Document:

Indenture

 Exhibit 4.1 
 EXECUTION VERSION 
 TOLL BROTHERS FINANCE CORP., as Issuer 

TOLL BROTHERS, INC., as a Guarantor, and 
 THE OTHER GUARANTORS PARTY HERETO 
 Senior Debt Securities 

 
  

Indenture 
 Dated
as of February 7, 2012 
  
  

THE BANK OF NEW YORK MELLON, as Trustee 

 CROSS-REFERENCE TABLE 

This Cross-Reference Table is not a part of the Indenture 

 
  

 

			
	TIA Section	  	Indenture Section
		
	 310(a)(1)
	  	7.08, 7.09; 7.10
	 (a)(2)
	  	7.10
	 (a)(3)
	  	N.A.
	 (a)(4)
	  	N.A.
	 (a)(5)
	  	N.A.
	 (b)
	  	7.08; 7.10; 12.02; 12.14
	 (c)
	  	N.A.
	 311(a)
	  	7.11
	 (b)
	  	7.11
	 (b)(1)
	  	7.10
	 (c)
	  	N.A.
	 312(a)
	  	2.05
	 (b)
	  	2.05; 12.03
	 (c)
	  	12.03
	 313(a)
	  	7.06
	 (b)(1)
	  	N.A.
	 (b)(2)
	  	7.06
	 (c)
	  	7.06
	 (d)
	  	7.06
	 314(a)
	  	4.03; 7.06; 12.02
	 (b)
	  	N.A.
	 (c)(1)
	  	12.04
	 (c)(2)
	  	12.04
	 (c)(3)
	  	N.A.
	 (d)
	  	N.A.
	 (e)
	  	12.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01(b)
	 (b)
	  	7.05; 12.02
	 (c)
	  	7.01(a)
	 (d)
	  	7.01(c)
	 (e)
	  	6.11
	 316(a)(last sentence)
	  	12.06
	 (a)(1)(A)
	  	6.05
	 (a)(1)(B)
	  	6.04
	 (a)(2)
	  	N.A.
	 (b)
	  	6.07
	 (c)
	  	10.4
	 317(a)(1)
	  	6.08
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 318(a)
	  	12.01

  
 N.A.
means Not Applicable. 

 TABLE OF CONTENTS 

This Table of Contents is not a part of the Indenture 

 
  

ARTICLE ONE 

Definitions and Incorporation By Reference 
  

							
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	6	  
	 Section 1.03
	  	 Incorporation by Reference of Trust Indenture Act
	  	 	6	  
	 Section 1.04
	  	 Rules of Construction
	  	 	7	  
	
	ARTICLE TWO	  
	
	THE SECURITIES	  
			
	 Section 2.01
	  	 Form and Dating
	  	 	7	  
	 Section 2.02
	  	 Execution and Authentication
	  	 	9	  
	 Section 2.03
	  	 Registrar and Paying Agent
	  	 	10	  
	 Section 2.04
	  	 Paying Agent to Hold Money in Trust
	  	 	11	  
	 Section 2.05
	  	 Holder Lists
	  	 	11	  
	 Section 2.06
	  	 Transfer and Exchange
	  	 	11	  
	 Section 2.07
	  	 Replacement Securities
	  	 	11	  
	 Section 2.08
	  	 Outstanding Securities
	  	 	12	  
	 Section 2.09
	  	 Temporary Securities
	  	 	12	  
	 Section 2.10
	  	 Cancellation
	  	 	13	  
	 Section 2.11
	  	 Defaulted Interest
	  	 	13	  
	 Section 2.12
	  	 Treasury Securities
	  	 	13	  
	 Section 2.13
	  	 CUSIP Numbers
	  	 	13	  
	 Section 2.14
	  	 Deposit of Moneys
	  	 	13	  
	 Section 2.15
	  	 Book-Entry Provisions for Global Security
	  	 	14	  
	
	ARTICLE THREE	  
	
	Redemption	  
			
	 Section 3.01
	  	 Notices to Trustee
	  	 	15	  
	 Section 3.02
	  	 Selection of Securities to be Redeemed
	  	 	16	  
	 Section 3.03
	  	 Notice of Redemption
	  	 	16	  
	 Section 3.04
	  	 Effect of Notice of Redemption
	  	 	17	  
	 Section 3.05
	  	 Deposit of Redemption Price
	  	 	17	  
	 Section 3.06
	  	 Securities Redeemed in Part
	  	 	17	  

  
 i 

  

							
	ARTICLE FOUR	 
	
	Covenants	  
			
	 Section 4.01
	  	 Payment of Securities
	  	 	17	  
	 Section 4.02
	  	 Maintenance of Office or Agency
	  	 	17	  
	 Section 4.03
	  	 Compliance Certificate
	  	 	18	  
	 Section 4.04
	  	 Additional Guarantors
	  	 	18	  
	 Section 4.05
	  	 Reports
	  	 	18	  
	ARTICLE FIVE	  
	
	Successor Corporation	  
			
	 Section 5.01
	  	 When the Issuer or the Guarantors May Merge, etc.
	  	 	19	  
	
	ARTICLE SIX	  
	
	Defaults and Remedies	  
			
	 Section 6.01
	  	 Events of Default
	  	 	20	  
	 Section 6.02
	  	 Acceleration
	  	 	22	  
	 Section 6.03
	  	 Other Remedies
	  	 	22	  
	 Section 6.04
	  	 Waiver of Past Defaults
	  	 	22	  
	 Section 6.05
	  	 Control by Majority
	  	 	22	  
	 Section 6.06
	  	 Limitation on Suits
	  	 	23	  
	 Section 6.07
	  	 Rights of Holders to Receive Payment
	  	 	23	  
	 Section 6.08
	  	 Collection Suit by Trustee
	  	 	23	  
	 Section 6.09
	  	 Trustee May File Proofs of Claim
	  	 	23	  
	 Section 6.10
	  	 Priorities
	  	 	24	  
	 Section 6.11
	  	 Undertaking for Costs
	  	 	24	  
	
	ARTICLE SEVEN	  
	
	Trustee	  
			
	 Section 7.01
	  	 Duties of Trustee
	  	 	24	  
	 Section 7.02
	  	 Rights of Trustee
	  	 	26	  
	 Section 7.03
	  	 Individual Rights of Trustee
	  	 	27	  
	 Section 7.04
	  	 Trustee’s Disclaimer
	  	 	27	  
	 Section 7.05
	  	 Notice of Defaults
	  	 	27	  
	 Section 7.06
	  	 Reports by Trustee to Holders
	  	 	27	  
	 Section 7.07
	  	 May Hold Securities
	  	 	28	  
	 Section 7.08
	  	 Money Held in Trust
	  	 	28	  
	 Section 7.09
	  	 Compensation and Indemnity
	  	 	28	  
	 Section 7.10
	  	 Replacement of Trustee
	  	 	29	  
	 Section 7.11
	  	 Successor Trustee by Merger, etc.
	  	 	29	  

  
 - ii -

							
	Section 7.12	  	Eligibility; Disqualification	  	 	29	  
	Section 7.13	  	Preferential Collection of Claims Against the Issuer	  	 	30	  
	
	ARTICLE EIGHT	  
	
	DISCHARGE OF INDENTURE	  
			
	Section 8.01	  	Defeasance upon Deposit of Moneys or U.S. Government Obligations	  	 	30	  
	Section 8.02	  	Survival of the Issuer’s Obligations	  	 	33	  
	Section 8.03	  	Application of Trust Money	  	 	33	  
	Section 8.04	  	Repayment to the Issuer	  	 	33	  
	Section 8.05	  	Reinstatement	  	 	33	  
	
	ARTICLE NINE Guarantees	  
			
	Section 9.01	  	Unconditional Guarantees	  	 	34	  
	Section 9.02	  	Severability	  	 	35	  
	Section 9.03	  	Release of a Guarantor	  	 	35	  
	Section 9.04	  	Limitation of a Guarantor’s Liability	  	 	35	  
	Section 9.05	  	Contribution	  	 	36	  
	Section 9.06	  	Waiver of Subrogation	  	 	36	  
	Section 9.07	  	Execution of Guarantee	  	 	37	  
	
	ARTICLE TEN	  
	
	Amendments, Supplements and Waivers	  
			
	Section 10.01	  	Without Consent of Holders	  	 	37	  
	Section 10.02	  	With Consent of Holders	  	 	38	  
	Section 10.03	  	Compliance with Trust Indenture Act	  	 	39	  
	Section 10.04	  	Revocation and Effect of Consents	  	 	39	  
	Section 10.05	  	Notation on or Exchange of Securities	  	 	40	  
	Section 10.06	  	Trustee to Sign Amendments, etc.	  	 	40	  
	
	ARTICLE ELEVEN	  
	
	Conversion of Securities	  
			
	Section 11.01	  	Applicability of Article	  	 	41	  
	Section 11.02	  	Conversion Privilege	  	 	41	  
	Section 11.03	  	Manner of Exercise of Conversion Privilege	  	 	41	  
	Section 11.04	  	Payment in Lieu of Fractional Shares	  	 	42	  
	Section 11.05	  	Adjustment of Conversion Price	  	 	43	  
	Section 11.06	  	Notice of Certain Corporate Action	  	 	45	  
	Section 11.07	  	Company to Provide Stock	  	 	45	  
	Section 11.08	  	Taxes on Conversions	  	 	46	  
	Section 11.09	  	Covenant as to Stock	  	 	46	  
	Section 11.10	  	Consolidation or Merger	  	 	46	  

  
 - iii -

							
	Section 11.11	  	Disclaimer of Responsibility for Certain Matters	  	 	47	  
	
	ARTICLE TWELVE	  
	
	Miscellaneous	  
			
	Section 12.01	  	Trust Indenture Act Controls	  	 	47	  
	Section 12.02	  	Notices	  	 	48	  
	Section 12.03	  	Communications by Holders with Other Holders	  	 	49	  
	Section 12.04	  	Certificate and Opinion as to Conditions Precedent	  	 	49	  
	Section 12.05	  	Statements Required in Certificate or Opinion	  	 	49	  
	Section 12.06	  	Rules by Trustee and Agents	  	 	50	  
	Section 12.07	  	Legal Holidays	  	 	50	  
	Section 12.08	  	Governing Law	  	 	50	  
	Section 12.09	  	No Adverse Interpretation of Other Agreements	  	 	50	  
	Section 12.10	  	No Recourse Against Others	  	 	50	  
	Section 12.11	  	Successors and Assigns	  	 	50	  
	Section 12.12	  	Duplicate Originals	  	 	50	  
	Section 12.13	  	Severability	  	 	51	  
	Section 12.14	  	Counterparts	  	 	51	  
	Section 12.15	  	Force Majeure	  	 	51	  
	Section 12.16	  	Waiver of Jury Trial	  	 	51	  
		
	Signatures	  	 	S-1	  
		
	Exhibit A - Form of Security	  			

  
 - iv -

 INDENTURE dated as of February 7, 2012, by and among TOLL BROTHERS FINANCE CORP., a
Delaware corporation (the “Issuer”), TOLL BROTHERS, INC., a Delaware corporation (the “Company”) and the other Guarantors (as defined in Section 1.01) and The Bank of New York Mellon (the “Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the Issuer’s
debt securities issued under this Indenture: 
 ARTICLE ONE 

Definitions and Incorporation By Reference 
  

	 	Section 1.01	Definitions. 

“Affiliate” means, when used with reference to a specified person, any Person directly or indirectly controlling or controlled
by or under direct or indirect common control with the Person specified. 
 “Agent” means any Registrar, Paying Agent
or co-Registrar or agent for service of notices and demands. 
 “Authorizing Resolution” means a resolution adopted by
the Board of Directors, or by an Officer or committee of Officers pursuant to Board of Directors delegation, authorizing a Series of Securities. 
 “Bankruptcy Law” means title 11 of the United States Code, as amended, or any similar federal or state law for the relief of debtors. 

“Board of Directors” means any Person’s Board of Directors or any authorized committee thereof. 

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated) of or in such Person’s capital stock or other equity interests, and options, rights or warrants to purchase such capital stock or other equity interests, whether now outstanding or issued after the applicable Issue Date, including,
without limitation, all Redeemable Capital Stock and Preferred Stock. 
 “Capitalized Lease Obligations” of any Person
means the obligations of such Person to pay rent or other amounts under a lease that is required to be capitalized for financial reporting purposes in accordance with GAAP, and the amount of such obligations will be the capitalized amount thereof
determined in accordance with GAAP. 
 “Common Stock” means the Common Stock ($.01 par value) of the Company as the
same exists at the date of this Indenture as originally executed or as such stock may be constituted from time to time. 

“Company” means the party named as such in this Indenture until a successor replaces it pursuant to the Indenture and
thereafter means the successor. 

 “Consolidated Net Worth” of any Person means the consolidated stockholders’
equity of such Person determined in accordance with accounting principles generally accepted in the United States. 

“Conversion Price” means the initial conversion price of Securities of a Series specified in the Authorizing Resolutions
establishing the terms of such Series of Security, as adjusted in accordance with the provisions of Article Eleven. 

“Corporate Trust Office” means the principal office of the Trustee at which at any time its corporate trust business shall be
administered, which office at the date hereof is located at 101 Barclay Street, Floor 8 West, New York, New York 10286, Attention: Corporate Trust Administration, or such other address as the Trustee may designate from time to time by notice to the
Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and the Issuer). 

“Current Market Price” means, for any relevant date, (a) except for purposes of Section 11.04, the average of the
last reported sale prices of the Common Stock for the 30 consecutive Business Days commencing 45 Business Days before the day in question and (b) for purposes of Section 11.04 only, the last reported sale price of the Common Stock, in
either such case as reported on the composite tape, or similar reporting system, for issues listed on the New York Stock Exchange (or if the Common Stock is not then listed on that exchange, for issues listed on such other national securities
exchange upon which the Common Stock is listed as may be designated by the Board of Directors for the purposes hereof) or, if there is no such reported sale on the day or days in question, on the basis of the average of the closing bid and asked
quotations as so reported, or, if the Common Stock is not listed on any national securities exchange, on the basis of the average of the high bid and low asked quotations on the day or days in question in the over-the-counter market as reported by
the National Association of Securities Dealers’ Automated Quotations System, or if not so quoted, as reported by National Quotation Bureau, Incorporated, or any similar organization, or if not so reported as determined in good faith by the
Board of Directors. 
 “Default” means any event, act or condition that is, or after notice or the passage of time or
both would be, an Event of Default. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended.

 “GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, as in effect at the time of computation. 
 “Guarantee”
means the guarantee of Securities of any applicable Series by each Guarantor under this Indenture. 

  
 - 2 -

 “Guarantors” means, (i) initially on the execution of this Indenture, each of
the entities listed on Schedule A, attached hereto, and (ii) each of the Company’s Subsidiaries which becomes a guarantor of Securities pursuant to the provisions of this Indenture, in each case subject to Section 9.03(a). 

“Holder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Indebtedness” means (1) any liability of any Person (A) for borrowed money, (B) evidenced by a bond, note,
debenture or similar instrument (including a purchase money obligation) given in connection with the acquisition of any businesses, properties or assets of any kind (other than a trade payable or a current liability arising in the ordinary course of
business), (C) for the payment of money relating to a Capitalized Lease Obligation or (D) for all Redeemable Capital Stock valued at the greater of its voluntary or involuntary liquidation preference plus accrued and unpaid dividends;
(2) any liability of others described in the preceding clause (1) that such Person has guaranteed or that is otherwise its legal liability; (3) all Indebtedness referred to in (but not excluded from) clauses (1) and
(2) above of other Persons of all dividends of other Persons, the payment of which is secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Security Interest upon or in
property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such Indebtedness; and (4) any amendment, supplement, modification,
deferral, renewal, extension or refunding of any liability of the types referred to in clauses (1), (2) and (3) above. 
 “Indenture” means this Indenture as amended or supplemented from time to time, including pursuant to any Authorizing Resolution or supplemental indenture pertaining to any Series. 

“interest” means, with respect to any Series of Securities, any interest on such series of Securities. 

“Interest Payment Date” when used with respect to any installment of interest payable on the Securities, has the meaning
provided in Section 1 of the Securities. 
 “Issue Date” means, with respect to any Series of Securities, the
date on which the Securities of such Series are originally issued under this Indenture. 
 “Lien” means, with respect
to any Property, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such Property. For purposes of this definition, a Person shall be deemed to own, subject to a Lien, any Property which it has acquired or
holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such Property. 
 “Non-Recourse Indebtedness” means the Indebtedness or other obligations secured by a Lien on property to the extent that the liability of the Indebtedness or other obligations is limited to the
security of the property without liability on the part of the Issuer, the Company or any Restricted Subsidiary (other than the Restricted Subsidiary which holds title to the property) for any deficiency. 

  
 - 3 -

 “Officer” means the Chairman of the Board, the President, any Vice President, the
Chief Accounting Officer, the Controller, the Treasurer, or the Secretary of the Issuer or any Guarantor, as applicable. 

“Officers’ Certificate” means a certificate signed by two Officers or by an Officer and an Assistant Treasurer or an
Assistant Secretary of the Issuer or the Company, as applicable. 
 “Opinion of Counsel” means a written opinion,
reasonably acceptable to the Trustee, from legal counsel. The counsel may be an employee of or counsel to the Issuer, the Company, a Guarantor or Subsidiary, as applicable. 
 “Original Issue Discount Security” means any Security which provides that an amount less than its principal amount is due and payable upon acceleration after an Event of Default. 

“Person” means any individual, corporation, partnership, limited liability company, joint venture, incorporated or
unincorporated association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 
 “Preferred Stock” of any Person means all Capital Stock of such Person which has a preference in liquidation or with respect to the payment of dividends. 

“principal” of a debt security means the principal of the security plus, when appropriate, the premium, if any, on the
security. 
 “Property” of any Person means all types of real, personal, tangible, intangible or mixed property owned
by such Person, whether or not included in the most recent consolidated balance sheet of such Person and its Subsidiaries under GAAP. 
 “Record Date” for the interest payable on any Interest Payment Date on the Securities has the meaning provided in Section 2 of the Securities. 

“Redeemable Capital Stock” means any Capital Stock of the Issuer, the Company of any Subsidiary of the Company that, either by
its terms, by the terms of any security into which it is convertible or exchangeable or otherwise, (1) is or upon the happening of an event or passage of time would be required to be redeemed on or prior to the final stated maturity of any
series of Securities or (2) is redeemable at the option of the holder thereof at any time prior to such final stated maturity or (3) is convertible into or exchangeable for debt securities at any time prior to such final stated maturity.

 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust
department of the Trustee, including any vice president, assistant vice president, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the
Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture. 
 “Restricted Subsidiary” means any Guarantor other than the Company. 

  
 - 4 -

 “Revolving Credit Facility” means the Credit Agreement by and among First
Huntingdon Finance Corp., Toll Brothers, Inc. and the Lenders named therein dated October 22, 2010, and any related documents (including, without limitation, any guarantees or security documents), as such agreements (and such related documents)
may be amended, restated, supplemented, renewed, replaced by the existing lenders or by successors or otherwise modified from time to time, including any agreement(s) extending the maturity of or refinancing or refunding all or any portion of the
indebtedness or increasing the amount to be borrowed under such agreement(s) or any successor agreement(s), whether or not by or among the same parties. 
 “SEC” means the Securities and Exchange Commission or any successor agency performing the duties now assigned to it under the TIA. 

“Securities” means any Securities issued under this Indenture. 

“Series” means a series of Securities established under this Indenture. 

“Significant Subsidiary” means any Subsidiary (i) whose revenues exceed 10% of the Company’s total revenues, in each
case for the most recent fiscal year, or (ii) whose net worth exceeds 10% of the Company’s total stockholders’ equity, in each case as of the end of the most recent fiscal year. 

