC Facility Secured Parties, the Controlling Secured Parties) will confirm the priorities with respect to such Shared Collateral as set forth herein), in each case so long as (A) the Pari-Passu Lien Secured Parties of such
Class retain the benefit of their Liens on all such Shared Collateral subject to the DIP Financing Liens, including proceeds thereof arising after the commencement of the Bankruptcy Case, with such Liens having the same priority with respect to
Liens of the Pari-Passu Lien Secured Parties of any other Class (other than any Liens of the Pari-Passu Lien Secured Parties of such other Class constituting DIP Financing Liens) as existed prior to the commencement of the Bankruptcy Case,
(B) the Pari-Passu Lien Secured Parties of such Class are granted Liens on any additional collateral provided to the Pari- Passu Lien Secured Parties of any other Class as adequate protection or otherwise in connection with such DIP Financing
or use of cash collateral, with such Liens having the same priority with respect to Liens of the Pari-Passu Lien Secured Parties of any other Class (other than any Liens of the Pari-Passu Lien Secured Parties of such other Class constituting DIP
Financing Liens) as existed prior to the commencement of the Bankruptcy Case, (C) if any amount of such DIP Financing or cash collateral is applied to repay any Pari-Passu Lien Obligations, such amount is applied in accordance with
Section 2.01(b), and (D) if the Pari-Passu Lien Secured Parties of any Class are granted adequate protection, including 

 
in the form of periodic payments, in connection with such DIP Financing or use of cash collateral, the proceeds of such adequate protection are applied in accordance with Section 2.01(b);
provided, however, that the Pari-Passu Lien Secured Parties of each Class shall have a right to object to the grant, as security for the DIP Financing, of a Lien on any Collateral subject to Liens in favor of the Pari-Passu Lien
Secured Parties of such Class or its Authorized Representative that shall not constitute Shared Collateral; and provided further that any Pari-Passu Lien Secured Party receiving adequate protection granted in connection with the DIP
Financing or such use of cash collateral shall not object to any other Pari-Passu Lien Secured Party receiving adequate protection comparable to any such adequate protection granted to such Pari-Passu Lien Secured Party. 

SECTION 2.08. Reinstatement. If, in any Insolvency or Liquidation Proceeding or otherwise, all or part of any payment with respect
to the Pari-Passu Lien Obligations of any Class previously made shall be rescinded for any reason whatsoever (including an order or judgment for disgorgement of a preference under the Bankruptcy Code or any similar law), then the terms and
conditions of Article II shall be fully applicable thereto until all the Pari-Passu Lien Obligations of such Class shall again have been paid in full in cash. 
 SECTION 2.09. Insurance and Condemnation Awards. As between the Pari-Passu Lien Secured Parties, the Collateral Agent, acting at the instruction of the Applicable Authorized Representative and, if
on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative (for the avoidance of doubt, subject to Sections 2.02 and 2.03), shall have the exclusive right, subject to the rights of the Grantors
under the Pari-Passu Lien Security Documents, to settle and adjust claims in respect of Shared Collateral under policies of insurance covering or constituting Shared Collateral and to approve any award granted in any condemnation or similar
proceeding, or any deed in lieu of condemnation, in respect of the Shared Collateral; provided, however, that any Proceeds arising therefrom shall be subject to Section 2.01(b). 

SECTION 2.10. Refinancings. The Pari-Passu Lien Obligations of any Class may be Refinanced, in whole or in part, in each case,
without notice to, or the consent of, any Pari-Passu Lien Secured Party of any other Class, all without affecting the priorities provided for herein or the other provisions hereof; provided, however, that nothing in this Section shall
affect any limitation on any such Refinancing that is set forth in the Pari-Passu Lien Credit Documents of any Class; and provided further, however, that, if any obligations of the Grantors in respect of such Refinancing
Indebtedness shall be secured by Liens on any Shared Collateral, then such obligations and the holders thereof shall be subject to and bound by the provisions of this Agreement and the Authorized Representative of the holders of any such Refinancing
Indebtedness shall have executed an Additional Authorized Representative Joinder Agreement. 
 SECTION 2.11. Possessory
Collateral Agent as Gratuitous Bailee for Perfection. (a) The Collateral Agent agrees to hold any Shared Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the

 
possession or control of its agents or bailees) as gratuitous bailee for the benefit of each Pari-Passu Lien Secured Party and any assignee solely for the purpose of perfecting the security
interest granted in such Possessory Collateral, if any, pursuant to the applicable Pari-Passu Lien Security Documents, in each case subject to the terms and conditions of this Section. Pending delivery to the Collateral Agent, each Authorized
Representative agrees to hold any Shared Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each Pari-Passu Lien Secured Party and any assignee, solely for the purpose of
perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Pari-Passu Lien Security Documents, in each case, subject to the terms and conditions of this Section. 

(b) The duties or responsibilities of the Collateral Agent and each Authorized Representative under this Section shall be limited solely
to holding any Shared Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each Pari-Passu Lien Secured Party for purposes of perfecting the Lien held by such Pari-Passu Lien Secured Parties therein. Except for the
exercise of reasonable care in the custody of any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral or as to the taking of any necessary steps
to preserve rights against prior parties or any other rights pertaining to any Collateral. 
 SECTION 2.12. Permitted
Priority Liens. The Pari-Passu Lien Secured Parties hereby authorize and instruct the Collateral Agent to, and the Collateral Agent hereby agrees that it shall, execute and deliver such lien subordination, non-disturbance, attornment and other
similar agreements as the Company may from time to time request, in form and substance reasonably satisfactory to the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility
Authorized Representative, so long as the Company delivers to the Collateral Agent an Officers’ Certificate certifying that the Lien or other encumbrance proposed to be made senior to the Pari-Passu Lien Obligations is permitted to be incurred
under the Pari-Passu Lien Credit Documents and is a Permitted Priority Lien. 
 SECTION 2.13. Excluded Stock Collateral.
Each Authorized Representative, for itself and on behalf of its Related Secured Parties, agrees that, notwithstanding any provision of any Pari-Passu Lien Credit Document to the contrary, if, prior to the Discharge of LC Facility Obligations,
(i) an Event of Default shall have occurred and is continuing and such Authorized Representative or any of its Related Secured Parties is taking action to enforce rights or exercise remedies in respect of any Excluded Stock Collateral (as
defined in the Security Agreement), (ii) any distribution is made in respect of any Excluded Stock Collateral in any Insolvency or Liquidation Proceeding or (iii) such Authorized Representative or any of its Related Secured Parties
receives any payment with respect to any Excluded Stock Collateral pursuant to any intercreditor agreement (other than this Agreement), then the proceeds of any sale, collection or other liquidation of any Excluded Stock Collateral obtained by such
Authorized Representative or any of its Related Secured Parties on account of such enforcement of rights or exercise of remedies, and any such distributions or payments received by such Authorized Representative or any of its Related Secured Parties
shall be applied in accordance with clauses (1), (2), (3) and (5), but not clause (4), of Section 2.01(b). 

