Document:

EX-4.3

 Exhibit 4.3 
  

 
  

REGISTRATION RIGHTS AGREEMENT 

Dated as of January 17, 2019 

By and Among 
 TARGA RESOURCES
PARTNERS LP, 
 TARGA RESOURCES PARTNERS FINANCE CORPORATION 

and 
 THE GUARANTORS NAMED HEREIN

 as Issuers, 
 and 

THE INITIAL PURCHASERS NAMED HEREIN 
  

 
  

$750,000,000 
 67⁄8% SENIOR NOTES DUE 2029 

 TABLE OF CONTENTS 

 

									
	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	 
			
	 2.
	 	 EXCHANGE OFFER
	  	 	5	 
			
	 3.
	 	 SHELF REGISTRATION
	  	 	9	 
			
	 4.
	 	 ADDITIONAL INTEREST
	  	 	10	 
			
	 5.
	 	 REGISTRATION PROCEDURES
	  	 	12	 
			
	 6.
	 	 REGISTRATION EXPENSES
	  	 	21	 
			
	 7.
	 	 INDEMNIFICATION
	  	 	22	 
			
	 8.
	 	 RULE 144A
	  	 	24	 
			
	 9.
	 	 UNDERWRITTEN REGISTRATIONS
	  	 	25	 
			
	 10.
	 	 MISCELLANEOUS
	  	 	25	 
				
		 	 (a)
	  	 No Inconsistent Agreements
	  	 	25	 
		 	 (b)
	  	 Adjustments Affecting Registrable Securities
	  	 	26	 
		 	 (c)
	  	 Amendments and Waivers
	  	 	26	 
		 	 (d)
	  	 Notices
	  	 	26	 
		 	 (e)
	  	 Successors and Assigns
	  	 	27	 
		 	 (f)
	  	 Counterparts
	  	 	27	 
		 	 (g)
	  	 Headings
	  	 	27	 
		 	 (h)
	  	 Governing Law
	  	 	27	 
		 	 (i)
	  	 Severability
	  	 	28	 
		 	 (j)
	  	 Securities Held by the Issuers or their Affiliates
	  	 	28	 

  
 -i- 

									
		 	 (k)
	  	 Third Party Beneficiaries
	  	 	28	 
		 	 (l)
	  	 Entire Agreement
	  	 	28	 

  
 -ii- 

 REGISTRATION RIGHTS AGREEMENT 

This Registration Rights Agreement (the “Agreement”) is dated as of January 17, 2019 by and among Targa Resources
Partners LP, a Delaware limited partnership (the “Partnership”), Targa Resources Partners Finance Corporation, a Delaware corporation (the “Finance Co.” and, together with the Partnership, the “Targa
Companies”), the Guarantors listed on the signature pages hereto (the “Guarantors” and, together with the Partnership and Finance Co., the “Issuers”) and the several Initial Purchasers listed in Schedule 1
to the Purchase Agreement (defined below) (the “Initial Purchasers”) for whom Merrill Lynch, Pierce, Fenner & Smith Incorporated is acting as representative (the “Representative”). 

This Agreement is entered into in connection with the Purchase Agreement, dated as of January 10, 2019, by and among the Targa Companies,
the Guarantors and the Initial Purchasers (the “Purchase Agreement”) that provides for the sale by the Targa Companies to the Initial Purchasers of $750,000,000 aggregate principal amount of the Targa Companies’ 67⁄8% Senior Notes due 2029 (the “Notes”). The Notes will be guaranteed (the “Guarantees”) on a senior basis by the Guarantors. The
Notes and the Guarantees together are herein referred to as the “Securities.” In order to induce the Initial Purchasers to enter into the Purchase Agreement, the Issuers have agreed to provide the registration rights set forth in
this Agreement for the benefit of the Holders (as defined herein). The execution and delivery of this Agreement is a condition to the Initial Purchasers’ obligation to purchase the Securities under the Purchase Agreement. 

The parties hereby agree as follows: 
  

	1.	 Definitions 

As used in this Agreement, the following terms shall have the following meanings: 

Additional Interest: See Section 4(a) hereof. 

Advice: See the last paragraph of Section 5 hereof. 

Agreement: See the introductory paragraphs hereto. 

Applicable Period: See Section 2(b) hereof. 

Business Day: Any day that is not a Saturday, Sunday or a day on which banking institutions in New York are authorized or required by
law to be closed. 
 Effectiveness Date: The date that is the 370th day after the delivery of a Shelf Notice as required pursuant to
Section 2(c) hereof; provided, however, that if the Effectiveness Date would otherwise fall on a day that is not a Business Day, then the Effectiveness Date shall be the next succeeding Business Day. 

 Effectiveness Period: See Section 3(a) hereof. 

Event Date: See Section 4(b) hereof. 

Exchange Act: The Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 

Exchange Notes: See Section 2(a) hereof. 

Exchange Offer: See Section 2(a) hereof. 

Exchange Offer Registration Statement: See Section 2(a) hereof. 

Exchange Securities: See Section 2(a) hereof. 

Filing Date: The 90th day after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof; provided,
however, that if the Filing Date would otherwise fall on a day that is not a Business Day, then the Filing Date shall be the next succeeding Business Day. 

Finance Co.: See the introductory paragraphs hereto. 

FINRA: See Section 5(s) hereof. 

Freely Tradable: With respect to a Security, a Security that at any time of determination (i) is freely transferable without
volume restrictions by holders that are not affiliates of the Targa Companies in accordance with Rule 144 (or any similar provision then in force) under the Securities Act or otherwise, (ii) does not bear a restrictive legend, and
(iii) does not bear a restricted CUSIP number. 
 Guarantees: See the introductory paragraphs hereto. 

Guarantors: See the introductory paragraphs hereto. 

Holder: Any holder of a Registrable Security or Registrable Securities. 

Indemnified Person: See Section 7(c) hereof. 

Indemnifying Person: See Section 7(c) hereof. 

Indenture: The Indenture, dated as of January 17, 2019, by and among the Issuers and U.S. Bank National Association, as Trustee,
pursuant to which the Securities are being issued, as amended or supplemented from time to time in accordance with the terms thereof. 

Initial Purchasers: See the introductory paragraphs hereto. 

  
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 Inspectors: See Section 5(o) hereof. 

Issue Date: The date on which the Securities were sold to the Initial Purchasers pursuant to the Purchase Agreement. 

Issuers: See the introductory paragraphs hereto. 

Notes: See the introductory paragraphs hereto. 

Offering Memorandum: The final offering memorandum of the Targa Companies dated January 10, 2019, in respect of the offering of
the Securities to the Initial Purchasers. 
 Participant: See Section 7(a) hereof. 

Participating Broker-Dealer: See Section 2(a) hereof. 

Partnership: See the introductory paragraphs hereto. 

Person: An individual, trustee, corporation, partnership, limited liability company, joint stock company, trust, unincorporated
association, union, business association, firm or other legal entity. 
 Private Exchange: See Section 2(b) hereof. 

Private Exchange Notes: See Section 2(b) hereof. 

Private Exchange Securities: See Section 2(b) hereof. 

Prospectus: The prospectus included in any Registration Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus filed as part of an effective registration statement in reliance upon Rule 430A promulgated under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus, with respect to the terms of the offering of any portion of the Registrable Securities covered by such Registration Statement including post-effective amendments, and all
material incorporated by reference or deemed to be incorporated by reference in such Prospectus. 
 Purchase Agreement: See the
introductory paragraphs hereto. 
 Records: See Section 5(o) hereof. 

Registrable Securities: Each Security upon original issuance of the Securities and at all times subsequent thereto, each Exchange
Security as to which Section 2(c)(v) hereof 

  
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is applicable upon original issuance and at all times subsequent thereto and each Private Exchange Security upon original issuance thereof and at all times subsequent thereto, until in the case
of any such Security, Exchange Security or Private Exchange Security, as the case may be, the earliest to occur of (i) a Registration Statement (other than, with respect to any Exchange Security as to which Section 2(c)(v) hereof is
applicable, the Exchange Offer Registration Statement) covering such Security, Exchange Security or Private Exchange Security, as the case may be, has been declared effective by the SEC and such Security, Exchange Security or Private Exchange
Security, as the case may be, has been disposed of in accordance with such effective Registration Statement, (ii) such Security, Exchange Security or Private Exchange Security, as the case may be, is Freely Tradable and (iii) such
Security, Exchange Security or Private Exchange Security, as the case may be, ceases to be outstanding for purposes of the Indenture. 

Registration Statement: Any registration statement of the Targa Companies, including, but not limited to, the Exchange Offer
Registration Statement and any registration statement filed in connection with a Shelf Registration Statement, filed with the SEC pursuant to the provisions of this Agreement, including the Prospectus, amendments and supplements to such registration
statement, including post-effective amendments, all exhibits and all material incorporated by reference or deemed to be incorporated by reference in such registration statement. 

Registration Trigger Date: The 370th day from the Issue Date. 

Representative: See the introductory paragraphs hereto. 

Rule 144: Rule 144 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule (other than
Rule 144A) or regulation hereafter adopted by the SEC providing for offers and sales of securities made in compliance therewith resulting in offers and sales by subsequent holders that are not affiliates of an issuer of such securities being
free of the registration and prospectus delivery requirements of the Securities Act. 
 Rule 144A: Rule 144A promulgated under the
Securities Act, as such Rule may be amended from time to time, or any similar rule (other than Rule 144) or regulation hereafter adopted by the SEC. 

Rule 415: Rule 415 promulgated under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 
 SEC: The Securities and Exchange Commission. 

Securities: See the introductory paragraphs hereto. 

Securities Act: The Securities Act of 1933, as amended, and the rules and regulations of the SEC promulgated thereunder. 

  
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 Shelf Notice: See Section 2(c) hereof. 

Shelf Registration Statement: See Section 3(a) hereof. 

Targa Companies: See the introductory paragraphs hereto. 

TIA: The Trust Indenture Act of 1939, as amended. 

Trustee: The trustee under the Indenture and the trustee (if any) under any indenture governing the Exchange Securities and Private
Exchange Securities. 
 Underwritten registration or underwritten offering: A registration in which securities of the Targa Companies
are sold to an underwriter for reoffering to the public. 
 Except as otherwise specifically provided, all references in this Agreement to
acts, laws, statutes, rules, regulations, releases, forms, no-action letters and other regulatory requirements (collectively, “Regulatory Requirements”) shall be deemed to refer also to any
amendments thereto and all subsequent Regulatory Requirements adopted as a replacement thereto having substantially the same effect therewith; provided that Rule 144 shall not be deemed to amend or replace Rule 144A. 

 

	2.	 Exchange Offer 

(a)    With respect to any Securities that on the Registration Trigger Date are Registrable Securities, no later than the
Registration Trigger Date, the Issuers shall file with the SEC, to the extent not prohibited by any applicable law or applicable interpretation of the staff of the SEC, a Registration Statement on an appropriate registration form (the
“Exchange Offer Registration Statement”) with respect to a registered offer (the “Exchange Offer”) to exchange any and all of the Registrable Securities (other than the Private Exchange Securities, if any) for a
like aggregate principal amount of debt securities of the Targa Companies that are identical in all material respects to the Securities (the “Exchange Notes” and, together with the guarantees thereon, the “Exchange
Securities”) (and that are entitled to the benefits of the Indenture or a trust indenture that is identical in all material respects to the Indenture (other than such changes to the Indenture or any such identical trust indenture as are
necessary to comply with any requirements of the SEC to effect or maintain the qualification thereof under the TIA) and that, in either case, has been qualified under the TIA), except that the Exchange Securities (other than Private Exchange
Securities, if any) shall have been registered pursuant to an effective Registration Statement under the Securities Act and shall contain no restrictive legend thereon. The Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act. The Issuers agree to use their commercially reasonable efforts to (x) cause the Exchange Offer Registration Statement to be declared (or to become automatically) effective under the Securities Act on or
before the Registration Trigger Date; (y) keep the Exchange Offer open for not less than 30 days (or longer if required by applicable law) after the date that notice of the Exchange Offer is mailed to Holders; and (z) consummate the
Exchange Offer on or prior to the 30th day following the effectiveness of 

  
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the Exchange Offer Registration Statement; provided, however, that if such 30th day would otherwise fall on a day that is not a Business Day, then such Exchange Offer must be
consummated not later than the next succeeding Business Day. If after such Exchange Offer Registration Statement is declared effective by the SEC, the Exchange Offer or the issuance of the Exchange Securities thereunder is interfered with by any
stop order, injunction or other order or requirement of the SEC or any other governmental agency or court, such Exchange Offer Registration Statement shall be deemed not to have become effective for purposes of this Agreement during the period of
such interference until the Exchange Offer may legally resume. 
 Each Holder (including, without limitation, each Participating
Broker-Dealer) who participates in the Exchange Offer will be required to represent to the Targa Companies in writing (i) that any Exchange Securities received by it will be acquired in the ordinary course of its business, (ii) that at the
time of the commencement of the Exchange Offer such Holder has no arrangement or understanding with any Person to participate in the distribution (within the meaning of the Securities Act) of the Exchange Securities in violation of the provisions of
the Securities Act, (iii) that such Holder is not an “affiliate” (as defined in Rule 405 promulgated under the Securities Act) of the Targa Companies or the Guarantors within the meaning of the Securities Act and is not acting on
behalf of any Persons who could not truthfully make the foregoing representations, (iv) if such Holder is not a broker-dealer, that it is not engaged in, and does not intend to engage in, the distribution of Exchange Securities, and (v) if
such Holder is a broker-dealer (a “Participating Broker-Dealer”), that it will receive Exchange Securities for its own account in exchange for Securities that were acquired as a result of market-making or other trading activities
and that it will deliver a prospectus in connection with any resale of such Exchange Securities. 
 Upon consummation of the Exchange Offer
in accordance with this Section 2, the provisions of this Agreement shall continue to apply, mutatis mutandis, solely with respect to Registrable Securities that are Private Exchange Securities and Exchange Securities held by
Participating Broker-Dealers, and the Issuers shall have no further obligation to register Registrable Securities (other than Private Exchange Securities and other than in respect of any Exchange Securities as to which clause 2(c)(v) hereof applies)
pursuant to Section 3 hereof. No securities other than the Exchange Securities shall be included in the Exchange Offer Registration Statement. 