“Subsidiary” means any Person of which the Company, at the time of determination by the Company, directly and/or indirectly
through one or more Subsidiaries, owns more than 50% of the shares of Voting Stock. 
 “TIA” means the Trust Indenture
Act of 1939, as in effect from time to time. 
 “Trustee” means the party named as such in this Indenture until a
successor replaces it pursuant to this Indenture and thereafter means the successor serving hereunder. 
 “United
States” means the United States of America. 
 “U.S. government obligations” means securities which are
(i) direct obligations of the United States for the payment of which its full faith and credit is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States, which, in either case are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued
by a bank or trust company as custodian with respect to any such U.S. government obligations or a specific payment of interest on or principal of any such U.S. government obligation held by such custodian for the account of the holder of a
depositary receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S.
government obligation or the specific payment of interest on or principal of the U.S. government obligation evidenced by such depositary receipt. 
 “Voting Stock” means any class or classes of capital stock pursuant to which the holders thereof have the general voting power under ordinary circumstances to elect at least a majority of

  
 - 5 -

 
the board of directors, managers or trustees of any Person (irrespective of whether or not, at the time, stock of any other class or classes shall have, or might have, voting power by reason of
the happening of any contingency). 
  

	 	Section 1.02	Other Definitions. 

  

			
	 Term
	  	 Defined
in Section

	 “Adjusted Net Assets”
	  	2.15
	 “Agent Members”
	  	2.15
	 “Business Day”
	  	12.07
	 “Covenant Defeasance”
	  	8.01(c)
	 “Custodian”
	  	6.01
	 “Depository”
	  	2.15
	 “DTC”
	  	2.14(f)
	 “Event of Default”
	  	6.01
	 “Funding Guarantor”
	  	9.05
	 “Global Securities”
	  	2.01(c)
	 “Legal Defeasance”
	  	8.01(b)
	 “Legal Holiday”
	  	12.07
	 “Notice of Default”
	  	6.01
	 “Outstanding Series”
	  	6.01
	 “Paying Agent”
	  	2.03
	 “Physical Securities”
	  	2.01(c)
	 “Registrar”
	  	2.03
	 “Required Filing Date”
	  	4.05

  

	 	Section 1.03	Incorporation by Reference of Trust Indenture Act. 

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

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

“obligor” on the indenture securities means the Issuer, the Guarantors or any other obligor on the Securities of a Series or
any Guarantees thereof. 
 All other TIA terms used in this Indenture that are defined by the TIA, defined by TIA reference to
another statute or defined by SEC rule have the meanings so assigned to them. 

  
 - 6 -

	 	Section 1.04	Rules of Construction. 

 Unless
the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

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

(3) “or” is not exclusive; 
 (4) words in the singular include the plural, and in the plural include the singular; and 
 (5) provisions apply to successive events and transactions. 
 ARTICLE TWO

 THE SECURITIES 
  

	 	Section 2.01	Form and Dating. 

 (a) The
aggregate principal amount of Securities that may be issued under this Indenture is unlimited. The Securities may be issued from time to time in one or more Series. Each Series shall be created by an Authorizing Resolution or a supplemental
indenture that establishes the terms of the Series, which may include the following: 
 (1) the title of the Series; 

(2) the aggregate principal amount (or any limit on the aggregate principal amount) of the Series and, if any Securities of a Series are
to be issued at a discount from their face amount, the method of computing the accretion of such discount; 
 (3) the interest
rate or method of calculation of the interest rate; 
 (4) the date from which interest will accrue; 

(5) the Record Dates for interest payable on Securities of the Series; 

(6) the dates when, places where and manner in which principal and interest are payable; 

(7) the Registrar and Paying Agent; 
 (8) the terms of any mandatory (including any sinking fund requirements) or optional redemption by the Company; 
 (9) the terms of any redemption at the option of Holders; 
 (10) the denominations
in which Securities are issuable; 

  
 - 7 -

 (11) whether Securities will be issued in registered or bearer form and the terms of any
such forms of Securities; 
 (12) whether any Securities will be represented by a Global Security and the terms of any such
Global Security; 
 (13) the currency or currencies (including any composite currency) in which principal or interest or both
may be paid; 
 (14) if payments of principal or interest may be made in a currency other than that in which Securities are
denominated, the manner for determining such payments; 
 (15) provisions for electronic issuance of Securities or issuance of
Securities in uncertificated form; 
 (16) any Events of Default, covenants and/or defined terms in addition to or in lieu of
those set forth in this Indenture; 
 (17) whether and upon what terms Securities may be defeased if different from the
provisions set forth in this Indenture; 
 (18) the form of the Securities, which, unless the Authorizing Resolution or
supplemental indenture otherwise provides, shall be in the form of Exhibit A; 
 (19) any terms that may be required by or
advisable under applicable law; 
 (20) the percentage of the principal amount of the Securities which is payable if the
maturity of the Securities is accelerated in the case of Securities issued at a discount from their face amount; 
 (21) whether
any Securities will not have Guarantees; 
 (22) whether the Securities of such Series will be convertible into Common Stock of
the Company and the terms thereof (including without limitation the conversion price, the conversion period and any other provision in addition to or in lieu of those set forth in this Indenture); 

(23) whether the Securities of such Series and/or the Guarantees of such Series will be secured and, if applicable any provisions for
securing all or a portion of any indebtedness evidenced by the Securities of such Series and/or the Guarantees of such Series; and 
 (24) any other terms in addition to or different from those contained in this Indenture. 
 All Securities of one Series need not be issued at the same time and, unless otherwise provided, a Series may be reopened for issuances of additional Securities of such Series pursuant to an Authorizing
Resolution, an Officers’ Certificate of the Issuer or in any indenture supplemental hereto. 

  
 - 8 -

 The creation and issuance of a Series and the authentication and delivery thereof are not
subject to any conditions precedent except as provided in this Indenture or the TIA. 
 (b) The Securities and the
Trustee’s certificate of authentication relating thereto shall be substantially in the form of Exhibit A hereto. The Securities may have notations, legends or endorsements required by law, stock exchange rules, agreements to which the Company
is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication. If required, the Securities may bear the appropriate legend
regarding any original issue discount for federal income tax purposes. Each Security shall have an executed Guarantee from each of the Guarantors. 
 The terms and provisions contained in the Securities, annexed hereto as Exhibit A, shall constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. 
 (c) Global Securities. The Securities offered and sold pursuant to this Indenture shall be issued initially in the form of one or more permanent Global Securities (“Global Securities”) in
definitive, fully registered form without interest coupons, in substantially the form of Exhibit A, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Trustee, at the Trustee’s office in New York
City, as custodian for the Depository, and registered in the name of the Depository or a nominee of the Depository, duly executed by the Company (and having an executed Guarantee in the manner set forth in Section 9.07) and authenticated by the
Trustee as hereinafter provided and shall bear the legend set forth in Section 2.15. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and
the Depository or its nominee in the limited circumstances hereinafter provided. 
 Securities issued in exchange for interests
in Global Securities pursuant to Section 2.15 may be issued in the form of permanent certificated Securities in registered form in substantially the form set forth in Exhibit A (the “Physical Securities”). 

 

	 	Section 2.02	Execution and Authentication. 

Two Officers shall sign the Securities for the Issuer by manual or facsimile signature. The Issuer’s seal shall be reproduced on the
Securities. Each of the Guarantors shall execute the Guarantee in the manner set forth in Section 9.07. 
 If an Officer
whose signature is on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall nevertheless be valid. 
 A Security shall not be valid until the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under
this Indenture. 
 The Trustee shall authenticate Securities for original issue upon a written order of the Issuer signed by two
Officers or by an Officer and an Assistant Treasurer of the Issuer. Each 

  
 - 9 -

 
Security shall be dated the date of its authentication. In authenticating Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be given, and (subject to the TIA) shall be fully protected in relying upon, 
 (a) a copy of the Authorizing
Resolution in or pursuant to which the terms and form of the Securities were established, certified by the Secretary or an Assistant Secretary of the Company to have been duly adopted by the Board of Directors and to be in full force and effect as
of the date of such certificate, and if the terms and form of such Securities are established by an Officers’ Certificate pursuant to general authorization of the Board of Directors, such Officers’ Certificate; 

(b) an executed supplemental indenture, if any; 
 (c) an Officers’ Certificate delivered in accordance with Section 12.04; and 
 (d) an Opinion of Counsel stating that all conditions precedent to the authentication and delivery of the Securities have been complied with and that the Securities have been duly executed and, when the
Securities have been duly authenticated and delivered by the Trustee, will be duly issued and delivered and will constitute valid and legally binding obligations of the Company, enforceable in accordance with their terms, subject to any applicable
bankruptcy, insolvency (including, without limitation, all laws relating to fraudulent transfers), reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and subject to the effect of general
principles of equity, including, without limitation, concepts of materiality, reasonableness, good faith and fair dealing (regardless of whether enforcement is considered in a proceeding in equity or at law). 

 

	 	Section 2.03	Registrar and Paying Agent. 

 The
Issuer shall maintain an office or agency where Securities may be presented for registration of transfer or for exchange or, if applicable, for conversion (“Registrar”), and an office or agency where Securities may be presented for payment
(“Paying Agent”) and an office or agency where notices and demands to or upon the Issuer in respect of the Securities and this Indenture may be served. Such office may be the same office as the Issuer’s office referred to in
Section 12.02. The Registrar shall keep a register of the Securities and of their transfer and exchange. The Issuer may have one or more co-Registrars and one or more additional paying agents. The term “Paying Agent” includes any
additional paying agent. 
 The Issuer shall enter into an appropriate agency agreement with any Agent not a party to this
Indenture. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Issuer shall promptly notify the Trustee in writing of the name and address of any such Agent and the Trustee shall have the right to inspect
the Securities register at all reasonable times to obtain copies thereof, and the Trustee shall have the right to rely upon such register as to the names and addresses of the Holders and the principal amounts and certificate numbers thereof. If the
Issuer fails to maintain a Registrar or Paying Agent or fails to give the foregoing notice, the Trustee shall act as such. 

The Issuer initially appoints the Trustee as Registrar and Paying Agent. 

  
 - 10 -

	 	Section 2.04	Paying Agent to Hold Money in Trust. 

 Each Paying Agent shall hold in trust for the benefit of Holders and the Trustee all money held by the Paying Agent for the payment of principal of or interest on the Securities, and shall notify the
Trustee of any Default by the Issuer in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money and hold it as a separate trust fund. The Issuer at any time may require a Paying Agent to pay all
money held by it to the Trustee. Upon doing so the Paying Agent shall have no further liability for the money. 
  

	 	Section 2.05	Holder Lists. 

 The Trustee shall
preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders. If the Trustee is not the Registrar, the Issuer shall furnish to the Trustee on or before each interest payment
date and at such other times as the Trustee may request in writing a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders. 

 

	 	Section 2.06	Transfer and Exchange. 

 Where a
Security is presented to the Registrar or a co-Registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the requirements of Section 8-401(1) of the New York Uniform Commercial Code are met.
Where Securities are presented to the Registrar or a co-Registrar with a request to exchange them for an equal principal amount of Securities of other denominations, the Registrar shall make the exchange as requested if the same requirements are
met. To permit transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if the Security
is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. Any transfer or exchange shall be without charge, except that the Issuer may require payment of a sum sufficient to
cover any tax or other governmental charge that may be imposed in connection with any such transfer or exchange and any other expenses in connection therewith) except in the case of exchanges pursuant to Sections 2.09, 3.06, or 10.05 not involving
any transfer. 
  

	 	Section 2.07	Replacement Securities. 

 If the
Holder of a Security claims that the Security has been lost, destroyed, mutilated or wrongfully taken, the Issuer shall issue and, upon written request of any Officer of the Issuer, the Trustee shall authenticate a replacement Security, provided
that in the case of a lost, destroyed or wrongfully taken Security, that the requirements of Section 8-405 of the New York Uniform Commercial Code are met. If any such lost, destroyed, mutilated or wrongfully taken Security shall have matured
or shall be about to mature, the Issuer may, instead of issuing a substitute Security therefor, pay such Security without requiring (except in the case of a mutilated Security) the surrender thereof. An indemnity bond must be sufficient in the
judgment of the Issuer and the Trustee to protect the Issuer, the Trustee or any Agent from any loss which any of them may suffer if a Security is replaced, including the acquisition of such Security by a protected purchaser. The Issuer may charge
for its expenses in replacing a Security. Every replacement Security is an additional obligation of the Issuer and the Guarantors 

  
 - 11 -

	 	Section 2.08	Outstanding Securities. 

Securities outstanding at any time are all Securities authenticated by the Trustee except for those presented to it by the Issuer or its
designee for cancellation and those described in this Section as not outstanding. A Security does not cease to be outstanding because the Issuer, the Guarantors or one of their Affiliates holds the Security. 

If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee receives proof satisfactory to it
that the replaced Security is held by a protected purchaser. 
 If the Paying Agent holds on a redemption date or maturity date
money sufficient to pay Securities payable on that date, then on and after that date such Securities cease to be outstanding and interest on them ceases to accrue. 
 If a Security is called for redemption or if it matures in less than six months and if the Issuer has satisfied its obligation to pay the Security, or if a Security has been converted in accordance with
the provisions of Article Eleven, the Issuer and the Trustee need not treat the Security as outstanding in determining whether Holders of the required principal amount of Securities have concurred in any direction, waiver or consent. 

For each series of Original Issue Discount Securities, the principal amount of such Securities that shall be deemed to be outstanding and
used to determine whether the necessary Holders have given any request, demand, authorization, direction, notice, consent or waiver shall be the principal amount of such Securities that could be declared to be due and payable upon acceleration upon
an Event of Default as of the date of such determination. When requested by the Trustee, the Issuer will advise the Trustee of such amount, showing its computations in reasonable detail. 

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

	 	Section 2.09	Temporary Securities. 

 Until
definitive Securities are ready for delivery, the Issuer may prepare and execute, the Guarantors shall endorse the Guarantee thereon, and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of
definitive Securities but may have variations that the Issuer considers appropriate for temporary Securities. Without unreasonable delay, the Issuer shall prepare and, upon surrender for cancellation of the temporary Security, the Issuer and the
Guarantors shall execute and the Trustee shall authenticate definitive Securities in exchange for temporary Securities. Until so exchanged, the temporary Securities shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities authenticated and delivered hereunder. 

  
 - 12 -

	 	Section 2.10	Cancellation. 

 The Issuer at any
time may deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange, conversion, redemption or payment. The Trustee and no
one else shall cancel all Securities surrendered for registration or transfer, exchange, redemption, paying or cancellation. Unless the Authorizing Resolution so provides, the Issuer may not issue new Securities to replace Securities that it has
previously paid or delivered to the Trustee for cancellation. 
  

	 	Section 2.11	Defaulted Interest. 

 If the
Issuer defaults in a payment of interest on the Securities, it shall pay the defaulted interest plus any interest payable on the defaulted interest (to the extent lawful), if an Event of Default has occurred and is continuing, to the Persons who are
Holders on a subsequent special Record Date. The Issuer shall fix such special Record Date and a payment date. At least 15 days before such special Record Date, the Issuer shall mail to each Holder a notice that states the Record Date, the payment
date and the amount of defaulted interest to be paid. 
  

	 	Section 2.12	Treasury Securities. 

 In
determining whether the Holders of the required principal amount of Securities of a Series have concurred in any direction, waiver, consent or notice, Securities owned by the Issuer, the Guarantors or any of their respective Affiliates shall be
considered as though they are not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which a Responsible Officer of the Trustee
actually knows are so owned shall be so considered. 
  

	 	Section 2.13	CUSIP Numbers. 

 The Issuer in
issuing the Securities of any Series may use a “CUSIP” number, and if so, the Trustee shall use the CUSIP number in notices of redemption or exchange as a convenience to Holders of such Securities; provided that no representation is hereby
deemed to be made by the Trustee as to the correctness or accuracy of any such CUSIP number printed in the notice or on such Securities, and that reliance may be placed only on the other identification numbers printed on such Securities. The Issuer
shall promptly notify the Trustee of any change in any CUSIP number. 
  

	 	Section 2.14	Deposit of Moneys. 

 Prior to
11:00 a.m. New York City time on each interest payment date and maturity date with respect to each Series of Securities, the Issuer shall have deposited with the Paying Agent in immediately available funds money sufficient to make cash payments due
on such interest payment date or maturity date, as applicable, in a timely manner which permits the Paying Agent to remit payment to the Holders on such interest payment date or maturity date, as applicable. 

  
 - 13 -

	 	Section 2.15	Book-Entry Provisions for Global Security. 

 (a) Any Global Security of a Series initially shall (i) be registered in the name of the depository who shall be identified in the Authorizing Resolution or supplemental indenture relating to such
Securities (the “Depository”) or the nominee of such Depository, (ii) be delivered to the Trustee as custodian for such Depository and (iii) bear any required legends. 

Members of, or participants in, the Depository (“Agent Members”) shall have no rights under this Indenture with respect to any
Global Security held on their behalf by the Depository, or the Trustee as its custodian, or under the Global Security, and the Depository may be treated by the Issuer, the Trustee and any agent of the Issuer or the Trustee as the absolute owner of
the Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security. 

(b) Transfers of any Global Security shall be limited to transfers in whole, but not in part, to the Depository, its successors or their
respective nominees. Interests of beneficial owners in the Global Security may be transferred or exchanged for definitive Securities in accordance with the rules and procedures of the Depository. In addition, definitive Securities shall be
transferred to all beneficial owners in exchange for their beneficial interests in a Global Security if (i) the Depository notifies the Issuer that it is unwilling or unable to continue as Depository for the Global Security or, if at any time,
the Depository ceases to be a clearing agency registered under the Exchange Act, and a successor depository is not appointed by the Issuer within 90 days of such notice or (ii) an Event of Default has occurred and is continuing or an event
which, with the giving of notice or lapse of time, or both would constitute an Event of Default with respect to the Securities and the Registrar has received a request from the Depository to issue definitive Securities. 

(c) In connection with any transfer or exchange of a portion of the beneficial interest in any Global Security to beneficial owners
pursuant to paragraph (b), the Registrar shall (if one or more definitive Securities are to be issued) reflect on its books and records the date and a decrease in the principal amount of the Global Security in an amount equal to the principal amount
of the beneficial interest in the Global Security to be transferred, and the Issuer and the Guarantors shall execute, and the Trustee shall authenticate and deliver, one or more definitive Securities of like tenor and amount. 

(d) In connection with the transfer of an entire Global Security to beneficial owners pursuant to paragraph (b), the Global Security
shall be deemed to be surrendered to the Trustee for cancellation, and the Issuer and the Guarantors shall execute, and the Trustee shall authenticate and deliver, to each beneficial owner identified by the Depository in exchange for its beneficial
interest in the Global Security, an equal aggregate principal amount of definitive Securities of authorized denominations. 

(e) The Holder of any Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may
hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities of such Series. 

  
 - 14 -

 (f) Each Global Security shall also bear the following legend on the face thereof:

 Unless and until it is exchanged in whole or in part for securities in definitive form, this security may not
be transferred except as a whole by the depository to a nominee of the depository, or by any such nominee of the depository, or by the depository or nominee of such successor depository or any such nominee to a successor depository or a nominee of
such successor depository. Unless this certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to an issuer or its agent for registration of transfer, exchange or payment,
and any certificate issued is registered in the name of Cede & Co. or such other name as is requested by an authorized representative of DTC (and any payment hereon is made to Cede & Co. or to such other entity as is requested by
an authorized representative of DTC), any transfer, pledge or other use hereof for value or otherwise by or to any person is wrongful inasmuch as the registered owner hereof, Cede & Co., has an interest herein. 

Transfers of this global security shall be limited to transfers in whole, but not in part, to nominees of Cede &
Co. or to a successor thereof or such successor’s nominee. 
 (g) The Trustee shall have no obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or
beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
 (h) Neither the
Trustee nor any Agent shall have any responsibility for any actions taken or not taken by the Depository. 
 ARTICLE THREE

 Redemption 
  

	 	Section 3.01	Notices to Trustee. 

 Securities
of a Series that are redeemable prior to maturity shall be redeemable in accordance with their terms and, unless the Authorizing Resolution or supplemental indenture provides otherwise, in accordance with this Article. 