 SECTION 2.14. Excluded Land Collateral. Each Authorized Representative, for itself
and on behalf of its Related Secured Parties, agrees that, notwithstanding any provision of any Pari-Passu Lien Credit Document to the contrary, if (i) an Event of Default shall have occurred and is continuing and such Authorized Representative
or any of its Related Secured Parties is taking action to enforce rights or exercise remedies in respect of any Excluded Land Collateral, (ii) any distribution is made in respect of any Collateral in any Insolvency or Liquidation Proceeding or
(iii) such Authorized Representative or any of its Related Secured Parties receives any payment with respect to any Excluded Land Collateral pursuant to any intercreditor agreement (other than this Agreement), then the proceeds of any sale,
collection or other liquidation of any Excluded Land Collateral obtained by such Authorized Representative or any of its Related Secured Parties on account of such enforcement of rights or exercise of remedies, and any such distributions or payments
received by such Authorized Representative or any of its Related Secured Parties shall be applied in accordance with clauses (1), (2), (4) and (5), but not clause (3), of Section 2.01(b). 

SECTION 2.15. Miscellaneous. Unless and until otherwise instructed by an Authorized Representative, the Collateral Agent may
consider all Collateral as Shared Collateral. Each Authorized Representative hereby agrees that (i) upon a change in the Authorized Representative serving as Applicable Authorized Representative, the incumbent Applicable Authorized
Representative shall provide prompt notice to the Collateral Agent as to the successor thereof, (ii) upon the assignment of any party’s rights and obligations under this Agreement, the assigning party shall provide prompt notice to the
Collateral Agent as to the assignee thereof and (iii) upon a change in the principal amount outstanding of any Class of Specified Pari Passu-Lien Obligations, the Applicable Authorized Representative shall notify the Collateral Agent as to such
change. Furthermore, the LC Facility Authorized Representative hereby agrees to provide prompt notice to the Collateral Agent upon the Discharge of LC Facility Obligations. 
 ARTICLE III 
 Determinations with Respect to Obligations and Liens

 Whenever, in connection with the exercise of its rights or the performance of its obligations hereunder, the Collateral
Agent or the Authorized Representative of any Class shall be required to determine the existence or amount of any Pari-Passu Lien Obligations of any Class, or the Shared Collateral subject to any Lien securing the Pari-Passu Lien Obligations of any
Class (and whether such Lien constitutes a valid and perfected Lien), it may request that such information be furnished to it in writing by the Authorized Representative of such Class and shall be entitled to make such determination on the basis of
the information so furnished; provided, however, that if, notwithstanding such request, the Authorized Representative of the applicable Class shall fail or refuse reasonably promptly to provide the requested information, the requesting
Collateral 

 
Agent or Authorized Representative shall be entitled to make any such determination by such method as it may, in the exercise of its good faith judgment, determine, including by reliance upon an
Officers’ Certificate. The Collateral Agent and each Authorized Representative may rely conclusively, and shall be fully protected in so relying, on any determination made by it in accordance with the provisions of the preceding sentence (or as
otherwise directed by a court of competent jurisdiction) and shall have no liability to any Grantor, any Pari-Passu Lien Secured Party or any other Person as a result of such determination or any action or not taken pursuant thereto. 

ARTICLE IV 

Concerning the Collateral Agent 
 SECTION 4.01. Appointment and Authority. (a) Each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, hereby irrevocably appoints Wells Fargo Bank,
National Association to act as the Collateral Agent hereunder and under each of the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement, and authorizes the Collateral Agent to take such actions and to exercise
such powers as are delegated to the Collateral Agent by the terms hereof or thereof, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Grantor to secure any of the Pari-Passu Lien Obligations,
together with such actions and powers as are reasonably incidental thereto (including, for the avoidance of doubt, (i) entering into the Real Property Collateral Management Agreement and (ii) establishing and maintaining accounts at such
banking institutions necessary or appropriate to receive and distribute Proceeds in accordance with Section 2.01 and the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement). In addition, to the extent
required under the laws of any jurisdiction other than the United States, each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, hereby grants to the Collateral Agent any required powers of attorney to
execute any Pari-Passu Lien Security Document governed by the laws of such jurisdiction on such Pari-Passu Lien Secured Party’s behalf. Without limiting the generality of the foregoing, the Collateral Agent is hereby expressly authorized to
execute any and all documents (including releases) with respect to the Shared Collateral, and the rights of the Pari-Passu Lien Secured Parties with respect thereto, as contemplated by and in accordance with the provisions of this Agreement and the
Pari-Passu Lien Security Documents. 
 (b) Each of the Authorized Representatives, for itself and on behalf of its Related
Secured Parties, acknowledges and agrees that the Collateral Agent shall be entitled, for the benefit of the Pari-Passu Lien Secured Parties, to sell, transfer or otherwise dispose of or deal with any Shared Collateral as provided herein and in the
Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement, without regard to any rights, remedies or powers to which the Non-Controlling Secured Parties would otherwise be entitled to as a result of their
Non-Controlling Secured Obligations. Without limiting the foregoing, each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, agrees that none of the Collateral Agent, the Applicable Authorized Representative,
the LC Facility 

 
Authorized Representative or any other Pari-Passu Lien Secured Party shall have any duty or obligation first to marshal or realize upon any type of Shared Collateral (or any other Collateral
securing any of the Pari-Passu Lien Obligations), or to sell, dispose of or otherwise liquidate all or any portion of such Shared Collateral (or any other Collateral securing any Pari-Passu Lien Obligations), in any manner that would maximize the
return to the Non-Controlling Secured Parties, notwithstanding that the order and timing of any such realization, sale, disposition or liquidation may affect the amount of proceeds actually received by the Non-Controlling Secured Parties from such
realization, sale, disposition or liquidation. Each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, waives any claim they may now or hereafter have against the Collateral Agent or the Authorized
Representative or any Pari-Passu Lien Secured Party of any other Class arising out of (i) any actions that the Collateral Agent or any such Authorized Representative or Pari-Passu Lien Secured Party takes or omits to take (including actions
with respect to the creation, perfection or continuation of Liens on any Collateral, actions with respect to the foreclosure upon, sale or other disposition, release or depreciation of, or failure to realize upon, any of the Collateral and actions
with respect to the collection of any claim for all or any part of the Pari-Passu Lien Obligations from any account debtor, guarantor or any other party) in accordance with the Pari-Passu Lien Security Documents or the Real Property Collateral
Management Agreement or any other agreement related thereto or to the collection of the Pari-Passu Lien Obligations or the valuation, use, protection or release of any security for the Pari-Passu Lien Obligations, (ii) any election by any
Applicable Authorized Representative, LC Facility Authorized Representative or Pari-Passu Lien Secured Parties, in any proceeding instituted under the Bankruptcy Code, of the application of Section 1111(b) of the Bankruptcy Code or
(iii) subject to Section 2.07, any borrowing by, or grant of a security interest or administrative expense priority under Section 364 of the Bankruptcy Code or any equivalent provision of any other Bankruptcy Law by, the Issuers or
any of its Subsidiaries, as debtor-in-possession. Notwithstanding any other provision of this Agreement, the Collateral Agent shall not accept any Shared Collateral in full or partial satisfaction of any Pari-Passu Lien Obligations pursuant to
Section 9-620 of the Uniform Commercial Code of any jurisdiction without the consent of each Authorized Representative representing Pari-Passu Lien Secured Parties for whom such Collateral constitutes Shared Collateral. 