(b)    The Issuers shall include within the Prospectus contained in the Exchange Offer Registration Statement a section
entitled “Plan of Distribution,” reasonably acceptable to the Representative, that shall contain a summary statement of the positions taken or policies made by the staff of the SEC with respect to the potential “underwriter”
status of any Participating Broker-Dealer that is the beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of Exchange Securities received by such Participating Broker-Dealer in the Exchange
Offer, whether such positions or policies have been publicly disseminated by the staff of the SEC or such positions or policies, in the judgment of the Representative, represent the prevailing views of the staff of the SEC. Such “Plan of

  
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Distribution” section shall also expressly permit, to the extent permitted by applicable policies and regulations of the SEC, the use of the Prospectus by all Persons subject to the
prospectus delivery requirements of the Securities Act, including to the extent permitted by applicable policies and regulations of the SEC, all Participating Broker-Dealers, and include a statement describing the means by which Participating
Broker-Dealers may resell the Exchange Securities in compliance with the Securities Act. 
 The Issuers shall use their respective
commercially reasonable efforts to keep the Exchange Offer Registration Statement effective and to amend and supplement the Prospectus contained therein in order to permit such Prospectus to be lawfully delivered by all Persons subject to the
prospectus delivery requirements of the Securities Act for such period of time as is necessary to comply with applicable law in connection with any resale of the Exchange Securities covered thereby; provided, however, that such period
shall not be required to exceed 90 days or such longer period if extended pursuant to the last paragraph of Section 5 hereof (the “Applicable Period”). 

If, prior to consummation of the Exchange Offer, such Initial Purchaser holds any Securities acquired by it and having, or that are reasonably
likely to be determined to have, the status of an unsold allotment in the initial distribution, the Issuers, upon the request of such Initial Purchaser simultaneously with the delivery of the Exchange Securities in the Exchange Offer, shall issue
and deliver to such Initial Purchaser in exchange (the “Private Exchange”) for such Securities held by such Initial Purchaser a like principal amount of debt securities of the Issuers that are identical in all material respects to
the Exchange Securities (the “Private Exchange Notes” and, together with the guarantees thereon, the “Private Exchange Securities”), except for the placement of a restrictive legend on such Private Exchange
Securities. The Private Exchange Securities shall be issued pursuant to the same indenture as the Exchange Securities and bear the same CUSIP number as the Exchange Securities if permitted by the CUSIP Service Bureau. 

Interest on each Exchange Note will accrue (A) from the later of (i) the last interest payment date on which interest was paid on
the Note surrendered in exchange therefor, or (ii) if the Note is surrendered for exchange on a date in a period that includes the record date for an interest payment date to occur on or after the date of such exchange and as to which interest
will be paid, the date of such interest payment date or (B) if no interest has been paid on such Note, from the Issue Date. 
 In
connection with the Exchange Offer, the Issuers shall: 
 (1)    mail to each Holder a copy of the
Prospectus forming part of the Exchange Offer Registration Statement, together with an appropriate letter of transmittal and related documents; 

  
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 (2)    use their respective commercially reasonable
efforts to keep the Exchange Offer open for not less than 30 days after the date that notice of the Exchange Offer is mailed to Holders (or longer if required by applicable law); 

(3)    permit Holders to withdraw tendered Securities at any time prior to the close of business, New York
time, on the last Business Day on which the Exchange Offer shall remain open; and 
 (4)    otherwise
comply in all material respects with all applicable laws, rules and regulations. 
 As soon as practicable after the close of the Exchange
Offer or the Private Exchange, as the case may be, the Issuers shall: 
 (1)    accept for exchange all
Registrable Securities properly tendered and not validly withdrawn pursuant to the Exchange Offer or the Private Exchange; 

(2)    deliver to the Trustee for cancellation all Registrable Securities so accepted for exchange; and

 (3)    cause the Trustee to authenticate and deliver promptly to each Holder of Securities, Exchange
Securities or Private Exchange Securities, as the case may be, equal in principal amount to the Securities of such Holder so accepted for exchange; provided that, in the case of any Notes held in global form by a depositary, authentication
and delivery to such depositary of one or more replacement Notes in global form in an equivalent principal amount thereto for the account of such Holders in accordance with the Indenture shall satisfy such authentication and delivery requirement.

 The Exchange Securities and the Private Exchange Securities may be issued under (i) the Indenture or (ii) an indenture
identical in all material respects to the Indenture, which in either event has been qualified under the TIA or is exempt from such qualification and shall provide that (1) the Exchange Securities shall not be subject to the transfer
restrictions set forth in the Indenture and (2) the Private Exchange Securities shall be subject to the transfer restrictions set forth in the Indenture. The Indenture or such indenture described in (ii) above shall provide that the
Exchange Securities, the Private Exchange Securities and the Securities shall vote and consent together on all matters as one class and that none of the Exchange Securities, the Private Exchange Securities or the Securities will have the right to
vote or consent as a separate class on any matter. 
 (c)    If, (i) the Issuers would otherwise be required to
consummate an Exchange Offer pursuant to Section 2(a) hereof but because of any change in law or in currently prevailing interpretations of the staff of the SEC, the Issuers are not permitted to effect an Exchange Offer, (ii) the Exchange
Offer is not consummated within 370 days of the Issue Date; provided, however, that if such 370th day would otherwise fall on a day that is not 

  
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a Business Day, then such Exchange Offer must be consummated not later than the next succeeding Business Day (provided that if the Exchange Offer shall be consummated after such 370-day period, then the Issuers’ obligation under this clause (ii) arising from the failure of the Exchange Offer to be consummated within such 370-day period shall
terminate), (iii) the holder of Private Exchange Securities so requests at any time within 90 days after the consummation of the Private Exchange, (iv) because of any changes in law or in currently prevailing interpretations of the
staff of the SEC, a Holder (other than an Initial Purchaser holding Securities acquired directly from the Issuers) is not permitted to participate in the Exchange Offer or (v) in the case of any Holder that participates in the Exchange Offer,
such Holder does not receive Exchange Securities on the date of the exchange that are Freely Tradable, then the Issuers shall promptly deliver written notice thereof (the “Shelf Notice”) to the Trustee and in the case of
clauses (i), (ii) and (iv), all Holders, in the case of clause (iii), the Holders of the Private Exchange Securities and in the case of clause (v), the affected Holder, shall file a Shelf Registration Statement pursuant to
Section 3 hereof. 
  

	3.	 Shelf Registration 

If a Shelf Notice is delivered as contemplated by Section 2(c) hereof, then: 

(a)    Shelf Registration. The Issuers shall file with the SEC a Registration Statement for an
offering to be made on a continuous basis pursuant to Rule 415 covering all of the Registrable Securities not exchanged in the Exchange Offer, Private Exchange Notes and Exchange Notes as to which Section 2(c)(iv) is applicable (the
“Shelf Registration Statement”). The Issuers shall use their respective commercially reasonable efforts to file with the SEC the Shelf Registration Statement on or prior to the Filing Date. The Shelf Registration Statement shall be
on Form S-1 or another appropriate form permitting registration of such Registrable Securities for resale by Holders in the manner or manners designated by them (including, without limitation, one or more
underwritten offerings). The Issuers shall not permit any securities other than the Registrable Securities to be included in the Shelf Registration Statement. 

In the event that the Issuers are required to file a Shelf Registration Statement, the Issuers shall use their respective
commercially reasonable efforts to cause the Shelf Registration Statement to be declared effective under the Securities Act on or prior to the Effectiveness Date and to keep the Shelf Registration Statement continuously effective under the
Securities Act until no Securities covered by such Shelf Registration Statement constitute Registrable Securities (the “Effectiveness Period”); provided, however, that the Effectiveness Period in respect of the Shelf
Registration Statement shall be extended to the extent required to permit dealers to comply with the applicable prospectus delivery requirements of Rule 174 under the Securities Act and as otherwise provided herein. 

In the event that a Shelf Registration Statement is filed, the Targa Companies shall provide to each Holder of Registrable
Securities covered thereby copies of the 

  
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prospectus that is part of the Shelf Registration Statement, notify each such Holder when the Shelf Registration Statement for the Registrable Securities covered by the Shelf Registration
Statement has become effective and take certain other actions as are required to permit unrestricted resales of the Registrable Securities covered by the Shelf Registration Statement. A Holder that sells Registrable Securities covered by the Shelf
Registration Statement pursuant to the Shelf Registration Statement will be (x) required to be named as a selling security holder in the related prospectus and to deliver a prospectus to purchasers, (y) subject to certain of the civil
liability provisions under the Securities Act in connection with such sales and (z) bound by the provisions of this Agreement that are applicable to such a Holder (including Section 7 hereof). 

(b)    Withdrawal of Stop Orders. If the Shelf Registration Statement ceases to be effective for any
reason at any time during the Effectiveness Period (other than because of the sale of all of the securities registered thereunder), the Issuers shall use their commercially reasonable efforts to obtain the prompt withdrawal of any order suspending
the effectiveness thereof. 
 (c)    Supplements and Amendments. The Issuers shall promptly
supplement and amend the Shelf Registration Statement if required by the rules, regulations or instructions applicable to the registration form used for such Shelf Registration Statement, if required by the Securities Act, or if reasonably requested
by the Holders of a majority in aggregate principal amount of the Registrable Securities covered by such Registration Statement or by any underwriter of such Registrable Securities. 

 

	4.	 Additional Interest 

(a)    The Issuers and the Initial Purchasers agree that the Holders will suffer damages if the Issuers fail to fulfill
their respective obligations under Section 2 or Section 3 hereof and that it would not be feasible to ascertain the extent of such damages with precision. Accordingly, the Issuers agree to pay, as liquidated damages, additional interest on
the Registrable Securities (“Additional Interest”) under the circumstances and to the extent set forth below (without duplication): 

(i)    if an Exchange Offer Registration Statement is required pursuant to Section 2(a) hereof or a
Shelf Registration Statement is required pursuant to Section 3(a) hereof and such Exchange Offer Registration Statement or Shelf Registration Statement does not become effective on or prior to the Registration Trigger Date, then, commencing on
the day after the Registration Trigger Date, Additional Interest shall accrue on the principal amount of the Notes over and above the stated interest at a rate of 0.25% per annum for the first 90 days immediately following the Registration Trigger
Date, such Additional Interest rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; 

  
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 (ii)    if an Exchange Offer Registration Statement is
required pursuant to Section 2(a) hereof or a Shelf Registration Statement is required pursuant to Section 3(a) hereof and (A) neither the Exchange Offer Registration Statement nor the Shelf Registration Statement is declared
effective by the SEC (or becomes automatically effective) on or prior to the Registration Trigger Date or (B) notwithstanding that the Issuers have consummated or will consummate the Exchange Offer, the Issuers are required to file a Shelf
Registration Statement and such Shelf Registration Statement is not declared effective by the SEC (or fails to become automatically effective) on or prior to the 90th day following the date such Shelf Registration Statement was filed, then,
commencing on the day after such required effective date, Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days immediately following each such filing date, such Additional Interest
rate increasing by an additional 0.25% per annum at the beginning of each subsequent 90-day period; and 

(iii)    if an Exchange Offer Registration Statement is required pursuant to Section 2(a) hereof or a
Shelf Registration Statement is required pursuant to Section 3(a) hereof and if either (A) the Issuers have not exchanged Exchange Notes for all Notes validly tendered in accordance with the terms of the Exchange Offer on or prior to the
30th day after the date on which the Exchange Offer Registration Statement was declared (or became automatically) effective; provided, however, that if such 30th day would otherwise fall on a day that is not a Business Day, then such
Exchange Offer must be consummated not later than the next succeeding Business Day or (B) if applicable, a Shelf Registration Statement has been declared effective and such Shelf Registration Statement ceases to be effective at any time during
the Effectiveness Period (other than after such time as all Notes have been disposed of thereunder), then Additional Interest shall accrue on the principal amount of the Notes at a rate of 0.25% per annum for the first 90 days commencing on
(x) the 31st day after such effective date, in the case of (A) above, or (y) the day such Shelf Registration Statement ceases to be effective, in the case of (B) above, such Additional Interest rate increasing by an additional
0.25% per annum at the beginning of each such subsequent 90-day period; 
 provided, however, that the
Additional Interest rate on the Registrable Securities may not accrue under more than one of the foregoing clauses (i) through (iii) of this Section 4(a) at the same time and at no time shall the aggregate amount of Additional Interest
accruing exceed at any one time in the aggregate 1.0% per annum; and provided, further, however, that (1) upon the filing of the Exchange Offer Registration Statement or a Shelf Registration Statement (in the case of clause
(i) of this Section 4(a)), (2) upon the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement (in the case of clause (ii) of this Section 4(a)), or (3) upon the exchange of Exchange
Securities for all Securities tendered (in the case of clause (iii)(A) of this Section 4(a)), or upon the effectiveness of the applicable Shelf Registration Statement that had ceased to remain effective (in the case of (iii)(B) of this
Section 4(a)), Additional Interest on the Registrable Securities as a result of such clause (or the relevant subclause thereof), as the case may be, shall cease to accrue. 

  
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 (b)    The Issuers shall notify the Trustee within one Business Day
after each and every date on which an event occurs in respect of which Additional Interest is required to be paid (an “Event Date”). Any amounts of Additional Interest due pursuant to (a)(i), (a)(ii) or (a)(iii) of this
Section 4 will be payable in cash semi-annually on the same original interest dates as the Notes, commencing with the first such date occurring after any such Additional Interest commences to accrue. The
amount of Additional Interest will be determined by multiplying the applicable Additional Interest rate by the principal amount of the Registrable Securities, multiplied by a fraction, the numerator of which is the number of days such Additional
Interest rate was applicable during such period (determined on the basis of a 360-day year consisting of twelve 30-day months and, in the case of a partial month, the
actual number of days elapsed) and the denominator of which is 360. 
  