If the Issuer wants to redeem Securities pursuant to Paragraph 5 of the Securities, it shall notify the Trustee in writing of the
Redemption Date and the principal amount of Securities to be redeemed. Any such notice may be canceled at any time prior to notice of such redemption being mailed to Holders. Any such canceled notice shall be void and of no effect. If the Issuer
wants to credit any Securities previously redeemed, retired or acquired against any redemption pursuant to Paragraph 6 of the Securities, it shall notify the Trustee of the amount of the credit and it shall deliver any Securities not previously
delivered to the Trustee for cancellation with such notice. 

  
 - 15 -

 The Issuer shall give each notice provided for in this Section at least 10 days before the
notice of any such redemption is to be mailed to Holders (unless a shorter notice shall be satisfactory to the Trustee). 
  

	 	Section 3.02	Selection of Securities to be Redeemed. 

 If less than all the Securities of a Series are to be redeemed, the Trustee shall select the Securities to be redeemed, if the Securities of such Series are listed on a national securities exchange, in
accordance with the rules of such exchange, or if the Securities of such Series are not so listed, on either a pro rata basis or by lot or by such method as the Trustee shall deem fair and appropriate. The Trustee shall make the selection from
Securities outstanding and not previously called for redemption. Securities in denominations of $2,000 may only be redeemed in whole. The Trustee may select for redemption portions (equal to $2,000 or any integral multiple of $1,000 thereof) of the
principal of Securities that have denominations larger than $2,000. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. 

 

	 	Section 3.03	Notice of Redemption. 

 At least
30 days but not more than 60 days before a redemption date, the Issuer shall mail a notice of redemption by first-class mail, postage prepaid, to each Holder of Securities to be redeemed. The notice shall identify the Securities to be redeemed
(including the CUSIP numbers, if any) and shall state: 
 (1) the redemption date; 

(2) the redemption price; 
 (3) the name and address of the Paying Agent; 
 (4) that Securities called for
redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (5) that interest on Securities called
for redemption ceases to accrue on and after the redemption date; 
 (6) that the Securities are being redeemed pursuant to the
mandatory redemption or the optional redemption provisions, as applicable; 
 (7) in the event that any Security is to be
redeemed in part only, the portion of the principal amount thereof to be redeemed and that on and after the redemption date, upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion thereof
will be issued; and 

  
 - 16 -

 (8) if applicable, the current Conversion Price and the date on which the right to convert
the Securities into Common Stock will expire. 
 At the Issuer’s request and after provision of the above information to
the Trustee at least two Business Days before the date of the giving of the notice or such shorter time as shall be acceptable to the Trustee, the Trustee shall give the notice of redemption in the Issuer’s name and at its expense. 

 

	 	Section 3.04	Effect of Notice of Redemption. 

Once notice of redemption is mailed, Securities called for redemption become due and payable on the redemption date and at the redemption
price as set forth in the notice of redemption. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price, plus accrued interest to the redemption date. 

 

	 	Section 3.05	Deposit of Redemption Price. 

Prior to 11:00 a.m. New York City time on the redemption date, the Issuer or its designee shall deposit with the Paying Agent immediately
available funds sufficient to pay the redemption price of and accrued interest on all Securities to be redeemed on that date. 
  

	 	Section 3.06	Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Issuer and the Guarantors shall execute and the Trustee shall authenticate for
each Holder a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE FOUR

 Covenants 
  

	 	Section 4.01	Payment of Securities. 

 The
Issuer shall pay the principal of and interest on Securities of a Series on the dates and in the manner provided in the Securities of the Series. An installment of principal or interest shall be considered paid on the date it is due if the Trustee
or Paying Agent holds on that date money designated for and sufficient to pay the installment. 
 The Issuer shall pay interest
on overdue principal at the rate borne by the Series; it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
  

	 	Section 4.02	Maintenance of Office or Agency. 

The Issuer shall maintain the office or agency required under Section 2.03. The Issuer shall give prior written notice to the Trustee
of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the address of the Trustee. 

  
 - 17 -

	 	Section 4.03	Compliance Certificate. 

 The
Issuer and the Company each shall deliver to the Trustee within 120 days after the end of their respective fiscal years an Officers’ Certificate satisfying the requirements of TIA §3.14(a)(4) and stating whether or not the signers know of
any Default by the Issuer or the Company in performing any of its obligations under this Indenture. If they do know of such a Default, the certificate shall describe the Default. 

 

	 	Section 4.04	Additional Guarantors. 

 If in
accordance with the provisions of the Revolving Credit Facility the Company adds or causes to be added, any Subsidiary that was not a Guarantor at the time of execution of this Indenture as a guarantor under the Revolving Credit Facility, such
Subsidiary shall contemporaneously become a Guarantor under this Indenture by (i) executing and delivering to the Trustee a supplemental indenture or an Authorizing Resolution in form reasonably satisfactory to the Trustee pursuant to which
such Subsidiary shall unconditionally guarantee all of the Issuer’s obligations under the Securities of any Series that has the benefit of Guarantees of other Subsidiaries of the Company and this Indenture (as it relates to all such Series) on
the terms set forth in this Indenture and (ii) delivering to the Trustee an Opinion of Counsel that such supplemental indenture or Authorizing Resolution has been duly authorized, executed and delivered by such Subsidiary and constitutes a
legal, valid, binding and enforceable obligation of such Subsidiary. Thereafter, such Subsidiary shall be a Guarantor for all purposes of this Indenture (as it relates to all such Series). 

 

	 	Section 4.05	Reports. 

 (a) So long as the
Securities are outstanding, whether or not the Company is then subject to Section 13(a) or 15(d) of the Exchange Act, the Company shall electronically file with the SEC, with a copy to the Trustee, the annual reports, quarterly reports and
other periodic reports that the Company would be required to file with the SEC pursuant to Section 13(a) or 15(d) if the Company were so subject, and such documents shall be filed with the SEC on or prior to the respective dates (the
“Required Filing Dates”) by which the Company would be required so to file such documents if the Company were so subject, unless, in any case, if such filings are not then permitted by the SEC. 

(b) If such filings with the SEC are not then permitted by the SEC, or such filings are not generally available on the Internet free of
charge, the Company shall, within 15 days of each Required Filing Date, transmit by mail to Holders of the Securities, as their names and addresses appear in the Register, without cost to such Holders, and file with the Trustee copies of the annual
reports, quarterly reports and other periodic reports that the Company would be required to file with the SEC pursuant to Section 13(a) or 15(d) of the Exchange Act if the Company were subject to such Section 13(a) or 15(d), and promptly
upon written request, supply copies of such documents to any prospective holder or beneficial owner at Company’s cost. Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s
receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates). 

  
 - 18 -

 ARTICLE FIVE 
 Successor Corporation 
  

	 	Section 5.01	When the Issuer or the Guarantors May Merge, etc. 

 Neither the Issuer nor any Guarantor will consolidate with or merge with or into or sell, assign, transfer or lease all or substantially all of its assets to another Person unless entitled by law and
unless: 
 (1) the resulting, surviving, receiving, or leasing Person is, in the case of (i) the Issuer or the Company, a
corporation organized and existing under the laws of the United States of America or any state thereof or (ii) any Guarantor (other than the Company), a corporation or other legal entity organized and existing under the laws of the United
States of America or any state thereof; 
 (2) such Person assumes by a supplemental indenture in a form reasonably satisfactory
to the Trustee, all the obligations of the Issuer or such Guarantor, as applicable, under the Securities or the Guarantee, as applicable, and the Indenture; and 
 (3) immediately after giving effect to, and as a result of such consolidation, merger, sale, assignment, transfer or lease, no Default or Event of Default shall have occurred and be continuing; provided
that this clause (3) will not restrict or be applicable to such consolidation, merger, sale, assignment, transfer or lease of a Guarantor with or into the Issuer, the Company or a Subsidiary that is, or concurrently with the completion of such
consolidation, merger, sale, assignment, transfer or lease becomes, a Guarantor. 
 Upon any such consolidation, merger, sale,
assignment or transfer (including any consolidation, merger, sale, assignment, transfer described in the proviso at the end of the immediately preceding sentence) the successor corporation or legal entity, as the case may be, will be substituted for
the Issuer or such Guarantor, as applicable, under the Indenture. The successor Person may, as applicable, then exercise every power and right of the Issuer or such Guarantor, as applicable, under the Indenture, and the Issuer or such Guarantor, as
applicable, will be released from all of its respective liabilities and obligations in respect of the Securities or the Guarantee, as applicable, and the Indenture. If the Issuer or any Guarantor leases all or substantially all of its assets, the
lessee Person will be the successor to the Issuer or such Guarantor, as applicable, and may exercise every power and right of the Issuer or such Guarantor, as applicable, under the Indenture, but the Issuer or such Guarantor, as applicable, will not
be released from its respective obligations to pay the principal and interest, if any, on the Securities. 
 The Issuer and the
Company shall each deliver to the Trustee prior to the consummation of the proposed transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and such supplemental indenture
comply with this Indenture. 

  
 - 19 -

 To the extent that an Authorizing Resolution or a supplemental indenture pertaining to any
Series provides for different provisions relating to the subject matter of this Article Five, the provisions in such Authorizing Resolution or supplemental indenture shall govern for purposes of such Series. 

ARTICLE SIX 

Defaults and Remedies 
  

	 	Section 6.01	Events of Default. 

 An
“Event of Default” on a Series occurs if, voluntarily or involuntarily, whether by operation of law or otherwise, any of the following occurs: 
 (1) the failure by the Issuer or a Guarantor to pay interest on any Security of such Series when the same becomes due and payable and the continuance of any such failure for a period of 30 days;

 (2) the failure by the Issuer or a Guarantor to pay the principal of any Security of such Series when the same becomes due
and payable at maturity, upon acceleration or otherwise; 
 (3) the failure by the Issuer, the Company or any Guarantor which is
a Significant Subsidiary to comply with any of its agreements or covenants in, or provisions of, the Securities of such Series, the Guarantees (as they relate thereto) or this Indenture (as they relate thereto), other than a failure specifically
dealt with elsewhere within this Indenture, and such failure continues for the period and after the notice specified below; 

(4) any default under an instrument evidencing or securing any of Issuer’s Indebtedness or the Indebtedness of any Guarantor (other
than Non-Recourse Indebtedness) aggregating $10,000,000 more in aggregate principal amount, resulting in the acceleration of such Indebtedness, or due to the failure to pay such Indebtedness at maturity, upon acceleration or otherwise; 

(5) any Guarantee in respect of the Securities of such Series by the Company or a Guarantor that is a Significant Subsidiary shall for
any reason cease to be, or be asserted in writing by the Company, such Guarantor or the Issuer, as applicable, not to be, in full force and effect and enforceable in accordance with its terms (other than by reason of the termination of the Indenture
or the release or discharge of any such Guarantee in accordance with the terms of the Indenture); provided, however, that if the Company, such Guarantor or the Issuer, as applicable, asserts in writing that such Guarantee is not in full force and
effect and enforceable in accordance with its terms, such assertion shall not constitute an Event of Default for purposes of this paragraph if (i) such written assertion is accompanied by an Opinion of Counsel of each of the Issuer, the Company
and such Guarantor to the effect that, as a matter of law, the defect or defects rendering such Guarantee unenforceable can be remedied within 10 days of the date of such assertion, (ii) each of the Issuer and the Company delivers an
Officers’ Certificate to the effect that the Company, such Guarantor or the Issuer, as applicable, represents that such defect or defects shall be so remedied within such 10-day period, and (iii) such defect or defects are in fact so
remedied within such 10-day period; 

  
 - 20 -

 (6) the Issuer, the Company or any Significant Subsidiary pursuant to or within the meaning
of any Bankruptcy Law: 
 (A) commences a voluntary case, 

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

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

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

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

(A) is for relief against the Issuer, the Company or any Significant Subsidiary as debtor in an involuntary case,

 (B) appoints a Custodian of the Issuer, the Company or any Significant Subsidiary or a Custodian for all or
substantially all of the property of the Issuer, the Company or any Significant Subsidiary, or 
 (C) orders the
liquidation of the Issuer, the Company or any Significant Subsidiary, 
 and the order or decree remains unstayed and in effect
for 90 days. 
 A Default as described in sub-clause (3) above will not be deemed an Event of Default until the Trustee
notifies the Issuer and the Company, or the Holders of at least 25 percent in aggregate principal amount of the then outstanding Securities of the applicable Series notify the Issuer and the Company and the Trustee, of the Default and the Issuer,
the Company or any Guarantor which is a Significant Subsidiary does not cure the Default within 60 days after receipt of the notice. The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice of
Default.” If such a Default is cured within such time period, it ceases. 
 Any Event of Default that relates exclusively
to a Guarantor other than the Company may be cured to the extent such Guarantor is released from its Guarantee pursuant to Section 9.03. 
 The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

  
 - 21 -

	 	Section 6.02	Acceleration. 

 If an Event of
Default (other than an Event of Default with respect to the Issuer, the Company or any Significant Subsidiary resulting from sub-clauses (6) or (7) of Section 6.01), shall have occurred and be continuing under this Indenture, the
Trustee by notice to the Issuer and the Company or the Holders of at least 25 percent in aggregate principal amount of the Securities of the applicable Series then outstanding by notice to the Issuer, the Company and the Trustee, may declare the
principal amount of all Securities of such Series and interest, if any, accrued thereon to be due and payable immediately. Upon such declaration of acceleration, the amounts due and payable on the Securities of such Series and interest, if any,
accrued thereon will be due and payable immediately. If an Event of Default with respect to the Issuer, the Company or any Significant Subsidiary specified in sub-clauses (6) or (7) of Section 6.01 occurs, all amounts due and payable
on the Securities of such Series will ipso facto become and be immediately due and payable without any declaration, notice or other act on the part of the Trustee, the Issuer, the Company or any Holder. Holders of a majority in principal amount of
the then outstanding Securities of such Series may rescind an acceleration with respect to such Series and its consequence (except an acceleration due to nonpayment of principal or interest on the Securities of such Series) if the rescission would
not conflict with any judgment or decree and if all past Events of Default have been cured or waived. 
 No such rescission
shall extend to or shall affect any subsequent Event of Default, or shall impair any right or power consequent thereon. 
  

	 	Section 6.03	Other Remedies. 

 If an Event of
Default on a Series occurs and is continuing, the Trustee may pursue any available remedy by proceeding at law or in equity to collect the payment of principal of or interest on the Series or to enforce the performance of any provision in the
Securities or this Indenture applicable to the Series. 
 The Trustee may maintain a proceeding even if it does not possess any
of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of
or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
  

	 	Section 6.04	Waiver of Past Defaults. 

Subject to Section 10.02, the Holders of a majority in principal amount of the outstanding Securities of a Series on behalf of all
the Holders of the Series by notice to the Trustee may waive a past Default on such Series and its consequences. When a Default is waived, it is cured and stops continuing, and any Event of Default arising therefrom shall be deemed to have been
cured; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  

	 	Section 6.05	Control by Majority. 

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

  
 - 22 -

 
The Trustee, however, may refuse to follow any direction (i) that conflicts with law or this Indenture, (ii) that, subject to Section 7.01, the Trustee determines is unduly
prejudicial to the rights of other Holders, or (iii) that would involve the Trustee in personal liability. 
  

	 	Section 6.06	Limitation on Suits. 

 A Holder
of a Series may not pursue any remedy with respect to this Indenture or the Series unless: 
 (1) the Holder gives to the
Trustee written notice of a continuing Event of Default on the Series; 
 (2) the Holders of at least 25% in aggregate principal
amount of the outstanding Securities of the Series make a written request to the Trustee to pursue the remedy; 
 (3) such
Holder or Holders offer to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (4) the
Trustee does not comply with the request within 60 days after receipt of such request and the offer of indemnity; and 
 (5) no
written request inconsistent with such written request shall have been given to the Trustee during such 60-day period by Holders of a majority of the aggregate principal amount of the outstanding Securities of the Series. 

A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder.

  

	 	Section 6.07	Rights of Holders to Receive Payment. 

 Notwithstanding any other provision of this Indenture to the contrary, the right of any Holder to receive payment of principal of and interest on the Security, on or after the respective due dates
expressed in such Security, or to bring suit for the enforcement of any such payment on or after such respective dates, is absolute and unconditional and shall not be impaired or affected without the consent of such Holder. 

 

	 	Section 6.08	Collection Suit by Trustee. 

 If
an Event of Default in payment of interest or principal specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer, any Guarantor or
any other obligor on the Securities for the whole amount of principal and interest remaining unpaid 
  

	 	Section 6.09	Trustee May File Proofs of Claim. 

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements, and advances of the Trustee, its agents and 

  
 - 23 -

 
counsel) and the Holders allowed in any judicial proceedings relative to the Issuer, the Company (or any other obligor upon the Securities, including the other Guarantors) its creditors or its
property, and unless prohibited by applicable law or regulation, may vote on behalf of the Holders in any election of a Custodian, and shall be entitled and empowered to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee. Nothing herein shall be deemed to authorize the Trustee to authorize or consent to or
vote for or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder or to authorize the Trustee to vote in respect of the claim of any Holder
except as aforesaid for the election of the Custodian. 
  

	 	Section 6.10	Priorities. 

 If the Trustee
collects any money pursuant to this Article, it shall pay out the money in the following order: 
 First: to the
Trustee for amounts due under Section 7.07; 
 Second: to Holders of the Series for amounts due and unpaid
on the Series for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Series for principal and interest, respectively; and 

Third: to the Issuer or the Guarantors as their interests may appear. 

The Trustee may fix a Record Date and payment date for any payment to Holders pursuant to this Section. 

 

	 	Section 6.11	Undertaking for Costs. 

 In any
suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an
undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having the due regard to the merits and good faith
of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in principal amount of the Series. 

ARTICLE SEVEN 

Trustee 
  

	 	Section 7.01	Duties of Trustee. 

 (a) If an
Event of Default has occurred and is continuing, the Trustee shall, subject to Section 6.02, exercise its rights and powers and use the same degree of care and skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct of such person’s own affairs. 

  
 - 24 -

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

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

(2) In the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture but need not confirm or investigate the accuracy of mathematical calculations or other facts or matters stated therein. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful misconduct, except that: 

(1) This paragraph does not limit the effect of paragraph (b) of this Section. 

(2) The Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the
Trustee was negligent in ascertaining the pertinent facts. 
 (3) The Trustee shall not be liable with respect to any action it
takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 or any other direction of the Holders permitted hereunder. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to this Section. 
 (e) The Trustee may refuse to perform any duty or exercise any right or power at the request of the Holders unless it receives indemnity satisfactory to it against any loss, liability or expense.

 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree with the Issuer.
Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 
 (g) None of
the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties or in the exercise of any of its rights or powers, if there shall be
reasonable grounds for believing that the repayment of such funds or adequate indemnity against such liability is not reasonably assured to it. 

  
 - 25 -

	 	Section 7.02	Rights of Trustee. 

 Subject to
Section 7.01: 
 (a) The Trustee may conclusively rely and shall be protected in acting or refraining from acting on any
document, resolution, certificate, instrument, report, statement, opinion, notice, consent, order, bond or direction believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or
matter stated in the document, resolution, certificate, instrument, report, or direction. 
 (b) Before the Trustee acts or
refrains from acting, it may require from each of the Issuer and the Company an Officers’ Certificate or an Opinion of Counsel or both, which shall conform to Sections 12.04 and 12.05 hereof and containing such other statements as the Trustee
reasonably deems necessary to perform its duties hereunder. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate, Opinion of Counsel or any other direction of the
Issuer permitted hereunder. 
 (c) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. 
 (d) The Trustee shall not be liable for any action taken, suffered or
omitted by it in good faith and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel of its selection, and the advice of such counsel or any Opinion of Counsel as to matters of law shall be full and complete authorization and protection in respect
of any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 (f) Unless otherwise specifically provided in the Indenture, any demand, request, direction or notice from the Issuer shall be sufficient if signed by an Officer of the Issuer. 