(c) Each of the Authorized Representatives, for itself and on behalf of its Related Secured Parties, acknowledges and agrees that, upon
any other obligations being designated hereunder as Additional Pari-Passu Lien Obligations or any other Person becoming an Additional Authorized Representative or any other Persons becoming Additional Pari-Passu Lien Secured Parties, the Collateral
Agent will continue to act in its capacity as Collateral Agent in respect of the then existing Authorized Representatives and Pari-Passu Lien Secured Parties and such Additional Authorized Representative and Additional Pari-Passu Lien Secured
Parties. 
 SECTION 4.02. Rights as a Pari-Passu Lien Secured Party. The Person serving as the Collateral Agent hereunder
shall have the same rights and powers in its capacity as a Pari-Passu Lien Secured Party of any Class as any other Pari-Passu Lien Secured Party of such Class and may exercise the same as though it were not the

 
Collateral Agent and the term “Pari-Passu Lien Secured Party”, “Pari-Passu Lien Secured Parties”, “Indenture Secured Party”, “Indenture Secured Parties”,
“Additional Pari-Passu Lien Secured Party” or “Additional Pari-Passu Lien Secured Parties”, as applicable, shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Collateral Agent hereunder in its individual capacity. The Person serving as the Collateral Agent and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in
any kind of business with the Issuers or any of their Subsidiaries or any other Affiliate thereof as if such Person were not the Collateral Agent hereunder and without any duty to account therefor to any other Pari-Passu Lien Secured Party.

 SECTION 4.03. Exculpatory Provisions. The Collateral Agent shall not have any duties or obligations except those
expressly set forth herein and in the other Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement. Without limiting the generality of the foregoing, the Collateral Agent: 

(i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default
has occurred and is continuing; 
 (ii) shall not have any duty to take or refrain from taking any discretionary
action or exercise or refrain from exercising any discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the Pari-Passu Lien Security Documents or the Real Property Collateral Management Agreement that the
Collateral Agent is required to exercise as directed in writing by the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative; provided,
however, that the Collateral Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Collateral Agent, its agent or counsel to liability or that is contrary to any Pari-Passu Lien
Security Document or applicable law; 
 (iii) shall not be under any obligation to exercise any of the rights or
powers vested in it hereby or by the Pari-Passu Lien Security Documents or the Real Property Collateral Management Agreement as directed in writing by the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC
Facility Obligations, the LC Facility Authorized Representative, unless such Authorized Representative has offered to the Collateral Agent reasonable security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities
that might be incurred by it in compliance with such request or direction; 
 (iv) shall not be required to
expend or risk its own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense;

 (v) may rely upon and enforce for its own benefit each and all of the
rights, powers, immunities, indemnities and benefits of the Trustee under Article VII of the Indenture, each of which shall also be deemed to be for the benefit of the Collateral Agent; 

(vi) shall not, except as expressly set forth in this Agreement, the Real Property Collateral Management Agreement and in
the Pari-Passu Lien Security Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Issuers or any of their Subsidiaries or any of their respective Affiliates that is communicated
to or obtained by the Person serving as the Collateral Agent or any of its Affiliates in any capacity; 
 (v)
shall not be liable for any action taken or not taken by it (A) with the consent or at the request of (in accordance with the provisions of this Agreement) the Applicable Authorized Representative or the LC Facility Authorized Representative,
(B) in the absence of its own gross negligence or wilful misconduct or (C) in reliance on an Officers’ Certificate stating that such action is permitted by the terms of this Agreement; 

(vi) shall be deemed not to have knowledge of any Default or Event of Default under any Pari-Passu Lien Credit Documents
of any Class unless and until notice describing such Default or Event Default is given to the Collateral Agent by the Authorized Representative of such Class or the Issuers in accordance with the applicable Pari-Passu Lien Credit Document;

 (vii) shall not be responsible for or have any duty to ascertain or inquire into (A) any statement,
warranty or representation made in or in connection with this Agreement or any Pari-Passu Lien Security Document or the Real Property Collateral Management Agreement, (B) the contents of any certificate, report or other document delivered
hereunder or thereunder or in connection herewith or therewith, (C) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default,
(D) the validity, enforceability, effectiveness or genuineness of this Agreement, any Pari-Passu Lien Security Document, the Real Property Collateral Management Agreement or any other agreement, instrument or document, or the validity,
attachment, creation, perfection, priority or enforceability of any Lien purported to be created by the Pari-Passu Lien Security Documents, (E) the value or the sufficiency of any Collateral for Pari-Passu Lien Obligations of any Class or
(F) the satisfaction of any condition set forth in any Pari-Passu Lien Credit Document, any Pari Passu Lien Security Document or the Real Property Collateral Management Agreement, other than to confirm receipt of items expressly required to be
delivered to the Collateral Agent; and 

 (viii) shall be deemed not to have knowledge of the Discharge of LC Facility
Obligations, a change in the principal amounts of the Classes of Specified Pari Passu Lien Obligations, the identity of any Authorized Representative or the identity of the Authorized Representative serving as Applicable Authorized Representative
until notice of such Discharge or change is given to the Collateral Agent in accordance with Section 2.15. 
 SECTION 4.04.
Reliance by Collateral Agent. The Collateral Agent shall be entitled to rely, and shall not incur any liability for relying, upon any notice, request, certificate, consent, statement, instrument, document or other writing (including any
electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Collateral Agent also shall be entitled to rely, and
shall not incur any liability for relying, upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person. The Collateral Agent may consult with legal counsel of its selection (who may be counsel for
the Issuers, any other Grantor or any Authorized Representative), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel,
accountants or experts. 
 SECTION 4.05. Delegation of Duties. The Collateral Agent may perform any and all of its duties
and exercise its rights and powers hereunder or under any other Pari-Passu Lien Security Document or the Real Property Collateral Management Agreement by or through any one or more sub-agents appointed by the Collateral Agent and the Collateral
Agent shall not be responsible for any misconduct or negligence of any such sub-agent appointed with due care. The Collateral Agent and any such sub-agent may perform any and all of its duties and exercise its rights and powers by or through their
respective Affiliates. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Affiliates of the Collateral Agent and any such sub-agent, and shall apply to their respective activities as the Collateral Agent.

 SECTION 4.06. Resignation of Collateral Agent. The Collateral Agent may at any time give notice of its resignation as
Collateral Agent under this Agreement, the Real Property Collateral Management Agreement and the Pari-Passu Lien Security Documents to each Authorized Representative and the Company. Upon receipt of any such notice of resignation, the Applicable
Authorized Representative (and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative) shall have the right, in consultation with the Company, to appoint a successor. If no such successor
shall have been so appointed by the Applicable Authorized Representative (and, if on or prior to the date of the Discharge of LC Facility Obligations, by the LC Facility Authorized Representative) and shall have accepted such appointment within 30
days after the retiring Collateral Agent gives notice of its resignation, then the retiring Collateral Agent may, on behalf of the Pari-Passu Lien Secured Parties, appoint a successor Collateral Agent reasonably satisfactory to the Applicable
Authorized Representative (and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative); provided, however, that if the Collateral Agent shall notify each Authorized
Representative and the Company that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring

 
Collateral Agent shall be discharged from its duties and obligations hereunder and under the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement (except that
in the case of any Collateral held by the Collateral Agent on behalf of the Pari-Passu Lien Secured Parties under any Pari-Passu Lien Security Document, the retiring Collateral Agent shall continue to hold such Collateral solely for purposes of
maintaining the perfection of the security interests of the Pari-Passu Lien Secured Parties therein until such time as a successor Collateral Agent is appointed but with no obligation to take any further action at the request of the Applicable
Authorized Representative or any other Pari-Passu Lien Secured Parties) and (b) all payments, communications and determinations provided to be made by, to or through the Collateral Agent shall instead be made by or to each Authorized
Representative directly, until such time as the Applicable Authorized Representative and, if on or prior to the date of the Discharge of LC Facility Obligations, the LC Facility Authorized Representative, appoint a successor Collateral Agent as
provided above. Upon the acceptance of a successor’s appointment as Collateral Agent hereunder and under the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or retired) Collateral Agent, and the retiring Collateral Agent shall be discharged from all of its duties and obligations hereunder or under the Pari-Passu Lien Security
Documents and the Real Property Collateral Management Agreement (if not already discharged therefrom as provided above). Notwithstanding the resignation of the Collateral Agent hereunder and under the Pari-Passu Lien Security Documents and the Real
Property Collateral Management Agreement, the provisions of this Article and the equivalent provision of any Additional Pari-Passu Lien Credit Document shall continue in effect for the benefit of such retiring Collateral Agent, its sub-agents and
their respective Related Secured Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Collateral Agent was acting as Collateral Agent. Upon any notice of resignation of the Collateral Agent hereunder and
under the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement, the Company agrees to use commercially reasonable efforts to transfer (and maintain the validity and priority of) the Liens in favor of the retiring
Collateral Agent under the Pari-Passu Lien Security Documents to the successor Collateral Agent. 
 SECTION 4.07. Collateral
Matters. Each of the Pari-Passu Lien Secured Parties irrevocably authorizes and directs the Collateral Agent: 
 (a) to release any Lien on any property granted to or held by the Collateral Agent under any Pari-Passu Lien Security Document or the Real Property Collateral Management Agreement in accordance with
Sections 2.04 and 2.06, in accordance with the Real Property Collateral Management Agreement or upon receipt of an Officers’ Certificate stating that such release is permitted by the terms of the Pari-Passu Lien Credit Documents; and

 (b) to release any Grantor from its obligations under the Pari-Passu Lien Security Documents or the Real
Property Collateral Management Agreement upon receipt of an Officers’ Certificate and Opinion of Counsel stating that such release is permitted by the terms of the Pari-Passu Lien Credit Documents; neither of which shall require the instruction
of any Authorized Representative in accordance with Section 2.02 or 2.03. 

 ARTICLE V 
 No Liability 
 SECTION 5.01. Information. Neither the Collateral
Agent nor the Authorized Representative or Pari-Passu Lien Secured Parties of any Class shall have any duty to disclose to any Pari-Passu Lien Secured Party of any other Class any information relating to the Issuers or any of their Subsidiaries, or
any other circumstance bearing upon the risk of nonpayment of any of the Pari-Passu Lien Obligations, that is known or becomes known to any of them or any of their Affiliates. If the Collateral Agent or the Authorized Representative or any
Pari-Passu Lien Secured Party of any Class, in its sole discretion, undertakes at any time or from time to time to provide any such information to, as the case may be, the Authorized Representative or any Pari-Passu Lien Secured Party of any other
Class, it shall be under no obligation (i) to make, and shall not be deemed to have made, any express or implied representation or warranty, including with respect to the accuracy, completeness, truthfulness or validity of the information so
provided, (ii) to provide any additional information or to provide any such information on any subsequent occasion or (iii) to undertake any investigation. 
 SECTION 5.02. No Warranties or Liability. (a) Each Authorized Representative, for itself and on behalf of its Related Secured Parties, acknowledges and agrees that neither the Collateral Agent
nor the Authorized Representative or any Pari-Passu Lien Secured Party of any other Class has made any express or implied representation or warranty, including with respect to the execution, validity, legality, completeness, collectability or
enforceability of any of the Pari-Passu Lien Credit Documents, the ownership of any Shared Collateral or the perfection or priority of any Liens thereon. The Authorized Representative and the Pari-Passu Lien Secured Parties of any Class will be
entitled to manage and supervise their loans and other extensions of credit in the manner determined by them. 
 (b) No
Authorized Representative or Pari-Passu Lien Secured Parties of any Class shall have any express or implied duty to the Authorized Representative or any Pari-Passu Lien Secured Party of any other Class to act or refrain from acting in a manner that
allows, or results in, the occurrence or continuance of a Default or an Event of Default under any Pari-Passu Lien Credit Document (other than, in each case, this Agreement), regardless of any knowledge thereof that they may have or be charged with.

 ARTICLE VI 
 Additional Pari-Passu Lien Obligations 
 The Issuers may, at any time and
from time to time, subject to any limitations contained in the Pari-Passu Lien Credit Documents in effect at such time, designate additional Indebtedness and related obligations that are, or are to be, secured by

 
Liens on any assets of either of the Issuers or any other Grantor that would, if such Liens were granted, constitute Shared Collateral as “Additional Pari-Passu Lien Obligations” by
delivering to the Collateral Agent and each Authorized Representative party hereto at such time an Officers’ Certificate: 
 (a) describing the Indebtedness and other obligations being designated as Additional Pari-Passu Lien Obligations, and including a statement of the maximum aggregate outstanding principal amount of such
Indebtedness as of the date of such certificate; 
 (b) setting forth the Additional Pari-Passu Lien Credit
Documents under which such Additional Pari-Passu Lien Obligations are issued or incurred or the guarantees of such Additional Pari-Passu Lien Obligations are, or are to be, created, and attaching copies of such Additional Pari-Passu Lien Credit
Documents as each Grantor has executed and delivered to the Person that serves as the administrative agent, trustee or a similar representative for the holders of such Additional Pari-Passu Lien Obligations (such Person being referred to as the
“Additional Authorized Representative”) with respect to such Additional Pari-Passu Lien Obligations on the closing date of such Additional Pari-Passu Lien Obligations, certified as being true and complete by an Officers’ Certificate;

 (c) identifying the Person that serves as the Additional Authorized Representative; 

(d) certifying that the incurrence of such Additional Pari-Passu Lien Obligations, the creation of the Liens securing
such Additional Pari-Passu Lien Obligations and the designation of such Additional Pari-Passu Lien Obligations as “Additional Pari-Passu Lien Obligations” hereunder do not violate or result in a default under any provision of any
Pari-Passu Lien Credit Documents in effect at such time; 
 (e) certifying that the Additional Pari-Passu Lien
Credit Documents authorize the Additional Authorized Representative to become a party hereto by executing and delivering an Additional Authorized Representative Joinder Agreement and provide that upon such execution and delivery, such Additional
Pari-Passu Lien Obligations and the holders thereof shall become subject to and bound by the provisions of this Agreement; and 
 (f) attaching a fully completed Authorized Representative Joinder Agreement executed and delivered by the Additional Authorized Representative. 

Upon the delivery of such certificate and the related attachments as provided above, the obligations designated in such notice as
“Additional Pari-Passu Lien Obligations” shall become Additional Pari-Passu Lien Obligations for all purposes of this Agreement. 