	5.	 Registration Procedures 

In connection with the filing of any Registration Statement pursuant to Sections 2 or 3 hereof, if a Registration Statement is required to be
filed pursuant to such sections, the Issuers shall effect such registrations to permit the sale of the securities covered thereby in accordance with the intended method or methods of disposition thereof, and pursuant thereto and in connection with
any Registration Statement filed by the Issuers hereunder, the Issuers shall: 
 (a)    Prepare and file
with the SEC on or before the date required herein, a Registration Statement or Registration Statements as prescribed by Sections 2 or 3 hereof, and use its commercially reasonable efforts to cause each such Registration Statement to become
effective and remain effective as provided herein; provided, however, that, if (1) such filing is pursuant to Section 3 hereof or (2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to
Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, before filing any Registration Statement or Prospectus or any
amendments or supplements thereto, the Issuers shall furnish to and afford the Holders of the Registrable Securities covered by such Registration Statement or each such Participating Broker-Dealer, as the case may be, their counsel and the managing
underwriters, if any, a reasonable opportunity to review copies of all such documents (including copies of any documents to be incorporated by reference therein and all exhibits thereto) proposed to be filed (in each case at least three Business
Days prior to such filing). The Issuers shall not file any Registration Statement or Prospectus or any amendments or supplements thereto if the Holders of a majority in aggregate principal amount of the Registrable Securities covered by such
Registration Statement, or any such Participating Broker-Dealer, as the case may be, or their counsel, or the managing underwriters, if any, shall reasonably object on a timely basis. 

(b)    Prepare and file with the SEC such amendments and post-effective amendments to each Shelf
Registration Statement or Exchange Offer Registration 

  
 -12- 

 
Statement, as the case may be, as may be necessary to keep such Registration Statement continuously effective for the Effectiveness Period or the Applicable Period, as the case may be; cause the
related Prospectus to be supplemented by any prospectus supplement required by applicable law, and as so supplemented to be filed pursuant to Rule 424 (or any similar provisions then in force) promulgated under the Securities Act; and comply in all
material respects with the provisions of the Securities Act and the Exchange Act applicable to the Issuers with respect to the disposition of all securities covered by such Registration Statement as so amended or in such Prospectus as so
supplemented and with respect to the subsequent resale of any securities being sold by a Participating Broker-Dealer covered by any such Prospectus; the Issuers shall be deemed not to have used their respective commercially reasonable efforts to
keep a Registration Statement effective during the Applicable Period if any of the Issuers voluntarily takes any action that would result in selling Holders of the Registrable Securities covered thereby or Participating Broker-Dealers seeking to
sell Exchange Securities not being able to sell such Registrable Securities or such Exchange Securities during that period, unless such action is required by applicable law or unless the Issuers comply in all material respects with this Agreement,
including without limitation, the provisions of paragraph 5(k) hereof and the last paragraph of this Section 5. 

(c)    If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, the Targa Companies shall notify the selling Holders, or each such Participating Broker-Dealer, as the case may be, their counsel and the managing underwriters, if any, promptly (but in any event within two Business Days) and
confirm such notice in writing, (i) when a Prospectus or any Prospectus supplement or post-effective amendment has been filed, and, with respect to a Registration Statement or any post-effective amendment, when the same has become effective
under the Securities Act (including in such notice a written statement that any Holder may, upon request, obtain, at the sole expense of the Issuers, one conformed copy of such Registration Statement or post-effective amendment including financial
statements and schedules, documents incorporated or deemed to be incorporated by reference and exhibits), (ii) of the issuance by the SEC of any stop order suspending the effectiveness of a Registration Statement or of any order preventing or
suspending the use of any preliminary prospectus or the initiation of any proceedings for that purpose, (iii) if at any time when a prospectus is required by the Securities Act to be delivered in connection with sales of the Registrable
Securities or resales of Exchange Securities by Participating Broker-Dealers the representations and warranties of the Issuers contained in any agreement (including any underwriting agreement), contemplated by Section 5(n) hereof cease to be
true and correct, (iv) of the receipt by the Issuers of any notification with respect to the suspension of the qualification or exemption from qualification of a Registration Statement or any of the Registrable Securities or the

  
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Exchange Securities to be sold by any Participating Broker-Dealer for offer or sale in any jurisdiction, or the initiation or written threat of any
proceeding for such purpose, (v) of the happening of any event, the existence of any condition or any information becoming known that makes any statement made in such Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respects or that requires the making of any material changes in or amendments or supplements to such Registration Statement, Prospectus or documents so that, in the case of the
Registration Statement, it will not contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein not misleading, and that in the case of the Prospectus,
it will not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading and (vi) of the Issuers’
determination that a post-effective amendment to a Registration Statement would be appropriate. 

(d)    Use their respective commercially reasonable efforts to prevent the issuance of any order suspending
the effectiveness of a Registration Statement or of any order preventing or suspending the use of a Prospectus or suspending the qualification (or exemption from qualification) of any of the Registrable Securities or the Exchange Securities for sale
in any jurisdiction and, if any such order is issued, to use their commercially reasonable efforts to obtain the withdrawal of any such order at the earliest possible moment. 

(e)    If a Shelf Registration Statement is filed pursuant to Section 3 and if requested by the
managing underwriter or underwriters, if any, or the Holders of a majority in aggregate principal amount of the Registrable Securities being sold in connection with an underwritten offering, (i) promptly incorporate in a prospectus supplement
or post-effective amendment such information as the managing underwriter or underwriters, if any, such Holders or counsel for any of them determine is reasonably necessary to be included therein, (ii) make all required filings of such
prospectus supplement or such post-effective amendment as soon as practicable after the Issuers have received notification of the matters to be incorporated in such prospectus supplement or post-effective amendment and (iii) supplement or make
amendments to such Registration Statement; provided, however, that the Issuers shall not be required to take any action pursuant to this Section 5(e) that would, in the opinion of counsel for the Issuers, violate applicable law.

 (f)    If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or
(2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during
the Applicable Period, furnish to each selling Holder of Registrable Securities and to each such Participating Broker-Dealer who so requests and to their respective counsel and 

  
 -14- 

 
each managing underwriter, if any, at the sole expense of the Issuers, one conformed copy of the Registration Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules and, if requested, all documents incorporated or deemed to be incorporated therein by reference and all exhibits. 

(g)    If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, deliver to each selling Holder of Registrable Securities, or each such Participating Broker-Dealer, as the case may be, their respective counsel and the underwriters, if any, at the sole expense of the Issuers, as many copies of
the Prospectus or Prospectuses (including each form of preliminary prospectus) and each amendment or supplement thereto and any documents incorporated by reference therein as such Persons may reasonably request; and, subject to the last paragraph of
this Section 5, the Issuers hereby consent to the use of such Prospectus and each amendment or supplement thereto by each of the selling Holders or each such Participating Broker-Dealer, as the case may be, and the underwriters or agents, if
any, and dealers, if any, in connection with the offering and sale of the Registrable Securities covered by, or the sale by Participating Broker-Dealers of the Exchange Securities pursuant to, such Prospectus and any amendment or supplement thereto.

 (h)    Prior to any public offering of Registrable Securities or Exchange Securities or any delivery
of a Prospectus contained in the Exchange Offer Registration Statement by any Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, to use their commercially reasonable efforts to register or qualify and to
cooperate with the selling Holders or each such Participating Broker-Dealer, as the case may be, the managing underwriter or underwriters, if any, and their respective counsel in connection with the registration or qualification (or exemption from
such registration or qualification) of such Registrable Securities for offer and sale under the securities or Blue Sky laws of such jurisdictions within the United States as any selling Holder, Participating Broker-Dealer or the managing underwriter
or underwriters reasonably request in writing; provided, however, that where Exchange Securities held by Participating Broker-Dealers or Registrable Securities are offered other than through an underwritten offering, the Issuers agree
to cause their counsel to perform Blue Sky investigations and file registrations and qualifications required to be filed pursuant to this Section 5(h); use their commercially reasonable efforts to keep each such registration or qualification
(or exemption therefrom) effective during the period such Registration Statement is required to be kept effective and do any and all other acts or things reasonably necessary or advisable to enable the disposition in such jurisdictions of the
Exchange Securities held by Participating Broker-Dealers or the Registrable Securities covered by the applicable Registration Statement; provided, however, that none of the Issuers 

  
 -15- 

 
shall be required to (A) qualify generally to do business in any jurisdiction where it is not then so qualified, (B) take any action that would subject it to general service of process
in any such jurisdiction where it is not then so subject or (C) subject itself to taxation in any such jurisdiction where it is not then so subject. 

(i)    If a Shelf Registration Statement is filed pursuant to Section 3 hereof, cooperate with the
selling Holders and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, which certificates shall not bear any restrictive legends and
shall be in a form eligible for deposit with The Depository Trust Company; and enable such Registrable Securities to be in such authorized denominations and registered in such names as the managing underwriter or underwriters, if any, or Holders may
reasonably request. 
 (j)    Use their respective commercially reasonable efforts to cause the
Registrable Securities covered by the Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to enable the Holders thereof or the underwriter or underwriters, if any, to
consummate the disposition of such Registrable Securities, except as may be required solely as a consequence of the nature of such selling Holder’s business, in which case the Issuers will cooperate in all reasonable respects with the filing of
such Registration Statement and the granting of such approvals. 
 (k)    If (1) a Shelf
Registration Statement is filed pursuant to Section 3 hereof or (2) a Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any
Participating Broker-Dealer who seeks to sell Exchange Securities during the Applicable Period, upon the occurrence of any event contemplated by paragraph 5(c)(v) or 5(c)(vi) hereof, as promptly as practicable, prepare and (subject to
Section 5(a) hereof) file with the SEC, at the Issuers’ sole expense, a supplement or post-effective amendment to the Registration Statement or a supplement to the related Prospectus or any document incorporated or deemed to be
incorporated therein by reference, or file any other required document so that, as thereafter delivered to the purchasers of the Registrable Securities being sold thereunder or to the purchasers of the Exchange Securities to whom such Prospectus
will be delivered by a Participating Broker-Dealer, any such Prospectus will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading. 
 (l)    Use their respective
commercially reasonable efforts to cause the Registrable Securities covered by a Registration Statement or the Exchange Securities, as the case may be, to be rated with the appropriate rating agencies, if so requested by the Holders of a majority in
aggregate principal amount of Registrable Securities 

  
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covered by such Registration Statement or the Exchange Securities, as the case may be, or the managing underwriter or underwriters, if any, if the Notes are not then so rated. 

(m)    Prior to the effective date of the first Registration Statement relating to the Registrable
Securities, (i) provide the Trustee with certificates for the Registrable Securities or Exchange Securities, as the case may be, in a form eligible for deposit with The Depository Trust Company and (ii) provide a CUSIP number for the
Registrable Securities or Exchange Securities, as the case may be. 
 (n)    In connection with any
underwritten offering of Registrable Securities pursuant to a Shelf Registration Statement, enter into an underwriting agreement as is customary in underwritten offerings of debt securities similar to the Securities and take all such other actions
as are reasonably requested by the managing underwriter or underwriters in order to expedite or facilitate the registration or the disposition of such Registrable Securities and, in such connection, (i) make such representations and warranties
to, and covenants with, the underwriters with respect to the business of the Issuers and their subsidiaries (including any acquired business, properties or entity, if applicable) and the Registration Statement, Prospectus and documents, if any,
incorporated or deemed to be incorporated by reference therein, in each case, as are customarily made by issuers to underwriters in underwritten offerings of debt securities similar to the Securities, and confirm the same in writing if and when
requested; (ii) obtain the written opinion of counsel to the Issuers and written updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters, addressed to the underwriters covering the
matters customarily covered in opinions requested in underwritten offerings of debt similar to the Securities and such other matters as may be reasonably requested by the managing underwriter or underwriters; (iii) obtain “cold
comfort” letters and updates thereof in form, scope and substance reasonably satisfactory to the managing underwriter or underwriters from the independent certified public accountants of the Issuers (and, if necessary, any other independent
certified public accountants of any subsidiary of the Issuers or of any business acquired by the Issuers for which financial statements and financial data are, or are required to be, included or incorporated by reference in the Registration
Statement), addressed to each of the underwriters, such letters to be in customary form and covering matters of the type customarily covered in “cold comfort” letters in connection with underwritten offerings of debt securities similar to
the Securities and such other matters as reasonably requested by the managing underwriter or underwriters; and (iv) if an underwriting agreement is entered into, the same shall contain indemnification provisions and procedures no less favorable
than those set forth in Section 7 hereof (or such other provisions and procedures acceptable to Holders of a majority in aggregate principal amount of Registrable Securities covered by such Registration Statement and the managing underwriter or
underwriters or agents) with respect to all parties to be indemnified pursuant to said Section. The 

  
 -17- 

 
above shall be done at each closing under such underwriting agreement, or as and to the extent required thereunder. 