(g) For all purposes under this Indenture, the Trustee shall not be deemed to have notice or knowledge of any Event of Default (other
than under Section 6.01(1) or 6.01(2)) unless a Responsible Officer assigned to and working in the Trustee’s Corporate Trust Office has actual knowledge thereof or unless written notice of any Event of Default is received by the Trustee at
its address specified in Section 12.02 hereof and such notice references the Securities and the Guarantees generally, the Issuer, the Guarantors and this Indenture. 
 (h) any request or direction of the Issuer mentioned herein shall be sufficiently evidenced by an Issuer request or Issuer Order and any resolution of the Board of Directors may be sufficiently evidenced
by an Authorizing Resolution; 
 (i) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the sole cost of the Issuer and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

  
 - 26 -

 (j) in no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit); 
 (k) the rights,
privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent,
custodian and other Person employed to act hereunder; and 
 (l) the Trustee may request that the Issuer deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 
  

	 	Section 7.03	Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Issuer
or its Affiliates with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee, however, must comply with Sections 7.10 and 7.11. 

 

	 	Section 7.04	Trustee’s Disclaimer. 

 The
Trustee makes no representation as to the validity or adequacy of this Indenture, the Securities or of any prospectus or offering memorandum used to sell the Securities; it shall not be accountable for the Issuer’s use of the proceeds from the
Securities; it shall not be accountable for any money paid to the Issuer, or upon the Issuer’s direction, if made under and in accordance with any provision of this Indenture; it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee; and it shall not be responsible for any statement of the Issuer in this Indenture or in the Securities other than its certificate of authentication. 

 

	 	Section 7.05	Notice of Defaults. 

 If a
Default on a Series occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to each Holder of the Series notice of the Default (which shall specify any uncured Default known to it) within 90 days after it occurs. Except in
the case of a Default in payment of principal of or interest on a Series, the Trustee may withhold the notice if and so long as the executive or any trust committee of the Trustee and/or responsible officers of the Trustee in good faith determine(s)
that withholding the notice is in the interests of Holders of the Series. 
  

	 	Section 7.06	Reports by Trustee to Holders. 

Within 60 days after each April 15 beginning with the April 15 following the date of this Indenture, the Trustee shall mail to
each Holder a brief report dated as of such April 15 that complies with TIA §313(a) (but if no event described in TIA §313(a)(2) has occurred within the twelve months preceding the reporting date no report need be transmitted). The
Trustee also shall comply with TIA §313(b) and §313(c). 

  
 - 27 -

 A copy of each report at the time of its mailing to Holders shall be delivered to the Issuer
and filed by the Trustee with the SEC and each national securities exchange on which the Securities are listed. The Issuer and the Company agree to notify the Trustee of each national securities exchange on which the Securities are listed or
delisted. 
  

	 	Section 7.07	May Hold Securities. 

 The
Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Issuer, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with the Issuer with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 
  

	 	Section 7.08	Money Held in Trust. 

 Money held
by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the
Issuer. 
  

	 	Section 7.09	Compensation and Indemnity. 

 The
Issuer and the Company shall pay to the Trustee or predecessor trustee from time to time reasonable compensation for their respective services subject to any written agreement between the Trustee and the Issuer and the Company. The Issuer and the
Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. Each of the Issuer and the
Company, jointly and severally, shall indemnify the Trustee and each predecessor trustee, its officers, directors, employees and agents and hold it harmless against any loss, claim, damage, liability or expense incurred or made by or on behalf of it
in connection with the administration of this Indenture or the trust hereunder and its duties hereunder including the costs and expenses of defending itself against or investigating any claim in the premises. The Trustee shall notify the Issuer and
the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer and the Company shall not relieve the Issuer or the Company of their obligations hereunder. The Issuer and the Company need not
reimburse any expense or indemnify against any loss or liability incurred by the Trustee through the Trustee’s, or its officers’, directors’, or employees’ negligence or bad faith. 

To ensure the payment of obligations by the Issuer and the Company pursuant to this Section, the Trustee shall have a claim prior to the
Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of or interest on particular Securities. When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 6.01 or in connection with Article Six hereof, the expenses (including the reasonable fees and expenses of its counsel) and the compensation for services in connection therewith are to constitute expenses of administration
under any bankruptcy law. 
 The provision of this Section shall survive termination of this Indenture. 

  
 - 28 -

	 	Section 7.10	Replacement of Trustee. 

 The
Trustee may resign by so notifying the Issuer and the Company. The Holders of a majority in principal amount of the outstanding Securities may remove the Trustee by so notifying the Trustee to be removed in writing and may appoint a successor
trustee with the Issuer’s consent. Such resignation or removal shall not take effect until the appointment by the Holders or the Issuer as hereinafter provided of a successor trustee and the acceptance of such appointment by such successor
trustee. The Issuer may or the Company may cause the Issuer to remove the Trustee and any Holder may petition any court of competent jurisdiction for the removal of the Trustee if: 

(1) the Trustee fails to comply with Section 7.10 after written request by the Issuer or any bona fide Holder who has been a Holder
for at least six months; 
 (2) the Trustee is adjudged a bankrupt or an insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Issuer shall promptly appoint a successor trustee. If a successor trustee does not take office
within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee at the expense of the Issuer, the Issuer or any Holder may or the Company may cause the Issuer to petition any court of competent jurisdiction for the appointment
of a successor trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee,
the Issuer and the Company. Promptly after that, the retiring Trustee upon payment of its charges hereunder, shall transfer all property held by it as Trustee to the successor Trustee (subject to the prior claim provided by Section 9.07). Any
resignation or removal of the Trustee and any appointment of a successor Trustee shall become effective upon acceptance of appointment by the successor Trustee. The successor Trustee shall have all the rights, powers and duties of the Trustee under
this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 
  

	 	Section 7.11	Successor Trustee by Merger, etc. 

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

	 	Section 7.12	Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA §310(a)(1). The Trustee shall have a combined
capital and surplus of at least $15,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA §310(b) provided, however, that there shall be excluded from the operation of TIA
§310(b)(1) 

  
 - 29 -

 
any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Issuer and the Company are outstanding if the requirements for
such exclusion set forth in TIA §310(b)(1) are met. 
  

	 	Section 7.13	Preferential Collection of Claims Against the Issuer. 

 The Trustee shall comply with TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed shall be subject to TIA §311(a) to the
extent indicated therein. 
 ARTICLE EIGHT 
 DISCHARGE OF INDENTURE 
  

	 	Section 8.01	Defeasance upon Deposit of Moneys or U.S. Government Obligations. 

 (a) The Issuer may, at its option and at any time, elect to have either paragraph (b) or paragraph (c) below be applied to the outstanding Securities of any Series upon compliance with the
applicable conditions set forth in paragraph (d). 
 (b) Upon the Issuer’s exercise under paragraph (a) of the option
applicable to this paragraph (b), the Issuer and the Guarantors shall be deemed to have been released and discharged from their respective obligations with respect to the outstanding Securities of a Series on the date the applicable conditions set
forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Securities of a
Series, which shall thereafter be deemed to be “outstanding” only for the purposes of the Sections and matters under this Indenture referred to in (i) and (ii) below, and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned, except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of outstanding Securities of a Series to receive
solely from the trust fund described in paragraph (d) below and as more fully set forth in such paragraph, payments in respect of the principal of and interest on such Securities when such payments are due and (ii) obligations listed in
Section 8.02, subject to compliance with this Section. The Issuer may exercise its option under this paragraph (b) notwithstanding the prior exercise of its option under paragraph (c) below with respect to such Securities. 

(c) Upon the Issuer’s exercise under paragraph (a) of the option applicable to this paragraph (c), the Issuer and the
Guarantors shall be released and discharged from the obligations under any covenant contained in Article Five, Section 4.04 and any other covenant contained in the Authorizing Resolution or supplemental indenture relating to such Series to the
extent provided for therein, on and after the date the conditions set forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such Series shall thereafter be deemed to be not “outstanding” for the
purpose of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder. For this
purpose, such Covenant Defeasance means that, with respect to the outstanding Securities of a Series, the 

  
 - 30 -

 
Issuer may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under
Section 6.01(3), but, except as specified above, the remainder of this Indenture and such Securities shall be unaffected thereby. 
 (d) The following shall be the conditions to application of either paragraph (b) or paragraph (c) above to the outstanding Securities of the applicable Series: 

(1) The Issuer shall have irrevocably deposited in trust with the Trustee, pursuant to an irrevocable trust and security agreement in
form and substance reasonably satisfactory to the Trustee, money in U.S. dollars or U.S. government obligations or a combination thereof which through the payment of interest and principal thereof in accordance with their terms will provide money in
an amount sufficient to pay the principal of and interest on, and any mandatory sinking fund payments in respect of the outstanding Securities of such Series on the stated maturity of the payments, in accordance with the terms of this Indenture and
such Securities; provided, however, that the Trustee (or other qualifying trustee) shall have received an irrevocable written order from the Issuer instructing the Trustee (or other qualifying trustee) to apply such money or the proceeds of such
U.S. government obligations to said payments with respect to the Securities of such Series to maturity; 
 (2) No Default or
Event of Default and no event which, with notice or lapse of time, would become an Event of Default shall have occurred and be continuing on the date of such deposit; 
 (3) Such deposit will not result in a Default under this Indenture or a breach or violation of, or constitute a default under, any other material instrument or agreement to which the Issuer, the Company
or any of the Subsidiaries is a party or by which it or any of their property is bound; 
 (4) (i) In the event the Issuer
elects paragraph (b) hereof, the Issuer shall deliver to the Trustee an Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the Trustee, to the effect that (A) the Issuer has received from, or there
has been published by, the Internal Revenue Service a ruling or (B) since the Issue Date pertaining to such Series, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall state that, or (ii) in the event the Issuer elects paragraph (c) hereof, the Issuer shall deliver to the Trustee an Opinion of Counsel in the United States, in form and substance reasonably satisfactory to the
Trustee, to the effect that, in the case of clauses (i) and (ii), Holders of the Securities of such Series will not recognize income, gain or loss for federal income tax purposes as a result of such deposit and the defeasance contemplated
hereby and will be subject to federal income tax in the same amounts and in the same manner and at the same times as would have been the case if such deposit and defeasance had not occurred; 

(5) The Issuer shall have delivered to the Trustee an Officers’ Certificate, stating that the deposit under clause (1) was not
made by the Issuer with the intent of preferring the Holders of the Securities of such Series over any other creditors of the Issuer or with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others;

  
 - 31 -

 (6) The Issuer shall have delivered to the Trustee an Opinion of Counsel, reasonably
satisfactory to the Trustee, to the effect that, (A) the trust funds will not be subject to the rights of Holders of Indebtedness of the Issuer other than the Securities of such Series and (B) assuming no intervening bankruptcy of the
Company between the date of deposit and the 91st day following the deposit and that no Holder of Securities of such Series is an insider of the Issuer, after the 91st day following the deposit, the trust funds will not be subject to any applicable
bankruptcy, insolvency, reorganization or similar law affecting creditors’ rights generally; and 
 (7) The Issuer has
delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent specified herein relating to the defeasance contemplated by this Section have been complied with. In the event all or any
portion of the Securities of a Series are to be redeemed through such irrevocable trust, the Issuer must make arrangements satisfactory to the Trustee, at the time of such deposit, for the giving of the notice of such redemption or redemptions by
the Trustee in the name and at the expense of the Issuer. 
 (e) In addition to the Issuer’s rights above under this
Section, the Issuer may terminate all of its obligations under this Indenture with respect to a Series, and the obligations of the Guarantors shall terminate with respect to such Series (subject to Section 8.02), when: 

(1) All Securities of such Series theretofore authenticated and delivered (other than Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.07 and Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the Issuer or
discharged from such trust) have been delivered to the Trustee for cancellation or all such Securities not theretofore delivered to the Trustee for cancellation have become due and payable and the Issuer has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust solely for that purpose an amount of money sufficient to pay and discharge the entire Indebtedness on the Securities not theretofore delivered to the Trustee for cancellation, for principal of and
interest; 
 (2) The Issuer has paid or caused to be paid all other sums payable hereunder by the Company; 

(3) The Issuer has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at
maturity or redemption, as applicable; and 
 (4) The Issuer has delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, stating that all conditions precedent specified herein relating to the satisfaction and discharge of this Indenture have been complied with. 

  
 - 32 -

	 	Section 8.02	Survival of the Issuer’s Obligations. 

 Notwithstanding the satisfaction and discharge of the Indenture under Section 8.01, the Issuer’s obligations in paragraph 9 of the Securities and Sections 2.03 through 2.07, 4.01, 7.07, 7.08,
8.04 and 8.05, however, shall survive until the Securities of an applicable Series are no longer outstanding. Thereafter, the Issuer’s obligations in paragraph 9 of the Securities of such Series and Sections 7.07, 8.04 and 8.05 shall survive
(as they relate to such Series) such satisfaction and discharge. 
  

	 	Section 8.03	Application of Trust Money. 

 The
Trustee shall hold in trust money or U.S. government obligations deposited with it pursuant to Section 8.01. It shall apply the deposited money and the money from U.S. government obligations in accordance with this Indenture to the payment of
principal of and interest on the Securities of the defeased Series. The Issuer and the Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the U.S. government obligations deposited pursuant
to Section 8.01 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities. 

 

	 	Section 8.04	Repayment to the Issuer. 

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

	 	Section 8.05	Reinstatement. 

 If the Trustee
is unable to apply any money or U.S. government obligations in accordance with Section 8.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, the Issuer’s and each Guarantor’s obligations under this Indenture and the Securities relating to the Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.01
until such time as the Trustee is permitted to apply all such money or U.S. government obligations in accordance with Section 8.01; provided, however, that (a) if the Issuer has made any payment of interest on or principal of any
Securities of the Series because of the reinstatement of their obligations, the Issuer shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. government obligations held by the Trustee and
(b) unless otherwise required by any legal proceeding or any order or judgment of any court or governmental authority, the Trustee shall return all such money or U.S. government obligations to the Issuer promptly after receiving a written
request therefor at any time, if such reinstatement of the Issuer’s obligations has occurred and continues to be in effect. 

  
 - 33 -

 ARTICLE NINE 
 Guarantees 
  

	 	Section 9.01	Unconditional Guarantees. 

Subject to any other provisions set forth in the Authorizing Resolution or supplemental indenture relating to a particular Series, each
Guarantor, jointly and severally, hereby unconditionally guarantees on a senior basis (each such guarantee to be referred to herein as the “Guarantee”) to each Holder of Securities of such Series authenticated and delivered by the Trustee
and to the Trustee and its successors and assigns irrespective of the validity and enforceability of this Indenture, that: (i) the principal of and interest on the Securities of such Series will be promptly paid in full when due, subject to any
applicable grace period, whether at maturity, by acceleration or otherwise and interest on the overdue principal, if any, and interest on any interest of the Securities of such Series and all other obligations of the Issuer to the Holders or the
Trustee hereunder or thereunder, except obligations to pay principal and interest on any other Series not so guaranteed, will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (ii) in case of any
extension of time of payment or renewal of any Securities of such Series or of any such other obligations, the same will be promptly paid in full when due or to be performed in accordance with the terms of the extension or renewal, subject to any
applicable grace period, whether at stated maturity, by acceleration or otherwise, subject, however, in the case of clauses (i) and (ii) above, to the limitations set forth in Section 9.04. Each Guarantor hereby agrees that its
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Securities of such Series or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the
Securities of such Series with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or
defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer,
protest, notice and all demands whatsoever and covenants that, subject to Section 9.03, this Guarantee will not be discharged except by complete performance of the obligations contained in the Securities of the applicable Series, this Indenture
and in this Guarantee. If any Holder or the Trustee is required by any court or otherwise to return to the Issuer or any Guarantor, or any custodian, trustee, liquidator or other similar official acting in relation to the Issuer or such Guarantor,
any amount paid by the Issuer or such Guarantor to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor further agrees that, as between each Guarantor, on the
one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article Six for the purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any acceleration of such obligations as provided in Article Six, such obligations (whether or not due and payable) shall forthwith
become due and payable by each Guarantor for the purpose of this Guarantee. 

  
 - 34 -

	 	Section 9.02	Severability. 

 In case any
provision of this Guarantee shall be invalid, illegal or unenforceable, the validity, legality, and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

 

	 	Section 9.03	Release of a Guarantor. 

 (a) Any
Guarantor other than the Company may be released from its Guarantee so long as (1) no Default or Event of Default exists or would result from release of such Guarantee, (2) the Guarantor being released has Consolidated Net Worth of less
than 5% of the Company’s Consolidated Net Worth as of the end of the Company’s most recent fiscal quarter, (3) the Guarantors released from their Guarantees in any year-end period comprise in the aggregate less than 10% (or 15% if and
to the extent necessary to permit the cure of a Default) of the Company’s Consolidated Net Worth as of the end of the Company’s most recent fiscal quarter, (4) such release would not have a material adverse effect on the homebuilding
business of the Company and its Subsidiaries and (5) the Guarantor is released from its guaranty(ees) under the Revolving Credit Facility; provided, that if such Guarantor subsequently provides a guarantee of Revolving Credit Facility, it shall
comply with Section 4.04. If there are no guarantors under the Revolving Credit Facility, Guarantors under this Indenture, other than the Company, will be released from their Guarantees. 

(b) Unless the Company elects otherwise, a Subsidiary that is a Guarantor shall be deemed automatically and unconditionally released and
discharged from all obligations under this Article Nine upon the delivery of an Officer’s Certificate from each of the Issuer and the Company to the Trustee that the terms and conditions of Section 9.03 have been satisfied and an Opinion
of Counsel of the Issuer and the Company to the Trustee that such release under the Revolving Credit Facility is effective, without any further action required on the part of the Trustee or any Holder. The Trustee shall deliver an appropriate
instrument evidencing any such release upon receipt of a request by the Issuer and the Company. The Company and any Guarantor not released in accordance with this Section shall remain liable for the full amount of principal of and interest on the
Securities as provided in this Article Nine. 
  

	 	Section 9.04	Limitation of a Guarantor’s Liability. 

 Each Guarantor and each Holder hereby confirms that it is the intention of all such parties that the guarantee by the Guarantors pursuant to their Guarantee not constitute a fraudulent transfer or
conveyance for purposes of the Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar Federal or state law. To effectuate the foregoing intention, the Guarantors (other than the Company) and the
Holders hereby irrevocably agree that the obligations of such Guarantors under the Guarantee shall be limited to the maximum amount as will, after giving effect to all other contingent and fixed liabilities of such Guarantors and after giving effect
to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to Section 9.06, result in the obligations of such Guarantors under the
Guarantee not constituting such fraudulent transfer or conveyance. 

  
 - 35 -

	 	Section 9.05	Contribution. 

 In order to
provide for just and equitable contribution among the Guarantors, the Guarantors agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under the Guarantee, such Funding Guarantor
shall be entitled to a contribution from all other Guarantors in a pro rata amount based on the Adjusted Net Assets of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in
discharging the Issuer’s obligations with respect to any Securities or any other Guarantor’s obligations with respect to the Guarantee. “Adjusted Net Assets” of such Guarantor at any date shall mean the lesser of the amount by
which (x) the fair value of the property of such Guarantor exceeds the total amount of liabilities, including, without limitation, contingent liabilities (after giving effect to all other fixed and contingent liabilities incurred or assumed on
such date and after giving effect to any collection from any other Guarantor in respect of the obligations of its Guarantee), but excluding liabilities under the Guarantee, of such Guarantor at such date and (y) the present fair salable value
of the assets of such Guarantor at such date exceeds the amount that will be required to pay the probable liability of such Guarantor on its debts (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date
and after giving effect to any collection from any other Guarantor in respect of the obligations of such Guarantor under its Guarantee), excluding debt in respect of the Guarantee of such Guarantor, as they become absolute and matured. This
Section 9.05 shall be for the benefit of the Issuer, the Company and the Guarantors and does not inure to the benefit of and may not be relied upon by any third party beneficiaries. 

 

	 	Section 9.06	Waiver of Subrogation. 