 ARTICLE VII 
 Miscellaneous 
 SECTION 7.01. Notices. All notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows: 

(a) if to any Grantor, to it (or, in the case of any Grantor other than the Company, to it in care of the Company) at 655
Brea Canyon Road, Walnut, California 91788-0487, Attention of Chief Financial Officer (Fax No. (909) 869-0849); 
 (b) if to the Collateral Agent, to it at Wells Fargo Bank, National Association, 45 Broadway, 14th Floor, New York, NY 10006, Fax 212-515-1589, Attn: Julius Zamora; 

(c) if to the Trustee (in its capacity as the Authorized Representative of the Indenture Secured
Parties), to it at 707 Wilshire Blvd, 17th Floor, Los
Angeles, CA 90017, Attention: Corporate Trust Department; 
 (d) if to the LC Facility Authorized
Representative, to it at Credit Suisse, Eleven Madison Avenue, New York, NY 10010, Attention of Agency Group (Fax No. (212) 325-8304); and 
 (e) if to any other Additional Authorized Representative, to it at the address set forth in the applicable Joinder Agreement. 
 Any party hereto may change its address or facsimile number for notices and other communications hereunder by notice to the other parties hereto. All notices and other communications given to any party
hereto in accordance with the provisions of this Agreement shall be deemed to have been given on the date of receipt (if a Business Day) and on the next Business Day thereafter (in all other cases) if delivered by hand or overnight courier service
or sent by facsimile or on the date five Business Days after dispatch by certified or registered mail if mailed, in each case delivered, sent or mailed (properly addressed) to such party as provided in this Section or in accordance with the latest
unrevoked direction from such party given in accordance with this Section. As agreed to in writing by any party hereto from time to time, notices and other communications to such party may also be delivered by e-mail to the e-mail address of a
representative of such party provided from time to time by such party. 
 SECTION 7.02. Waivers; Amendment; Joinder
Agreements. (a) No failure or delay on the part of any party hereto in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the parties hereto are cumulative and are not exclusive of any rights or
remedies that they would otherwise have. No waiver of any provision of 

 
this Agreement or consent to any departure by any party therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given. No notice or demand on any party hereto in any case shall entitle such party to any other or further notice or demand in similar or other circumstances.

 (b) Neither this Agreement nor any provision hereof may be waived, amended or otherwise modified except pursuant to an
agreement or agreements in writing entered into by the Collateral Agent and each Authorized Representative then party hereto; provided, however, that no such agreement shall by its terms amend, modify or otherwise affect the rights or
obligations of any Grantor without the Company’s prior written consent; provided further, however, that (i)(A) without the consent of any party hereto other than the Issuers, this Agreement may be supplemented by an Authorized
Representative Joinder Agreement, and an Additional Authorized Representative may become a party hereto, in accordance with Article VI, and (B) without the consent of any party hereto, this Agreement may be supplemented by a Grantor Joinder
Agreement, and a Subsidiary may become a party hereto, in accordance with Section 7.13, and (ii) in connection with any Refinancing of Pari-Passu Lien Obligations of any Class, or the incurrence of Additional Pari-Passu Lien Obligations of
any Class, the Collateral Agent and the Authorized Representatives then party hereto shall enter (and are hereby authorized to enter without the consent of any other Pari-Passu Lien Secured Party), at the request of the Collateral Agent, any
Authorized Representative or the Company, into such amendments or modifications of this Agreement as are reasonably necessary to reflect such Refinancing or such incurrence and are reasonably satisfactory to the Collateral Agent and each such
Authorized Representative. 
 SECTION 7.03. Parties in Interest. This Agreement shall be binding upon and inure to the
benefit of the parties hereto and their respective successors and assigns, as well as the other Pari-Passu Lien Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement. 

SECTION 7.04. Effectiveness; Survival. This Agreement shall become effective when executed and delivered by the parties hereto.
All covenants, agreements, representations and warranties made by any party in this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement. This Agreement
shall continue in full force and effect notwithstanding the commencement of any Insolvency or Liquidation Proceeding against the Issuers or any of their Subsidiaries. The reimbursement and indemnification obligations in favor of Collateral Agent
hereunder, including without limitation the items set forth in 2.01(b)(FIRST) shall remain operative and in full force and effect regardless of the termination of this Agreement or any Note Documents or LC Facility Documents, the consummation of the
transactions contemplate hereby and thereby and payment of the obligations thereunder. 
 SECTION 7.05. Counterparts.
This Agreement may be executed in counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other
electronic transmission shall be as effective as delivery of a manually signed counterpart of this Agreement. 

 SECTION 7.06. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions
hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction. The parties shall endeavor in good-faith negotiations to replace the invalid, illegal or unenforceable
provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 
 SECTION 7.07. Governing Law. This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

SECTION 7.08. Submission to Jurisdiction Waivers; Consent to Service of Process. The Collateral Agent and each Authorized
Representative, for itself and on behalf of its Related Secured Parties, irrevocably and unconditionally: 
 (a)
submits for itself and its property in any legal action or proceeding relating to this Agreement and the Pari-Passu Lien Security Documents and the Real Property Collateral Management Agreement, or for recognition and enforcement of any judgment in
respect thereof, to the exclusive general jurisdiction of the courts of the State of New York, the courts of the United States of America for the Southern District of New York and appellate courts from any thereof; 

(b) consents that any such action or proceeding may be brought in such courts and waives any objection that it may now or
hereafter have to the venue of any such action or proceeding in any such court or that such action or proceeding was brought in an inconvenient court and agrees not to plead or claim the same; 

(c) agrees that service of process in any such action or proceeding may be effected by mailing a copy thereof by
registered or certified mail (or any substantially similar form of mail), postage prepaid, to such Person (or its Authorized Representative) at the address referred to in Section 7.01; 

(d) agrees that nothing herein shall affect the right of any other party hereto (or any Pari-Passu Lien Secured Party) to
effect service of process in any other manner permitted by law or shall limit the right of any party hereto (or any Pari-Passu Lien Secured Party) to sue in any other jurisdiction; and 

(e) waives, to the maximum extent not prohibited by law, any right it may have to claim or recover in any legal action or
proceeding referred to in this Section any special, exemplary, punitive or consequential damages. 

 SECTION 7.09. WAIVER OF JURY TRIAL. EACH PARTY HERETO WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HERETO HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND
(B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 

SECTION 7.10. Headings. Article and Section headings used herein are for convenience of reference only, are not part of this
Agreement and are not to affect the construction of, or to be taken into consideration in interpreting, this Agreement. 

SECTION 7.11. Conflicts. In the event of any conflict or inconsistency between the provisions of this Agreement (including
Section 2.06 hereof) and the provisions of any of the Pari-Passu Lien Credit Documents, the provisions of this Agreement shall control. 
 SECTION 7.12. Provisions Solely to Define Relative Rights. The provisions of this Agreement are and are intended solely for the purpose of defining the relative rights of the Pari-Passu Lien
Secured Parties in relation to one another. Except as expressly provided in this Agreement, none of the Company, any other Grantor, any other Subsidiary or any other creditor of any of the foregoing shall have any rights or obligations hereunder,
and none of the Company, any other Grantor or any other Subsidiary may rely on the terms hereof. Nothing in this Agreement is intended to or shall impair the obligations of the Company or any other Grantor, which are absolute and unconditional, to
pay the Pari-Passu Lien Obligations as and when the same shall become due and payable in accordance with their terms. 
 SECTION
7.13. Additional Grantors. In the event any Subsidiary of the Company shall have granted a Lien on any of its assets to secure any Pari-Passu Lien Obligations, the Company shall cause such Subsidiary, if not already a party hereto, to become
a party hereto as a “Grantor”. Upon the execution and delivery by any such Subsidiary of a Grantor Joinder Agreement, such Subsidiary shall become a party hereto and a Grantor hereunder with the same force and effect as if originally named
as such herein. The execution and delivery of any such instrument shall not require the consent of any other party hereto. The rights and obligations of each party hereto shall remain in full force and effect notwithstanding the addition of any new
Grantor as a party to this Agreement. 