(o)    If (1) a Shelf Registration Statement is filed pursuant to Section 3 hereof or (2) a
Prospectus contained in an Exchange Offer Registration Statement filed pursuant to Section 2 hereof is required to be delivered under the Securities Act by any Participating Broker-Dealer who seeks to sell Exchange Securities during the
Applicable Period, upon reasonable advance notice make available for inspection by any selling Holder of such Registrable Securities being sold, or each such Participating Broker-Dealer, as the case may be, any underwriter participating in any such
disposition of Registrable Securities, if any, and any attorney, accountant or other agent retained by any such selling Holder or each such Participating Broker-Dealer, as the case may be, or underwriter (collectively, the
“Inspectors”), at the offices where normally kept, during reasonable business hours without interfering in the orderly business of the Issuers, all financial and other relevant records, pertinent corporate documents and instruments
of the Issuers and their subsidiaries (collectively, the “Records”) as shall be reasonably necessary to enable them to exercise any applicable due diligence responsibilities, and cause the respective officers, directors and
employees of the Issuers and their subsidiaries to supply all information reasonably requested by any such Inspector in connection with such Registration Statement. Any such access granted to the Inspectors under this Section 5(o) shall be
subject to the prior receipt by the Issuers of written undertakings, in form and substance reasonably satisfactory to the Issuers, to preserve the confidentiality of any information deemed by the Issuers to be confidential. Records that the Issuers
determine, in good faith, to be confidential and any Records that they notify the Inspectors are confidential shall not be disclosed by the Inspectors unless (i) the Issuers based upon advice of counsel determine that disclosure of such Records
is necessary to avoid or correct a material misstatement or omission in such Registration Statement, (ii) the release of such Records is ordered pursuant to a subpoena or other order from a court of competent jurisdiction, (iii) after
giving reasonable prior notice to the Targa Companies, disclosure of such information is, in the opinion of counsel for any Inspector, necessary or advisable in connection with any action, claim, suit or proceeding, directly or indirectly, involving
or potentially involving such Inspector and arising out of, based upon, relating to or involving this Agreement or any transactions contemplated hereby or arising hereunder or (iv) the information in such Records has been made generally
available to the public. Each selling Holder of such Registrable Securities and each such Participating Broker-Dealer will be required to agree that information obtained by it as a result of such inspections shall be deemed confidential and shall
not be used by it as the basis for any market transactions in the securities of the Targa Companies unless and until such information is generally available to the public. Each selling Holder of such Registrable Securities and each such
Participating Broker-Dealer will be required to further agree that it will, upon learning that disclosure of such Records is sought in a court of competent jurisdiction, give notice to the Targa Companies and allow the Targa Companies to undertake
appropriate 

  
 -18- 

 
action to prevent disclosure of the Records deemed confidential at the Targa Companies’ sole expense. 

(p)    Provide an indenture trustee for the Registrable Securities or the Exchange Securities, as the case
may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof, as the case may be, to be qualified under the TIA not later than the effective date of the Exchange Offer or the first Registration Statement relating
to the Registrable Securities; and in connection therewith, cooperate with the trustee under any such indenture and the Holders of the Registrable Securities, to effect such changes to such indenture as may be required for such indenture to be so
qualified in accordance with the terms of the TIA; and execute, and use their commercially reasonable efforts to cause such trustee to execute, all documents as may be required to effect such changes and all other forms and documents required to be
filed with the SEC to enable such indenture to be so qualified in a timely manner. 
 (q)    Comply in
all material respects with all applicable rules and regulations of the SEC and make generally available to the Partnership’s securityholders earning statements satisfying the provisions of Section 11(a) of the Securities Act and Rule 158
thereunder (or any similar rule promulgated under the Securities Act) no later than 45 days after the end of any 12-month period (or 90 days after the end of any
12-month period if such period is a fiscal year) (i) commencing at the end of any fiscal quarter in which Registrable Securities are sold to underwriters in a firm commitment or reasonable best efforts
underwritten offering and (ii) if not sold to underwriters in such an offering, commencing on the first day of the first fiscal quarter of the Issuers after the effective date of a Registration Statement, which statements shall cover said 12-month periods. 
 (r)    Upon consummation of an Exchange Offer or a
Private Exchange, obtain an opinion of counsel to the Issuers, who may, at the Issuers’ election, be internal counsel to the Issuers, in a form customary for underwritten transactions, addressed to the Trustee for the benefit of all Holders
participating in the Exchange Offer or the Private Exchange, as the case may be, that the Exchange Securities or Private Exchange Securities, as the case may be, and the related indenture constitute legal, valid and binding obligations of the
Issuers, enforceable against the Issuers in accordance with its respective terms, subject to customary exceptions and qualifications. 

(s)    If an Exchange Offer or a Private Exchange is to be consummated, upon delivery of the Registrable
Securities by Holders to the Targa Companies (or to such other Person as directed by the Targa Companies) in exchange for the Exchange Securities or the Private Exchange Securities, as the case may be, the Targa Companies shall mark, or cause to be
marked, on such Registrable Securities that such Registrable Securities are being cancelled in exchange for the Exchange Securities or 

  
 -19- 

 
the Private Exchange Securities, as the case may be; in no event shall such Registrable Securities be marked as paid or otherwise satisfied. 

(t)    Cooperate with each seller of Registrable Securities covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Securities and their respective counsel in connection with any filings required to be made with the Financial Industry Regulatory Authority (the “FINRA”).

 (u)    Use their respective commercially reasonable efforts to take all other steps necessary or
advisable to effect the registration of the Registrable Securities covered by a Registration Statement contemplated hereby. 
 The Issuers
may require each seller of Registrable Securities as to which any registration is being effected to furnish to the Issuers such information regarding such seller and the distribution of such Registrable Securities as the Issuers may, from time to
time, reasonably request. The Issuers may exclude from such registration the Registrable Securities of any seller who unreasonably fails to furnish such information within a reasonable time after receiving such request and in such event shall have
no further obligation under this Agreement (including, without limitation, obligations under Section 4 hereof) with respect to such seller or any subsequent holder of such Registrable Securities. Each seller as to which any Shelf Registration
Statement is being effected agrees to furnish promptly to the Issuers all information required to be disclosed in order to make the information previously furnished to the Issuers by such seller not materially misleading. 

Each Holder of Registrable Securities and each Participating Broker-Dealer agrees by acquisition of such Registrable Securities or Exchange
Securities to be sold by such Participating Broker-Dealer, as the case may be, that, upon actual receipt of any notice from the Targa Companies of the happening of any event of the kind described in Sections 5(c)(ii), 5(c)(iv), 5(c)(v) or 5(c)(vi)
hereof, such Holder will forthwith discontinue disposition of such Registrable Securities covered by such Registration Statement or Prospectus or Exchange Securities to be sold by such Holder or Participating Broker-Dealer, as the case may be, until
such Holder’s or Participating Broker-Dealer’s receipt of the copies of the supplemented or amended Prospectus contemplated by Section 5(k) hereof, or until it is advised in writing (the “Advice”) by the Targa
Companies that the use of the applicable Prospectus may be resumed, and has received copies of any amendments or supplements thereto. During any such discontinuance, no Additional Interest shall accrue or otherwise be payable on the Registrable
Securities. In the event that the Targa Companies shall give any such notice, each of the Effectiveness Period and the Applicable Period shall be extended by the number of days during such periods from and including the date of the giving of such
notice to and including the date when each seller of Registrable Securities covered by such Registration Statement or Exchange Securities to be sold by such Participating Broker-Dealer, as the case may be, shall have received (x) the copies of
the supplemented or amended Prospectus contemplated by Section 5(k) hereof or (y) the Advice. 

  
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	6.	 Registration Expenses 

(a)    All fees and expenses incident to the performance of or compliance with this Agreement by the Issuers shall be
borne by the Issuers whether or not the Exchange Offer or a Shelf Registration Statement is filed or becomes effective, including, without limitation, (i) all registration and filing fees (including, without limitation, (A) fees with
respect to filings required to be made with the FINRA in connection with an underwritten offering and (B) fees and expenses of compliance with state securities or Blue Sky laws (including, without limitation, reasonable fees and disbursements
of counsel in connection with Blue Sky qualifications of the Registrable Securities or Exchange Securities and determination of the eligibility of the Registrable Securities or Exchange Securities for investment under the laws of such jurisdictions
(x) where the Holders are located, in the case of the Exchange Securities, or (y) as provided in Section 5(h) hereof, in the case of Registrable Securities or Exchange Securities to be sold by a Participating Broker-Dealer during the Applicable Period)), (ii) printing expenses, including, without limitation, expenses of printing certificates for Registrable Securities or Exchange Securities in a form eligible for
deposit with The Depository Trust Company and of printing prospectuses if the printing of prospectuses is requested by the managing underwriter or underwriters, if any, by the Holders of a majority in aggregate principal amount of the Registrable
Securities included in any Registration Statement or sold by any Participating Broker-Dealer, as the case may be, (iii) reasonable messenger, telephone and delivery expenses, (iv) fees and disbursements of counsel for the Targa Companies
and fees and disbursements of special counsel for the sellers of Registrable Securities (subject to the provisions of Section 6(b) hereof), (v) fees and disbursements of all independent certified public accountants referred to in
Section 5(n)(iii) hereof (including, without limitation, the expenses of any special audit and “cold comfort” letters required by or incident to such performance), (vi) rating agency fees, if any, and any fees associated with
making the Registrable Securities or Exchange Securities eligible for trading through The Depository Trust Company, (vii) Securities Act liability insurance, if the Targa Companies desire such insurance, (viii) fees and expenses of all
other Persons retained by the Targa Companies, (ix) internal expenses of the Targa Companies (including, without limitation, all salaries and expenses of officers and employees of the Targa Companies performing legal or accounting duties),
(x) the expense of any annual audit, (xi) the fees and expenses incurred in connection with the listing of the securities to be registered on any securities exchange, if applicable, and (xii) the expenses relating to printing, word
processing and distributing of all Registration Statements, underwriting agreements, securities sales agreements, indentures and any other documents necessary to comply with this Agreement. 

(b)    The Issuers shall reimburse the Holders of the Registrable Securities being registered in a Shelf Registration
Statement for the reasonable fees and disbursements of not more than one counsel chosen by the Holders of a majority in aggregate principal amount of the Registrable Securities to be included in such Registration Statement. 

  
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	7.	 Indemnification 

(a)    Each of the Issuers agrees to indemnify and hold harmless each Holder of Registrable Securities offered pursuant to
a Shelf Registration Statement and each Participating Broker-Dealer selling Exchange Securities during the Applicable Period, the officers and directors of each such Person or its affiliates, and each other Person, if any, who controls any such
Person or its affiliates within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”), from and against any and all losses, claims, damages and liabilities
(including, without limitation, the reasonable legal fees and other expenses actually incurred in connection with any suit, action or proceeding or any claim asserted) caused by, arising out of or based upon any untrue statement or alleged untrue
statement of a material fact contained in any Registration Statement pursuant to which the offering of such Registrable Securities or Exchange Securities, as the case may be, is registered (or any amendment thereto) or related Prospectus (or any
amendments or supplements thereto) or any related preliminary prospectus, or caused by, arising out of or based upon any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements
therein, in the light of the circumstances under which they were made, not misleading; provided, however, that none of the Issuers will be required to indemnify a Participant if such losses, claims, damages or liabilities are caused by
any untrue statement or omission or alleged untrue statement or omission made in reliance upon and in conformity with information relating to any Participant furnished to the Targa Companies in writing by or on behalf of such Participant expressly
for use therein. 
 (b)    Each Participant agrees, severally and not jointly, to indemnify and hold harmless the Targa
Companies and each of the Guarantors, each of the Targa Companies’ directors and officers, each Guarantor’s directors and officers and each Person who controls the Targa Companies within the meaning of Section 15 of the Securities Act
or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Issuers to each Participant, but only (i) with reference to information relating to such Participant furnished to the Targa Companies in writing by or
on behalf of such Participant expressly for use in any Registration Statement or Prospectus, any amendment or supplement thereto or any preliminary prospectus or (ii) with respect to any untrue statement or representation made by such
Participant in writing to the Targa Companies. The liability of any Participant under this paragraph shall in no event exceed the proceeds received by such Participant from sales of Registrable Securities or Exchange Securities giving rise to such
obligations. 
 (c)    If any suit, action, proceeding (including any governmental or regulatory investigation), claim
or demand shall be brought or asserted against any Person in respect of which indemnity may be sought pursuant to either of the two preceding paragraphs, such Person (the “Indemnified Person”) shall promptly notify the Person
against whom such indemnity may be sought (the “Indemnifying Person”) in writing, and the Indemnifying Person, upon request of the Indemnified Person, shall retain counsel reasonably satisfactory to

  
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the Indemnified Person to represent the Indemnified Person and any others the Indemnifying Person may reasonably designate in such proceeding and shall pay the reasonable fees and expenses
actually incurred by such counsel related to such proceeding; provided, however, that the failure to so notify the Indemnifying Person shall not relieve it of any obligation or liability that it may have hereunder or otherwise (unless
and only to the extent that such failure directly results in the loss or compromise of any material rights or defenses by the Indemnifying Person and the Indemnifying Person was not otherwise aware of such action or claim). In any such proceeding,
any Indemnified Person shall have the right to retain its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless (i) the Indemnifying Person and the Indemnified Person shall have
mutually agreed in writing to the contrary, (ii) the Indemnifying Person shall have failed within a reasonable period of time to retain counsel reasonably satisfactory to the Indemnified Person or (iii) the named parties in any such
proceeding (including any impleaded parties) include both the Indemnifying Person and the Indemnified Person and representation of both parties by the same counsel would be inappropriate due to actual or potential differing interests between them.
It is understood that, unless there exists a conflict among Indemnified Persons, the Indemnifying Person shall not, in connection with any one such proceeding or separate but substantially similar related proceeding in the same jurisdiction arising
out of the same general allegations, be liable for the fees and expenses of more than one separate firm (in addition to any local counsel) for all Indemnified Persons, and that all such fees and expenses shall be reimbursed promptly as they are
incurred. Any such separate firm for the Participants and such control Persons of Participants shall be designated in writing by Participants who sold a majority in interest of Registrable Securities and Exchange Securities sold by all such
Participants and shall be reasonably satisfactory to the Targa Companies and any such separate firm for the Targa Companies, their directors, their officers and such control Persons of the Targa Companies shall be designated in writing by the Targa
Companies. The Indemnifying Person shall not be liable for any settlement of any proceeding effected without its prior written consent, but if settled with such consent or if there be a final non-appealable
judgment for the plaintiff for which the Indemnified Person is entitled to indemnification pursuant to this Agreement, the Indemnifying Person agrees to indemnify and hold harmless each Indemnified Person from and against any loss or liability by
reason of such settlement or judgment. No Indemnifying Person shall, without the prior written consent of the Indemnified Person (which consent shall not be unreasonably withheld or delayed), effect any settlement or compromise of any pending or
threatened proceeding in respect of which any Indemnified Person is or could have been a party, and indemnity could have been sought hereunder by such Indemnified Person, unless such settlement (A) includes an unconditional written release of
such Indemnified Person, in form and substance reasonably satisfactory to such Indemnified Person, from all liability on claims that are the subject matter of such proceeding and (B) does not include any statement as to an admission of fault,
culpability or failure to act by or on behalf of any Indemnified Person. 
 (d)    If the indemnification provided for
in the first and second paragraphs of this Section 7 is for any reason unavailable to, or insufficient to hold harmless, an Indemnified Person in respect of any losses, claims, damages or liabilities referred to therein, then each