 Until
all guaranteed obligations under this Indenture and with respect to all Securities of an applicable Series are paid in full, each Guarantor hereby irrevocably waives any claim or other rights which it may now or hereafter acquire against the Issuer
that arise from the existence, payment, performance or enforcement of such Guarantor’s obligations under the Guarantee and this Indenture, including, without limitation, any right of subrogation, reimbursement, exoneration, indemnification, and
any right to participate in any claim or remedy of any Holder of Securities of the applicable Series against the Issuer, whether or not such claim, remedy or right arises in equity, or under contract, statute or common law, including, without
limitation, the right to take or receive from the Issuer, directly or indirectly, in cash or other property or by set-off or in any other manner, payment or security on account of such claim or other rights. If any amount shall be paid to any
Guarantor in violation of the preceding sentence and the Securities of the applicable Series shall not have been paid in full, such amount shall have been deemed to have been paid to such Guarantor for the benefit of, and held in trust for the
benefit of, the Holders of the Securities of the applicable Series, and shall forthwith be paid to the Trustee for the benefit of such Holders to be credited and applied upon the Securities of the applicable Series, whether matured or unmatured, in
accordance with the terms of this Indenture. Each Guarantor acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by this Indenture and that the waiver set forth in this Section is knowingly made
in contemplation of such benefits. 

  
 - 36 -

	 	Section 9.07	Execution of Guarantee. 

 To
evidence their guarantee to the Holders set forth in this Article Nine, the Guarantors hereby agree to execute the Guarantee in substantially the form included in Exhibit A or in any such other form set forth in the Authorizing Resolution or
supplemental indenture pertaining to the applicable Series, which shall be endorsed on each Security ordered to be authenticated and delivered by the Trustee. Each Guarantor hereby agrees that its Guarantee set forth in this Article Nine shall
remain in full force and effect notwithstanding any failure to endorse on each Security a notation of such Guarantee. Each such Guarantee shall be signed on behalf of each Guarantor by two Officers, or an Officer and an Assistant Secretary or one
Officer shall sign and one Officer or an Assistant Secretary (each of whom shall, in each case, have been duly authorized by all requisite corporate actions) shall attest to such Guarantee prior to the authentication of the Security on which it is
endorsed, and the delivery of such Security by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of such Guarantee on behalf of such Guarantor. Such signatures upon the Guarantee may be by manual or facsimile
signature of such Officers and may be imprinted or otherwise reproduced on the Guarantee, and in case any such Officer who shall have signed the Guarantee shall cease to be such Officer before the Security on which such Guarantee is endorsed shall
have been authenticated and delivered by the Trustee or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or disposed of as though the Person who signed the Guarantee had not ceased to be such Officer of the
Company or the other Guarantor. 
 ARTICLE TEN 
 Amendments, Supplements and Waivers 
  

	 	Section 10.01	Without Consent of Holders. 

 The
Issuer and the Trustee may modify or amend provisions of this Indenture, the Guarantees or the Securities of a Series without notice to or consent of any Holder of such Series: 

(1) to evidence the succession of another Person to the Issuer or any Guarantor under this Indenture and the Securities or the Guarantee,
respectively; 
 (2) to add to Article Four covenants of the Issuer or the covenants of the Guarantors for the benefit of the
Holders or to surrender any right or power conferred upon the Issuer or the Guarantors by this Indenture; 
 (3) to add Events
of Default for the benefit of the Holders; 
 (4) to change or eliminate any provision of this Indenture, provided that any such
change or elimination shall become effective only when there are no outstanding Securities; 
 (5) to secure any Securities or
Guarantee under this Indenture; 
 (6) to establish the form or terms of the Securities or Guarantee of any Series; 

  
 - 37 -

 (7) to add Guarantors; 

(8) to provide for the acceptance of appointment by a successor Trustee or facilitate the administration of the trusts under this
Indenture by more than one Trustee; 
 (9) to close this Indenture to authentication and delivery of additional Series of
Securities; 
 (10) to supplement any provisions of this Indenture to the extent necessary to permit or facilitate defeasance
and discharge of the Securities, provided that such action shall not adversely affect the rights of Holders; 
 (11) to remove a
Guarantor in respect of any Series which, in accordance with the terms of this Indenture applicable to the particular Series, ceases to be liable in respect of its Guarantee; 
 (12) to cure any ambiguity, omission, defect or inconsistency in this Indenture, provided that such action does not adversely affect the interests of Holders; 

(13) to provide that specific provisions of this Indenture shall not apply to a Series not previously issued; 

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

(15) to make any other change that does not adversely affect the interests of Holders. 

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

 

	 	Section 10.02	With Consent of Holders. 

 The
Issuer and the Trustee, with the written consent of the Holders of at least a majority of the principal amount of the outstanding Securities of each such Series affected by the amendment, may execute supplemental indentures adding any provisions to,
or changing or eliminating any of the provisions of this Indenture or modifying the rights of the Holders of such Securities, except that no such supplemental indenture may, without the consent of the Holders of each outstanding Security affected by
the supplemental indenture, among other things: 
 (1) change the final maturity of the Securities, or reduce the rate or extend
the time of payment of interest, on the Securities, or reduce the principal amount of the Securities, or impair the right to institute suit for payment of the Securities; 
 (2) reduce the percentage of Securities, the consent of the Holders of which is required for any such supplemental indenture, for any waiver of compliance with Sections 6.04, 6.07 or this
Section 10.02, a past Default or Event of Default in the payment of the principal of or interest on any Security and their consequences provided in this Indenture, or any other covenant or provision; 

  
 - 38 -

 (3) modify any of the provisions regarding the modification of this Indenture, waivers of a
past Default or Event of Default in the payment of the principal of or interest on any Security or waivers of Sections 6.04, 6.07 or this Section 10.02, except to increase any percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of each outstanding Security affected thereby; 
 (4)
alter the provisions (including related definitions) with respect to redemption of Securities pursuant to Article Three hereof or with respect to any obligations on the part of the Issuer to offer to purchase or to redeem Securities of a Series
pursuant to the Authorizing Resolution or supplemental indenture pertaining to such Series; 
 (5) modify the ranking or
priority of the Securities of any Series or the Guarantee thereof in a manner adverse to the Holders of such Securities; or 

(6) make any Security payable at a place or in money other than that stated in the Security. 

Subject to the following sentence, the Holders of a majority in principal amount of the outstanding Securities of any Series may, on
behalf of the Holders of all such Securities of such Series, waive any past default under this Indenture relating to such Series without notice to any Holder. Without the consent of the Holders of a Series of Securities affected, however, an
amendment, supplement or waiver, including a waiver pursuant to Section 6.04, shall not be able to effect any of the actions contemplated by clauses (1) - (6) of this Section. Each such Series shall vote as a separate class. 

An amendment of a provision included solely for the benefit of one or more Series does not affect the interests of Holders of any other
Series. 
 It shall not be necessary for the consent of the Holders under this Section to approve the particular form of any
proposed supplement, but it shall be sufficient if such consent approves the substance thereof. 
  

	 	Section 10.03	Compliance with Trust Indenture Act. 

 Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA as then in effect. 
  

	 	Section 10.04	Revocation and Effect of Consents. 

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

  
 - 39 -

 The Company may, but shall not be obligated to, fix a Record Date for the purpose of
determining the Holders of Securities of any Series entitled to consent to any amendment, supplement or waiver, which Record Date shall be at least 10 days prior to the first solicitation of such consent. If a Record Date is fixed, then
notwithstanding the last sentence of the immediately preceding paragraph, those Persons who were Holders at such Record Date (or their duly designated proxies), and only those Persons, shall be entitled to revoke any consent previously given,
whether or not such Persons continue to be Holders after such Record Date. No such consent shall be valid or effective for more than 90 days after such Record Date. 
 After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless it makes a change described in any of clauses (1) through (6) of Section 10.02, in which case,
the amendment, supplement or waiver shall bind only each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security; provided
that any such waiver shall not impair or affect the right of any Holder to receive payment of principal of and interest on a Security, on or after the respective due dates expressed in such Security, or to bring suit for the enforcement of any such
payment on or after such respective dates without the consent of such Holder. 
  

	 	Section 10.05	Notation on or Exchange of Securities. 

 If an amendment, supplement or waiver changes the terms of a Security or a Guarantee, the Issuer may or the Company may cause the Issuer to require the Holder of the Security or the Guarantor, as
applicable, to deliver such Security or Guarantee to the Trustee, at which time the Trustee shall place an appropriate notation on the Security or Guarantee, as applicable, about the changed terms and return it to the Holder. Alternatively, if the
Trustee or the Issuer so determines or the Company causes the Issuer to so determine, the Issuer in exchange for the Security or Guarantee, as applicable, shall issue and the Trustee shall authenticate a new Security that reflects the changed terms.

  

	 	Section 10.06	Trustee to Sign Amendments, etc. 

Subject to Section 7.02(b), the Trustee shall sign any amendment, supplement or waiver authorized pursuant to this Article if the
amendment, supplement or waiver does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it. In signing or refusing to sign any amendment or supplemental indenture, the
Trustee shall be given and shall be fully protected in relying upon, an Officers’ Certificate and an Opinion of Counsel as conclusive evidence that such amendment or supplemental indenture is authorized or permitted by this Indenture, that it
is not inconsistent herewith, and that it will be valid and binding upon the Issuer in accordance with its terms. 

  
 - 40 -

 ARTICLE ELEVEN 
 Conversion of Securities 
  

	 	Section 11.01	Applicability of Article. 

Securities of any Series which are convertible into Common Stock at the option of the Holder shall be convertible in accordance with their
terms and unless the Authorizing Resolution provides otherwise, in accordance with this Article. Each reference in this Article Eleven to “a Security” or “the Securities” refers to the Securities of the particular Series that is
convertible into Common Stock. If more than one Series of Securities with conversion privileges are outstanding at any time, the provisions of this Article Eleven shall be applied separately to each such Series. 

 

	 	Section 11.02	Conversion Privilege. 

 Subject
to and upon compliance with the provisions of this Article Eleven, the Holder of any Security so designated shall have the right, at its, his or her option, at any time prior to the close of business on the date specified in the Securities of such
Series (or if such Security or portion thereof is called for redemption prior to such date, then in respect of such Security or portion thereof to and including but not after the close of business on the second day (or, if such day is not a Business
Day, then on the next following Business Day) preceding the date fixed for such redemption) to convert the principal amount of any such Security, or any portion of such principal amount which is $2,000 or an integral multiple of $1,000 thereof, into
that number of fully paid and non-assessable shares of the Company’s Common Stock (calculated as to each conversion to the nearest 1/100th of a share) obtained by dividing the principal amount of the Security or portion thereof to be converted
by the Conversion Price and by surrender of the Security so to be converted in whole or in part, such surrender to be made in the manner provided in Section 11.03. Notwithstanding the previous sentence, if the Issuer shall fail to redeem a
Security which has been called for redemption, the Holder of such Security shall retain the right to convert such Security as provided in this Article Eleven. 
  

	 	Section 11.03	Manner of Exercise of Conversion Privilege. 

 In order to exercise a conversion privilege, the Holder of any Security to be converted in whole or in part shall surrender such Security at any of the offices or agencies to be maintained for such
purpose by the Issuer pursuant to Section 2.01, and shall give notice to the Issuer and the Company in the form provided in the Security, duly executed, at such office or agency that the Holder elects to convert such Security or the portion
thereof specified in said notice. Such notice shall also state the name or names, together with the address or addresses, in which the certificate or certificates for shares of Common Stock which shall be issuable on such conversion shall be issued.
Each Security surrendered for conversion shall, unless the shares issuable on conversion are to be issued in the same name as the name in which such Security is registered, be accompanied by instruments of transfer, in form satisfactory to the
Company, duly executed by the Holder or its, his or her duly authorized attorney. Securities so surrendered during the period from the close of business on a Record Date, or the next preceding Business Day if such Record Date is not a Business Day,
preceding any Interest Payment Date to the opening of business on 

  
 - 41 -

 
such Interest Payment Date (excluding Securities or portions thereof called for redemption during such period) shall also be accompanied by payment in next-day funds or other funds acceptable to
the Company of an amount equal to the interest payable on such Interest Payment Date on the principal amount of such Security then being converted; provided, however, that, if the Issuer shall default on the payment of said interest, said funds
shall be returnable to the payor thereof. As promptly as practicable after the surrender of such Security, as aforesaid, the Company shall issue and shall deliver at such office or agency to such Holder, or on its, his or her written order, a
certificate or certificates for the number of full shares of Common Stock issuable upon the conversion of such Security or portion thereof in accordance with the provisions of this Article Eleven and any fractional interest in respect of a share of
Common Stock arising upon such conversion shall be settled as provided in Section 11.04. In case any Security of a denomination greater than $2,000 shall be surrendered for partial conversion, the Issuer and the Company shall execute and the
Trustee shall authenticate and deliver to or upon the order of the Holder of the Security so surrendered, at the expense of the Issuer, a new Security or Securities and Guarantee or Guarantees in authorized denominations in an aggregate principal
amount equal to the unconverted portion of the surrendered Security. Such conversion shall be deemed to have been effected immediately prior to the close of business on the date on which such Security shall have been surrendered and such notice
received by the Issuer and the Company as aforesaid, and the Person or Persons in whose name or names any certificate or certificates for shares of Common Stock shall be issuable upon such conversion shall be deemed to have become the holder or
holders of record of the shares represented thereby at such time and such conversion shall be at the Conversion Price in effect at such time, unless the stock transfer books of the Company shall be closed on that date, in which event such Person or
Persons shall be deemed to have become such holder or holders of record at the close of business on the next succeeding day on which such stock transfer books are open, but such conversion shall be at the Conversion Price in effect on the date upon
which such Security shall have been surrendered and such notice received by the Issuer and the Company. Subject to the aforesaid requirement for a payment in the event of conversion after the close of business on a Record Date preceding an Interest
Payment Date, no payment or adjustment shall be made on conversion for interest accrued on the Securities surrendered for conversion or for dividends on the Common Stock delivered on such conversion. 

 

	 	Section 11.04	Payment in Lieu of Fractional Shares. 

 No fractional shares of Common Stock shall be issued upon conversion of the Securities. Instead of any fractional interest in a share of Common Stock which would otherwise be deliverable upon the
conversion of any Security or Securities, the Issuer and/or the Company shall make an adjustment therefor to the nearest 1/100th of a share in cash at the Current Market Price thereof at the close of business on the Business Day next preceding the
day of conversion. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares issuable upon conversion thereof shall be computed on the basis of the aggregate principal amount of the
Securities, or specified portions thereof to be converted, so surrendered. 

  
 - 42 -

	 	Section 11.05	Adjustment of Conversion Price. 

The Conversion Price shall be adjusted from time to time as follows: 

(a) In case the Company shall hereafter (i) pay a dividend or make a distribution on its Common Stock in shares of Common Stock,
(ii) subdivide its outstanding shares of Common Stock into a greater number of shares, (iii) combine its outstanding shares of Common Stock into a smaller number of shares, or (iv) issue by reclassification of its Common Stock any
shares of Capital Stock of the Company, the Conversion Price in effect immediately prior to such action shall be adjusted so that the Holder of any Security thereafter surrendered for conversion shall be entitled to receive the number of shares of
Common Stock or other Capital Stock of the Company which it, he or she would have owned immediately following such action had such Security been converted immediately prior thereto. An adjustment made pursuant to this subsection (a) shall
become effective immediately after the Record Date in the case of a dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or reclassification. If, as a result of an
adjustment made pursuant to this subsection (a), the Holder of any Security thereafter surrendered for conversion shall become entitled to receive shares of two or more classes of Capital Stock or shares of Common Stock and other Capital Stock of
the Company, the Board of Directors (whose determination shall be conclusive and shall be described in a statement filed with the Trustee and with the Registrar) shall determine in an equitable manner the allocation of the adjusted Conversion Price
between or among shares of such classes of Capital Stock or shares of Common Stock and other Capital Stock. 
 (b) In case the
Company shall hereafter issue rights or warrants to holders of its outstanding shares of Common Stock generally entitling them (for a period expiring within 45 days after the Record Date mentioned below) to subscribe for or purchase shares of Common
Stock at a price per share less than the Current Market Price per share of the Common Stock on the Record Date mentioned below, the Conversion Price of the shares of Common Stock shall be adjusted so that the same shall equal the price determined by
multiplying the Conversion Price in effect immediately prior to the date of issuance of such rights or warrants by a fraction of which the numerator shall be the number of shares of Common Stock outstanding on the date of issuance of such rights or
warrants plus the number of shares which the aggregate offering price of the total number of shares so offered would purchase at such Current Market Price, and of which the denominator shall be the number of shares of Common Stock outstanding on the
date of issuance of such rights or warrants plus the number of additional shares of Common Stock offered for subscription or purchase. Such adjustment shall become effective immediately after the Record Date for the determination of shareholders
entitled to receive such rights or warrants. 
 (c) In case the Company shall hereafter distribute to holders of its outstanding
Common Stock generally evidences of its indebtedness or assets (excluding any cash dividend paid from retained earnings of the Company and dividends or distributions payable in stock for which adjustment is made pursuant to subsection (a) of
this Section 11.05) or rights or warrants to subscribe to securities of the Company (excluding those referred to in subsection (b) of this Section 11.05), then in each such case the Conversion Price of the shares of Common Stock shall
be adjusted so that the same shall equal the price determined by multiplying the Conversion Price in effect immediately prior to the date of such distribution by a fraction of which the numerator shall be the Current Market Price per share of the
Common Stock on the Record Date mentioned below less the then fair market value (as determined by the Board of Directors, whose determination shall be conclusive and shall be described in a statement filed with the Trustee and with the Registrar) of
the portion of the evidences of indebtedness or assets so distributed to the 

  
 - 43 -

 
holder of one share of Common Stock or of such subscription rights or warrants applicable to one share of Common Stock, and of which the denominator shall be such Current Market Price per share
of Common Stock. Such adjustment shall become effective immediately after the Record Date for the determination of shareholders entitled to receive such distribution. 
 (d) In any case in which this Section 11.05 shall require that an adjustment be made immediately following a Record Date, the Company may elect to defer (but only until five Business Days following
the filing by the Issuer with the Trustee and the Registrar of the certificate of independent public accountants described in subsection (f) of this Section 11.05) issuing to the Holder of any Security converted after such Record Date the
shares of Common Stock issuable upon such conversion over and above the shares of Common Stock issuable upon such conversion on the basis of the Conversion Price prior to adjustment. 

(e) No adjustment in the Conversion Price shall be required unless such adjustment would require an increase or decrease of at least 1%
of such price; provided, however, that any adjustments which by reason of this subsection (e) are not required to be made shall be carried forward and taken into account in any subsequent adjustment, and provided further that adjustment shall
be required and made in accordance with the provisions of this Article Eleven (other than this subsection (e)), not later than such time as may be required in order to preserve the tax-free nature of a distribution to the holders of Securities or
Common Stock. All calculations under this Section 11.05 shall be made to the nearest cent or to the nearest 1/100th of a share, as the case may be. Anything in this Section 11.05 to the contrary notwithstanding, the Company shall be
entitled to make such reductions in the Conversion Price, in addition to those required by this Section 11.05, as it in its discretion shall determine to be advisable in order that any stock dividend, subdivision of shares, distribution of
rights to purchase stock or securities, or distribution of securities convertible into or exchangeable for stock hereafter made by the Company to its shareholders shall not be taxable. 

(f) Whenever the Conversion Price is adjusted as herein provided, (i) the Issuer and the Company shall promptly file with the
Trustee and the Registrar a certificate of a firm of independent public accountants setting forth the Conversion Price after such adjustment and setting forth a brief statement of the facts requiring such adjustment and the manner of computing the
same, which certificate shall be conclusive evidence of the correctness of such adjustment and (ii) a notice stating that the Conversion Price has been adjusted and setting forth the adjusted Conversion Price shall forthwith be given by the
Issuer and the Company to the Holders in the manner provided in Section 12.02. Subject to TIA Section 315(a), (c) and (d), the Trustee and any conversion agent shall be under no duty or responsibility with respect to any such
certificate or the certificate provided for in Section 11.10 except to exhibit the same from time to time to any Holder of a Security desiring an inspection of such certificate. 