 SECTION 7.14. Integration. This Agreement, together with the other Pari-Passu Lien
Credit Documents, represents the agreement of each of the Grantors and the Pari-Passu Lien Secured Parties with respect to the subject matter hereof, and there are no promises, undertakings, representations or warranties by any Grantor, the
Collateral Agent or any other Pari-Passu Lien Secured Party relative to the subject matter hereof not expressly set forth or referred to herein or in the other Pari-Passu Lien Credit Documents. 

SECTION 7.15. Further Assurances. Each of the Collateral Agent, each Authorized Representative and the Grantors agrees that it
will execute, or will cause to be executed, any and all further documents, agreements and instruments, and take all such further actions, as may be required under any applicable law, or which the Collateral Agent or any Authorized Representative may
reasonably request, to effectuate the terms of this Agreement, including the relative Lien priorities provided for herein. 

SECTION 7.16. Security Agreement. In addition to the foregoing rights, in acting hereunder and by virtue of this Agreement, the
Collateral Agent shall have all of the rights, protections and immunities granted to it under the Security Agreement, all of which are incorporated by reference herein. 

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

			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as Collateral Agent,

		
	by 	 	/s/    Julius R. Zamora
		 	Name: Julius R. Zamora
		 	Title: Vice President

 [Signature Page to Intercreditor Agreement] 

 
			
	 WELLS FARGO BANK, NATIONAL
 ASSOCIATION,
 as Authorized Representative for the Indenture

Secured Parties solely in its capacity as Trustee

under the Indenture,

		
	by 	 	/s/    Maddy Hall
		 	Name: Maddy Hall
		 	Title: Vice President

 [Signature Page to Intercreditor Agreement] 

 
			
	 CREDIT SUISSE AG, CAYMAN
 ISLANDS BRANCH,
 as Administrative Agent,

		
	by 	 	/s/    Bill O’Daly
		 	Name: BILL O’DALY
		 	Title: DIRECTOR

 
			
		
	by 	 	/s/    Sanja Gazahi
		 	Name: Sanja Gazahi
		 	Title: Associate

 [Signature Page to Intercreditor Agreement] 

 
			
	 SHEA HOMES LIMITED PARTNERSHIP,
 a California limited partnership

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

  

			
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

  

			
	 SHEA HOMES FUNDING CORP.,
 a Delaware corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Chief Financial Officer and Treasurer

  

			
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Vice President

 [Signature Page to Intercreditor Agreement] 

 GUARANTORS: 
  

			
	 HIGHLANDS RANCH DEVELOPMENT CORPORATION,
 a Colorado corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

  

			
	 MONTY GREEN HOLDINGS, LLC,
 a Delaware limited liability company

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

  

			
	 MOUNTAINBROOK VILLAGE COMPANY,
 an Arizona corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SAND CREEK CATTLE COMPANY,
 a Colorado corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer
	
	 SERENADE AT NATOMAS, LLC,
 a California limited liability company

		
	By: 	 	 Shea Homes, Inc.,
 a
Delaware corporation,
 Its sole Member

 

					
		 	By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	By: 	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SEVILLE GOLF AND COUNTRY CLUB, LLC,
 an Arizona limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member and Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By: 	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA BREA DEVELOPMENT, LLC,
 a Delaware limited liability company

		
	By: 	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member and Manager

					
			
		 	By: 	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By: 	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By: 	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By: 	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA CAPITAL II, LLC,
 a Delaware limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By: 	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

			
	
	 SHEA COMMUNITIES MARKETING COMPANY,
 a Delaware corporation

		
	By:	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

			
		
	By: 	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA FINANCIAL SERVICES, INC.,
 a California corporation

		
	By:	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

			
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

			
	
	 SHEA HOMES, INC.,
 a Delaware corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

			
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

			
	
	 SHEA HOMES AT MONTAGE, LLC,
 a California limited liability company

		
	By:	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA HOMES SOUTHWEST, INC.,
 an Arizona corporation

		
	By:	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

			
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

			
	
	 SHEA HOMES VANTIS, LLC,
 a California limited liability company

		
	By:	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary

			
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

			
	
	 SHEA INSURANCE SERVICES, INC.,
 a California corporation

		
	By: 	 	/s/    James G. Shontere
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By:	 	/s/    Robert R. O’Dell
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA LA QUINTA LLC,
 a California limited liability company

		
	By:	 	 Shea Homes, Inc.,
 a
Delaware corporation,
 Its sole Member

					
			
		 	By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	By:	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

			
	
	 SHEA NINTH AND COLORADO, LLC,
 a Colorado limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its sole Member and Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By: 	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By:	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA OTAY VILLAGE 11, LLC,
 a California limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By:	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By:	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA PROCTOR VALLEY, LLC,
 a California limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By:	 	/s/    James G. Shontere
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By:	 	/s/    Robert R. O’Dell
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

					
	 SHEA PROPERTIES OF COLORADO, INC.,
 a Colorado corporation

		
	By: 	 	/s/    James G. Shontere         
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/     Robert R. O’Dell        
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

  

			
	 SHEA RIVERMARK VILLAGE, LLC,
 a California limited liability company

		
	By: 	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member and Manager

					
			
		 	By: 	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	  By: 	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                     By: 	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	                             
 By: 	 	/s/     James G. Shontere        
		 		 	Name: James G. Shontere
		 		 	Title:   Secretary
			
		 	                           
   BY: 	 	/s/    Robert R. O’Dell        
		 		 	Name: Robert R. O’Dell
		 		 	Title:   Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHEA TONNER HILLS, LLC,
 a Delaware limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its sole Member and Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By: 	 	/s/    James G. Shontere        
		 		 	Name: James G. Shontere
		 		 	Title:  Secretary
			
		 	  BY:	 	/s/    Robert R. O’Dell        
		 		 	Name: Robert R. O’Dell
		 		 	Title:  Treasurer

  

					
	 SHEA VICTORIA GARDENS, LLC,
 a Florida limited liability company

		
	By: 	 	/s/    James G. Shontere         
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/     Robert R. O’Dell        
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

					
	 SH JUBILEE, LLC,
 a
Delaware limited liability company

		
	By: 	 	/s/    James G. Shontere        
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/     Robert R. O’Dell        
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

  

					
	 SH JUBILEE MANAGEMENT, LLC,
 a Delaware limited liability company

		
	By: 	 	/s/    James G. Shontere        
		 	Name: James G. Shontere
		 	Title: Secretary
		
	By: 	 	/s/     Robert R. O’Dell        
		 	Name: Robert R. O’Dell
		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 SHI JV HOLDINGS, LLC,
 a Delaware limited liability company

		
	By:	 	/s/    James G. Shontere        
		 	 Name:James G. Shontere

Title: Secretary

  

			
		
	By: 	 	/s/    Robert R. O’Dell         
		 	 Name:Robert R. O’Dell

Title: Treasurer

  