  
 -23- 

 
Indemnifying Person under such paragraphs, in lieu of indemnifying such Indemnified Person thereunder and in order to provide for just and equitable contribution, shall contribute to the amount
paid or payable by such Indemnified Person as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Person or Persons on the one hand and the Indemnified Person
or Persons on the other in connection with the statements or omissions or alleged statements or omissions that resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The relative fault of the parties shall be
determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the Issuers on the one hand or such
Participant or such other Indemnified Person, as the case may be, on the other, the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission, and any other equitable
considerations appropriate in the circumstances. 
 (e)    The parties agree that it would not be just and equitable if
contribution pursuant to this Section 7 were determined by pro rata allocation (even if the Participants were treated as one entity for such purpose) or by any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Person as a result of the losses, claims, damages and liabilities referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or other expenses actually incurred by such Indemnified Person in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 7, in no event shall a Participant be required to contribute any amount in excess of the amount by which proceeds received by such Participant from sales of Registrable Securities or Exchange Securities, as the case may be, exceeds the
amount of any damages that such Participant has otherwise been required to pay or has paid by reason of such untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. 

(f)    The indemnity and contribution agreements contained in this Section 7 will be in addition to any liability
that the Indemnifying Persons may otherwise have to the Indemnified Persons referred to above. 
  

	8.	 Rule 144A 

Whether or not required by the rules and regulations of the SEC, so long as any Registrable Securities are outstanding, the Partnership shall
use its reasonable best efforts to furnish (whether through hard copy or by posting on its website) to the Holders or cause the Trustee to furnish to the Holders, within the time periods specified in the SEC’s rules and regulations:
(1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Partnership were required to file such reports;
and (2) all 

  
 -24- 

 
current reports that would be required to be filed with the SEC on Form 8-K if the Partnership were required to file such reports. 

If, at any time the Partnership is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the
Partnership shall nevertheless use its reasonable best efforts to continue filing the reports specified in the preceding paragraph with the SEC unless the SEC will not accept such a filing; provided that, for so long as the Partnership is not
subject to the periodic reporting requirements of the Exchange Act for any reason, the time period for filing reports on Form 8-K shall be five Business Days after the event giving rise to the obligation to
file such report. If, notwithstanding the foregoing, the SEC will not accept the Partnership’s filings for any reason, the Partnership shall use its reasonable best efforts to post the reports referred to in the preceding paragraphs on its
website within the time periods that would apply if Targa Resources Partners were required to file those reports with the SEC. 
 The
Issuers further covenant for so long as any Registrable Securities remain outstanding, if at any time the Partnership is not required to file periodic reports with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, to use their
reasonable best efforts to make available to any Holder or beneficial owner of Registrable Securities in connection with any sale thereof and any prospective purchaser of such Registrable Securities from such Holder or beneficial owner the
information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Registrable Securities pursuant to Rule 144A. 
  

	9.	 Underwritten Registrations 

If any of the Registrable Securities covered by any Shelf Registration Statement are to be sold in an underwritten offering, the investment
banker or investment bankers and manager or managers that will manage the offering will be selected by the Holders of a majority in aggregate principal amount of such Registrable Securities included in such offering and reasonably acceptable to the
Targa Companies. 
 No Holder of Registrable Securities may participate in any underwritten registration hereunder unless such Holder
(a) agrees to sell such Holder’s Registrable Securities on the basis provided in any underwriting arrangements approved by the Persons entitled hereunder to approve such arrangements and (b) completes and executes all questionnaires,
powers of attorney, indemnities, underwriting agreements and other documents required under the terms of such underwriting arrangements. 
  

	10.	 Miscellaneous 

(a)    No Inconsistent Agreements. The Issuers have not entered into, as of the date hereof, and shall not, after
the date of this Agreement, enter into any agreement with respect to any of the Targa Companies’ securities that is inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with the provisions hereof. The
Issuers 

  
 -25- 

 
have not entered and will not enter into any agreement with respect to any of the Targa Companies’ securities that will grant to any Person piggy-back registration rights with respect to a
Registration Statement. 
 (b)    Adjustments Affecting Registrable Securities. The Issuers shall not, directly
or indirectly, take any action with respect to the Registrable Securities as a class that would adversely affect the ability of the Holders to include such Registrable Securities in a registration undertaken pursuant to this Agreement. 

(c)    Amendments and Waivers. The provisions of this Agreement may not be amended, modified or supplemented, and
waivers or consents to departures from the provisions hereof may not be given, otherwise than with the prior written consent of the Holders of not less than a majority in aggregate principal amount of the then outstanding Registrable Securities.
Notwithstanding the foregoing, a waiver or consent to depart from the provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose securities are being sold pursuant to a Registration Statement and that does not
directly or indirectly affect, impair, limit or compromise the rights of other Holders may be given by Holders of at least a majority in aggregate principal amount of the Registrable Securities being sold by such Holders pursuant to such
Registration Statement; provided, however, that the provisions of this sentence may not be amended, modified or supplemented except in accordance with the provisions of the immediately preceding sentence. 

(d)    Notices. All notices and other communications (including without limitation any notices or other
communications to the Trustee) provided for or permitted hereunder shall be made in writing by hand-delivery, registered first-class mail, next-day air courier or facsimile: 

1.    if to a Holder of the Registrable Securities or any Participating Broker-Dealer, at the most current
address of such Holder or Participating Broker-Dealer, as the case may be, set forth on the records of the registrar under the Indenture, with a copy in like manner to the Representative as follows: 

Merrill Lynch, Pierce, Fenner & Smith 

                     Incorporated

 One Bryant Park 
 New York,
New York, 10036 
 Attention: High Yield Legal Department 

2.    if to the Initial Purchasers, at the address specified above in Section 10(d)(1); and 

3.    if to any Issuer, at the address as follows: 

  
 -26- 

 Targa Resources Partners LP 

Targa Resources Partners Finance Corporation 

811 Louisiana St., Suite 2100 

Houston, Texas 77002 
 Facsimile
No.: (713) 584-1110 
 Attention: General Counsel 

with a copy to: 

Vinson & Elkins L.L.P. 

1001 Fannin, Suite 2500 

Houston, Texas 77002 
 Facsimile
No.: (713) 615-5883 
 Attention: Christopher S. Collins 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; one Business Day after being timely delivered to a next-day air courier; and when receipt is acknowledged by the addressee, if sent by
facsimile. 
 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 and in the manner specified in such Indenture. 
 (e)    Successors and Assigns. This
Agreement shall inure to the benefit of and be binding upon the successors and assigns of each of the parties hereto; provided, however, that this Agreement shall not inure to the benefit of or be binding upon a successor or assign of a Holder
unless and to the extent such successor or assign holds Registrable Securities. 
 (f)    Counterparts. This
Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.

 (g)    Headings. The headings in this Agreement are for convenience of reference only and shall not limit or
otherwise affect the meaning hereof. 
 (h)    Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, AS APPLIED TO CONTRACTS MADE AND PERFORMED WHOLLY WITHIN THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. EACH OF THE PARTIES HERETO AGREES TO SUBMIT TO THE NON-EXCLUSIVE JURISDICTION OF THE COMPETENT COURTS OF THE STATE OF 

  
 -27- 

 
NEW YORK IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT. 

(i)    Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of
competent jurisdiction to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions set forth herein shall remain in full force and effect and shall in no way be affected, impaired or invalidated,
and the parties hereto shall use commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as that contemplated by such term, provision, covenant or restriction. It is hereby
stipulated and declared to be the intention of the parties that they would have executed the remaining terms, provisions, covenants and restrictions without including any of such that may be hereafter declared invalid, illegal, void or
unenforceable. 
 (j)    Securities Held by the Issuers or their Affiliates. Whenever the consent or approval of
Holders of a specified percentage of Registrable Securities is required hereunder, Registrable Securities held by the Issuers or their affiliates (as such term is defined in Rule 405 under the Securities Act) shall not be counted in determining
whether such consent or approval was given by the Holders of such required percentage. 
 (k)    Third Party
Beneficiaries. Holders and Participating Broker-Dealers are intended third party beneficiaries of this Agreement and this Agreement may be enforced by such Persons. 

(l)    Entire Agreement. This Agreement, together with the Purchase Agreement and the Indenture, is intended by the
parties as a final and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and therein and any and all prior oral or written agreements, representations, or warranties,
contracts, understandings, correspondence, conversations and memoranda between the Initial Purchasers on the one hand and the Issuers on the other, or between or among any agents, representatives, parents, subsidiaries, affiliates, predecessors in
interest or successors in interest with respect to the subject matter hereof and thereof are merged herein and replaced hereby. 

[Remainder of page intentionally left blank] 

  
 -28- 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above. 
  

					
	TARGA RESOURCES PARTNERS LP
		
	By:	 	Targa Resources GP LLC,
		 	Its general partner
		
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer
	
	 TARGA RESOURCES PARTNERS FINANCE CORPORATION

		
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer

  
 [Signature Pages to
the Registration Rights Agreement] 

 
	
	FCPP PIPELINE, LLC
	FLAG CITY PROCESSING PARTNERS, LLC
	SLIDER WESTOK GATHERING, LLC
	TARGA BADLANDS LLC
	TARGA CAPITAL LLC
	TARGA CHANEY DELL LLC
	TARGA CHANNELVIEW LLC
	TARGA COGEN LLC
	TARGA CRUDE MARKETING LLC
	TARGA CRUDE PIPELINE LLC
	TARGA DELAWARE LLC
	TARGA DOWNSTREAM LLC
	TARGA GAS MARKETING LLC
	TARGA GAS PIPELINE LLC
	TARGA GAS PROCESSING LLC
	TARGA INTRASTATE PIPELINE LLC
	TARGA LIQUIDS MARKETING AND TRADE LLC
	TARGA LOUISIANA INTRASTATE LLC
	TARGA MIDKIFF LLC
	TARGA MIDLAND LLC
	TARGA MIDSTREAM SERVICES LLC
	TARGA MLP CAPITAL LLC
	TARGA NGL PIPELINE COMPANY LLC
	TARGA PIPELINE MID-CONTINENT HOLDINGS LLC
	TARGA PIPELINE MID-CONTINENT LLC
	TARGA PIPELINE PARTNERS GP LLC
	TARGA RESOURCES OPERATING GP LLC
	TARGA RESOURCES OPERATING LLC
	TARGA SOUTHERN DELAWARE LLC
	TARGA SOUTHOK NGL PIPELINE LLC
	TARGA TRANSPORT LLC
	TPL ARKOMA HOLDINGS LLC
	TPL ARKOMA INC.
	TPL ARKOMA MIDSTREAM LLC
	TPL GAS TREATING LLC
	TPL SOUTHTEX MIDSTREAM LLC
	TPL SOUTHTEX PIPELINE COMPANY LLC
	 VELMA INTRASTATE GAS TRANSMISSION COMPANY, LLC

	VERSADO GAS PROCESSORS, L.L.C.

  
 Signature Page to the
Registration Rights Agreement 

							
	By:	 	 /s/ Chris M. McEwan

		 	Name:	 	Chris M. McEwan
		 	Title:	 	Vice President and Treasurer
	
	TARGA PIPELINE OPERATING PARTNERSHIP LP TARGA PIPELINE PARTNERS LP
		
	By:	 	Targa Pipeline Partners GP LLC, its general partner
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	TPL BARNETT LLC
		
	By:	 	Targa Pipeline Mid-Continent Holdings LLC, its sole member
			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	PECOS PIPELINE LLC
	TESUQUE PIPELINE, LLC
		
	By:	 	TPL Barnett LLC, its sole member
		
	By:	 	 Targa Pipeline Mid-Continent Holdings LLC, its sole

member

			
		 	By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer

  
 Signature Page to the
Registration Rights Agreement 

 
							
	VELMA GAS PROCESSING COMPANY, LLC
		
	By:	 	Targa Pipeline Mid-Continent LLC, its sole member
			
		 	    By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer
	
	 TARGA SOUTHTEX MIDSTREAM COMPANY LP

	 TPL SOUTHTEX GAS UTILITY COMPANY LP

	 TPL SOUTHTEX MIDSTREAM HOLDING COMPANY LP

	 TPL SOUTHTEX PROCESSING COMPANY LP

	 TPL SOUTHTEX TRANSMISSION COMPANY LP

		
	By:	 	TPL SouthTex Pipeline Company LLC, its general partner
			
	    	 	    By:	 	 /s/ Chris M. McEwan

		 		 	Name:	 	Chris M. McEwan
		 		 	Title:	 	Vice President and Treasurer

  
 Signature Page to the
Registration Rights Agreement 

							
	MERRILL LYNCH, PIERCE, FENNER & SMITH
	                              INCORPORATED
	
	 Acting on behalf of themselves and as the

Representatives of the several Initial Purchasers

		
	By:	 	MERRILL LYNCH, PIERCE, FENNER & SMITH
		 	                              INCORPORATED
			
	    By:	 		 	 /s/ Carla Ruiz-Ney

		 		 	Name: Carla Ruiz-Ney
		 		 	Title:   Director

  
 Signature Page to the
Registration Rights AgreementEX-4.2

 Exhibit 4.2 

Execution Version 

AMERICAN HOMES 4 RENT, L.P., 
 AS
ISSUER, 
 AND 
 U.S. BANK
NATIONAL ASSOCIATION, 
 AS TRUSTEE 

SECOND SUPPLEMENTAL INDENTURE 

Dated as of January 23, 2019 

$400,000,000 4.900% SENIOR NOTES DUE 2029 

SUPPLEMENT TO INDENTURE 
 DATED AS
OF FEBRUARY 7, 2018, BETWEEN 
 AMERICAN HOMES 4 RENT, L.P., AS ISSUER, 

AND 
 U.S. BANK NATIONAL
ASSOCIATION, AS TRUSTEE 
  

 SECOND SUPPLEMENTAL INDENTURE, dated as of January 23, 2019 (this “Second
Supplemental Indenture”), between AMERICAN HOMES 4 RENT, L.P., a Delaware limited partnership (the “Operating Partnership”), having its principal executive office located at 30601 Agoura Road, Suite 200, Agoura Hills,
California 91301, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and existing under the laws of the United States, as trustee (the “Trustee”), which supplements that certain Indenture, dated as of
February 7, 2018, by and between the Operating Partnership and the Trustee (the “Base Indenture,” and together with this Second Supplemental Indenture, the “Indenture”). 