(g) In the event that at any time as a result of an adjustment made pursuant to subsection (a) of this Section 11.05, the
Holder of any Security thereafter surrendered for conversion shall become entitled to receive any shares of the Company other than shares of Common Stock, thereafter the Conversion Price of such other shares so receivable upon conversion of any
Security shall be subject to adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to Common Stock contained in this Article Eleven. 

  
 - 44 -

	 	Section 11.06	Notice of Certain Corporate Action. 

 In the event: 
 (a) the Company shall take any action which would require an
adjustment in the Conversion Price pursuant to Section 11.05(c); or 
 (b) the Company shall authorize the granting to the
holders of its Common Stock (as a class) of rights or warrants to subscribe for or purchase any shares of stock of any class or of any other rights; or 
 (c) there shall be any capital reorganization or reclassification of the Common Stock (other than a subdivision or combination of the outstanding Common Stock and other than a change in the par value of
the Common Stock), or any consolidation or merger to which the Company is a party or any statutory exchange of securities with another corporation and for which approval of any shareholders of the Company is required, or any sale or transfer of all
or substantially all of the assets of the Company; or 
 (d) there shall be a voluntary or involuntary dissolution, liquidation
or winding-up of the Company; then the Issuer and the Company shall cause to be filed with the Trustee and the Registrar, and shall cause to be given to the Holders, in the manner provided in Section 12.02, at least 14 days prior to the
applicable date hereinafter specified, a notice stating (i) the date on which a record is to be taken for the purpose of such distribution or rights, or, if a record is not to be taken, the date as of which the holders of Common Stock of record
to be entitled to such distribution or rights are to be determined, or (ii) the date on which such reorganization, reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding-up is expected to become effective,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to exchange their shares of Common Stock for securities or other property deliverable upon such reorganization, reclassification, consolidation, merger,
sale, transfer, dissolution, liquidation or winding-up. Failure to give such notice or any defect therein shall not affect the legality or validity of the proceedings described in subsection (a), (b), (c) or (d) of this Section 11.06.

  

	 	Section 11.07	Company to Provide Stock. 

 The
Company covenants that it will at all times reserve and keep available, free from preemptive rights, out of the aggregate of its authorized but unissued shares of Common Stock or its issued shares of Common Stock held in its treasury, or both, for
the purpose of effecting conversions of Securities, the full number of shares of Common Stock deliverable upon the conversion of all outstanding Securities not theretofore converted. For purposes of this Section 11.07, the number of shares of
Common Stock which shall be deliverable upon the conversion of all outstanding Securities shall be computed as if at the time of computation all outstanding Securities were held by a single Holder. 

Before taking any action which would cause an adjustment reducing the Conversion Price below the then par value (if any) of the shares of
Common Stock deliverable upon conversions of the Securities, the Company will take any corporate action which may, in the opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and non-assessable
shares of Common Stock at such adjusted Conversion Price. 

  
 - 45 -

 The Company will endeavor to list the shares of Common Stock required to be delivered upon
conversion of Securities prior to such delivery upon each national securities exchange, if any, upon which the outstanding Common Stock is listed at the time of such delivery. 
 Prior to the delivery of any securities which the Company shall be obligated to deliver upon conversion of the Securities, the Company will endeavor to comply with all federal and state laws and
regulations thereunder requiring the registration of such securities with, or any approval of or consent to the delivery thereof by, any governmental authority. 
  

	 	Section 11.08	Taxes on Conversions. 

 The
Issuer and/or the Company will pay any and all documentary stamp or similar issue or transfer taxes payable in respect of the issue or delivery of shares of Common Stock on conversions of Securities pursuant hereto; provided, however, that neither
the Issuer nor the Company shall be required to pay any tax which may be payable in respect of any transfer involved in the issue or delivery of shares of Common Stock in a name other than that of the Holder of the Securities to be converted and no
such issue or delivery shall be made unless and until the person requesting such issue or delivery has paid to the Issuer and/or the Company the amount of any such tax or has established, to the satisfaction of the Issuer and the Company, that such
tax has been paid. 
  

	 	Section 11.09	Covenant as to Stock. 

 The
Company covenants that all shares of Common Stock which may be delivered upon conversions of Securities will upon delivery be duly and validly issued and fully paid and non-assessable, free of all liens and charges and not subject to any preemptive
rights. 
  

	 	Section 11.10	Consolidation or Merger. 

Notwithstanding any other provision herein to the contrary, in case of any consolidation or merger to which the Company is a party other
than a merger or consolidation in which the Company is the continuing corporation, or in case of any sale or conveyance to another corporation of the property of the Company as an entirety or substantially as an entirety, or in the case of any
statutory exchange of securities with another corporation (including any exchange effected in connection with a merger of a third corporation into the Company), there shall be no adjustments under Section 11.05 but the Holder of each Security
then outstanding shall have the right thereafter to convert such Security into the kind and amount of securities, cash or other property which he would have owned or have been entitled to receive immediately after such consolidation, merger,
statutory exchange, sale or conveyance had such Security been converted immediately prior to the effective date of such consolidation, merger, statutory exchange, sale or conveyance and in any such case, if necessary, appropriate adjustment shall be
made in the application of the provisions set forth in this Article Eleven with respect to the rights and interests thereafter of the Holders of the Securities, to the end that the provisions set forth in this Article Eleven shall thereafter
correspondingly be made applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities or property thereafter deliverable on the 

  
 - 46 -

 
conversion of the Securities. Any such adjustment shall be made by and set forth in a supplemental indenture executed by the Issuer, the Company and the Trustee and approved by a firm of
independent public accountants, evidenced by a certificate to that effect; and any adjustment so approved shall for all purposes hereof conclusively be deemed to be an appropriate adjustment. 

The above provisions of this Section 11.10 shall similarly apply to successive consolidations, mergers, statutory exchanges, sales
or conveyances. 
 The Issuer shall give notice of the execution of such a supplemental indenture to the Holders of Securities
in the manner provided in Section 12.02 within 30 days after the execution thereof. 
 The Trustee shall not be under any
responsibility to determine the correctness of any provisions contained in such supplemental indenture relating either to the kind or amount of shares of stock or securities or property receivable by Holders upon the conversion of their Securities
after any such consolidation, merger, statutory exchange, sale or conveyance, or to any adjustment to be made with respect thereto. 
  

	 	Section 11.11	Disclaimer of Responsibility for Certain Matters. 

 Neither the Trustee nor the Registrar shall at any time be under any duty or responsibility to any Holder of Securities to determine whether any facts exist which may require any adjustment of the
Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, or herein or in any supplemental indenture provided to be employed, in making the same. Neither the Trustee nor the
Registrar shall be accountable with respect to the listing or registration referred to in Section 11.07 or the validity or value (or the kind or amount) of any shares of Common Stock, or of any securities or property, which may at any time be
issued or delivered upon the conversion of any Security; and neither the Trustee nor the Registrar makes any representation with respect thereto. Neither the Trustee nor the Registrar shall be responsible for any failure of the Company to issue,
transfer or deliver any shares of Common Stock or stock certificates or other securities or property or to make any cash payment upon the surrender of any Security for the purpose of conversion or, subject to TIA Section 315(a), (c) and
(d), to comply with any of the covenants contained in this Article Eleven. 
 ARTICLE TWELVE 

Miscellaneous 
  

	 	Section 12.01	Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this
Indenture by the TIA or the TIA as amended after the date hereof, the required provision shall control. 

  
 - 47 -

	 	Section 12.02	Notices. 

 Any order, consent,
notice or communication shall be sufficiently given if in writing and delivered in Person or mailed by first class mail, postage prepaid, addressed as follows: 
 if to the Issuer or any Guarantor: 
 Toll Brothers, Inc. 

250 Gibraltar Road

Horsham, PA 19044 

Attention: Chief Financial Officer 
 with a copy to 
 Toll Brothers, Inc. 250 Gibraltar Road 

Horsham, PA 19044 

Attention: General Counsel 
 if to the Trustee: 
 The Bank of New York Mellon 

101 Barclay Street, 8W 
 New York, New York 10286 
 Attention: Corporate Trust Administration 

The Issuer, any Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 All notices and other communications provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, telecopier, or any courier guaranteeing overnight delivery (i) if to a Holder, at the most current address set forth on the records of the Registrar under this Indenture or (ii) if to the Issuer,
the Guarantors or the Trustee, initially at the address set forth in this Section 12.02 thereafter at such other address, notice of which is given in accordance with the provisions of this Section 12.02. 

All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
business days after being deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business day if timely delivered to an air courier guaranteeing overnight delivery. Copies of all such notices,
demands or other communications shall be concurrently delivered by the Person giving the same to the Trustee, at the address specified in this Section 12.02. Failure to mail a notice or communication to a Holder or any defect in it shall not
affect its sufficiency with respect to other Holders. If a notice or communication is mailed in the manner provided in this Section, it is duly given, whether or not the addressee receives it, except that notice to the Trustee shall only be
effective upon receipt thereof by the Trustee. 
 The Trustee agrees to accept and act upon instructions or directions pursuant
to this Indenture sent by unsecured e-mail, facsimile transmission or other similar unsecured electronic methods. If the party elects to give the Trustee e-mail or facsimile instructions (or instructions

  
 - 48 -

 
by a similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The
Trustee shall not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding such instructions conflict or are inconsistent with a subsequent
written instruction. The party providing electronic instructions agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee
acting on unauthorized instructions, and the risk or interception and misuse by third parties. 
 Notwithstanding anything to
the contrary contained herein, as long as the Securities are in the form of a Global Security, notice to the Holders may be made electronically in accordance with procedures of the Depository. 

 

	 	Section 12.03	Communications by Holders with Other Holders. 

 Holders may communicate pursuant to TIA §312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Issuer, the Guarantors, the Trustee, the Registrar and
anyone else shall have the protection of TIA §312(c). 
  

	 	Section 12.04	Certificate and Opinion as to Conditions Precedent. 

 Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee: 

(1) an Officers’ Certificate (which shall include the statements set forth in Section 12.05) stating that, in the opinion of
the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel (which shall include the statements set forth in Section 12.05) stating that, in the opinion of such counsel, all such conditions precedent and covenants, compliance with
which constitutes a condition precedent, if any, provided for in this Indenture relating to the proposed action or inaction, have been complied with and that any such action does not conflict with the terms of this Indenture. 

 

	 	Section 12.05	Statements Required in Certificate or Opinion. 

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

  
 - 49 -

 (3) a statement that, in the opinion of such Person, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  

	 	Section 12.06	Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Holders. The Registrar or Paying Agent may make reasonable rules for
its functions. 
  

	 	Section 12.07	Legal Holidays. 

 A “Legal
Holiday” is a Saturday, a Sunday, a legal holiday or a day on which banking institutions in New York, New York are not required to be open. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the
next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. A Business Day is any day other than a Legal Holiday. 
  

	 	Section 12.08	Governing Law. 

 The laws of the
State of New York shall govern this Indenture, the Securities of each Series and the Guarantees. 
  

	 	Section 12.09	No Adverse Interpretation of Other Agreements. 

 This Indenture may not be used to interpret another indenture, loan or debt agreement of the Issuer, the Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture. 
  

	 	Section 12.10	No Recourse Against Others. 

 All
liability described in paragraph 13 of the Securities of any director, officer, employee or stockholder, as such, of the Issuer is waived and released. 
  

	 	Section 12.11	Successors and Assigns. 

 All
covenants and agreements of the Issuer or the Guarantors in this Indenture and the Securities shall bind their respective successors and assigns. All agreements of the Trustee in this Indenture shall bind its successors and assigns. 

 

	 	Section 12.12	Duplicate Originals. 

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

  
 - 50 -

	 	Section 12.13	Severability. 

 In case any one
or more of the provisions contained in this Indenture or in the Securities of a Series shall for any reason be held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other
provisions of this Indenture or of such Securities. 
  

	 	Section 12.14	Counterparts. 

 This Indenture
may be executed in any number of counterparts, all of which shall together constitute one and the same instrument. This Indenture shall become binding when one or more counterparts hereof, individually or taken together, shall bear the signatures of
all of the parties reflected hereon as the signatories. 
  

	 	Section 12.15	Force Majeure 

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

 

	 	Section 12.16	Waiver of Jury Trial 

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

  
 - 51 -

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

 

					
	TOLL BROTHERS FINANCE CORP.,
	as Issuer
		
	By:	 	 /s/ Martin P. Connor

		 	Name:	 	Martin P. Connor
		 	Title:	 	Senior Vice President, Chief Financial
		 		 	Officer and Treasurer
	
	 TOLL BROTHERS, INC.,

as a Guarantor

		
	By:	 	 /s/ Martin P. Connor

		 	Name:	 	Martin P. Connor
		 	Title:	 	Senior Vice President, Chief Financial
		 		 	Officer and Treasurer
	
	THE OTHER GUARANTORS NAMED ON SCHEDULE A HERETO, as Guarantors
		
	By:	 	 /s/ Martin P. Connor

		 	Name:	 	Martin P. Connor
		 	Title:	 	Senior Vice President, Chief Financial
		 		 	Officer and Treasurer

  

					
	THE BANK OF NEW YORK MELLON,
	as Trustee
		
	By:	 	 /s/ Mary Miselis

		 	Name:	 	Mary Miselis
		 	Title:	 	Vice President

 SCHEDULE A 
 THE GUARANTORS 
  

					
	Toll Brothers, Inc. (DE)	 	Toll Land Corp. No. 10 (DE)	 	Toll VA GP Corp. (DE)
	110-112 Third Ave. Realty Corp. (NY)	 	Toll Land Corp. No. 20 (DE)	 	Toll VA Member Two, Inc. (DE)
	Amwell Chase, Inc. (DE)	 	Toll Land Corp. No. 43 (DE)	 	Toll WA GP Corp. (WA)
	ESE Consultants, Inc. (DE)	 	Toll Land Corp. No. 50 (DE)	 	Toll WestCoast LP Company, Inc. (DE)
	Fairway Valley, Inc. (DE)	 	Toll Land Corp. No. 6 (PA)	 	Toll WestCoast Note Company, Inc. (DE)
	First Brandywine Investment Corp. II (DE)	 	Toll Manhattan I, Inc. (NY)	 	Toll WV GP Corp. (WV)
	First Brandywine Investment Corp. IV (DE)	 	Toll MD Builder Corp. (MD)	 	Toll YL, Inc. (CA)
	First Huntingdon Finance Corp. (DE)	 	Toll MI GP Corp. (MI)	 	Warren Chase, Inc. (DE)
	Franklin Farms G.P., Inc. (DE)	 	Toll Mid-Atlantic LP Company, Inc. (DE)	 	51 N. 8th Street L.P. (NY)
	HQZ Acquisitions, Inc. (MI)	 	Toll Mid-Atlantic Note Company, Inc. (DE)	 	Audubon Ridge, L.P. (PA)
	MA Limited Land Corporation (DE)	 	Toll Midwest LP Company, Inc. (DE)	 	Belmont Land, L.P. (VA)
	SH Homes Corporation (MI)	 	Toll Midwest Note Company, Inc.(DE)	 	Binks Estates Limited Partnership (FL)
	SI Investment Corporation (MI)	 	Toll MN GP Corp. (MN)	 	Blue Bell Country Club, L.P. (PA)
	TB Proprietary Corp. (DE)	 	Toll NC GP Corp. (NC)	 	Broad Run Associates, L.P. (PA)
	Tenby Hunt, Inc. (DE)	 	Toll NH GP Corp. (NH)	 	Buckingham Woods, L.P. (PA)
	The Silverman Building Companies, Inc. (MI)	 	Toll NJX-I Corp. (DE)	 	CC Estates Limited Partnership (MA)
	Toll Architecture I, P.A. (DE)	 	Toll Northeast LP Company, Inc. (DE)	 	Cold Spring Hunt, L.P. (PA)
	Toll Architecture, Inc. (DE)	 	Toll Northeast Note Company, Inc. (DE)	 	Dominion Country Club, L.P. (VA)
	Toll AZ GP Corp. (DE)	 	Toll Northeast Services, Inc. (DE)	 	Eagle Farm Limited Partnership (MA)
	Toll Bros. of Arizona, Inc. (AZ)	 	Toll NV GP Corp. (NV)	 	Estates at Princeton Junction, L.P. (NJ)
	Toll Bros. of North Carolina II, Inc. (NC)	 	Toll OH GP Corp. (OH)	 	Estates at Rivers Edge, L.P. (NJ)
	Toll Bros. of North Carolina III, Inc. (NC)	 	Toll PA Builder Corp. (PA)	 	Fairfax Investment, L.P. (VA)
	Toll Bros. of North Carolina, Inc. (NC)	 	Toll PA GP Corp. (PA)	 	Fairfax Station Hunt, L.P. (VA)
	Toll Bros., Inc. (DE)	 	Toll PA II GP Corp. (PA)	 	Farmwell Hunt, L.P. (VA)
	Toll Bros., Inc. (PA)	 	Toll PA III GP Corp. (PA)	 	First Brandywine Partners, L.P. (DE)
	Toll Bros., Inc. (TX)	 	Toll Palmetto Corp. (DE)	 	Great Falls Hunt, L.P. (VA)
	Toll Brothers AZ Construction Company (AZ)	 	Toll Peppertree, Inc. (NY)	 	Greenwich Chase, L.P. (NJ)
	Toll Brothers Canada USA, Inc. (DE)	 	Toll Philmont Corporation (DE)	 	Hoboken Land LP (NJ)
	Toll Brothers Real Estate, Inc. (PA)	 	Toll Realty Holdings Corp. I (DE)	 	Hockessin Chase, L.P. (DE)
	Toll Buckeye Corp. (DE)	 	Toll Realty Holdings Corp. II (DE)	 	Huckins Farm Limited Partnership (MA)
	Toll CA GP Corp. (CA)	 	Toll RI GP Corp. (RI)	 	Kensington Woods Limited Partnership (MA)
	Toll Centennial Corp. (DE)	 	Toll SC GP Corp. (SC)	 	Laurel Creek, L.P. (NJ)
	Toll CO GP Corp. (CO)	 	Toll Southeast LP Company, Inc. (DE)	 	Loudoun Valley Associates, L.P. (VA)
	Toll Corp. (DE)	 	Toll Southeast Note Company, Inc. (DE)	 	NC Country Club Estates Limited Partnership (NC)
	Toll Development Company, Inc. (MI)	 	Toll Southwest LP Company, Inc. (DE)	 	Toll NJ, L.P. (NJ)
	Toll FL GP Corp. (FL)	 	Toll Southwest Note Company, Inc. (DE)	 	Toll Northville Limited Partnership (MI)
	Toll GA GP Corp. (GA)	 	Toll TN GP Corp. (TN)	 	Toll NV Limited Partnership (NV)
	Toll Golden Corp. (DE)	 	Toll TX GP Corp. (DE)	 	Toll NY LP (NY)
	Toll Granite Corp. (DE)	 	Toll East Naples Limited Partnership (FL)	 	Toll NY II L.P. (NY)
	Toll Holdings, Inc. (DE)	 	Toll Estero Limited Partnership (FL)	 	Toll NY III L.P. (NY)
	Toll IL GP Corp. (IL)	 	Toll FL II Limited Partnership (FL)	 	Toll NY IV L.P. (NY)
	Silverman-Toll Limited Partnership (MI)	 	Toll FL III Limited Partnership (FL)	 	Toll Orlando Limited Partnership (FL)
	Somers Chase, L.P. (NY)	 	Toll FL IV Limited Partnership (FL)	 	Toll PA II, L.P. (PA)
	Sorrento at Dublin Ranch I LP (CA)	 	Toll FL Limited Partnership (FL)	 	Toll PA III, L.P. (PA)
	Sorrento at Dublin Ranch III LP (CA)	 	Toll FL V Limited Partnership (FL)	 	Toll PA IV, L.P. (PA)
	South Riding, L.P. (VA)	 	Toll FL VI Limited Partnership (FL)	 	Toll PA IX, L.P. (PA)
	South Riding Amberlea LP (VA)	 	Toll FL VII Limited Partnership (FL)	 	Toll PA V, L.P. (PA)
	South Riding Partners Amberlea LP (VA)	 	Toll FL VIII Limited Partnership (FL)	 	Toll PA VI, L.P. (PA)
	South Riding Partners, L.P. (VA)	 	Toll FL X Limited Partnership (FL)	 	Toll PA VIII, L.P. (PA)
	Southport Landing Limited Partnership (CT)	 	Toll Ft. Myers Limited Partnership (FL)	 	Toll PA X, L.P. (PA)
	Springton Pointe, L.P. (PA)	 	Toll GA LP (GA)	 	Toll PA XI, L.P. (PA)
	Stone Mill Estates, L.P. (PA)	 	Toll Grove LP (NJ)	 	Toll PA XII, L.P. (PA)
	Swedesford Chase, L.P. (PA)	 	Toll Hudson LP (NJ)	 	Toll PA XIII, L.P. (PA)
	TBI/Naples Limited Partnership (FL)	 	Toll IL HWCC, L.P. (IL)	 	Toll PA XIV , L.P. (PA)
	TBI/Palm Beach Limited Partnership (FL)	 	Toll IL II, L.P. (IL)	 	Toll PA XV, L.P. (PA)
	The Bird Estate Limited Partnership (MA)	 	Toll IL III, L.P. (IL)	 	Toll PA, L.P. (PA)
	The Estates at Brooke Manor Limited Partnership (MD)	 	Toll IL IV, L.P. (IL)	 	Toll Realty Holdings LP (DE)
	The Estates at Summit Chase, L.P. (CA)	 	Toll IL WSB, L.P. (IL)	 	Toll RI II, L.P. (RI)
	Toll at Brier Creek Limited Partnership (NC)	 	Toll IL, L.P. (IL)	 	Toll RI, L.P. (RI)
	Toll at Honey Creek Limited Partnership (MI)	 	Toll Jacksonville Limited Partnership (FL)	 	Toll SC II, L.P. (SC)
	Toll at Westlake, L.P. (NJ)	 	Toll Land IV Limited Partnership (NJ)	 	Toll SC III, L.P. (SC)
	Toll at Whippoorwill, L.P. (NY)	 	Toll Land IX Limited Partnership (VA)	 	Toll SC IV, L.P. (SC)
		 	Toll Land Limited Partnership (CT)	 	Toll SC, L.P. (SC)