			
	 SHLP JV HOLDINGS, LLC,
 a Delaware limited liability company

		
	By: 	 	/s/    James G. Shontere        
		 	 Name:James G. Shontere

Title: Secretary

  

			
		
	By:	 	/s/    Robert R. O’Dell         
		 	 Name:Robert R. O’Dell

Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

  

			
	 TOWER 104 GATHERING, LLC,
 a Colorado limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member and Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By:	 	/s/     James G. Shontere         
		 		 	 Name: James G. Shontere
 Title: Secretary

		 		 	
			
		 	  By:	 	/s/     Robert R. O’Dell         
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

  

			
	 TOWER 104 OIL, LLC,
 a Colorado limited liability company

		
	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its Sole Member and Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                  By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	  By:	 	/s/     James G. Shontere         
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	  By:	 	/s/     Robert R. O’Dell         
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

  

			
	 TRILOGY ANTIOCH, LLC,
 a California limited liability company

		
	By:	 	 SHEA CAPITAL II, LLC,
 a
Delaware limited liability company,
 Its sole Member

					
			
		 	By:	 	 Shea Homes Limited Partnership,
 a California limited partnership,
 Its
Manager

					
			
		 	By:	 	 J.F. Shea, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	By:	 	 JFS Management, L.P.,
 a
Delaware limited partnership,
 Its sole General Partner

					
			
		 	                          By:	 	 J.F. Shea Construction Management, Inc.,
 a California corporation,
 Its sole General Partner

					
			
		 	                             
     By:	 	/s/     James G. Shontere         
		 		 	Name: James G. Shontere
		 		 	Title: Secretary
			
		 	                             
     By:	 	/s/     Robert R. O’Dell         
		 		 	Name: Robert R. O’Dell
		 		 	Title: Treasurer

  

			
	 UDC ADVISORY SERVICES, INC.,
 an Illinois corporation

		
	By:	 	/s/     James G. Shontere       
		 	 Name: James G. Shontere

Title: Secretary

  

			
	By:	 	/s/    Robert R. O’Dell         
		 	 Name: Robert R. O’Dell

Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

			
	 UDC HOMES CONSTRUCTION, INC.,
 an Arizona corporation

		
	By:	 	/s/    James G. Shontere         
		 	 Name:James G. Shontere

Title: Secretary

			
		
	By:	 	/s/    Robert R. O’Dell         
		 	 Name: Robert R. O’Dell

Title: Treasurer

  

			
	 VISTANCIA CONSTRUCTION, LLC,
 a Delaware limited liability company

		
	By:	 	 Shea Homes Southwest, Inc.,
 an
Arizona corporation,
 Its Manager

			
		
	      By:	 	/s/    James G. Shontere         
		 	 Name: James G. Shontere

Title: Secretary

			
		
	      By:	 	/s/    Robert R. O’Dell         
		 	 Name: Robert R. O’Dell

Title: Treasurer

  

			
	 VISTANCIA MARKETING, LLC,
 a Delaware limited liability company

		
	By:	 	 Shea Homes Southwest, Inc.,
 an
Arizona corporation,
 Its Manager

			
		
	      By:	 	/s/    James G. Shontere         
		 	 Name: James G. Shontere

Title: Secretary

			
		
	      By:	 	/s/    Robert R. O’Dell         
		 	 Name: Robert R. O’Dell

Title: Treasurer

 [Signature Page to Intercreditor Agreement] 

 EXHIBIT I to 
 INTERCREDITOR AGREEMENT 
 [FORM OF] ADDITIONAL AUTHORIZED
REPRESENTATIVE AGENT JOINDER AGREEMENT NO. [         ] dated as of [         ], [         ] (this “Joinder
Agreement”) to the INTERCREDITOR AGREEMENT dated as of May 10, 2011 (as amended, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among SHEA HOMES LIMITED PARTNERSHIP, a California
limited partnership (the “Company”), SHEA HOMES FUNDING CORP., a Delaware corporation (together with the Company, the “Issuers”), the other GRANTORS party thereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as
collateral agent for the Pari-Passu Lien Secured Parties (in such capacity, the “Collateral Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Authorized Representative for the Indenture Secured Parties in its capacity as
trustee under the Indenture, CREDIT SUISSE AG, as the Authorized Representative for the LC Facility Secured Parties, and each Additional Authorized Representative from time to time party thereto, as the Authorized Representative for any Pari-Passu
Lien Secured Parties of any other Class. 
 Capitalized terms used herein but not otherwise defined herein shall have the
meanings assigned to such terms in the Intercreditor Agreement. 
 The Issuers and the other Grantors propose to issue or incur
“Additional Pari-Passu Lien Obligations” designated by the Issuers as such in accordance with Article VI of the Intercreditor Agreement in an Officers’ Certificate delivered concurrently herewith to the Collateral Agent and the
Authorized Representatives (the “Additional Pari-Passu Lien Obligations”). The Person identified in the signature pages hereto as the “Additional Authorized Representative” (the “Additional Authorized
Representative”) will serve as the administrative agent, trustee or a similar representative for the holders of the Additional Pari-Passu Lien Obligations (the “Additional Pari-Passu Lien Secured Parties”). 

The Additional Authorized Representative wishes, in accordance with the provisions of the Intercreditor Agreement, to become a party to
the Intercreditor Agreement and to acquire and undertake, for itself and on behalf of the Additional Pari-Passu Lien Secured Parties, the rights and obligations of an “Additional Authorized Representative” and “Secured Parties”
thereunder. 
 Accordingly, the Additional Authorized Representative, for itself and on behalf of its Related Secured Parties,
and the Issuers agree as follows, for the benefit of the Collateral Agent, the existing Authorized Representatives and the existing Pari-Passu Lien Secured Parties: 
 SECTION 1.01. Accession to the Intercreditor Agreement. The Additional Authorized Representative hereby (a) accedes and becomes a party to the

 
Intercreditor Agreement as an “Additional Authorized Representative”, (b) agrees, for itself and on behalf of the Additional Pari-Passu Lien Secured Parties, to all the terms and
provisions of the Intercreditor Agreement and (c) acknowledges and agrees that (i) the Additional Pari-Passu Lien Obligations and Liens on any Collateral securing the same shall be subject to the provisions of the Intercreditor Agreement
and (ii) the Additional Authorized Representative and the Additional Pari-Passu Lien Secured Parties shall have the rights and obligations specified under the Intercreditor Agreement with respect to an “Authorized Representative” and
a “Pari-Passu Lien Secured Party”, respectively, and shall be subject to and bound by the provisions of the Intercreditor Agreement. 
 SECTION 1.02. Representations and Warranties of the Additional Authorized Representative. The Additional Authorized Representative represents and warrants to the Collateral Agent, the existing
Authorized Representatives and the existing Pari-Passu Lien Secured Parties that (a) it has full power and authority to enter into this Joinder Agreement, in its capacity as the Additional Authorized Representative, (b) this Joinder
Agreement has been duly authorized, executed and delivered by it and constitutes its legal, valid and binding obligation, enforceable against it in accordance with its terms, and (c) the Additional Pari-Passu Lien Credit Documents relating to
the Additional Pari-Passu Lien Obligations provide that, upon the Additional Authorized Representative’s execution and delivery of this Joinder Agreement, (i) the Additional Pari-Passu Lien Obligations and Liens on any Collateral securing
the same shall be subject to the provisions of the Intercreditor Agreement and (ii) the Additional Authorized Representative and the Additional Pari-Passu Lien Secured Parties shall have the rights and obligations specified therefor under, and
shall be subject to and bound by the provisions of, the Intercreditor Agreement. 
 SECTION 1.03. Parties in Interest.
This Joinder Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Pari-Passu Lien Secured Parties, all of whom are intended to be bound by, and to be third
party beneficiaries of, this Agreement. 
 SECTION 1.04. Counterparts. This Joinder Agreement may be executed in
counterparts, each of which shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as
effective as delivery of a manually signed counterpart of this Joinder Agreement. 
 SECTION 1.05. Governing Law. This
Joinder Agreement shall be construed in accordance with and governed by the law of the State of New York. 
 SECTION 1.06.
Notices. All communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Intercreditor Agreement. All communications and notices hereunder to the Additional Authorized Representative shall be
given to it at the address set forth under its signature hereto, which information supplements Section 7.01 to the Intercreditor Agreement. 