RECITALS 
 WHEREAS, the
Operating Partnership has duly authorized the execution and delivery of the Base Indenture to the Trustee to provide for the issuance from time to time for its lawful purposes of debt securities evidencing the Operating Partnership’s
debentures, notes or other evidences of indebtedness. 
 WHEREAS, Section 301 of the Base Indenture provides that by means of a
supplemental indenture the Operating Partnership may create one or more series of the Operating Partnership’s debt securities and establish the form, terms and provisions thereof. 

WHEREAS, the Operating Partnership intends by this Second Supplemental Indenture to (i) create a series of the Operating
Partnership’s debt securities, in an initial aggregate principal amount equal to $400,000,000, entitled 4.900% Senior Notes due 2029 (the “Notes”) and (ii) establish the form and the terms and provisions of the Notes. 

WHEREAS, the consent of Holders to the execution and delivery of this Second Supplemental Indenture is not required, and all other actions
required to be taken under the Base Indenture with respect to this Second Supplemental Indenture have been taken. 
 NOW, THEREFORE IT IS
AGREED: 
 ARTICLE ONE 

DEFINITIONS, CREATION, FORM AND TERMS AND CONDITIONS OF THE DEBT SECURITIES 

Section 1.1     Definitions. Capitalized terms used but not otherwise defined in this Second Supplemental
Indenture shall have the meanings ascribed to them in the Base Indenture. In addition, the following terms shall have the following meanings to be equally applicable to both the singular and the plural forms of the terms set forth below: 

“Company” means American Homes 4 Rent, a Maryland real estate investment trust. 

“Consolidated Income Available for Debt Service” means, for any period of time, the Operating Partnership’s Consolidated
Net Income for such period, plus amounts which have been deducted and minus amounts which have been added for such period, without duplication: 

  
 2 

 
(a) Interest Expense on Indebtedness; (b) provision for taxes based on income; (c) depreciation, amortization and all
other non-cash items deducted at arriving at Consolidated Net Income and premium and deferred financing costs; (d) provision for gains, losses or impairments on sales or other dispositions of
properties and other investments; (e) extraordinary and non-recurring items, as the Operating Partnership determined in good faith; and
(f) non-controlling interests (other than with respect to cash dividends and distributions actually received and included in the definition of “Consolidated Net Income” as set forth below). In
each case for such period, the Operating Partnership will reasonably determine amounts in accordance with GAAP, except to the extent GAAP is not applicable with respect to the determination of non-cash and non-recurring items. 
 “Consolidated Net Income” means, for any period of time, the
amount of net income, or loss, for the Operating Partnership and its Consolidated Subsidiaries for such period, excluding, net income (or losses) attributable to non-controlling interests in unconsolidated
Persons except to the extent of cash dividends and distributions actually received by the Operating Partnership or one of its Consolidated Subsidiaries during such period, all determined in accordance with GAAP. 

“Consolidated Financial Statements” means, with respect to any Person, collectively, the consolidated financial statements
and notes to those financial statements of that Person and its consolidated subsidiaries prepared in accordance with GAAP. 

“Consolidated Subsidiary” means each Subsidiary of the Operating Partnership that is consolidated in its Consolidated
Financial Statements. 
 “Credit Agreement” means the Credit Agreement, dated August 17, 2016, by and among the
Operating Partnership, as borrower, the Company, as parent, Wells Fargo Bank, National Association, as administrative agent, and the other lending institutions that are parties thereto, as lenders, as it may be amended, supplemented, modified,
extended, restructured, renewed, refinanced, restated, refunded or replaced (in whole or in part, including with any new credit agreement or facility) from time to time. 

“Depository” means The Depository Trust Company or any successor securities clearing agency. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the date of any
required calculation or determination. 
 “Incur” means, with respect to any Indebtedness or other obligation of any
Person, to create, assume, guarantee or otherwise become liable in respect of the Indebtedness or other obligation, and “Incurrence” and “Incurred” have meanings correlative to the foregoing. Indebtedness or other obligation of
the Operating Partnership or any Subsidiary of the Operating Partnership will be deemed to be Incurred by the Operating Partnership or such Subsidiary whenever the Operating Partnership or such Subsidiary shall create, assume, guarantee or otherwise
become liable in respect thereof. Indebtedness or other obligation of a Subsidiary of the Operating Partnership existing prior to the time it became a Subsidiary of the Operating Partnership will be deemed to be Incurred upon such Subsidiary
becoming a Subsidiary of the 

  
 3 

 
Operating Partnership; and Indebtedness or other obligation of a Person existing prior to a merger or consolidation of such Person with the Operating Partnership or any Subsidiary of the
Operating Partnership in which such Person is the successor to the Operating Partnership or such Subsidiary will be deemed to be Incurred upon the consummation of such merger or consolidation. Any issuance or transfer of capital stock that results
in Indebtedness constituting Intercompany Indebtedness being held by a Person other than the Operating Partnership, the Company or any Consolidated Subsidiary or any sale or other transfer of any Indebtedness constituting Intercompany Indebtedness
to a Person that is not the Operating Partnership, the Company or any Consolidated Subsidiary, will be deemed, in each case, to be an Incurrence of Indebtedness that is not Intercompany Indebtedness at the time of such issuance, transfer or sale, as
the case may be. 
 “Indebtedness,” of the Operating Partnership or any Consolidated Subsidiary means, without duplication,
any of the Operating Partnership’s indebtedness or that of any Consolidated Subsidiary, whether or not contingent, in respect of: (a) borrowed money evidenced by bonds, notes, debentures or similar instruments whether or not such
indebtedness is secured by any lien existing on property owned by the Operating Partnership or any Consolidated Subsidiary; (b) indebtedness for borrowed money of a Person other than the Operating Partnership or a Consolidated Subsidiary which
is secured by any lien on property or other asset owned by the Operating Partnership or any Consolidated Subsidiary, to the extent of the lesser of (i) the amount of indebtedness so secured, and (ii) the fair market value (determined in
good faith by the Operating Partnership) of the property subject to such lien; (c) reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued; or (d) any lease of property by the Operating
Partnership or any Consolidated Subsidiary as lessee which is reflected on the Operating Partnership’s consolidated balance sheet as a capitalized lease in accordance with GAAP; to the extent, in the case of indebtedness under (a) through
(c) above, that any such items (other than letters of credit) would appear as a liability on the Operating Partnership’s consolidated balance sheet in accordance with GAAP. Indebtedness also (1) includes, to the extent not otherwise
included, any non-contingent obligation by the Operating Partnership or any Consolidated Subsidiary to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the
ordinary course of business), indebtedness of another Person (other than the Operating Partnership or any Consolidated Subsidiary) of the type described in clauses (a)-(d) of this definition, other than obligations to be liable for the Indebtedness
of another Person solely as a result of customary exceptions to non-recourse indebtedness, such as for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary
bankruptcy and other similar exceptions, and (2) excludes, any such indebtedness (or obligation referenced in clause (1) above) that has been the subject of an “in substance” defeasance in accordance with GAAP. 

“Intercompany Indebtedness” means Indebtedness to which the only parties are any of the Operating Partnership and any
Consolidated Subsidiary; provided, however, that with respect to any such Indebtedness of which the Operating Partnership or any Guarantor is the borrower or issuer, such Indebtedness is subordinate in right of payment to the Notes.

 “Interest Expense” means, for any period of time, the interest expense of, the Operating Partnership and its
Subsidiaries’ Indebtedness, determined on a consolidated basis in accordance 

  
 4 

 
with GAAP, but excluding: (i) interest reserves funded from the proceeds of any loan; (ii) amortization of deferred financing costs, including gains or losses on early extinguishment of
debt; (iii) prepayment penalties; (iv) non-cash swap ineffectiveness charges; and (v) any expenses resulting from the discounting of any indebtedness in connection with the application of
purchase accounting in connection with any acquisition; and including, without duplication, effective interest in respect of original issue discount as determined in accordance with GAAP. 

“Make-Whole Amount” means the excess of (1) the net present value, on the Redemption Date, of the principal being
redeemed and the amount of interest (exclusive of interest accrued to the date of redemption) that would have been payable if such redemption had not been made (calculated as if the maturity date of the Notes was the Par Call Date), over
(2) the aggregate principal amount of the Notes being redeemed. Net present value shall be calculated by discounting, on a semi-annual basis, such principal and interest at the Reinvestment Rate (as determined on the third Business Day
preceding the date of redemption) from the respective dates on which such principal and interest would have been payable if such redemption had not been made, to the date of redemption. 

“Reinvestment Rate” means 0.35%, plus the weekly yield for the most recent week set forth in the most recent Statistical
Release (as defined below) for the constant maturity U.S. Treasury security (rounded to the nearest month) corresponding to the remaining life to maturity (assuming, for the purposes of this definition, that the Notes mature on the Par Call Date),
as of the payment date of the principal being redeemed. If no maturity exactly corresponds to such maturity, yields for the two published maturities most closely corresponding to such maturity shall be calculated pursuant to the immediately
preceding sentence and the Reinvestment Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods to the nearest month. For the purpose of calculating the Reinvestment Rate, the
most recent Statistical Release published prior to the date of determination of the Make-Whole Amount shall be used. If the format or content of the Statistical Release changes in a manner that precludes determination of the yield in the above
manner, then the yield will be determined in the manner that most closely approximates the above manner, as the Operating Partnership reasonably determine. 

“Reporting Date” means each fiscal quarter covered in the Operating Partnership’s annual or quarterly report most
recently furnished to Holders of the Notes or filed with the Commission, as the case may be. 
 “Secured Debt” means, as of
any date, that portion of principal amount of outstanding Indebtedness, excluding Intercompany Indebtedness, of the Operating Partnership and its Consolidated Subsidiaries as of that date that is secured by a mortgage, trust deed, deed of trust,
deeds to secure Indebtedness, pledge, security interest, assignment for collateral purposes, deposit arrangement, or other security agreement, excluding any right of setoff but including, without limitation, any conditional sale or other title
retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and any other like agreement granting or conveying a security interest. 

“Statistical Release” means the statistical release designated “H.15” or any successor publication that is
published weekly by the Federal Reserve System (or comparable online data 

  
 5 

 
source or publication) which establishes yields on actively traded U.S. government securities adjusted to constant maturities, or, if such Statistical Release is not published at the time of any
determination under the Indenture, then such other reasonably comparable index which shall be designated by the Operating Partnership. 

“Subsidiary” means (1) any corporation at least a majority of the total voting power of whose outstanding Voting Stock
is owned, directly or indirectly, at the date of determination by the Operating Partnership and/or one or more other Subsidiaries, and (2) any other Person in which the Operating Partnership, and/or one or more other Subsidiaries, directly or
indirectly, at the date of determination, (x) own at least a majority of the outstanding ownership interests or (y) have the power to elect or direct the election of, or to appoint or approve the appointment of, at least a majority of the
directors, trustees or managing members of, or other persons holding similar positions with, such Person. 
 “Total Assets”
means, as of any time, the sum of, without duplication, Undepreciated Real Estate Assets and all other assets, excluding accounts receivable and non-real estate intangibles, of the Operating Partnership and
its Consolidated Subsidiaries, all determined in accordance with GAAP. 
 “Total Unencumbered Assets” means, as of any
time, the sum of, without duplication, those Undepreciated Real Estate Assets which are not subject to a lien securing Indebtedness and all other assets, excluding accounts receivable and non-real estate
intangibles, of the Operating Partnership and its Consolidated Subsidiaries not subject to a lien securing Indebtedness, all determined in accordance with GAAP; provided, however, that all investments by the Operating Partnership or
its Consolidated Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets to the extent that
such investments would have otherwise been included for the purposes of Section 2.1(c). 
 “Undepreciated Real Estate
Assets” means, as of any time, the cost (original cost plus capital improvements) of the Operating Partnership’s real estate assets and related intangibles and the real estate assets and related intangibles of the Operating
Partnership’s Consolidated Subsidiaries on such date, before depreciation and amortization, all determined in accordance with GAAP. 

“Unsecured Debt” means that portion of the outstanding principal amount of the Operating Partnership and its Consolidated
Subsidiaries’ Indebtedness, excluding Intercompany Indebtedness, that is not Secured Debt. 
 “Voting Stock” means,
with respect to any Person, any class or series of capital stock of, or other equity interests in, such Person the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of, or to appoint or to approve
the appointment of, the directors, trustees or managing members of, or other persons holding similar positions with, such Person. 