					
	Toll Brooklyn L.P. (NY)	 	Toll Land V Limited Partnership (NY)	 	Toll Stonebrae LP (CA)
	Toll Bros. of Tennessee, L.P. (TN)	 	Toll Land VI Limited Partnership (NY)	 	Toll VA II, L.P. (VA)
	Toll Brothers AZ Limited Partnership (AZ)	 	Toll Land VII Limited Partnership (NY)	 	Toll VA III, L.P. (VA)
	Toll CA II, L.P. (CA)	 	Toll Land X Limited Partnership (VA)	 	Toll VA IV, L.P. (VA)
	Toll CA III, L.P. (CA)	 	Toll Land XI Limited Partnership (NJ)	 	Toll VA V, L.P. (VA)
	Toll CA IV, L.P. (CA)	 	Toll Land XIV Limited Partnership (NY)	 	Toll VA VI, L.P. (VA)
	Toll CA V, L.P. (CA)	 	Toll Land XIX Limited Partnership (CA)	 	Toll VA VII, L.P. (VA)
	Toll CA VI, L.P. (CA)	 	Toll Land XV Limited Partnership (VA)	 	Toll VA, L.P. (VA)
	Toll CA VII, L.P. (CA)	 	Toll Land XVI Limited Partnership (NJ)	 	Toll WA LP (WA)
	Toll CA VIII, L.P. (CA)	 	Toll Land XVIII Limited Partnership (CT)	 	Toll WV LP (WV)
	Toll CA IX, L.P. (CA)	 	Toll Land XX Limited Partnership (CA)	 	Toll YL II, L.P. (CA)
	Toll CA X, L.P. (CA)	 	Toll Land XXI Limited Partnership (VA)	 	Toll YL, L.P. (CA)
	Toll CA XI, L.P. (CA)	 	Toll Land XXII Limited Partnership (CA)	 	Toll-Dublin, L.P. (CA)
	Toll CA XII, L.P. (CA)	 	Toll Land XXIII Limited Partnership (CA)	 	Village Partners, L.P. (PA)
	Toll CA XIX, L.P. (CA)	 	Toll Land XXV Limited Partnership (NJ)	 	West Amwell Limited Partnership (NJ)
	Toll CA, L.P. (CA)	 	Toll Land XXVI Limited Partnership (OH)	 	Wilson Concord, L.P. (TN)
	Toll CO, L.P. (CO)	 	Toll Livingston at Naples Limited Partnership (FL)	 	110-112 Third Ave. GC II LLC (NY)
	Toll CT Limited Partnership (CT)	 	Toll MA Land Limited Partnership (MA)	 	110-112 Third Ave. GC LLC (NY)
	Toll CT II Limited Partnership (CT)	 	Toll MD Builder I, L.P. (MD)	 	1450 Washington LLC (NJ)
	Toll CT III Limited Partnership (CT)	 	Toll MD Limited Partnership (MD)	 	1500 Garden St. LLC (NJ)
	Toll DE LP (DE)	 	Toll MD V Limited Partnership (MD)	 	2301 Fallston Road LLC (MD)
	Toll DE II LP (DE)	 	Toll MD VI Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue GC II LLC (NY)
	C.B.A.Z. Holding Company LLC (DE)	 	Toll MD VII Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue GC LLC (NY)
	Component Systems I LLC (DE)	 	Toll MD II Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue II LLC (NY)
	Component Systems II LLC (DE)	 	Toll MD III Limited Partnership (MD)	 	5-01 — 5-17 48th Avenue LLC (NY)
	CWG Construction Company LLC (NJ)	 	Toll MD IV Limited Partnership (MD)	 	51 N. 8th Street GC II LLC (NY)
	Dominion Valley Country Club I LLC (VA)	 	Toll MD IX Limited Partnership (MD)	 	51 N. 8th Street GC LLC (NY)
	Dominion Valley Country Club II LLC (VA)	 	Toll MD VIII Limited Partnership (MD)	 	51 N. 8th Street I LLC (NY)
	First Brandywine LLC I (DE)	 	Toll MD X Limited Partnership (MD)	 	700 Grove Street Urban Renewal, LLC (NJ)
	First Brandywine LLC II (DE)	 	Toll MD XI Limited Partnership (MD)	 	Arbor Hills Development LLC (MI)
	First Brandywine LLC III (DE)	 	Toll MI II Limited Partnership (MI)	 	Arthur’s Woods, LLC (MD)
	First Brandywine LLC IV (DE)	 	Toll MI III Limited Partnership (MI)	 	Belmont Country Club I LLC (VA)
	Frenchman’s Reserve Realty, LLC (FL)	 	Toll MI IV Limited Partnership (MI)	 	Belmont Country Club II LLC (VA)
	Hatboro Road Associates LLC (PA)	 	Toll MI Limited Partnership (MI)	 	Block 255 LLC (NJ)
	Hawthorn Woods Country Club II LLC (IL)	 	Toll MI V Limited Partnership (MI)	 	Brier Creek Country Club I LLC (NC)
	Hoboken Cove LLC (NJ)	 	Toll MN II, L.P. (MN)	 	Brier Creek Country Club II LLC (NC)
	Hoboken Land I LLC (DE)	 	Toll MN, L.P. (MN)	 	C.B.A.Z. Construction Company LLC (AZ)
	Jacksonville TBI Realty LLC (FL)	 	Toll Naval Associates (PA)	 	Golf I Country Club Estates at Moorpark (CA)
	Lighthouse Point Land Company, LLC (FL)	 	Toll NC, L.P. (NC)	 	Golf IIC Country Club Estates at Moorpark (CA)
	Long Meadows TBI, LLC (MD)	 	Toll NC II LP (NC)	 	Paramount Village LLC (CA)
	Longmeadow Properties LLC (MD)	 	Toll NC III LP (NC)	 	Toll MD III LLC (MD)
	Martinsburg Ventures, L.L.C. (VA)	 	Toll NH Limited Partnership (NH)	 	Toll MD IV LLC (MD)
	Mizner Realty, L.L.C. (FL)	 	Toll NJ Builder I, L.P. (NJ)	 	Toll NC Note II LLC
	Naples TBI Realty, LLC (FL)	 	Toll NJ II, L.P. (NJ)	 	Toll Realty L.L.C.
	Orlando TBI Realty LLC (FL)	 	Toll NJ III, L.P. (NJ)	 	Greens at Waynesborough, L.P. (PA)
	Phillips Drive LLC (MD)	 	Toll NJ IV, L.P. (NJ)	 	Rose Hollow Crossing Associates (PA)
	Prince William Land I LLC (VA)	 	Toll NJ V, L.P. (NJ)	 	
	Prince William Land II LLC (VA)	 	Toll NJ VI, L.P. (NJ)	 	
	PT Maxwell Holdings, LLC ((NJ)	 	Toll NJ VII, L.P. (NJ)	 	
	PT Maxwell, L.L.C. (NJ)	 	Toll NJ VIII, L.P. (NJ)	 	
	Regency at Denville LLC (NJ)	 	Toll NJ XI, L.P. (NJ)	 	
	Regency at Dominion Valley LLC (VA)	 	Toll Jupiter LLC (FL)	 	
	Regency at Long Valley I LLC (NJ)	 	Toll MA I LLC (MA)	 	
	Regency at Long Valley II LLC (NJ)	 	Toll MA II LLC (MA)	 	
	Regency at Mansfield I LLC (NJ)	 	Toll MD I, L.L.C. (MD)	 	
	Regency at Mansfield II LLC (NJ)	 	Toll MD II LLC (MD)	 	
	Regency at Washington I LLC (NJ)	 	Toll Midwest LLC (DE)	 	
	Regency at Washington II LLC (NJ)	 	Toll Morgan Street LLC (DE)	 	
	South Riding Realty LLC (VA)	 	Toll NC I LLC (NC)	 	
	SR Amberlea LLC (VA)	 	Toll NC IV LLC (NC)	 	
	SRLP II LLC (VA)	 	Toll NC Note LLC (NC)	 	
	Tampa TBI Realty LLC (FL)	 	Toll NC IV LLC (NC)	 	
	TB Kent Partners LLC (DE)	 	Toll NJ I, L.L.C. (NJ)	 	
	The Regency Golf Club I LLC (VA)	 	Toll NJ II, L.L.C. (NJ)	 	
	The Regency Golf Club II LLC (VA)	 	Toll NJ III, LLC (NJ)	 	
	The Ridges at Belmont Country Club I LLC (VA)	 	Toll North LV LLC (NV)	 	
	The Ridges at Belmont Country Club II LLC (VA)	 	Toll North Reno LLC (NV)	 	
	Toll Austin TX LLC (TX)	 	Toll NV Holdings LLC (NV)	 	
	Toll CA I LLC (CA)	 	Toll San Antonio TX LLC (TX)	 	
	Toll CA Note II LLC (CA)	 	Toll South LV LLC (NV)	 	

  
 2 

					
	Toll Cedar Hunt LLC (VA)	 	Toll South Reno LLC (NV)	 	
	Toll CO I LLC (CO)	 	Toll Southwest LLC (DE)	 	
	Toll Corners LLC (DE)	 	Toll Stratford LLC (VA)	 	
	Toll Dallas TX LLC (TX)	 	Toll TX Note LLC (TX)	 	
	Toll DE X II, LLC (DE)	 	Toll VA III L.L.C. (VA)	 	
	Toll EB, LLC (DE)	 	Toll VA L.L.C. (DE)	 	
	Toll Equipment, L.L.C. (DE)	 	Toll Van Wyck, LLC (NY)	 	
	Toll FL I, LLC (FL)	 	Toll Vanderbilt I LLC (RI)	 	
	Toll FL IV LLC (FL)	 	Toll Vanderbilt II LLC (RI)	 	
	Toll Glastonbury LLC (CT)	 	Toll-Dublin, LLC (CA)	 	
	Toll Henderson LLC (NV)	 	Toll West Coast LLC (DE)	 	
	Toll Hoboken LLC (DE)	 	Vanderbilt Capital LLC (RI)	 	
	Toll Houston TX LLC (TX)	 	Virginia Construction Co. I, LLC (VA)	 	
	Toll IN LLC (IN)	 	Virginia Construction Co. II, LLC (VA)	 	
	Toll Lexington LLC (NY)	 		 	

  
 3 

 Exhibit A 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY ANY
SUCH NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR NOMINEE OF SUCH SUCCESSOR DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO AN ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF
OR SUCH SUCCESSOR’S NOMINEE. ] 
  

			
	No.	 	CUSIP No.:                     

 [Title of Security] 
 [                                  
      ] 
 a
[                    ] corporation 

promises to pay to 
 or registered assigns the
principal sum of
                                        
[Dollars] 1 on 

 

			
	[Title of Security]	 	
	Interest Payment Dates:	 	and
	Record Dates:	 	and
		
	Authenticated:	 	Dated:

  

	1 	Or other currency. Insert corresponding provisions on reverse side of Security in respect of foreign currency denomination or interest payment requirement.

  

			
	[                           
             ]
	
	[Seal]
		
	By	 	  

		 	Title:
		
	By	 	  

		 	Title:

[                         
               ], as Trustee, certifies that this is one of the Securities referred to in the within mentioned Indenture. 

 

			
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 5 

[                       
                 ] 
 [Title of Security],
Series A 
  

	1.	Interest. 

[                       
                 ] (the “Issuer”), a
[                    ] corporation, promises to pay interest on the principal amount of this Security at the rate per annum shown above. The Issuer
will pay interest semiannually on                      and
                     of each year, commencing on
                    , until the principal is paid or made available for payment. Interest on the Securities will accrue from the most recent date to
which interest has been paid or duly provided for or, if no interest has been paid, from                     , 20    , provided
that, if there is no existing Default in the payment of interest and if this Security is authenticated between a Record Date referred to on the face hereof and the next succeeding interest payment date, interest shall accrue from such interest
payment date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
  

	2.	Method of Payment. 

 The Issuer
will pay interest on the Securities (except defaulted interest, if any, which will be paid on such special payment date to Holders of record on such special Record Date as may be fixed by the Issuer) to the Persons who are registered Holders of
Securities at the close of business on the [Insert Record Dates] (capitalized terms not defined herein have the meanings given to those terms in the Indenture). Holders must surrender Securities to a Paying Agent to collect principal
payments. The Issuer will pay principal and interest in money of the United States that at the time of payment is legal tender for payment of public and private debts. 
  

	3.	Paying Agent and Registrar. 

Initially,
[                                        ] (the
“Trustee”) will act as Paying Agent and Registrar. The Issuer may change or appoint any Paying Agent, Registrar or co-Registrar without notice. Toll Brothers, Inc. (the “Company”) or any of its Subsidiaries or any of their
Affiliates may act as Paying Agent, Registrar or co-Registrar. 
  

	4.	Indenture. 

 The Issuer issued
the Securities under an Indenture dated as of [                    ] (“Indenture”), among the Issuer, the Company, the other Guarantors and
the Trustee. The terms of the Securities and the Guarantee include those stated in the Indenture (including those terms set forth in the Authorizing Resolution or supplemental indenture pertaining to the Securities of the Series of which this
Security is a part) and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (“TIA”) as in effect on the date of the Indenture. The Securities and the Guarantee are subject to all such terms, and Holders are
referred to the Indenture and the TIA for a statement of them. 
 The Issuer will furnish to any Holder upon written request and
without charge a copy of the Indenture and the applicable Authorizing Resolutions or supplemental indenture. Requests may be made to:
[                                        ],
Attention:
[                                        ].

  
 6 

	5.	Optional Redemption.2 

 The Issuer may redeem the Securities at any time on or after
                    ,         , in whole or in part, at the following redemption prices (expressed as a
percentage of their principal amount) together with interest accrued and unpaid to the date fixed for redemption: 
 If redeemed
during the twelve-month period commencing on                      and ending on
                     in each of the following years Percentage 
 [Insert provisions relating to redemption at option of Holders, if any] 

If less than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed, if the Securities are listed
on a national securities exchange, in accordance with the rules of such exchange, or if the Securities are not so listed, on either a pro rata basis or by lot or by such method as the Trustee shall deem fair and appropriate. The Trustee shall make
the selection from Securities outstanding and not previously called for redemption. Securities in denominations of $2,000 may only be redeemed in whole. The Trustee may select for redemption portions (equal to $2,000 or any integral multiple of
$1,000 thereof) of the principal of Securities that have denominations larger than $2,000. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Securities are to be redeemed
at the registered address of such Holder. On and after the redemption dates interest ceases to accrue on the Securities or portions thereof called for redemption, provided that if the Issuer shall default in the payment of such Securities at the
redemption price together with accrued interest, interest shall continue to accrue at the rate borne by the Securities. 
  

	6.	Mandatory Redemption.3 

 The Issuer shall redeem      % of the
aggregate principal amount of Securities originally issued under the Indenture on each of                     , which redemptions are calculated to
retire     % of the Securities originally issued prior to maturity. Such redemptions shall be made at a redemption price equal to 100% of the principal amount thereof, together with accrued interest to the redemption date. The
Issuer may reduce the principal amount of Securities to be redeemed pursuant to this Paragraph 6 by the principal amount of any Securities previously redeemed, retired or acquired, otherwise than pursuant to this Paragraph 6, that the Issuer has
delivered to the Trustee for cancellation and not previously credited to the Issuer’s obligations under this Paragraph 6. Each such Security shall be received and credited for such purpose by the Trustee at the redemption price and the amount
of such mandatory redemption payment shall be reduced accordingly. 
  

	2 	If applicable. 

	3 	If applicable. 

  
 7 

	7.	Denominations, Transfer, Exchange. 

 The Securities are in registered form only without coupons in denominations of $2,0004 and integral multiples of $1,000 thereof. A Holder may transfer or exchange Securities by presentation of such
Securities to the Registrar or a co-Registrar with a request to register the transfer or to exchange them for an equal principal amount of Securities of other denominations. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The Registrar need not transfer or exchange any Security selected for redemption, except the unredeemed part thereof if the
Security is redeemed in part, or transfer or exchange any Securities for a period of 15 days before a selection of Securities to be redeemed. 
  

	8.	Persons Deemed Owners. 

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

	9.	Unclaimed Money. 

 If money for
the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent will pay the money back to the Issuer at its request. After that, Holders entitled to the money must look to the Issuer for payment unless an abandoned
property law designates another Person. 
  

	10.	Amendment, Supplement, Waiver. 

Subject to certain exceptions, the Indenture, the Guarantee or the Securities may be amended or supplemented by the Issuer with the
consent of the Holders of at least a majority in principal amount of the outstanding Securities and any past default or compliance with any provision relating to the Securities may be waived in a particular instance with the consent of the Holders
of a majority in principal amount of the outstanding Securities. Without the consent of any Holder, the Issuer may amend or supplement the Indenture, the Guarantee or the Securities to cure any ambiguity, omission, defect or inconsistency, (provided
such action does not adversely affect the rights of the Holders), to evidence the succession of another Person to the Issuer or any Guarantor, to add covenants of the Issuer or of the Guarantors under Article Four of the Indenture for the benefit of
the Holders or to surrender rights or powers conferred upon the Issuer or the Guarantors by the Indenture, to add Events of Default for the benefit of the Holders, to change or eliminate any provisions of the Indenture, (provided such change or
elimination shall become effective only when none of the Securities are outstanding), to add Guarantors, to provide for the acceptance of appointment by a successor Trustee or facilitate the administration of the trusts under the Indenture by more
than one Trustee, to close the Indenture as to authentication and delivery of additional Securities, to supplement Indenture provisions to permit or facilitate defeasance and discharge of the Securities, (provided such action does not adversely
affect the rights of the Holders), to provide that specific Indenture provisions shall not apply to an unissued Series of Securities, to provide for uncertificated Securities in addition to or in place of certificated Securities, to create a Series
and establish its terms, to remove a Guarantor, other than the Company, which, in accordance with the terms of the Indenture, ceases to be liable in respect of the Guarantee, or to make any other change, (provided such action does not adversely
affect the rights of any Holder). 
  