 SECTION 1.07. Expenses. The Issuers agree to reimburse the Collateral Agent and each
of the Authorized Representatives for its reasonable out-of-pocket expenses in connection with this Joinder Agreement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Agent and any of the Authorized
Representatives. 
 SECTION 1.08. Incorporation by Reference. The provisions of Sections 7.04, 7.06, 7.08, 7.09, 7.10,
7.11 and 7.12 of the Intercreditor Agreement are hereby incorporated by reference, mutatis mutandis, as if set forth in full herein. 

 IN WITNESS WHEREOF, the Additional Authorized Representative and the Issuers have duly
executed this Joinder Agreement to the Intercreditor Agreement as of the day and year first above written. 
  

			
	 [        ], AS ADDITIONAL
AUTHORIZED
 REPRESENTATIVE,

		
	    by 	 	
		
		 	 
		 	 Name:

Title:

  

			
	 Address for notices:

		
	 	 	 
		
	 	 	 
		
	 	 	 attention of:

		
	 	 	 Facsimile:

		 	

  

			
	 SHEA HOMES LIMITED

PARTNERSHIP,

		
	    by 	 	
		
		 	 
		 	 Name:

Title:

  

			
	 SHEA HOMES FUNDING CORP.,

		
	    by 	 	
		
		 	 
		 	 Name:

Title:

			
	 Acknowledged by:

 
 WELLS FARGO BANK, NATIONAL

ASSOCIATION,
 solely in its capacity as the Collateral Agent,

		
	    by 	 	
		
		 	 
		 	 Name:
 Title:

  

			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION,
 solely in its capacity as Trustee and
 Authorized
Representative for the
 Indenture Secured Parties

		
	    by 	 	
		
		 	 
		 	 Name:
 Title:

  

			
	 CREDIT SUISSE AG, CAYMAN

ISLANDS BRANCH,
 as the LC Facility Authorized

Representative

		
	     by 
	 	
		
		 	 
		 	 Name:
 Title:

  

			
	    by 	 	
		
		 	 
		 	 Name:
 Title:

 EXHIBIT II to 
 INTERCREDITOR AGREEMENT 
 [FORM OF] GRANTOR JOINDER AGREEMENT NO.
[         ] dated as of [         ], [         ] (this “Joinder Agreement”) to the INTERCREDITOR AGREEMENT dated
as of May 10, 2011 (as amended, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among SHEA HOMES LIMITED PARTNERSHIP, a California limited partnership (the “Company”), SHEA
HOMES FUNDING CORP., a Delaware corporation (together with the Company, the “Issuers”), the other GRANTORS party thereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as collateral agent for the Pari-Passu Lien Secured Parties (as
defined below) (in such capacity, the “Collateral Agent”), and WELLS FARGO BANK, NATIONAL ASSOCIATION, as the Authorized Representative for the Indenture Secured Parties in its capacity as trustee under the Indenture (as defined
below), CREDIT SUISSE AG, as the Authorized Representative for the LC Facility Secured Parties and each Additional Authorized Representative from time to time party thereto, as the Authorized Representative for any Pari-Passu Lien Secured Parties of
any other Class. 
 Capitalized terms used herein but not otherwise defined herein shall have the meanings assigned to such
terms in the Intercreditor Agreement. 
 [         ], a
[         ] [corporation] and a Subsidiary of the Issuers (the Additional Grantor”), has granted a Lien on all or a portion of its assets to secure Pari-Passu Lien Obligations and such Additional
Grantor is not a party to the Intercreditor Agreement. 
 The Additional Grantor wishes to become a party to the Pari-Passu Lien
Intercreditor Agreement and to acquire and undertake the rights and obligations of a Grantor thereunder. The Additional Grantor is entering into this Joinder Agreement in accordance with the provisions of the Intercreditor Agreement in order to
become a Grantor thereunder. 
 Accordingly, the Additional Grantor agrees as follows, for the benefit of the Collateral Agent,
the Authorized Representatives and the Pari-Passu Lien Secured Parties: 
 SECTION 1.01. Accession to the Intercreditor
Agreement. The Additional Grantor (a) hereby accedes and becomes a party to the Intercreditor Agreement as a “Grantor”, (b) agrees to all the terms and provisions of the Intercreditor Agreement and (c) acknowledges and
agrees that the Additional Grantor shall have the rights and obligations specified under the Intercreditor Agreement with respect to a “Grantor” and shall be subject to and bound by the provisions of the Intercreditor Agreement.

 SECTION 1.02. Representations and Warranties of the Additional Grantor. The
Additional Grantor represents and warrants to the Collateral Agent, the Authorized Representatives and the Pari-Passu Lien Secured Parties that this Joinder Agreement has been duly authorized, executed and delivered by it and constitutes its legal,
valid and binding obligation, enforceable against it in accordance with its terms. 
 SECTION 1.03. Parties in Interest.
This Joinder Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, as well as the other Pari-Passu Lien Secured Parties, all of whom are intended to be third party beneficiaries
of this Agreement. 
 SECTION 1.04. Counterparts. This Joinder Agreement may be executed in counterparts, each of which
shall constitute an original but all of which when taken together shall constitute a single contract. Delivery of an executed signature page to this Agreement by facsimile or other electronic transmission shall be as effective as delivery of a
manually signed counterpart of this Joinder Agreement. 
 SECTION 1.05. Governing Law. This Joinder Agreement shall be
construed in accordance with and governed by the law of the State of New York. 
 SECTION 1.06. Notices. All
communications and notices hereunder shall be in writing and given as provided in Section 7.01 of the Intercreditor Agreement. 
 SECTION 1.07. Expenses. The Grantor agrees to reimburse the Collateral Agent and each of the Authorized Representatives for its reasonable out-of-pocket expenses in connection with this Joinder
Agreement, including the reasonable fees, other charges and disbursements of counsel for the Collateral Agent and any of the Authorized Representatives. 
 SECTION 1.08. Incorporation by Reference. The provisions of Sections 7.04, 7.06, 7.08, 7.09, 7.10, 7.11 and 7.12 of the Intercreditor Agreement are hereby incorporated by reference, mutatis
mutandis, as if set forth in full herein. 

 IN WITNESS WHEREOF, the Additional Grantor has duly executed this Joinder Agreement to the
Intercreditor Agreement as of the day and year first above written. 
  

			
	[NAME OF SUBSIDIARY],
		
	    by 	 	
		
		 	 
		 	Name:
		 	Title:

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