Section 1.2    Creation of the Notes. In accordance with Section 301 of the Base Indenture, the Operating
Partnership hereby creates the Notes as a separate series of its senior 

  
 6 

 
unsecured debt securities, entitled “4.900% Senior Notes due 2029”, issued pursuant to the Indenture. The Notes shall initially be limited to an aggregate principal amount equal to
$400,000,000, subject to the exceptions set forth in Section 301(2) of the Base Indenture and Section 1.4(f) hereof. 

Section 1.3    Form of the Notes. The Notes will be issued in the form of one or more
permanent fully registered global securities (the “Global Note”) that will be deposited with, or on behalf of the Depository, and registered in the name of the Depository or its nominee, as the case may be, subject to
Section 305 of the Base Indenture. So long as the Depository, or its nominee, is the registered owner of the Global Note, the Depository or its nominee, as the case may be, will be considered the sole Holder of the Notes represented by the
Global Note for all purposes under the Indenture. 
 Section 1.4    Terms and Provisions of the Notes. The
Notes shall be governed by all of the terms and provisions of the Base Indenture, as supplemented and amended by this Second Supplemental Indenture, and in particular, the following provisions shall be terms of the Notes: 

(a)    Registration and Form. The Notes shall be issuable in registered form without coupons in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall be substantially in the form of Exhibit A attached hereto. 

(b)    Payment of Principal and Interest. All payments of principal, Make-Whole Amount, if any, and interest in
respect of the Global Notes will be made by the Operating Partnership in immediately available funds to the Depository or its nominee, as the case may be, as the Holder of each of the Global Notes. The Notes shall mature, and the unpaid principal
thereon, shall be payable, on February 15, 2029, subject to the provisions of the Base Indenture. The rate per annum at which interest shall be payable on the Notes shall be 4.900%. Interest on the Notes will be payable semi-annually in arrears
on each February 15 and August 15, commencing August 15, 2019 (each, an “Interest Payment Date”) and on the Stated Maturity as specified in this Section 1.4(b), to the Persons in whose names the Notes are
registered in the Security Register applicable to the Notes at the close of business on February 1 for Interest Payment Dates of February 15 and August 1 for Interest Payment Dates of August 15 (in each case, whether or not a
Business Day) (each, a “Record Date”). Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months.
Interest on the Notes shall accrue from January 23, 2019. 
 (c)    Sinking Fund. There shall be no sinking
fund provided for the Notes. 
 (d)    Redemption at the Option of the Operating Partnership. 

(1)    The Operating Partnership shall have the right to redeem the Notes at its option and in its sole discretion in
whole at any time or in part from time to time, (x) prior to November 15, 2028 (the “Par Call Date”), at a Redemption Price equal to the sum of: (1) 100% of the principal amount being redeemed, plus accrued and unpaid
interest thereon to, but not including, the Redemption Date; and (2) the Make-Whole Amount, if any, and (y) on or after the Par Call Date, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus accrued
and unpaid interest thereon to, but not including, the Redemption Date. 

  
 7 

 (2)    The Operating Partnership shall not redeem the Notes pursuant to
Section 1.4(d)(1) hereof on any date if the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded or annulled on or prior to such date (except in the case of an acceleration resulting from a
default by the Operating Partnership in the payment of the Redemption Price with respect to the Notes to be redeemed). 

(e)    Payment of Notes Called for Redemption by the Operating Partnership. 

(1)    If notice of redemption has been given as provided in Article Eleven of the Base Indenture, the Notes or portion of
Notes with respect to which such notice has been given shall become irrevocably due and payable on the Redemption Date and at the place or places stated in such notice at the Redemption Price, and unless the Operating Partnership shall default in
the payment of the Redemption Price, so long as the Paying Agent holds funds irrevocably deposited with it sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then (a) such Notes will cease to be
Outstanding on and after the date of the deposit, (b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date, and (c) the Holders of the Notes being redeemed shall have no
right in respect of such Notes except the right to receive the Redemption Price thereof. On surrender of such Notes at the place of payment specified in such notice of redemption, the said Notes or the specified portions thereof shall be paid and
redeemed by the Operating Partnership at the Redemption Price. 
 (2)    The Notes will not be convertible or
exchangeable for any other security or property. 
 (f)    Additional Issues. The Operating Partnership may, from
time to time, without notice to or the consent of the Holders of the Notes, increase the principal amount of the Notes by issuing additional debt securities, in which case any additional debt securities so issued will have the same form and terms
(other than the date of issuance and, under certain circumstances, the public offering price and the date from which interest thereon will begin to accrue), and will carry the same right to receive accrued and unpaid interest, as the Notes.
Additional debt securities issued in this manner will be consolidated with, and form a single series of debt securities with, the Notes; provided, however, that such additional debt securities will not be issued with the same CUSIP number as
the Notes (and hence will not be treated as part of the same issuance for U.S. federal income tax purposes), unless such issuance constitutes a “qualified reopening” within the meaning of the Internal Revenue Code of 1986, as amended, and
the Treasury regulations promulgated thereunder, or is otherwise treated as part of the same issue as the Notes for U.S. federal income tax purposes. 

(g)    Other. The public offering price of the Notes issued on the date hereof was 99.486% of par value. 

Section 1.5    Book-Entry Provisions. This Section 1.5 shall apply only to the Global Notes deposited
with or on behalf of the Depository. 

  
 8 

 (a)    The Operating Partnership shall execute and the Trustee shall, in
accordance with this Section 1.5 and Section 303 of the Base Indenture, authenticate and deliver the Global Notes that shall be registered in the name of the Depository or its nominee and shall be held by the Trustee as custodian for the
Depository. 
 (b)    Participants of the Depository shall have no rights either under the Indenture or with respect to
the Global Notes. The Depository or its nominee, as applicable, shall be treated by the Operating Partnership, the Trustee and any agent of the Operating Partnership or the Trustee as the absolute owner and Holder of each such Global Note for all
purposes under the Indenture. Notwithstanding the foregoing, nothing herein shall prevent the Operating Partnership or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or its
nominee, as applicable, or impair, as between the Depository and its participants, the operation of customary practices of such Depository governing the exercise of the rights of an owner of a beneficial interest in the Global Notes. 

ARTICLE TWO 
 ADDITIONAL
COVENANTS FOR THE BENEFIT OF HOLDERS OF NOTES 
 In addition to the covenants set forth in the Base Indenture, the Operating Partnership
hereby further covenants as follows, the following covenants being for the sole benefit of the Holders of the Notes: 

Section 2.1    Negative Covenants. 

(a)    Limitation on Indebtedness. The Operating Partnership will not, and will not permit any of its Subsidiaries
to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Operating Partnership or any of its Subsidiaries in compliance with the Indenture, if, immediately after giving effect to the Incurrence
of such Indebtedness and the application of the proceeds thereof, the aggregate principal amount of the Operating Partnership and its Consolidated Subsidiaries’ outstanding Indebtedness, excluding Intercompany Indebtedness, would be greater
than 60% of the sum of, without duplication: (1) Total Assets as of the end of the most recent Reporting Date; and (2) the aggregate purchase price of any assets acquired, and the aggregate amount of any debt or securities offering
proceeds received (to the extent that such proceeds were not used to acquire assets or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the most recent Reporting Date, including those proceeds
obtained in connection with the Incurrence of such additional Indebtedness. 
 (b)    Limitation on Secured Debt.
The Operating Partnership will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than Intercompany Indebtedness and guarantees of Secured Debt Incurred by the Operating Partnership or any of its Subsidiaries in
compliance with the Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of the sum of, without
duplication: (1) Total Assets as of the end of the most recent Reporting Date; and (2) the aggregate purchase price of any assets acquired, and the aggregate amount of any debt or securities offering proceeds received (to the

  
 9 

 
extent that such proceeds were not used to acquire assets or used to reduce Indebtedness), by the Operating Partnership or any of its Subsidiaries since the end of the most recent Reporting Date,
including those proceeds obtained in connection with the Incurrence of such additional Secured Indebtedness. 

(c)    Maintenance of Unencumbered Assets. The Operating Partnership will have at all times Total Unencumbered
Assets of not less than 150% of the aggregate principal amount of all of the Operating Partnership and its Subsidiaries’ outstanding total Unsecured Debt, determined on a consolidated basis in accordance with GAAP. 

(d)    Debt Service Ratio. The Operating Partnership will not permit the ratio of Consolidated Income Available for
Debt Service to Interest Expense for the period consisting of the four consecutive fiscal quarters ended on the most recent Reporting Date to be less than 1.5:1 as of such Reporting Date. 

Section 2.2    Guarantees. 

(a)    Future Guarantors. If on or after the date of this Second Supplemental Indenture, the Company or any
Subsidiary of the Operating Partnership guarantees the Operating Partnership’s indebtedness under, or otherwise becomes an obligor with respect to, the Credit Agreement (if the Company or such Subsidiary, as the case may be, is not already a
Guarantor of the Notes), such entity (each, a “Possible Future Guarantor”) shall immediately be and become, automatically and without the execution or delivery of any supplemental indenture or other instrument or other action by any
Person, jointly and severally with any other Guarantors of the Notes, a Guarantor of the Notes and shall be subject to and bound by all of the terms and provisions of the Indenture applicable to a Guarantor of the Notes (subject to
Section 2.2(b)); provided that the Operating Partnership shall cause such Possible Future Guarantor to within thirty (30) calendar days, (i) execute and deliver to the Trustee a supplemental indenture substantially in the form
of Exhibit B to acknowledge such Guarantee in accordance with this Section 2.2 and Article Sixteen of the Indenture, and (ii) deliver to the Trustee, in addition to any other documents to be delivered to the Trustee pursuant to
Section 903 of the Base Indenture, an Opinion of Counsel to the effect that (x) the execution of such supplemental indenture is authorized or permitted by the Base Indenture, and (y) such supplemental indenture, has been duly
authorized, executed and delivered by, and is a valid and binding obligation of such entity, enforceable against such entity in accordance with its terms, subject to customary exceptions. For so long as any Possible Future Guarantor provides a
Guarantee, such Possible Future Guarantor shall agree that it waives and will not in any manner whatsoever claim or take the benefit or advantage of any right of reimbursement, indemnity or subrogation or any other rights against the Operating
Partnership as a result of any payment by it under its guarantee until the Notes have been paid in full. 

(b)    Release of Guarantee. The Guarantee of any Guarantor shall automatically and unconditionally terminate and
be released and the Indenture and any supplemental indenture, to the extent relating thereto, shall no longer have any effect, upon: (i) such Guarantor no longer guaranteeing or otherwise being an obligor with respect to the Credit Agreement;
provided that the foregoing provisions of this clause (i) and any release of such Guarantor’s Guarantee pursuant to this clause (i) shall not limit the obligation of such Guarantor to guarantee the Notes at any time thereafter
pursuant to this Section 2.2; or (ii) legal defeasance, covenant defeasance or discharge of the Notes, as provided under Article Four of the Base Indenture. 

  
 10 

 Section 2.3    Covenant Defeasance and Waiver of Covenant.
The covenants set forth in Sections 2.1 and 2.2 shall be subject to covenant defeasance under Section 402(3) of the Base Indenture and subject to waiver under Section 1006 thereof. 

ARTICLE THREE 

ADDITIONAL AMENDMENTS 

Section 3.1    Events of Default. Section 3.1(a) shall replace Section 501(5) of the Base Indenture
with respect to the Notes only. 
 (a) failure to pay any recourse indebtedness for monies borrowed by the Operating Partnership in an
outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable notice and grace period, which recourse indebtedness is not discharged, or such default in payment or acceleration is
not cured or rescinded, within thirty (30) calendar days after written notice to the Operating Partnership from the Trustee (or to the Operating Partnership and the Trustee from Holders of at least twenty five percent (25%) in aggregate
principal amount of the Notes then outstanding); 
 ARTICLE FOUR 

TRUSTEE 

Section 4.1    Trustee. The Trustee is appointed as the principal paying agent, transfer agent and registrar
for the Notes and for the purposes of Section 1002 of the Base Indenture. The Notes may be presented for payment at the Corporate Trust Office of the Trustee or at any other agency as may be appointed from time to time by the Operating
Partnership in the United States of America. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Second Supplemental Indenture or the due execution hereof by the Operating
Partnership. The recitals of fact contained herein shall be taken as the statements solely of the Operating Partnership and the Trustee assumes no responsibility for the correctness thereof. 

Section 4.2    Preferential Collection of Claims. If the Trustee shall be or become a creditor of the
Operating Partnership (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of the claims against the Operating Partnership (or any such other obligor). The Trustee
is permitted to engage in other transactions with the Operating Partnership and its Affiliates. If, however, it acquires any conflicting interest under the Trust Indenture Act relating to any of its duties with respect to the Notes, it must
eliminate that conflict or resign, subject to its right under the Trust Indenture Act to seek a stay of its duty to resign. 

Section 4.3    Calculation with Respect to the Notes. The Operating Partnership shall be responsible for
making all calculations required under this Second Supplemental Indenture or 

  
 11 

 
with respect to the Notes. The Operating Partnership will make such calculations in good faith and, absent manifest error, the Operating Partnership’s calculations will be final and
binding on the Trustee and the Holders of the Notes. The Operating Partnership shall provide a schedule of its calculations to the Trustee promptly after it makes such calculations, and the Trustee shall be entitled to rely upon the accuracy of the
Operating Partnership’s calculations without independent verification. The Trustee shall forward the Operating Partnership’s calculations to any Holder of the Notes upon request. 