	4 	 If applicable. Insert different or additional denominations and multiples. 

  
 8 

	11.	Trustee Dealings With Company. 

[                    ], the Trustee
under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not Trustee.

  

	12.	No Recourse Against Others. 

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

 

	13.	Discharge of Indenture. 

 The
Indenture contains certain provisions pertaining to defeasance, which provisions shall for all purposes have the same effect as if set forth herein. 
  

	14.	Authentication. 

 This Security
shall not be valid until the Trustee signs the certificate of authentication on the other side of this Security. 
  

	15.	Governing Law 

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

	16.	Abbreviations. 

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

  
 9 

 ASSIGNMENT FORM 
 If you the Holder want to assign this Security, fill in the form below: I or we assign and transfer this Security to 
  

 
  
 (Insert assignee’s social security or tax ID number) 
  

 
  
  

 
  
 (Print or type assignee’s name, address, and zip code) 
 and irrevocably appoint agent to
transfer this Security on the books of the Issuer. The agent may substitute another to act for him. 
  

			
	Date:	  	 Your signature: (Sign exactly as your name
 appears on the other side of this Security)

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

GUARANTEE 
 The
Guarantors listed on Schedule I, attached hereto (the “Guarantors”), have unconditionally guaranteed, jointly and severally on a senior basis (such guarantee by each Guarantor being referred to herein as the “Guarantee”)
(i) the due and punctual payment of the principal of and interest on the Securities, whether at maturity, by acceleration or otherwise, the due and punctual payment of interest on the overdue principal and interest, if any, on the Securities,
to the extent lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee all in accordance with the terms set forth in Article Nine of the Indenture and (ii) in case of any extension of
time of payment or renewal of any Securities or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. No past, present or future stockholder, partner, member, officer, director, manager, general partner, employee or incorporator, as such, of any of the Guarantors shall have any liability under the Guarantee by reason of such Person’s
status as stockholder, partner, member, officer, director, manager, general partner, employee or incorporator. Each holder of a Security by accepting a Security waives and releases all such liability. This waiver and release are part of the
consideration for the issuance of the Guarantee. Each holder of a Security by accepting a Security agrees that any Guarantor other than Toll Brothers, Inc. (the “Company”) shall have no further liability with respect to its Guarantee if
such Guarantor 

  
 10 

 
otherwise ceases to be liable in respect of its Guarantee in accordance with the terms of the Indenture. The Guarantee shall not be valid or obligatory for any purpose until the certificate of
authentication on the Securities upon which the Guarantee is noted shall have been executed by the Trustee under the Indenture by the manual signature of one of its authorized officers. 

 

			
	TOLL BROTHERS, INC.
		
	By:	 	  

 

			
	Title:	 	  

	
	THE GUARANTORS LISTED ON SCHEDULE I, ATTACHED HERETO

 
			
		
	By:	 	  

 

			
	Title:	 	  

  
 11Authorizing Resolutions

 Exhibit 4.2 
 AUTHORIZING RESOLUTIONS 
 January 31, 2012 

 
  
 These Authorizing Resolutions relate to $300,000,000 aggregate principal amount of 5.875% Senior Notes due 2022 to be issued in accordance with the indenture dated as January 31, 2012 (as amended and
supplemented, the “Indenture”) among Toll Brothers Finance Corp. (the “Issuer”), Toll Brothers, Inc. (the “Company”) and the other Guarantors and The Bank of New York Mellon, as trustee (the
“Trustee”). Capitalized terms not otherwise defined herein but used below shall have the meanings given to them in the Indenture. 
 PARAGRAPH 1. The title of the senior notes (the “Notes”) shall be “5.875% Senior Notes due 2022” (the “Notes”). 

PARAGRAPH 2. The aggregate principal amount at maturity of the Notes which shall be authenticated and delivered under the Indenture,
shall be $300,000,000 (except for any Notes authenticated and delivered upon registration of the transfer of, or in exchange for, or in lieu of other Notes pursuant to the terms of the Indenture); provided, however, that the Notes may
be reopened for issuances of an unlimited amount of additional Notes at any time in accordance with the terms of the Indenture. The Notes will be issued only in fully registered form without interest coupons, in denominations of $2,000 and integral
multiples of $1,000 in excess thereof. 
 PARAGRAPH 3. The principal amount of the Notes is due and payable in full on
February 15, 2022, subject to earlier redemption as referred to in the Indenture. 
 PARAGRAPH 4. Interest on the Notes
shall accrue at a rate of 5.875% per annum (computed on the basis of a 360-day year of twelve 30-day months), from February 7, 2012 to maturity or early redemption; and interest will be payable semiannually in arrears on February 15
and August 15 of each year, commencing on August 15, 2012, to the Holders in whose names such Notes are registered at the close of business on February 15 and August 15, as the case may be, preceding such interest payment date

 PARAGRAPH 5. Prior to November 15, 2021, the Issuer may, at its option, redeem the Notes, in whole at any time or in
part from time to time, providing notice pursuant to Section 3.03 of the Indenture, at a redemption price equal to the greater of (a) 100% of the principal amount of the Notes to be redeemed and (b) the sum of the present values of
the Remaining Scheduled Payments (as defined below) on the Notes being redeemed on the redemption date, discounted to the date of redemption, on a semiannual basis, at the Treasury Rate plus 50 basis points. On or after such date, the Issuer may, at
its option, redeem the Notes in whole at any time or in part from time to time, at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. In both instances, the Issuer will also pay accrued interest on the Notes to the
date of redemption. In determining the redemption price and accrued interest, interest 

 
will be calculated on the basis of a 360-day year consisting of twelve 30-day months. If money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed is
deposited with the Trustee on or before the redemption date, on and after the redemption date interest will cease to accrue on the Notes (or such portions thereof) called for redemption and such Notes will cease to be outstanding. 

As used in this Paragraph 5, the following terms shall have the respective meanings set forth below: 

“Comparable Treasury Issue” means the United States Treasury security selected by the Reference Treasury Dealer as having
a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of such Notes. 
 “Comparable Treasury Price” means, with respect to any redemption date,
(1) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) on the third business day preceding such redemption date, as set forth in the daily statistical
release (or any successor release) published by the Federal Reserve Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (2) if such release (or any successor release) is not published or
does not contain such price on such business day, (A) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (B) if the Trustee
obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Reference
Treasury Dealer” means (A) Citigroup Global Markets Inc., RBS Securities Inc., Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey, Inc. (or their respective affiliates that are Primary Treasury Dealers (as defined below)),
and any successor; provided, however, that if any of the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer will substitute therefor another Primary
Treasury Dealer; and (B) any other Primary Treasury Dealer(s) selected by the Issuer. 
 “Reference Treasury Dealer
Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m. on the third business day preceding such redemption date. 

 “Remaining Scheduled Payments” means, with respect to any Note, the
remaining scheduled payments of the principal thereof to be redeemed and interest thereon that would be due after the related redemption date but for such redemption; provided, however, that if such redemption date is not an interest payment date
with respect to such Note, the amount of the next succeeding scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date. 

“Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield
to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. 

PARAGRAPH 6. If a Change of Control Repurchase Event occurs, unless the Issuer has previously exercised its right to redeem the Notes as
described above, the Issuer will make an offer to each Holder of Notes to repurchase all or any part (in amounts of $2,000 or in integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a repurchase price in cash equal to 101%
of the aggregate principal amount of repurchased Notes plus any accrued and unpaid interest on the repurchased Notes to the date of purchase. Within 30 days following any Change of Control Repurchase Event or, at the Issuer’s option, prior to
any Change of Control, but after the public announcement of the Change of Control, the Issuer will mail a notice to each Holder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of
Control Repurchase Event and offering to repurchase Notes on the payment date specified in the notice, which date will be no earlier than 30 days and no later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the
date of consummation of the Change of Control, state that the offer to purchase is conditioned on the Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice. The Issuer will comply with the requirements
of Rule 14e-1 under the Exchange Act and any other securities laws and regulations under the Exchange Act to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions herein, the Issuer will comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under the Change of Control Repurchase Event provisions herein by virtue of such conflict. 
 On the Change of Control Repurchase Event payment date, the Issuer will, to the extent lawful: 
  

	 	•	 	 accept for payment all Notes or portions of Notes properly tendered pursuant to the Issuer’s offer; 

 

	 	•	 	 deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all Notes or portions of Notes properly tendered; and

	 	•	 	 deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an Officers’ Certificate stating the aggregate
principal amount of Notes being purchased by the Issuer. 

 The Paying Agent will promptly mail to each Holder
of properly tendered Notes the purchase price for the Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of any Notes
surrendered; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. 
 The Issuer will not be required to make an offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in
compliance with the requirements for an offer made by the Issuer and such third party purchases all Notes properly tendered and not withdrawn under its offer. 
 As used in this paragraph 6, the following terms shall have the respective meanings set forth below: 
 “Below Investment Grade Rating Event” means the Notes are rated below Investment Grade (defined below) by all three Rating Agencies on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced
consideration for possible downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a
particular Change of Control (and thus shall not be deemed a Below Investment Grade Rating Event for purposes of the definition of Change of Control Repurchase Event) if the Rating Agencies making the reduction in rating to which this definition
would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Below Investment Grade Rating Event). 
 “Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term
is used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the Company’s Voting Stock (defined below), measured by voting power rather than number of
shares. Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Company becomes a wholly owned subsidiary of a holding company and (2) the holders of the Voting Stock of such holding
company immediately following that transaction are substantially the same as the holders of the Company’s Voting Stock immediately prior to that transaction. 

 “Change of Control Repurchase Event” means the occurrence of both a Change
of Control and a Below Investment Grade Rating Event. 
 “Fitch” means Fitch Ratings, Ltd., a division of Fitch
Inc. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating categories of Moody’s); a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch); a rating of BBB- or better by S&P (or its equivalent under any successor rating categories of
S&P); and the equivalent Investment Grade credit rating from any additional Rating Agency or Rating Agencies selected by the Company. 
 “Rating Agency” means (1) each of Moody’s, Fitch and S&P; and (2) if any of Moody’s, Fitch or S&P ceases to rate the Senior Notes or fails to make a rating of
the Senior Notes publicly available (for reasons outside of our control), a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Company (as
certified by a resolution of our board of directors) as a replacement agency for Moody’s, Fitch or S&P, or all three, as the case may be. 
 “Moody’s” means Moody’s Investor Services, Inc. 

“S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

 “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of the
Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 
 PARAGRAPH 7. Principal of and interest on the Notes shall be payable in accordance with Section 1 and 2 of the Notes. 
 PARAGRAPH 8. The Notes shall not be convertible into the Issuer’s or any of the Guarantors’ common stock. 
 PARAGRAPH 9. Neither the Notes nor the Guarantees shall be secured. 
 PARAGRAPH
10. As used in the Indenture, the following terms shall have the respective meanings set forth below: 
 “Attributable
Debt” means, in respect of a Sale and Lease-back Transaction, the present value (discounted at the weighted average effective interest cost per annum of the outstanding senior notes of all series issued by the Issuer, compounded
semiannually) of the obligation of the lessee for rental payments 

 
during the remaining term of the lease included in such transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended or, if earlier,
until the earliest date on which the lessee may terminate such lease upon payment of a penalty (in which case the obligation of the lessee for rental payments shall include such penalty), after excluding all amounts required to be paid on account of
maintenance and repairs, insurance, taxes, assessments, water and utility rates and similar charges. 
 “Consolidated Net
Tangible Assets” means the total amount of assets which would be included on a combined balance sheet of the Issuer, the Company and the other Guarantors under accounting principles generally accepted in the United States (less applicable
reserves and other properly deductible items) after deducting therefrom: (1) all short-term liabilities, except for liabilities payable by their terms more than one year from the date of determination (or renewable or extendible at the option
of the obligor for a period ending more than one year after such date) and liabilities in respect of retiree benefits other than pensions for which the Restricted Subsidiaries are required to accrue pursuant to Statement of Financial Accounting
Standards No. 106; (2) investments in subsidiaries that are not Restricted Subsidiaries; and (3) all goodwill, trade names, trademarks, patents, unamortized debt discount, unamortized expense incurred in the issuance of debt and other
tangible assets. 
 “Existing Indentures” means (1) the Indenture dated as of November 22, 2002, among
the Issuer, the guarantors named therein and The Bank of New York Mellon (as successor to J.P. Morgan Trust Company, National Association), as trustee, as amended and supplemented by the First Supplemental Indenture through the Seventeenth
Supplemental Indenture and as may be further amended and supplemented and (2) the Indenture dated as of April 20, 2009, among Toll Brothers Finance, the guarantors named therein and The Bank of New York Mellon, as trustee, as amended and
supplemented by the resolutions dated as of April 20, 2009 authorizing the 8.910% Senior Notes due 2017 and the resolutions dated September 22, 2009 authorizing the 6.750% Senior Notes due 2019. 

“Sale and Lease-back Transaction” means a sale or transfer made by the Issuer, the Company or a Restricted Subsidiary
(except a sale or transfer made to the Issuer, the Company or another Restricted Subsidiary) of any property which is either (a) a manufacturing facility, office building or warehouse whose book value equals or exceeds 1% of Consolidated Net
Tangible Assets as of the date of determination or (b) another property (not including a model home) which exceeds 5% of Consolidated Net Tangible Assets as of the date of determination, if such sale or transfer is made with the agreement,
commitment or intention of leasing such property to the Issuer, the Company or a Restricted Subsidiary for more than a three-year term. 
 “Secured Debt” means any Indebtedness which is secured by (i) a Security Interest in any of the property of the Issuer, the Company or any Restricted

 
Subsidiary or (ii) a Security Interest in shares of stock owned directly or indirectly by the Issuer, the Company or a Restricted Subsidiary in a corporation or in equity interests owned by
the Issuer, the Company or a Restricted Subsidiary in a partnership or other entity not organized as a corporation or in the Company’s rights or the rights of a Restricted Subsidiary in respect of Indebtedness of a corporation, partnership or
other entity in which the Issuer, the Company or a Restricted Subsidiary has an equity interest; provided that “Secured Debt” shall not include Non-Recourse Indebtedness, as such categories of assets are determined in accordance with
accounting principles generally accepted in the United States. The securing in the foregoing manner of any such Indebtedness which immediately prior thereto was not Secured Debt shall be deemed to be the creation of Secured Debt at the time security
is given. 
 “Security Interests” means any mortgage, pledge, lien, encumbrance or other security interest which
secures the payment or performance of an obligation. 
 PARAGRAPH 11. The Notes shall be entitled to the benefit of each of the
covenants in Article 4 of the Indenture and each of the following additional covenants (each of which is deemed to be a provision of the Indenture and, when referred to as a provision of the Indenture, shall be identified by reference to the Section
number which is set forth immediately preceding such covenant): 
 Section 4.06. Restrictions on Secured Debt. 

The Issuer and the Company shall not, and shall not cause or permit a Restricted Subsidiary to, create, incur, assume, or guarantee any
Secured Debt unless the Notes will be secured equally and ratably with (or prior to) such Secured Debt; provided, however, that this Section 4.06 does not prohibit the creation, incurrence, assumption or guarantee of Secured Debt which is
secured by: 
 (1) Security Interests in model homes, homes held for sale, homes that are under contract for
sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses or office buildings and fixtures and equipment located thereat or thereon; 

(2) Security Interests in property at the time of its acquisition by the Issuer, the Company or a Restricted Subsidiary,
including Capitalized Lease Obligations, which Security Interests secure obligations assumed by the Issuer, the Company or a Restricted Subsidiary, or in the property of a corporation or other entity at the time it is merged into or consolidated
with the Issuer, the Company or a Restricted Subsidiary (other than Secured Debt created in contemplation of the acquisition of such property or the consummation of such a merger or where the Security Interest attaches to or affects the property of
the Issuer, the Company or a Restricted Subsidiary prior to such transaction); 
 (3) Security Interests arising
from conditional sales agreements or title retention agreements with respect to property acquired by the Issuer, the Company or a Restricted Subsidiary; 

 (4) Security Interests incurred in connection with pollution control,
industrial revenue, water, sewage or any similar item; and 
 (5) Security Interests securing Indebtedness of a
Restricted Subsidiary owing to the Issuer, the Company or to another Restricted Subsidiary that is wholly-owned (directly or indirectly) by the Company or Security Interests securing the Issuer’s Indebtedness owing to a Guarantor. 

Additionally, such permitted Secured Debt includes any amendment, restatement, supplement, renewal, replacement, extension or refunding,
in whole or in part, of Secured Debt permitted at the time of the original incurrence thereof. 
 In addition, the Issuer and
the Guarantors may create, incur, assume or guarantee Secured Debt, without equally and ratably securing the Notes, if immediately thereafter the sum of (1) the aggregate principal amount of all Secured Debt outstanding (excluding Secured Debt
permitted under clauses (1) through (5) above and any Secured Debt in relation to which the Notes have been equally and ratably secured) and (2) all Attributable Debt in respect of Sale and Lease-back Transactions (excluding
Attributable Debt in respect of Sale and Lease-back Transactions as to which the provisions of clauses (1) through (3) of Section 4.07 “Restrictions on Sale and Lease-back Transactions” have been complied with) as of
the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 
 The provisions of this Section 4.06
with respect to limitations on Secured Debt are not applicable to Non-Recourse Indebtedness and will not restrict or limit the Issuer’s or any Guarantor’s ability to create, incur, assume or guarantee any unsecured Indebtedness, or the
ability of any subsidiary which is not a Restricted Subsidiary to create, incur, assume or guarantee any secured or unsecured Indebtedness. 

Section 4.07. Restrictions on Sale and Lease-back Transactions. 
 The Issuer and the Company shall not, and shall not permit a Restricted Subsidiary to, enter into any Sale and Lease-back Transaction, unless: 

(1) notice is promptly given to the Trustee of the Sale and Lease-back Transaction; 

(2) fair value is received by the Issuer, the Company or the relevant Restricted Subsidiary for the property sold (as
determined in good faith by the Company communicated in writing to the Trustee); and 
 (3) the Issuer, the
Company or a Restricted Subsidiary, within 365 days after the completion of the Sale and Lease-back Transaction, applies, or enters 

 
into a definitive agreement to apply within such 365-day period, an amount equal to the net proceeds of such Sale and Lease-back Transaction (x) to the redemption, repayment or retirement of
(a) Securities of any Series under the Existing Indentures (including the cancellation by the Trustee of any securities of any series delivered by the Issuer to the Trustee), (b) Indebtedness of the Issuer that ranks equally with the Notes
or (c) Indebtedness of any Guarantor that ranks equally with the Guarantee of such Guarantor, and/or (y) to the purchase by the Issuer, the Company or any Restricted Subsidiary of property used in their respective trade or businesses.

 This Section 4.07 will not apply to a Sale and Lease-back Transaction that relates to a sale of a property that occurs
within 180 days from the later of (x) the date of acquisition of the property by the Issuer, the Company or a Restricted Subsidiary, (y) the date of the completion of construction of that property or (z) the date of commencement of
full operations on that property. In addition, the Issuer and the Guarantors may, without complying with the above restrictions, enter into a Sale and Lease-back Transaction if immediately thereafter the sum of (1) the aggregate principal
amount of all Secured Debt outstanding (excluding Secured Debt permitted under clauses (1) through (5) described in Section 4.06 “Restrictions on Secured Debt” and any Secured Debt in relation to which the Notes have
been equally and ratably secured) and (2) all Attributable Debt in respect of Sale and Lease-back Transactions (excluding Attributable Debt in respect of Sale and Lease-back Transactions as to which the provisions of clauses (1) through
(3) of this Section 4.07 have been complied with) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets. 
 PARAGRAPH 12. Except as otherwise indicated, each reference herein to a “Paragraph” shall refer to a Paragraph hereof, and each reference herein to a “Section shall refer to a Section of
the Indenture.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]