Section 4.4     Additional Provisions Concerning the Trustee. U.S. Bank National Association is acting under
this Second Supplemental Indenture solely in its capacity as Trustee under the Base Indenture and not in its individual capacity. In acting hereunder, the Trustee shall be entitled to all of the rights, privileges and immunities granted to it under
the Base Indenture, as if such rights, privileges and immunities were set forth herein. 
 ARTICLE FIVE 

MISCELLANEOUS PROVISIONS 

Section 5.1    Ratification of Base Indenture. This Second Supplemental Indenture is executed and shall be
construed as an indenture supplemental to the Base Indenture, and as supplemented and modified hereby, the Base Indenture is in all respects ratified and confirmed, and the Base Indenture and this Second Supplemental Indenture shall be read, taken
and construed as one and the same instrument. In the event of a conflict between the language of this Second Supplemental Indenture and the Base Indenture, the language of this Second Supplemental Indenture shall control. 

Section 5.2    Effect of Headings. The Article and Section headings herein are for convenience only
and shall not affect the construction hereof. 
 Section 5.3    Successors and Assigns. All covenants and
agreements in this Second Supplemental Indenture by the Operating Partnership shall bind its successors and assigns, whether so expressed or not. 

Section 5.4    Separability Clause. In case any one or more of the provisions contained in this Second
Supplemental Indenture shall for any reason be held to be invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 5.5    GOVERNING LAW. THIS SECOND SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. THIS SECOND SUPPLEMENTAL INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST INDENTURE ACT, THAT ARE REQUIRED TO BE PART OF THIS SECOND SUPPLEMENTAL INDENTURE AND SHALL, TO THE EXTENT
APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. 

  
 12 

 Section 5.6    Counterparts. This Second Supplemental
Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. The exchange of copies of this Second Supplemental Indenture and of signature pages by facsimile or
PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture and signature pages for all purposes. Signatures
of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 13 

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

			
	AMERICAN HOMES 4 RENT, L.P.
		
	By:	 	American Homes 4 Rent, its general partner
		
	By:	 	/s/ Christopher C. Lau
		 	 Name: Christopher C. Lau
 Title: Chief
Financial Officer

  
 14 

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	/s/ Bradley E. Scarbrough
		 	 Name: Bradley E. Scarbrough
 Title: Vice
President

  
 15 

 EXHIBIT A 

Form of 4.900% Senior Notes due 2029 
 THIS
GLOBAL NOTE IS HELD BY OR ON BEHALF OF THE DEPOSITORY (AS DEFINED IN THE SECOND SUPPLEMENTAL INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY
CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 305 OF THE BASE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO
SECTION 305 OF THE BASE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 309 OF THE BASE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR
DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE 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 (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE 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 MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN. 

 AMERICAN HOMES 4 RENT, L.P. 

4.900% SENIOR NOTES DUE 2029 

No. [●] 
 CUSIP No.:    02666T AB3

 ISIN:        US02666TAB35 

$[●] 
 AMERICAN HOMES 4 RENT, L.P., a
Delaware limited partnership (herein called the “Operating Partnership,” which term includes any successor entity under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [Cede &
Co.]*, or its registered assigns, the principal sum of [•] ($[•]), [or such lesser amount as is set forth in the Schedule of Increases or Decreases In the Global Note on the other side
of this Note]*, on February 15, 2029 at the office or agency of the Operating Partnership maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts, and to pay interest, semi-annually on February 15 and August 15 of each year, commencing August 15, 2019 on said principal sum at said office or agency, in
like coin or currency, at the rate per annum of 4.900%, from the February 15 or August 15, as the case may be, next preceding such Interest Payment Date to which interest has been paid or duly provided for, unless no interest has been paid
or duly provided for on the Notes, in which case from January 23, 2019 until payment of said principal sum has been paid or duly provided for. Unless otherwise provided in or pursuant to the Indenture, at the option of the Operating
Partnership, interest on the Notes due and payable on any Interest Payment Date may be paid by mailing a check to the address of the Person entitled thereto as such address shall appear in the Security Register or by transfer to an account
maintained by the payee with a bank located in the United States of America. Any such interest which is punctually paid or duly provided for on any Interest Payment Date shall be paid to the Person in whose name this Note (or one or more Predecessor
Securities) is registered as of the close of business on the February 1 or August 1 (whether or not a Business Day) next preceding such Interest Payment Date. 

Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further provisions shall
for all purposes have the same effect as though fully set forth at this place. In the event of a conflict between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. 

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the
Trustee or a duly authorized authenticating agent under the Indenture. 
  

	* 	 Include only if the Note is issued in global form. 

  
 A-2 

 IN WITNESS WHEREOF, the Operating Partnership has caused this Note to be duly executed. 

Dated: [●] 
  

			
	AMERICAN HOMES 4 RENT, L.P.
		
	By:	 	American Homes 4 Rent, its general partner

 
					
			
	      	 	By:	 	 
		 		 	 Name:
 Title:

  
 A-3 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-named Indenture. 

Dated: [●] 
  

			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	 
		 	 Name:

Title:

  
 A-4 

 REVERSE SIDE OF NOTE 

AMERICAN HOMES 4 RENT, L.P. 

4.900% SENIOR NOTES DUE 2029 
 This Note is
one of a duly authorized issue of Notes of the Operating Partnership, designated as its 4.900% Senior Notes due 2029 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of February 7, 2018 (herein
called the “Base Indenture”), between the Operating Partnership and U.S. Bank National Association, as trustee (herein called the “Trustee”), as supplemented by the Second Supplemental Indenture dated as of
January 23, 2019 (herein called the “Second Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), between the Operating Partnership and the Trustee, to which Indenture and any
indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Operating Partnership and the Holders of the Notes. Defined terms used
but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 
 The Operating Partnership shall have the
right to redeem the Notes at its option and in its sole discretion in whole at any time or in part from time to time, (x) prior to November 15, 2028 (the “Par Call Date”), at a Redemption Price equal to the sum of:
(1) 100% of the principal amount being redeemed, plus accrued and unpaid interest thereon to, but not including, the Redemption Date; and (2) the Make-Whole Amount, if any, and (y) on or after the Par Call Date, at a Redemption Price
equal to 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest thereon to, but not including, the Redemption Date. 

The Operating Partnership shall not redeem the Notes pursuant to Section 1.4(d)(1) of the Second Supplemental Indenture on any date if the principal
amount of the Notes has been accelerated, and such acceleration has not been rescinded or annulled on or prior to such date (except in the case of an acceleration resulting from a default by the Operating Partnership in the payment of the Redemption
Price with respect to the Notes to be redeemed). 
 If an Event of Default (other than an Event of Default specified in Section 501(6), 501(7) or
501(8) of the Base Indenture) occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all the Notes may be declared to be due and payable immediately by either the Trustee or the Holders of at least
twenty five percent (25%) in aggregate principal amount of the Notes then outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Section 501(6), 501(7) or 501(8) of
the Base Indenture occurs, the principal of and premium, if any, and accrued and unpaid interest on all the Notes shall be immediately due and payable without any declaration or other act on the part of the Trustee or the Holders. 

The Indenture contains provisions permitting the Operating Partnership and the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture with
respect to the Notes or any Guarantee or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 901 and Section 902 of the 

  
 A-5 

 
Base Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the
Holders of all of the Notes, waive any past default or Event of Default with respect to the Notes, subject to exceptions set forth in the Indenture. 
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall impair, as among the Operating Partnership and the Holder of the Notes, the obligation of the Operating Partnership, which is absolute and unconditional, to
pay the principal of, premium, if any, on and interest on this Note at the place, at the respective times, at the rate and in the coin or currency herein and in the Indenture prescribed. 

Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Notes are issuable in fully registered form, without coupons, in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof. At the office or agency of the Operating Partnership referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge
but with payment of a sum sufficient to cover any tax, assessment or other governmental charge that may be imposed in connection with any registration of transfer or exchange of Notes, Notes may be transferred or may be exchanged for a like
aggregate principal amount of Notes of any other authorized denominations. 
 The Notes are not subject to redemption through the operation of any sinking
fund. 
 No recourse for the payment of the principal of or any premium or interest on this Note, or for any claim based hereon or otherwise in respect
hereof, and no recourse under or upon any obligation, covenant or agreement of the Operating Partnership in the Indenture or any supplemental indenture or in any Note, or because of any indebtedness evidenced thereby, shall be had against any past,
present or future general partner, limited partner, member, employee, incorporator, controlling person, shareholder, officer, trustee, director or agent, as such, of the Operating Partnership, the Company, any Possible Future Guarantor or of any of
the Operating Partnership’s, the Company’s or any Possible Future Guarantor’s predecessors or successors, either directly or through the Operating Partnership, the Company or any Possible Future Guarantor or any predecessor or
successor of the Operating Partnership, Company or any Possible Future Guarantor, under any rule of law, statute or constitutional provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Notes by the Holders thereof and as part of the consideration for the issue of the Notes. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

(I) or (we) assign and transfer this Note to: 
  

 
  

 
 (Insert assignee’s legal name) 

 
  
  

 
  
  

 
  
  

 
  
  

 
  

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

Date:
                                         
                                

Your Signature: 
  

 

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

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

  
 A-7 

 SCHEDULE OF INCREASES OR DECREASES IN THE GLOBAL NOTE * 

The following increases or decreases in the principal amount of this Global Note have been made: 

 

									
	 Date of

Increase or

Decrease
	 	 Amount of

decrease in

Principal Amount

at maturity of

this Global Note
	 	 Amount of

increase in

Principal Amount

at maturity of

this Global Note
	  	 Principal Amount

at maturity of

this Global Note

following such

decrease (or

increase)
	  	 Signature of

authorized officer

of Trustee or

Custodian

		 		 		  		  	
		 		 		  		  	
		 		 		  		  	

  
  

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

  
 A-8 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY 

POSSIBLE FUTURE GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of [●], among AMERICAN HOMES 4 RENT, L.P., a Delaware
limited partnership (the “Operating Partnership”), [POSSIBLE FUTURE GUARANTOR] (the “New Guarantor”), an affiliate of the Operating Partnership, and U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized and existing under the laws of the United States, as trustee (the “Trustee”). 
 RECITALS 

WHEREAS, the Operating Partnership and the Trustee are parties to an Indenture, dated as of February 7, 2018 (the “Base
Indenture”), providing for the issuance from time to time for its lawful purposes of debt securities evidencing the Operating Partnership’s debentures, notes or other evidences of indebtedness, which may be guaranteed by certain
entities. 
 WHEREAS, the Operating Partnership and the Trustee are parties to the Second Supplemental Indenture, dated as of
January 23, 2019 (the “Second Supplemental Indenture,” and together with the Base Indenture, as amended from time to time, the “Indenture”), entered into pursuant to the Base Indenture, which established and
provided for the issuance of, in an initial aggregate principal amount of $400,000,000, a series of the Operating Partnership’s debt securities designated as the “4.900% Senior Notes due 2029” (the “Notes”); 

WHEREAS, the Indenture provides, among other things, that under certain circumstances the New Guarantor shall execute and deliver to the
Trustee a supplemental indenture pursuant to which the New Guarantor shall guarantee the Notes on the terms and conditions set forth in Article Sixteen of the Base Indenture and Section 2.2 of the Second Supplemental Indenture; and 

WHEREAS, pursuant to Section 901 of the Base Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture
without the consent of the Holders. 
 NOW, THEREFORE IT IS AGREED: 

Section 1.    Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 Section 2.    The New Guarantor hereby agrees in accordance with Article Sixteen of the Base Indenture and
Section 2.2 of the Second Supplemental Indenture to, jointly and severally with any other Guarantors of the Notes, fully and unconditionally guarantee the Operating Partnership’s obligations under the Notes on a direct, unsecured and
unsubordinated basis, including the due and punctual payment of principal of, premium, if any, and interest on, the Notes, whether at Stated Maturity, upon redemption, by acceleration or otherwise until released in accordance with the Indenture.

 Section 3.    The New Guarantor acknowledges that it has received
and reviewed a copy of the Indenture and all other documents it deems necessary to review in order to enter into this Supplemental Indenture, and acknowledges and agrees to (i) join and become a party to the Indenture as indicated by its
signature below; (ii) be bound by the Indenture, as of the date hereof, as if made by, and with respect to, each signatory hereto; and (iii) perform all obligations and duties required of a Guarantor pursuant to the Indenture. 

Section 4.    All notices or other communications to the New Guarantor shall be given as provided in Section 105
of the Base Indenture. 
 Section 5.    Except as expressly amended hereby, all the terms, conditions and
provisions of the Indenture shall remain in full force and effect. This Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby.

 Section 6.    THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. THIS SUPPLEMENTAL INDENTURE IS SUBJECT TO THE PROVISIONS OF THE TRUST INDENTURE ACT, THAT ARE REQUIRED TO BE PART OF THIS SUPPLEMENTAL INDENTURE AND SHALL, TO THE EXTENT APPLICABLE, BE GOVERNED BY SUCH PROVISIONS. 

Section 7.    This Supplemental Indenture may be executed in several counterparts, each of which shall be an original
and all of which shall constitute one and the same instrument. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture and signature pages for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes. 
 Section 8.    This Supplemental Indenture is an indenture supplemental to the Indenture, and
the Indenture and this Supplemental Indenture will henceforth be read together. 
 Section 9.    The Trustee makes
no representation as to and shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture, the Guarantee of the New Guarantor or for or in respect of the recitals contained herein,
all of which recitals are made solely by the Operating Partnership and the New Guarantor, and the Trustee assumes no responsibility for the same. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and
conditions set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. In entering into this Supplemental Indenture, the Trustee
shall be entitled to the benefit of every provision of the Indenture relating to the conduct or affecting the liability or affording protection to the Trustee, whether or not elsewhere herein so provided. 

[Signature Page Follows] 

  
 B-2 

 
			
	AMERICAN HOMES 4 RENT, L.P.
		
	By:	 	American Homes 4 Rent, its general partner

 
					
			
	      	 	By:	 	 
		 		 	 Name:
 Title:

  

			
	[POSSIBLE FUTURE GUARANTOR]
		
	By:	 	 
		 	 Name:
 Title:

  

			
	[TRUSTEE]
		
	By:	 	 
		 	 Name:
 Title:

  
 B-3

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